Market research is simply the process of finding answers to your questions about the market, your customers, and your competitors. Whether you’re launching a new business or growing an existing one, you can use Do-It-Yourself (DIY) market research to answer key questions, such as:
- What trends are on the horizon? How can I use them to help me create or improve my products?
- Are there people who want to buy my product or service, and if so, what’s the best way to reach them?
- How many potential customers can I attract?
- Who’s my competition?
- Who are my current customers? How do they like what I offer?
Market research firms can provide the information you need or research it for you, BUT they usually charge thousands of dollars. Here are some free and low-cost tools you can use for Do-It-Yourself (DIY) market research.