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One challenge many small business owners face is conducting market research on a tight budget. To help you get the most bang for your buck, here are four effective methods you may want to consider.
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First, speak directly to customers and prospects rather than sending direct mail questionnaires or using in-depth telemarketing campaigns. Try using students from the marketing department of your local college or university (many students welcome projects like these as a way of gaining experience or course credit).
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Next, look to the library and the Internet. You can find a wealth of facts and figures in various industry directories, government abstracts, and other reference guides.
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Call your industry's trade association and read relevant trade publications. Trade groups regularly gather information, often covering issues like typical company operating costs, industry growth trends or new market opportunities.
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Finally, try an online survey. Do-it-yourself software now makes it possible to gather market research on your company's own Web site for a fraction of what a market research firm would charge. Decide what you want to gain from the survey and write a series of short, relative questions. Avoid ambiguous phrasing in your questions (i.e., "often" or "usually"). Be sure to give respondents the option of answering any question with "I don't know."
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