Market research for small business

Simple Market Research For Small Business Owners

As I participate in the MRIA (Market Research Association) in Kelowna which is held between May 29 and June 1st 2011…I thought it would be ideal to blog about the Market Research as a topic so here it is my small contribution to the subject:

Today I would like to share with you something that most small business owners, especially newer small business owners, fail to do or even think about doing for that matter.

This very simple (and often over-looked) strategy will not only change how you look at and perceive your business, but will literally help you turn your small business around and get it heading in a profitable direction almost overnight… really.

It is extremely powerful and it requires just a little extra effort on your part, but if you take action on it, your eyes will be opened and you will uncover marketing opportunities and rewards that you never knew existed. You will say to yourself: “Why didn’t I think of doing that before now?”

1. Take a few of your best clients to coffee or lunch and ask them what they like and dislike about your business. Make sure they know that you want the honest truth because you value their opinion, you want to keep them as a client, and you want more clients just like them.

After the meeting send a thank you letter. Make sure it’s personal. Anything less will weaken your sincerity.

2. Call up some of the clients that have not been to your business in a while and take them to coffee or lunch. If they don’t want to do lunch, get information from them on the phone. Ask them why they haven’t been to your business, what you can do better, and what you do well. Then ask them if it’s OK for you to send them a “special thank you for your help gift”. Send a special offer, just for them. And make sure it has real value.

If you talk with ten current and former clients and take good notes, you can use this information to improve your business, and create marketing messages that target your potential clients more effectively.

You’ll uncover many strengths and weaknesses. Some of them may shock you. Improve on your strengths, and fix your weaknesses.

I guarantee you will get very valuable and useful information from this tip, and you will get a lot of satisfaction from the smart work you will accomplish. You might even get a few unexpected referrals, or win over a disgruntled client.

Like I mentioned earlier, the strategy is simple, but powerful. Put it into use and prepare to be amazed.

Like this strategy?  Call me/ follow me on Twitter to find out more

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