How Qualitative Market Research Will Grow Your Small Business

In Blog, Market Research by admin

Author: Serena Berrey | Editor: Elizabeth Zuponcic

A typical small business may have a limited budget, resources, and staff to conduct adequate research, so choosing qualitative market research may easily be dismissed, thinking it will hold little benefit.

You may be surprised to learn that qualitative research may benefit small businesses more than you think, especially when that business would like to expand.

Why is this?

If you have a small business and you are looking to get your foot in the door of a certain market, you need to know your potential customers. How do you find out who these people are? What can you do once you’ve got them in front of your product or service?

It’s important to remember that qualitative market research isn’t just about marketing; it directly affects the types of business decisions you should make.

No matter the product or service you are selling, you need to know:

  • Who is your customer? 
  • What does your customer want? 
  • Do customers like your product or service the way it is? 
  • Would they consider taking their business elsewhere to fit their needs?

Remember those days as a kid when you would open a lemonade stand during a summer day? Most likely, all you needed was lemonade, a table, and a sign to gather a small profit.

Let’s say you opened a lemonade stand today. More than likely, you would approach the method differently. 

  • Do your customers prefer organic lemons or do they have no preference? Organic lemons may cost more, but a majority of your customers may prefer this. 
  • What cup material should you choose? Perhaps most of your potential customers will decide to pass if you are using a non-recyclable material. 
  • Do your customers want to sit near your stand? Or would you waste your time and money providing those accommodations?

Speaking with potential customers that fit your target audience will provide you with the information you need to answer those questions. In turn, you will save time, money, and frustration with confidence in knowing you are making the right decisions for your small business.

Today’s data shows that customers want to be heard. More businesses are aiming to create a more personalized experience for their customers. Taking the time to discover these preferences through focus groups or one-on-one interviews will give your business the critical information you need to create a more accommodating business structure. 

Conveniently, you don’t have to be the one to do all the work to acquire this information. In fact, for the most accurate results, you should leave the process up to an experienced agency that knows the ins and outs of qualitative research. 

Want to learn more about qualitative research for your small business? 
Contact us to learn more about how we can help you through your qualitative research journey.