Market research helps in understanding the needs and requirements of the customer in the present world. These results help you to propose new products and services that might fetch better profits. On the other hand, they help you to identify the products that are in great demand and help you to capitalize on them. The companies which have already established a brand can use the market research strategies to identify their position in the market. They help them to understand if they have been meeting the client’s needs and requirements. Trying to run a company successfully without doing market research is like driving a car from a place to another place without any road maps and directions. Market Research – DIY Exercise: The underlying principle is to gather information from your current sales and the efficiency of the current practices in the company. This should also include the study reports of competitors on what they do and how they do. This might give an insight into their strategy planning to win the hearts of customers. Primary research may include: Conducting telephonic or face-to-face questionnaire Taking on surveys (online or offline) Taking feedback from direct customers of your business Important Questions that forms part of Questionnaire: Factors considered while buying a product Likes and dislikes of products and services Areas of suggestion or improvement The approximate price that the customers are willing to spend for the product What Next? On doing the primary research, it is equally important to collect data from the secondary sources. This will include activities that will analyze data and results derived from existing market research findings. This activity will help you to identify the current level expectations, industry benchmark standards and practices and relevant information about the competitors. The lifestyle, behavioral pattern and spending habits of your targeted audiences can be understood. Common Mistakes That You Should Avoid: Most people try to use data extracted from the secondary research. It is not a good habit to be reliable on data published by others. It is a good place to start but not a great practice to proceed with. Engage with your customers and chalk out strategies to prune information from the conversations made. Do not restrict yourself with the online strategies alone. Ideally the strategies and market research practices depend upon your business mode and pattern. Do not simply collect information from the known people. Reach out to maximum number of people from various demographics depending upon your needs. Doing market research is not a onetime activity. Schedule meetings and engage with your customers often and get their feedbacks regularly. This will help you to identify your strength and weakness. Any small business owner can do a market research on his own. There are several tools available in the internet that will help you to collect and collate information accordingly.