Top Efficient Ways to Conduct Market Research on a Shoestring Budget

Already spent dollars of investment in people, facilities, technology, many SMB owners feel like they simply don’t have the funds to pull off market research successfully. Yet, rest assured that effective market research can be conducted without needlessly wasting money.
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Credit: Freed Maxick CPAs
By | 5 min read

What’s the best way for a small business to do market research with a limited budget? Maybe $100 a week. Originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.

This is a list of advices from a marketing webpage, combined with my own experience and advice. Ones could cost you more than $100 weekly if you want to overcome your goals but consider the return on investment of everything you do.

  1. A good database is essential. It is better to have quality contacts that are willing to know more about your company. A CRM like Zoho is a free tool that could help.
  2. Make sure you have a blog or website that generates valuable content (feedback) in your visitors or readers. This in turn will help your positioning in the network. (WordPress or blogger are good options)
  3. Publish answers or comments in articles of the network that have to do with your line of business or sector.
  4. Hire young practitioners who can do what you can’t do. This will help you save time, freshen up the business and discover new ideas.
  5. Try to get testimonials from your customers and be sure to include them on your website, blog or social network.
  6. If you have the opportunity give lectures at university events, congresses or seminars. Or simply attend those events related to your sector.
  7. Make alliances or synergies with other businesses (for example: magazines, newspapers or media) can be a great alternative where both can benefit.
  8. Look for any networking opportunity, make sure people know what you do but above all what you could collaborate with them or what you could offer to meet a specific need.
  9. Never forget your business cards, always take them with you. Ask people if they are willing to receive news, novelties or content about your product/service and above all verify that their information is registered in our database as soon as possible.
  10. Indispensable to have a fanpage on Facebook, a twitter account and even a YouTube channel or a podcast. But even more important, to generate content in these networks in a constant, valuable and propositive way.
  11. Ideally, know each of your clients well and try to have surprising details that can generate an excellent image about your product, brand or service.
  12. Write articles, books or case studies that you can exchange or even sell to your customers (Quora answers could help too).
  13. Conduct constant brainstorming sessions with your team to do guerrilla, BTL or low-budget marketing.
  14. Make some accounts calls or send emails to clients who haven’t seen or hired you in a long time just to greet them and get back to their services.
  15. Ask your friends, family and clients for references about the possibilities of opening new horizons and markets. Maybe someone has a good contact who can become a good customer.

Contributed by Andrés Joya, Studied Marketing at Universidad Del Valle De Atemajac (Graduated 2020)

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