“If you have four choices and there’s a strong reaction [like] ‘I love it. I would absolutely buy it,’ then you know it’s a seller,” says Marquez, whose ornaments and other products reflect Hispanic culture.
Small businesses like Marquez’s, are the ones for which extensive market research, plays a key role. For a new product or a new venture, you need to cover all aspects of the market like, is there space for your venture or product in the market? What’s your competition? What’s the potential demand of your product or venture? You need to know the A to Z of the market, for your business to flourish.
Market research is the key to understanding a business’s off-take!
Market research is essential in the business world. No matter how big or how small your business is, you have to keep monitoring the market and keep yourself at the same pace. Market changes every now and then, and it results in the change of demand and supply. Market research is a very tough task and needs to be done with utmost precision.
Here comes technology to the rescue of small businesses with limited resources and means. There are many tools which can help you extensively in market research. We’ve listed out a few.
Tools that can put actionable data in your hands…
1) Spoke – Spoke provides information about almost 2.3 million companies along with their 60 million employees but the main drawback is it limits you to 25 searches per day.
2) Jig Saw – Amazing tool. It provides links, contacts, data etc. of companies which are related to your products and ventures.
3) Free Economic Data – It provides almost everything about economy. Demographic, Labour, income etc. every economic information you can get through Free Economic Data.
4) AYTM (Ask Your Target Market) – Very cost effective at 95 cents per survey and is pretty comprehensive as well!
5) Thomas Register – It gives you almost, every information about a company categorized industry wise.
6) American Fact Finder – If you want any United States Census Bureau information this is the go-to tool.
7) Zoom Prospector – It provides you with the optimum location for starting your venture or launching your product to maximize profit.
By using these tools you are not only getting ahead time wise but also quality wise. Technology is less likely to make a mistake then a human mind and in business you can’t afford a mistake.