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Small Business Owners Should Understand Techniques Of Market Research

Written by Ken Gaebler
Published: 2/3/2011

Market research is an important tool for small businesses.

News for small business owners doesn't always arrive via the usual media of the newspaper or the website, according to a report from Entrepreneur magazine. Sometimes, one has to go out and discover one's own information.

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Essentially, the magazine reports, there are two distinct objectives to conducting any kind of market research. Exploratory research, involving smaller groups of participants, attempts to discover larger issues via in-depth study and lengthy interviews. More specific research, by contrast, requires much larger groups of subjects who are all asked the same closed-ended set of questions. This helps determine the solution to a problem discovered by exploratory research, the magazine says.

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

Experts say that measurements like these help small businesses conserve precious dollars on advertising and marketing, which can be a game-changer in today's economy.

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