{"id":78345,"date":"2022-09-01T13:25:00","date_gmt":"2022-09-01T17:25:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=78345"},"modified":"2022-09-12T10:59:16","modified_gmt":"2022-09-12T14:59:16","slug":"market-research-techniques","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/market-research-techniques\/","title":{"rendered":"Cheap Market Research Techniques for Any Budget"},"content":{"rendered":"\n<p>Looking for some cheap market research techniques? Which low-cost techniques work the best?<\/p>\n\n\n\n<p>According to bestselling author Jay Conrad Levinson, the more you <a href=\"https:\/\/www.shortform.com\/blog\/how-to-know-your-target-market\/\">understand your target market<\/a>, the easier you\u2019ll find it to appeal to these customers and influence their <a href=\"https:\/\/www.shortform.com\/blog\/buying-decisions\/\">purchasing decisions<\/a>. Levinson claims that you don&#8217;t need to spend a lot on your research to get good results.<\/p>\n\n\n\n<p>Read on for an overview of some inexpensive market research techniques, according to Levinson.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-inexpensive-market-research-techniques\">Inexpensive Market Research Techniques<\/h2>\n\n\n\n<p>Many businesses spend vast amounts researching ways to reach and appeal to their target market. Jay Conrad Levinson claims that, while these paid market research techniques do provide useful data, there are cheaper ways to find the information required to understand your target market.&nbsp;<\/p>\n\n\n\n<p>Levinson suggests <strong>three low-cost techniques <\/strong>to <a href=\"https:\/\/www.shortform.com\/blog\/target-market-research\/\">research your target market<\/a>:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Refer to research reports, customer opinion polls, and industry studies:<\/strong> Find these online or at your local library.<\/li><li><strong>Survey existing and potential customers:<\/strong> Prepare questionnaires and entice responses by offering discounted products and services or free gifts.<\/li><li><strong>Search online for additional information: <\/strong>Visit chat rooms, competitor websites, and online marketplaces to gain additional insights about your target market.<\/li><\/ul>\n\n\n\n<p>However, one drawback of relying on these low-cost market research techniques is that they take more time. Therefore, Levinson suggests that you switch to paid research methods once your budget accommodates them.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Adding to Levinson&#8217;s Techniques<\/h3>\n\n\n\n<p>Marketing experts expand on Levinson\u2019s techniques with in-depth advice to help you research your target market and competitors.<\/p>\n\n\n\n<p>Implement the following two strategies to <a href=\"https:\/\/www.shopify.com\/blog\/market-demand\">gather relevant data regarding market demand for your product or service<\/a>: <strong>Use <a href=\"https:\/\/www.oberlo.com\/blog\/seo-tools\">SEO tools<\/a><\/strong> to analyze how many people are searching for similar products and services to yours and what businesses and distribution channels they use to fulfill their needs. <strong>Sign up for <a href=\"https:\/\/blog.hubspot.com\/service\/social-listening-tools\">social listening tools<\/a><\/strong> and make use of analytical reports to understand how much demand there is for the specific benefits you\u2019re offering.<\/p>\n\n\n\n<p>Many businesses rely on the market research techniques mentioned above to inspire new <a href=\"https:\/\/www.shortform.com\/blog\/how-to-create-a-successful-marketing-campaign\/\">marketing campaigns<\/a>. For example, <a href=\"https:\/\/www.brandwatch.com\/case-studies\/the-body-shop\/view\/\">The Body Shop tracked online conversations to learn more about customer preferences<\/a>. Discovering that customers cared about refillable products inspired them to launch a <a href=\"https:\/\/www.thebodyshop.com\/en-us\/about-us\/brand-values\/sustainability\/refill-program\/a\/a00048\">global refill program<\/a> that appeals to eco and value-conscious customers.<\/p>\n\n\n\n<p>Additionally, marketing experts suggest <a href=\"https:\/\/articles.bplans.com\/10-ways-to-find-out-what-your-competitors-are-doing\/\">four market research techniques to learn more about your competitors:<\/a><\/p>\n\n\n\n<p><strong>Attend professional conferences and trade shows:<\/strong> Visit competitors\u2019 booths to see what they offer and how they interact with customers.<\/p>\n\n\n\n<p><strong>Analyze their website and SEO strategy:<\/strong> In addition to visiting competitors\u2019 websites, use SEO tools to analyze the keywords and Adwords they\u2019re buying, their site traffic, and their website ranking.<\/p>\n\n\n\n<p><strong>Examine their social media presence:<\/strong> Find out what platform they use, the type of content they post and how often they share it, how many followers they have, and how responsive they are to customer queries and concerns.<\/p>\n\n\n\n<p><strong>Sign up for their newsletter: <\/strong>This will give you in-depth knowledge of their email marketing strategy\u2014what kind of content they send and how often.<\/p>\n\n\n\n<p>Use these market research techniques to determine how you can convince customers that your product or service is superior to all other offers in the market. For example, <a href=\"https:\/\/bizfluent.com\/way-5815745-apple-differentiation-strategy.html\">Apple\u2019s competitive strategy includes pricing products higher than the competition<\/a>\u2014implying that Apple products are superior to what other electronics companies offer. This approach effectively targets customers who must have the \u201cbest\u201d product no matter the price.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Looking for some cheap market research techniques? Which low-cost techniques work the best? According to bestselling author Jay Conrad Levinson, the more you understand your target market, the easier you\u2019ll find it to appeal to these customers and influence their purchasing decisions. Levinson claims that you don&#8217;t need to spend a lot on your research to get good results. Read on for an overview of some inexpensive market research techniques, according to Levinson.<\/p>\n","protected":false},"author":19,"featured_media":78387,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[79,104],"tags":[740],"class_list":["post-78345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-entrepreneurship","category-marketing","tag-guerrilla-marketing","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cheap Market Research Techniques for Any Budget - Shortform Books<\/title>\n<meta name=\"description\" content=\"Want to know some cheap market research techniques? Learn marketing expert Jay Conrad Levinson&#039;s inexpensive ways to research your customers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.shortform.com\/blog\/market-research-techniques\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cheap Market Research Techniques for Any Budget\" \/>\n<meta property=\"og:description\" content=\"Want to know some cheap market research techniques? Learn marketing expert Jay Conrad Levinson&#039;s inexpensive ways to research your customers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.shortform.com\/blog\/market-research-techniques\/\" \/>\n<meta property=\"og:site_name\" content=\"Shortform Books\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-01T17:25:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-12T14:59:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/s3.amazonaws.com\/wordpress.shortform.com\/blog\/wp-content\/uploads\/2022\/09\/desk-with-papers-laptop-research.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1856\" \/>\n\t<meta property=\"og:image:height\" content=\"1232\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Emily Kitazawa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Emily Kitazawa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.shortform.com\/blog\/market-research-techniques\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/market-research-techniques\/\"},\"author\":{\"name\":\"Emily Kitazawa\",\"@id\":\"https:\/\/www.shortform.com\/blog\/#\/schema\/person\/e094024454c7d3334a149c0cf039bdeb\"},\"headline\":\"Cheap Market Research Techniques for Any Budget\",\"datePublished\":\"2022-09-01T17:25:00+00:00\",\"dateModified\":\"2022-09-12T14:59:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/market-research-techniques\/\"},\"wordCount\":572,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/market-research-techniques\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2022\/09\/desk-with-papers-laptop-research.jpg\",\"keywords\":[\"Guerrilla Marketing\"],\"articleSection\":[\"Entrepreneurship\",\"Marketing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.shortform.com\/blog\/market-research-techniques\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.shortform.com\/blog\/market-research-techniques\/\",\"url\":\"https:\/\/www.shortform.com\/blog\/market-research-techniques\/\",\"name\":\"Cheap Market Research Techniques for Any Budget - Shortform Books\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/market-research-techniques\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/market-research-techniques\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2022\/09\/desk-with-papers-laptop-research.jpg\",\"datePublished\":\"2022-09-01T17:25:00+00:00\",\"dateModified\":\"2022-09-12T14:59:16+00:00\",\"description\":\"Want to know some cheap market research techniques? 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