Why is market research important?
You need to know everything there is to know about your competition and your industry. Are they planning a big promotion? Are they offering new products or services? Are they thinking about lowering or raising prices? To stay ahead, it’s essential that you monitor everything that’s happening in your business environment. But you ask, “how?” Most busy small business owners don’t have the time or the resources to devote to sophisticated and expensive market research. Here are ten simple, inexpensive market research techniques to try that work: • Network You can start by getting to know your competition and other business owners in the community on a friendly, personal basis. For example, meeting informally after hours works great for some. For others, just walk into their business, identify yourself and start talking. Sometimes you may need advice or want to give them a suggestion; other times they may have a suggestion for you. Business people appreciate the camaraderie and you’ll be su
