I received a great question from a DIYMarketers reader this morning, asking about how to conduct a market survey. Here is Billy's original email:
“I’m not really sure how to get started but I would like some advice on how to conduct a market research to get my small business started. I don’t have a budget for marketing yet but I would like to talk to someone. I live in the Dallas/Ft. Worth metroplex and I don’t know anyone who does market research or marketing plans. I’m really in the beginning stages and I don’t want to move forward without completing a marketing plan and doing some market research. I think my target market will be the 55+ age group so I don’t think social media is the best option for marketing my services. Anyway if you have any contacts in this market maybe you can recommend someone to me.” — Billy
Billy didn’t tell me what his product or service was about but there was something about his question that caught my attention and I thought it was worth sharing.
It's clear to me that Billy has read some books that point out that market research is important (and OF COURSE it is). Billy also assumed that he would have to hire a market research company to conduct an elaborate survey. (And later in the process, he COULD do that.)
What struck me is that you seem to be very early in this romania phone number discovery process when it comes to your new product or service. And this could help you, and any of your future research projects you do.
So here's my response to Billy:
Dear Billy ,
Thanks for writing. You don't have to have a huge budget to do market research. If you are starting a business my first recommendation is to visit your local city council, they often have a group available to help start new businesses like yours with professional consulting and help.
Now for some real, actionable advice
There are many survey software out there, such as QuestionPro. This is my favorite tool because it can do online surveys, and if your audience is not online, you can use the app on a tablet or phone and do your market survey to everyone and get outside feedback while interviewing people who don't have an internet connection.
Another important point is that you don't have to do all kinds of elaborate research; often times, simply developing a discussion guide with some basic questions and perhaps giving a demonstration to a group of people and asking them questions could give you what you're looking for. A simple market survey can help you get great results.
The questions that need to be answered in your market survey are very basic.