In this highly competitive environment where the difference between success and failure often boils down to a few important decisions taken while running a small business, it is essential that one does not leave any stone unturned before taking the plunge and validating a business idea. It is market research that ultimately ends up benefiting as one can get a complete idea of the demand prospects of his product or service. Here are a few tips you could follow for the same:
1. Conduct a survey
Hitting the roads and conducting primary surveys is often the best method of getting genuine information about the prospects of your market. Although you could try this on your own by keeping a small target say for every week, you could even hire specialist firms like Redshift Research who specialize in market research for businesses. This way you could save some important time which you could instead utilize on other important tasks like fine tuning your service offerings and so on.
2. Research your competition
You can learn a lot from your competitors when it comes to gathering data about the market potential of your product. A thumb rule that comes handy is if your competitor is doing well selling the same type of service or product, then there is reasonable demand in the market and you could get a size of the pie as well.
3. Hire Interns
Another low cost idea of conducting market research is by hiring interns from good business schools in the summers who could go out and do all the hard work for you. Since all they are looking for is good experience, you can get a lot of work done for affordable amounts through this way.