Micro business owners typically have limited resources. Effective collection and use of market research data improves the chances of avoiding mistakes that can consume all those scarce resources. Certainly the process can be learned and need not be difficult. When possible, it certainly is cost-efficient. However, like Bob s use of students in a marketing class, there are ways to hold costs down.
Market research does consume time.
It also requires the ability to fully analyze the data. But the most difficult part of an owner doing his or her own market research is the ability to be objective. The owner may be too closely involved in the business to accept what the research reveals. If you decide to do your own market research, at the end of this publication you will find a sample customer profile and competitor analysis. These are only two examples of the possible forms you might use.