For example, census data or observation of customers in your store could provide information regarding your problem or opportunity. The misconception that marketing research requires big bucks often stymies research. Marketing research can be done at many different levels both big and small. Another misconception is that you can not do research unless you are a sophisticated researcher. You don't need a Ph.D. in marketing or statistics to do marketing research.
Marketing research is mostly just hard work.
A survey of small business managers in Texas revealed that 84 percent of those having conducted formal marketing research projects in the past three years felt that the information obtained was worth the money spent. Only 6 percent reported that they were not able to implement the results. Consequently, when small businesses do engage in marketing research the benefits usually exceeds the costs. Many companies have marketing research budgets that range anywhere from .02 to 1 percent of company sales. It is not unusual to spend 50 percent or more of the marketing research budget buying research from consulting firms.