Shoestring insights
market research for the cash strapped businesses
Marketing
market research for the cash strapped businesses
Local businesses cannot carry out expensive market research. Unlike big businesses they do not have access to a team of marketers and big money. Local businesses can still carry out effective market research.
Samuel Brealey is a small business turned entrepreneur. He helps local businesses with marketing. He calls it ‘more risk management than marketing’. He shared that good marketing is about four questions. They apply to all businesses.
Where are we now?
Where are we going?
Where do we want to go?
How do we get there?
Above questions help in simplifying the complex information. The insights should help in taking the right decision or avoid the wrong ones. Qualitative research amongst the existing customers is key. Insights from qualitative research leads to bigger research in the right direction. It’s better than shooting in the dark.
Samuel wrote in his blog, “Good marketing research isn’t about complex or fine toothcomb methodologies that cost a fortune and take months to complete. It’s about making a positive difference that can help a business make more money, and very simple methods can make a difference where there is nothing to base decisions around. Any positive difference made to a small client that doesn’t have much in the way of resources is a win nonetheless.”
Local businesses in India will benefit from marketing research as much as Pepsi, Hindustan Unilever, Nike and Apple do. Business owners can start by answering the four questions by Samuel Brealey. It would be a good start.
Worth your time: Samuel’s writings for small business Link