Small Business Market Research

Small business market research start-up businesses face an rising battle when entering a market that already cover a large number of strong industry leaders. It’s important for all companies to achieve market research if they want to succeed. Market research is a useful tool that can be used to find small business opportunities, and it helps businesses work out what their competitors are and aren’t doing. For example, a company might find out where the gaps are within a given industry, and then take advantage on this hole in the market.

Let’s demonstrate the point a little: A florist conducts market research to find out what type of roses his or her competitors are selling. The florist notices most other florists are selling red roses. As a result of this research, the florist realizes that no one else is selling white roses. The florist has now found a niche market he or she can exploit on.

There are many other ways market research can help small businesses do well against their competitors, such as finding out how much another company charges for a specific service. The new company can then offer more service for a better price, and hopefully end up with more customers than their competition.

Through market research, companies can also find out what is important to their conceivable customers. Some clients may value cost-effectiveness as their number-one primacy, while others value customer service. Other clients may view product quality as the most important issue in the company they choose to work with. Small Business Market Research