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How to perform free market research

It’s important for companies to know what their prospective customers are looking for and what changes are necessary to stay abreast of other players in the market. All this kind of information requires market research. Nowadays, the internet and search engines, such as Google offer many opportunities for free market research. This article discusses some of the opportunities.

Introduction

Free market research is important for all cost-sensitive companies. As the cost of full-fledged market research is quite high, free market research is very popular in the circles of budding entrepreneurs. In not very distant past, there were only two sources for a free market research. One was to read and collect data from outdated market research papers available in libraries and the second was to consult the yellow pages and cold call the customers. Needless to say, the internet has changed all this. Nowadays, one can use many internet services as a tool for market research and the giant search engine Google is at its best to offer great insights about the customers’ choices and market study. Here are some suggestions about using the internet as an advantage.

Google "dude"

This handy tool from Google provides market information drawn from Google’s PPC (Pay Per Click) system. It tells about the suggested keywords with very handy statistical data. It lets you know about the following: - Estimated search: Numbers in a month that tells one how popular the search keywords are.
- Estimated competitiveness and bid price that tells one how competitive a keyword term is online. However, for keyword research, always choose “Exact” or “Phrase” match. The default option often represents an inflated number of representations. Similarly, Google suggest, Google Trends and Google Insight for Search could also be used to determine the market demands and trends.

Mass mailing system

Email marketing is a very popular method for marketing but many people fail to realise the potential of Emails in conducting online surveys. As Emails become more private, there are better chances of reaching prospective customers through mailing and asking them to take part in simple customer research programs. You just need to collect Emails which are freely available and which belong to your data market. Many companies use these techniques to get statistical data about the markets they operate in. This technique can be made more useful by involving and motivating loyal customers to spread the research questionnaire among their circles. While, you might expect very low turnaround, sometimes the results are too optimistic for the companies. Just create surveys and get them evaluated. Market search and research is very important for healthy business. One can also use search websites which offer free services for consumer research.

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