Small Business Owners Must Understand Market Research Techniques – Small Business Marketing News – Entrepreneur News Feeds

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Small Business Marketing News

Written by Jenna Weiner
Posted: 2/3/2011

Market research is an important tool for small businesses.

News for small business owners doesn’t always arrive through the regular newspaper or website media, according to a report by Entrepreneur magazine. Sometimes you have to go out and find your own information.

Essentially, the magazine reports, there are two distinct goals for conducting any type of market research. Exploratory research, involving smaller groups of participants, attempts to uncover larger issues through in-depth study and lengthy interviews. More specific research, on the other hand, requires much larger groups of subjects to which all are asked the same set of closed questions. This helps determine the solution to a problem uncovered by exploratory research, according to the magazine.

Telephone surveys can be a cost-effective way to reach large numbers of people in a large area, according to Entrepreneur, making them a good choice for specific research. However, it’s less effective for more open-ended questions, making personal interviews a better choice, according to the magazine.

Experts say measures like these help small businesses save valuable advertising and marketing dollars, which can be a game-changer in today’s economy.

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