Some small businesses may be under the impression that market research is a luxury reserved for larger companies, but the article “3 Market Research Tips for Small Business,” from Small Business Computing explains how you can gain some valuable insight without breaking the bank. Market research is a necessary tool to help businesses of any size grow. Knowledge of the market allows you to understand your customer base, keep your business model relevant and create SMART (specific, measurable, attainable, realistic and timely) goals. Here are three ways to conduct research at a low cost:

1. Conduct a survey or gather a focus group. These are two of the best ways to get customer feedback. Try sending a questionnaire to customers or sampling those in your target demographic. But first, do some research on how to create an effective survey and test it out on friends, family and co-workers to ensure that it will get you the information you need. For focus groups, gather 6-10 participants and seek in-depth feedback on price points, advertising, products and services.
2. Tap into student talent. Is there a college or university near you that has an MBA program? Professors often look to get their students real-world learning opportunities, so it can be a win-win situation. Talk to marketing professors and see if students could perform some research on your behalf.  It may not necessarily be free, but it would almost certainly be cheaper than the alternatives.
3. Know your competition. Visit your competitors’ stores, check out their customers and keep an eye on their social media accounts. Look for things that they do well and try to replicate it in your business, but also look for things they don’t do, or don’t do well, that you can capitalize on.

Click here to read the article from Small Business Computing.