Low Cost Market Research

How you can exactly learn and strategize in customizing your product so as to give your market the satisfaction that they deserve. Here are some of the most practical steps in accomplishing market research.

Huge known multinational brands have known for a fact that their products and services have markets that are entirely different from each other, each with varying degree of competition and expectations. This variation is due to the fact that these markets differ in tendencies and propensities; factors that are mainly contributed by demographics and geographic location.

What is true for the big corporations is also generally the same with small businesses; target markets have significantly varying expectations and needs.
There are basically no exemptions; every business is thought to be wise to conduct market research before introducing a product. Resources may be of the essence, but you may still conduct your research at the most practical cost with equally great results.

Consider potential targets

It is important to identify the potential targets. Take for example a business in photography that is making consideration of augmenting its sales on portrait shots. The business proprietor lists down all the potential targets and then grouped them according to a predefined set, which covers the corporate people, small scale proprietors, families and school children.
After much consideration, the business owner concluded that the market from the corporate group is the most viable candidate to expand the business.
That was already a head start; the business owner however must also classify the necessary points to lay down to the decision makers before he even consider committing any marketing and sales materials.
Identify the decision makers – and ring them
In the given example, it would have been safe to conclude that it is the executives who make and call the relevant decisions. A soloist however thinks way better than that. Sure it will bring no further harm to channel his intentions to the company CEO through his PA. It may not necessarily be true but PA’s more often than not are windows of opportunity of a business and most likely books the needed photographer; adding to the fact that they could be the best subject of your market research.

Be prepared

Never allow yourself to be caught off-guard. Have your notes ready way before you make your calls in a market research.
The following are some of the effective question for a photographer to ask in his market research:
• What is your impression of a good photographer?
• When was the last time you had a portrait picture taken?
• What are things in pictures or in processes that you would want to see improved or altered?

No need to jot down everything. You just need to listen with adept ears and you must be able to recognize the hints when your sales pitch is called for.

Use your insights

Make it a point to include in your marketing materials the expectations of the potential target that you happened to gather during your market research. When a potential client openly emphasizes promptness, then he makes sure to mention in his marketing materials about his habit of always being on time.

Market research does not necessarily be too costly. Any research, even the ones done in practical cost range, helps you get a better perspective of your target market.

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