{"id":982,"date":"2021-06-23T00:00:00","date_gmt":"2021-06-23T00:00:00","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/knowledge\/articles\/how-to-do-market-research\/"},"modified":"2025-05-22T13:18:34","modified_gmt":"2025-05-22T13:18:34","slug":"how-to-do-market-research","status":"publish","type":"knowledge","link":"https:\/\/www.simplybusiness.co.uk\/knowledge\/marketing\/how-to-do-market-research\/","title":{"rendered":"How to do market research: an affordable guide for small businesses"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Wondering how to get into the mind of your customers and tap into what they need \u2013 or better yet, solve a problem they didn\u2019t know they had? Understanding what your customers want is at the heart of creating a successful business strategy.<\/p><p class=\"wp-block-paragraph\">That\u2019s where market research comes in.<\/p>\n\t\t\t<h2 id=\"whydobusinessesusemarketresearch\" class=\"wp-block-heading\">Why do businesses use market research?<\/h2><p class=\"wp-block-paragraph\">Whether you\u2019re just starting out or you\u2019re developing a new product or service for an existing business, market research is an essential part of how you plan, market, and grow.<\/p><p class=\"wp-block-paragraph\">Read this guide to find out why market research is important and explore some affordable market research methods that small businesses can use to learn more about their customers and potential customers.<\/p><p class=\"wp-block-paragraph\">But first, it\u2019s important to first understand what market research actually is.<\/p><h2 id=\"marketresearchbusinessdefinition\" class=\"wp-block-heading\">Market research business definition<\/h2><p class=\"wp-block-paragraph\">Market research is when you find out what your target audience and markets are looking for in a product or service. It\u2019s a way of gathering data and information about what customers want, need, and buy.<\/p><p class=\"wp-block-paragraph\">Traditional market research examples include surveys, questionnaires, customer interviews and focus groups. While, increasingly, Big Data and artificial intelligence (AI) means companies can dig deep into the underlying behaviour and motivations of consumers through tracking and other clues we leave while browsing websites. There are plenty of <a href=\"https:\/\/www.designrush.com\/agency\/it-services\/big-data-analytics\" rel=\"noopener noreferrer\" target=\"_blank\">reputable big data companies<\/a> around that can help you examine large amounts of data on customer behaviours and patterns.<\/p><h2 id=\"whyismarketresearchimportant\" class=\"wp-block-heading\">Why is market research important?<\/h2><p class=\"wp-block-paragraph\">If your business is already up and running, chances are you\u2019ve done market research as part of your <a href=\"\/knowledge\/strategy\/how-to-write-a-business-plan\/\" data-type=\"knowledge\" data-id=\"1199\" >business plan<\/a>, and you might even have done a <a href=\"\/knowledge\/strategy\/how-to-do-business-swot-analysis-template\/\" data-type=\"knowledge\" data-id=\"944\" >SWOT analysis<\/a>.<\/p><p class=\"wp-block-paragraph\">But this research isn\u2019t something you should just do once \u2013 it\u2019s important to continue checking in on new trends and market challenges to make sure your business stays relevant.<\/p><p class=\"wp-block-paragraph\"><strong>Benefits of market research:<\/strong><\/p><ul class=\"wp-block-list\"><li class=\"wp-block-list-item\">test if a product or service is viable<\/li>\n\n<li class=\"wp-block-list-item\">understand pain points and desires for your target audience<\/li>\n\n<li class=\"wp-block-list-item\">identify a <a href=\"\/knowledge\/starting-out\/how-to-find-a-gap-in-the-market\/\" data-type=\"knowledge\" data-id=\"983\" >gap in the market<\/a><\/li>\n\n<li class=\"wp-block-list-item\">keep up to date with market trends, challenges, and how tastes are changing<\/li>\n\n<li class=\"wp-block-list-item\">make sure your business is positioned in the right way when it comes to price, quality, cost and convenience<\/li>\n\n<li class=\"wp-block-list-item\">learn from your competitors and get ahead<\/li>\n\n<\/ul><p class=\"wp-block-paragraph\">Whether you\u2019re trying to <a href=\"\/knowledge\/retail\/how-to-find-a-product-to-sell-online\/\" data-type=\"knowledge\" data-id=\"936\" >find a new product to sell online<\/a> or exploring different <a href=\"\/knowledge\/starting-out\/trending-business-ideas\/\" data-type=\"knowledge\" data-id=\"1344\" >business ideas and trends<\/a>, market research can help you understand whether consumers will be interested in your idea. <\/p><p class=\"wp-block-paragraph\">It&#8217;ll also help you make sure you&#8217;ll be able to achieve a good <a href=\"\/knowledge\/marketing\/what-is-roi\/\" data-type=\"knowledge\" data-id=\"1028\" >ROI<\/a> (return on investment) as you&#8217;ll be aware of what the competition is doing and price accordingly.<\/p>\n<div id=\"nba-body-001\">\n<\/div>\n<h2 id=\"howtodomarketresearchforsmallbusinesses\" class=\"wp-block-heading\">How to do market research for small businesses<\/h2><p class=\"wp-block-paragraph\">Traditional market research such as interviews and focus groups can be costly and time-consuming. So this is probably the last thing on your mind when you also need to keep on top of <a href=\"https:\/\/www.simplybusiness.co.uk\/campaign\/tax-and-self-assessment\/\">tax and Self Assessment<\/a>, and manage your <a href=\"\/knowledge\/income\/how-to-budget-calculator-and-guide-for-the-self-employed\/\" data-type=\"knowledge\" data-id=\"956\" >budget<\/a> and <a href=\"\/knowledge\/cash-flow\/what-is-a-cash-flow-forecast\/\" data-type=\"knowledge\" data-id=\"972\" >cash flow<\/a>.<\/p><p class=\"wp-block-paragraph\">The good news is there are plenty of affordable research methods that you can do even with limited time and a smaller customer base. Here\u2019s our top six types of market research.<\/p><h3 id=\"1talktoyourcustomers\" class=\"wp-block-heading\">1. Talk to your customers<\/h3><p class=\"wp-block-paragraph\">Large market research companies might be able to reach thousands of people, but it\u2019s still worth talking to your customers to hear their feedback and opinions. Hearing from people who are representative of your target audience can help you to know if you\u2019re getting it right \u2013 whatever the size of your business.<\/p><p class=\"wp-block-paragraph\">Having a mailing list is one way to keep in touch with your customers and you could use this channel to send out a survey using a free platform like <a href=\"https:\/\/www.surveymonkey.co.uk\/\" rel=\"noopener noreferrer\" target=\"_blank\">SurveyMonkey<\/a>.<\/p><p class=\"wp-block-paragraph\">Surveys don\u2019t have to be extensive either \u2013 there are various tools and plug-ins that allow you to set up exit surveys to appear automatically when someone buys something or leaves your website.<\/p><h3 id=\"2socialmedialistening\" class=\"wp-block-heading\">2. Social media listening<\/h3><p class=\"wp-block-paragraph\">With an estimated <a href=\"https:\/\/www.statista.com\/statistics\/278414\/number-of-worldwide-social-network-users\/\" rel=\"noopener noreferrer\" target=\"_blank\">3.6 billion social media users worldwide<\/a> in 2020, you\u2019re bound to learn something about your customers by heading to pages and groups across different social networks.<\/p><p class=\"wp-block-paragraph\">Digging into existing conversations and engaging with discussions on Facebook groups, for example, can help you understand different opinions and issues related to your industry.<\/p><p class=\"wp-block-paragraph\">Meanwhile <a href=\"https:\/\/www.reddit.com\/\" rel=\"noopener noreferrer\" target=\"_blank\">Reddit<\/a> users can find a wealth of content and in-depth discussions if you know where to look. There are different communities, called subreddits, on pretty much any topic you can think of.<\/p><p class=\"wp-block-paragraph\">For example, if you run a <a href=\"\/knowledge\/starting-out\/how-to-start-a-crafting-business\/\" data-type=\"knowledge\" data-id=\"1078\" >craft business<\/a> you could check out these subreddits:<\/p><ul class=\"wp-block-list\"><li class=\"wp-block-list-item\">\/r\/craftbusiness<\/li>\n\n<li class=\"wp-block-list-item\">\/r\/smallbusiness<\/li>\n\n<li class=\"wp-block-list-item\">\/r\/entrepreneur<\/li>\n\n<li class=\"wp-block-list-item\">\/r\/craftfairs<\/li>\n\n<\/ul><h3 id=\"3analysesearchtrends\" class=\"wp-block-heading\">3. Analyse search trends<\/h3><p class=\"wp-block-paragraph\"><a href=\"https:\/\/answerthepublic.com\/\" rel=\"noopener noreferrer\" target=\"_blank\">Answer the Public<\/a> and <a href=\"https:\/\/trends.google.com\/trends\/?geo=GB\" rel=\"noopener noreferrer\" target=\"_blank\">Google Trends<\/a> are excellent tools for getting to know what people are searching for on the internet and analysing location trends.<\/p><p class=\"wp-block-paragraph\">While with <a href=\"https:\/\/app.buzzsumo.com\/content\/web\" rel=\"noopener noreferrer\" target=\"_blank\">BuzzSumo<\/a> you can find top performing content on the web related to your industry.<\/p><p class=\"wp-block-paragraph\">If you\u2019re researching <a href=\"https:\/\/view.simplybusiness.co.uk\/how-to-start-a-side-hustle\/\">side hustles<\/a> like <a href=\"\/knowledge\/starting-out\/how-to-start-a-candle-business\/\" data-type=\"knowledge\" data-id=\"1445\" >candle making<\/a>, for example, then you could take a look at trending products and reviews on websites like <a href=\"https:\/\/www.etsy.com\/uk\/\" rel=\"noopener noreferrer\" target=\"_blank\">Etsy<\/a> to see if you can solve a problem with your idea.<\/p><h3 id=\"4competitoranalysis\" class=\"wp-block-heading\">4. Competitor analysis<\/h3><p class=\"wp-block-paragraph\">Stay on top of what your competitors are doing by regularly reviewing their marketing materials. While you won\u2019t necessarily be able to know if their market research is any better than yours, it\u2019s still useful to compare strategies.<\/p><p class=\"wp-block-paragraph\">Competitor analysis might involve:  <\/p><ul class=\"wp-block-list\"><li class=\"wp-block-list-item\">reviewing their website and social channels<\/li>\n\n<li class=\"wp-block-list-item\">signing up for their marketing list so you can see how they talk to customers<\/li>\n\n<li class=\"wp-block-list-item\">collecting any flyers and marketing materials<\/li>\n\n<li class=\"wp-block-list-item\">reading customer reviews<\/li>\n\n<li class=\"wp-block-list-item\">being a mystery shopper (this is when you anonymously visit a business as a customer to experience what they do)<\/li>\n\n<\/ul><p class=\"wp-block-paragraph\">This can help you compare things like price and <a href=\"\/knowledge\/marketing\/visual-merchandising-tips-for-small-businesses\/\" data-type=\"knowledge\" data-id=\"1558\" >visual merchandising techniques<\/a>, for example. <\/p><h3 id=\"5trackwebsitedata\" class=\"wp-block-heading\">5. Track website data<\/h3><p class=\"wp-block-paragraph\">You\u2019ve probably got a <a href=\"\/knowledge\/starting-out\/how-to-create-a-business-website\/\" data-type=\"knowledge\" data-id=\"1424\" >business website<\/a>, which is a great way to access first-hand data on your customers.<\/p><p class=\"wp-block-paragraph\">Platforms like Squarespace and WordPress have analytics built in, or you can set up Google Analytics for a monthly fee. Even just tracking page views can help you understand the most popular pages on your site and see how customers engage with other pages.<\/p><p class=\"wp-block-paragraph\">You don\u2019t need advanced knowledge of analytics, but if you want to brush up on your skills then you can check out <a href=\"https:\/\/analytics.google.com\/analytics\/academy\/\" rel=\"noopener noreferrer\" target=\"_blank\">Google Analytics training courses<\/a> for free.<\/p><h3 id=\"6producttesting\" class=\"wp-block-heading\">6. Product testing<\/h3><p class=\"wp-block-paragraph\">Perhaps you\u2019ve got a bricks and mortar shop or a <a href=\"\/knowledge\/hospitality\/how-to-start-a-food-truck-business\/\" data-type=\"knowledge\" data-id=\"1449\" >food truck business<\/a>. This could be an amazing opportunity to test out a new product and get opinions from your customers in person.<\/p><p class=\"wp-block-paragraph\">Have you considered giving away free samples while encouraging customers to complete a short online feedback survey with a QR code? Or why not run a competition on <a href=\"\/knowledge\/retail\/how-to-sell-on-instagram-uk\/\" data-type=\"knowledge\" data-id=\"942\" >Instagram<\/a> and get followers to vote on the next cake you\u2019re going to introduce in your bakery?<\/p><h2 id=\"continuetotestandlearn\" class=\"wp-block-heading\">Continue to test and learn<\/h2><p class=\"wp-block-paragraph\">As your business grows you\u2019ll probably want to explore some of the more traditional methods like focus groups and customer interviews so you can get deeper into the mind of your consumers. But until then, try out a few of the suggestions above and let us know how you get on.<\/p><h3 class=\"wp-block-heading\">Useful guides foer small business owners<\/h3><ul class=\"wp-block-list\"><li class=\"wp-block-list-item\"><a href=\"\/knowledge\/marketing\/how-to-price-a-product-uk\/\" data-type=\"knowledge\" data-id=\"1050\" >How to price a product<\/a><\/li>\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/marketing\/how-to-advertise-your-business\/\" data-type=\"knowledge\" data-id=\"1410\" >How to promote your business<\/a><\/li>\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/starting-out\/how-to-become-self-employed\/\" data-type=\"knowledge\" data-id=\"1418\" >How to go self-employed in the UK<\/a><\/li>\n\n<li class=\"wp-block-list-item\"><a href=\"\/business-insurance\/faq\/what-type-of-business-insurance-do-i-need\/\">What type of business insurance do I need?<\/a><\/li>\n\n<\/ul><p class=\"wp-block-paragraph\"><strong>Is there anything else you want to know about how to carry out market research? Let us know in the comments.<\/strong><\/p>\n\t\t\t\t\t<div class=\"wp-block-group has-azure-200-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-94e519ba wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--80);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--80);padding-left:var(--wp--preset--spacing--40)\"><h3 id=\"lookingforselfemployedinsurance\" class=\"wp-block-heading has-text-align-center\">Looking for self-employed insurance?<\/h3>\n\n<p class=\"has-text-align-center wp-block-paragraph\">With Simply Business you can build a single <a href=\"\/business-insurance\/self-employed-insurance\/\">self employed insurance<\/a> policy combining the covers that are relevant to you. Whether it&#8217;s <a href=\"\/business-insurance\/public-liability-insurance\/\">public liability insurance<\/a>, <a href=\"\/business-insurance\/professional-indemnity-insurance\/\">professional indemnity<\/a> or whatever else you need, we&#8217;ll run you a quick quote online, and let you decide if we&#8217;re a good fit.<\/p>\n\n\n\t\t\t\t\t<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n\t\t\t\t\t<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/quote.simplybusiness.co.uk\/business\">Start your quote<\/a><\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\n<div id=\"nba-body-end\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Understanding what your customers want is at the heart of a successful business strategy. Try these affordable market research methods for your business.<\/p>\n","protected":false},"author":3,"featured_media":3203,"comment_status":"open","ping_status":"closed","template":"","meta":{"sb_hreflang":"","sb_hreflang_url":"","disable_breadcrumbs":false,"sb_breadcrumbs":[],"sb_reviewed_by":"","sb_review_date":"","sb_enable_content_gating":true,"footnotes":""},"categories":[111,110],"hidden-category":[],"coauthors":[25],"class_list":["post-982","knowledge","type-knowledge","status-publish","has-post-thumbnail","hentry","category-marketing","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to do market research for small businesses<\/title>\n<meta name=\"description\" content=\"Understanding what your customers want is at the heart of a successful business strategy. 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