Research tactics are a must-have item in your marketing toolbox. Knowing how to ask the right questions and get the right answers will provide you with the clear picture you need in order to pave the way toward long-term success. As an entrepreneur and small business owner, it all comes down to profitability. The value of an idea relies heavily on what you do with it. By taking the time to research the industry, competitors, potential target demographics, and any other relevant areas of interest, you will be increasing your odds tenfold for getting optimal results.

Companies that conduct frequent market research see an increase of 30.7 percent in growth and an increase in profitability of 19.9 percent.
Source: Hinge Marketing

Whether it’s developing new products, enhancing your current services, pivoting your advertising strategies, or giving your brand design a refresh, entrepreneurs have a tendency to always want to do more and be more. At theBLOQparq (tBp), we can completely relate to that innate yearning for constant improvement. We are always on the lookout for ways to enhance the overall experience for those choosing to live, work, play, and thrive in our innovative community. After all, our need to stay ahead of the curve is what earned us the title of market makers. So, if you’re looking to make waves as a small business owner, let’s dive into some popular market research methods you can put into action.

The Tried And True Interview

Face-to-face discussions are an excellent option for conducting exploratory research. There are a few ways to accomplish these interviews, each with its own advantage and approach.

  • Unstructured Interviews: An informal, free-flowing conversation on a predetermined set of topics.
  • Structured Interviews: A detailed, demanding interview protocol with a defined list of questions from which you should not veer.
  • Semi-Structured Interviews: Stick to predefined questions but allow for open-ended discussion.

No matter the selected style, it’s essential to remain neutral and unbiased to ensure you are gathering the most authentic and relevant information. Remember, the purpose of conducting these interviews is not to get the answers you want, but to get the truth that will allow you to get the results you want for your business.

And The Survey Says…

If you want to poll your audiences, then surveys are the way to go. These are usually performed online and remain one of the most popular and cost-effective market research tools in your arsenal. Some established uses for online surveys include product feature desirability, customer satisfaction evaluation, pain point identification within the customer journey, or feedback on a recent product or service purchase. Everyone likes to know their opinion matters (and it doesn’t hurt to throw in a little incentive or prize for their time).

Nothing Delivers Like Data

Sometimes the very information you seek is already in your possession and can act as an invaluable secondary source of research. The best part is that your internal data is already in your possession and has been put into practice in real-life market conditions. The only deep-dive you’ll need to do is to uncover patterns and draw your conclusions. A few internal sources to tap into include your website data (i.e. Google Analytics), CRM data, past campaign performance data, and interviews with employees.

Stay Focused With Focus Groups

Focus groups are another twist on gathering information through market studies. Groups typically consist of 5 to 10 people with common characteristics who participate in an interactive discussion with a moderator. You can use this time to learn how a particular group thinks about a specific issue or get meaningful feedback on an established or up-and-coming product.

Conducting market research can feel complicated, but you can reap many rewards from your efforts with a healthy dose of preparation and the steps mentioned above. At tBp, we are here to help entrepreneurs rise to any occasion, including (re)evaluating their business and overall strategies. By surrounding yourselves with fellow entrepreneurs who are equally as inspired, motivated, and dedicated to reaching their full potential, you will feel fulfilled and at home in our micro-office and micro-retail spaces. We’ve done our research as well, and trust us when we say, tBp is the place for you to realize your dreams.

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