How to Jumpstart Your Market Research–For Pennies, or For Nothing

2 Jul, 2009 Frugal Marketing market research tracking marketing results

Here are some quick and easy no-cost ways to begin market research, beginning with your own customers–which I would certainly do before bringing in a firm for more professional results. That way, if you need outside help, the firm will have more guidance about where to start and what to look at, and you’ll benefit both from having the original results immediately and second by getting a deeper level of consulting later:

Use web-based survey tools such as SurveyMonkey or Google Documents

Take a show of hands at events: “How did you hear about this program?”

Use coded responses such as custom web addresses or e-mail addresses,
different department numbers or PO boxes on direct-mail offers to measure
responses to many promotions

At point of sale or point of appointment-setting in a retail or service
business, ask how the customer learned about you, and why s/he chose to do
business with you

Use coupons

Offer a discount for mentioning a radio or TV ad

Use online discussion groups and communities (including Yahoogroups, Facebook, LinkedIn, Twitter, etc.) as your private no-cost
focus group (the title of my sixth book and the content of my seventh were heavily influenced by no-cost online focus grouping, and both products are stronger as a result).

Next month: How to put this information into practice.