How To Do A Market Study If You Have A Small Business

How To Do A Market Study If You Have A Small Business?

Someday a thought comes to your mind with a groundbreaking idea that you cannot miss, but your entrepreneurial vision is too particular and the business is unknown by the general public. So the realization of a study to know your market is vital if you belong to a micro-niche.

A large part of the entrepreneurial companies belongs to micro-segments, small markets in which the information sources are practically non-existent and with few competing companies on which to draw inspiration. Other times, the market does not even exist as such and there are only unsatisfied needs of a certain volume of consumers to which the entrepreneur, with his new company, wants to give satisfaction.

To this, we must add that the entrepreneur does not usually have a large investment to hire the services of a company to do a market study. All this makes it necessary to resort to other more traditional methods, in most cases free, to know these micro sectors. Next, we show you several techniques that have already been used by companies that operate in microfiches and that also work.

Settle in familiar locations for the entrepreneur:

“The generals who know the possible variables to take advantage of the terrain know how to handle the armed forces,” Sun Tzu said in his legendary book The Art of War.

Sometimes, these types of manuals, almost academic, can give us life lessons, in this case, market studies. “We established the comic shop in our neighborhood for a lifetime and people ask us: Why do not you go to the center of Madrid where all the stores of these editorial products are?

I always answer the same: we know that there is a great comic demand, besides being a highly populated district with a medium-high economic status, we had that guarantee, our business works because we knew the area where we were located “, explains Jesus Margin, CDO (digital strategy director) of a comic book store.

Take advantage of public sources that we have at our disposal:

This data helps us to obtain an objective view of the business location and potential client.

For his part, Francisco Perez, founder of Lazzus, mobility app for the blind, consulted the data provided by the ONCE to know how many people were in Germany with visual impairment.

‘Big data’ as a market study:

Sometimes the appropriate information also comes from other organizations or private companies, in this case, from the reservation systems, in which they offer updated data to reserve a service. “It offers a map of fleet availability day by day. The information collected is used to analyze the market day by day.

Go outside and ask:

The survey is the most traditional and rudimentary technique. Although we must take into account nuances such as where to perform this quantitative research method. For example, if your business is in the sports and youth sector, it is advisable that you visit schools and institutions that are related to young people. If you belong to the health sector, you must frequent hospitals and senior centers.

“We located ourselves in the streets next to health centers, where there would be more people with canes and crutches, and we asked them if the crutches they had were comfortable. We surveyed 200 people in different neighborhoods of Madrid and we drew the same conclusions, we did not need more,” explains Manero, from Kmina.

Collaborate with companies to get the job done:

There are companies that know the sector much better than you, so let them advise you which product is right to reach the final customer.

“We look for partners that are intermediaries between the consumer and us, in this way they tell us which products work and which do not, so we save ourselves a market study, they do it for us”, comments Hector Salamanca , founder of Iris 360 Studios, firm of content production in virtual reality.

The internal search engine within your web page:

“Users search our search engine for products they cannot find, to use that information comes and it is basic to know what new products we have to buy”, explains Jordi Rubio, of Savour Shop.

Share
mm

Vizaca Contributor's are highly professional writers with diversified knowledge and experience. We are team of global writers, entrepreneurs and marketers who loves to share right information to our readers.