Best Practices for Market Research Function Businesses Must Know

If you’re a famous sports brand testing out a new shoe or a beverage brand launching a new drink, market research might cost upwards; but if you’re a small business trying to figure out if a product is a good fit for a specific locale, or whether you should launch a new line of business-there are cost-effective ways to do market research.

Here’s a list of a few of the best tried-and-tested best practices in market research function: Market research is a critical business function as it helps in understanding the target market and audience segment. Plus, by extension, stakeholders can figure out the actual need for a service or a product. Remember, a business with a better understanding of its consumer’s needs, wants, and preferences top the pedestal.

Try Freebies

Before dipping your toe into paid research, you can use free online tools such as Google. How? Search the phrase you’d use to describe the product and review its popularity. If there are millions of searches, the popularity is high and it’s in high demand. But, if there are a couple of hundred executive data results only, you might be barking up the wrong tree.

Let’s say you’re a dental manufacturing company and looking for dentists to sell your product. There are very specific lists that you can buy to find and target the audience. You can break down the list by specialization, location, size of practice, etc. Email marketing is one of the most effective ways to do business research without breaking the bank.

Going Digital

When you say ‘market research’ the image that comes to mind for many people is a person standing in the grocery store who offers free samples of a new product. While this can BR Lists be effective, the digital realm is a much faster and easier option. You get ample opinions on running an online poll when you stand in line in the grocery store. It’s more like: 20 people versus 5,000; and that’s a significant difference.

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