Every great marketing guru writes at length about the importance of market research.
But there is no aspect of marketing that is inherently more expensive, or that takes longer.
What is the small businessman to do, If you can’t afford upwards of $10,000 and minimally a couple of months?
First of all, if you’re marketing is working, or the company is doing alright, there is no urgency. You can take the time.
Secondly, unless you are dealing with a brand new business or product line, you already have a lot of the information needed, available already within your company. Interviews with salesman as to what prospects are looking for, what closes people, demographics of customers and the like are tremendously valuable.
The bottom line though is in the long run, you need to work out a way to get complete, real, in-depth market research done. This can be the difference between doing okay and doing great.
The key phrase in this is “long run”. Think of market research a long term project. Keep nibbling away at it as possible. You’ll get there.