Small Business Tips: When is the Right Time to Invest in Market Research?

If you have grand plans for your bright new business idea, the value of high-quality market research should not be underestimated.

To pull your vision headlong into reality, you generally need to have a strong sense of direction, backed up by some reliable data.

With that said, market research can be expensive, which is not usually good news for small business owners looking to take better care of their budget.

Thankfully, there are some great ways to keep the costs down, and in many cases, it is simply just a solid investment.

When Launching a New Product

Launching a product is no small feat, and without market research to provide support, it becomes even harder.

Research does not just benefit the marketing aspect of your business – it tends to work its magic in just about every nook and cranny imaginable.

For example, say you needed some last-minute insight into your audience before your product launch, using a reliable platform to develop your own DIY Research Survey could make all the difference between a launch that resonates, and one that fails to hit the mark.

The greater you understand your audience, the better the chance you will have of developing a product that truly resonates with them.

Before Making Any Big Decisions

Market research can be the perfect ally when making highly impactful decisions, particularly when said decision could make or break the company.

In theory, if the quality of your data obtained through your research is high enough, you should never even need to find yourself in a make-or-break position to begin with, because you will already be fully prepared for the road ahead!

When Expanding Your Company

Company expansion can be a mightily exciting time, but also utterly terrifying and it often requires a world of hard work to get right.

Market research is a must before an expansion of any kind. Expansions can be immensely expensive and incredibly time-consuming, so wasting your efforts by not preparing properly is likely not on your list of priorities.

Research can be used throughout the expansion process to:

• Determine Whether or Not Your Processes Are Up to the Task – if your infrastructure cannot handle the move, you probably do not want to find this out after the fact.
• Break into New Markets – there needs to be a market to expand into if you are to expand in any direction at all – looking ahead and gaining deeper insight into new target audiences through research can keep you covered.
• Test the Water – by deploying techniques like concept testing, you can effectively test the water long before you dip your toe in it.

If You Need to Change Direction

Sometimes, changing direction in business is a necessity. You may already have the staff and the infrastructure to do so, and all that is left to do is to uncover the route ahead.

Through surveys and competitor research, it is entirely possible to find a new gap in the market, and with it, a host of exciting new opportunities.