How to do market research without breaking the bank

The aim of marketing is to know and understand the customer so well, the product or service sells itself.

Peter Drucker

Okay, okay. Research is important. But doesn’t doing market research cost a bunch of money?

Sometimes, yes. Many organizations spend $100,000’s of dollars hiring pricey marketing consultants to run surveys, focus groups, demographic analysis, and more. But in 99% of cases, you don’t actually need to do that. There’s no reason you need to spend more than some time and a few bucks to understand your customers, their problems, and solutions.

Good marketing research is all about two simple things:

  • Listening to what your customers say.
  • Watching what your customers do.

Remember, you’re trying to learn:

  • Who your customers are
  • What problems they have
  • How your product is helping them
  • What they like/don’t like about your competitors

With that in mind, here’s how you can do market research without breaking the bank.

17 affordable ways to get invaluable market research

  1. Run a customer survey.
  2. Run a user survey.
  3. Use Google Analytics.
  4. Curate learnings from A/B testing.
  5. Mine your existing customer database.
  6. Talk to your sales reps.
  7. Talk to your support reps.
  8. Use record appending services.
  9. Use Facebook audience.
  10. Get win-loss feedback.
  11. Solicit feedback from customer reviews.
  12. Solicit feedback from support tickets.
  13. Read your customer reviews.
  14. Read customer tickets.
  15. Listen to customer calls/meetings.
  16. Read your competitors reviews.
  17. Talk to your customers.