Market research is a very important tool for anyone who is already doing business or is thinking of starting his own new business. Because in this whole process, the entrepreneur has to study the market related to his business scientifically and study very finely, so that the entrepreneur can make appropriate decisions related to his business. Although Market Research is a very important tool for any business, unfortunately, studies done on this subject show that startup entrepreneurs take this subject with very little seriousness and the result is a failure of business after some time.
How to Conduct Market Research on Low Budget?
In fact market research is a very important step in the startup process of any business but many entrepreneurs ignore it. This is probably because they are not aware of the options for doing market research in a low budget.
Market research determines the viability of a project or business, and after studying it, the entrepreneur can formulate a strategy to grow their own business. So in this article, we will tell about the ways of how to conduct market research on a low budget so that startup entrepreneurs who do not have a huge budget to do this activity can benefit from it.
Whether an entrepreneur looking to grow an existing business or someone is looking to start a new business, whatever be the situation, Market Research is very important for any business. But to carry out this activity it can cost a lot of money to an entrepreneur. It is not easy for the rising entrepreneur to spend a lot. Entrepreneurs thinking of conducting research, first of all, should check their budget.
Today, in most countries, online resources related to almost every industry are available for free or at the min-cost. Government platforms are available to help small entrepreneurs in some countries from where the entrepreneur can get market-related information for every industry easily.
If there is a lack of budget for the entrepreneur, he can also collect information about a particular industry, product, and service from the forum website. In these websites, people express their opinion on various types of questions. Therefore, if the entrepreneur wants, he can also ask for public opinion by putting questions on websites like Quora, Reddit.
To conduct market research at a low budget, entrepreneurs should conduct small surveys. So that the entrepreneur can do this work either himself or by appointing a person cheaply and sending it among his partial customers. In this small survey, the entrepreneur should make only a few basic questions a part of it.
Benefits of Market Research
- Helps in finalizing business-related ideas.
- Market Research helps to set strategies for Communication, value policy, and product
- The approach to set up the business can be easily organized
- Market Research makes entrepreneurs more reliable in front of financial partners to present the facts.
- More research helps the entrepreneur to collect deeper information that can help him or her to make proper strategic business plans.
“Your comfort zone is a place where you keep yourself in a self-illusion and nothing can grow there but your potentiality can grow only when you can think and grow out of that zone.”
-Rashedur Ryan Rahman
So I started a business at the beginning of the year creating something new and have had a lot of support given the fact I've been as vague as humanly possible around it.
I'm planning to go to Kickstarter in a couple of months but am in a place where I have very very limited funding, no trading history as the business and my personal credit went out the window when I was in a DV situation for a while.
Im not sure which way is up, as patent lawyers I've spoken to are looking at upwards of $ 6000 and I'm still in the prototype phase. An innovation patent gets granted pretty fast and will do the job and a design registration is a controversial topic depending on who I speak to.
Does any one have any ideas about how I can leap over this issue as honestly, I'm sick of being very secretive about what I'm making and want to start producing marketing material but as soon as I publish anything about my designs, the materials or whatever it appears my idea is free game for possible competitors.
I was lucky and got some visibility on a YouTube channel this week and the promise of about $ 1000USD which will help – I just don't know how whether the patent etc. Is worth it when I'm here eating instant ramen and praying.
Thanks so much
How can someone go about outsourcing app development on a very small budget? I have left my previous startup due to differences in vision and after working out a deal in which I am allowed to keep my existing stocks as well as compete with my previous business (it wouldn't be direct or take away anything from my previous venture). I have no more access to a technical cofounder nor the time or will to go that route again. My budget for app development after all other business costs will be around 20k USD tops (and even that number is probably pushing it). Our last venture (which I legally can't name) cost us 60-70k USD with 2 technical cofounders for comparison. This will be our first time outsourcing outside of our existing developer circle.
Hi everyone, pretty new to marketing in general and I would appreciate any advice. I am exploring click funnels as an option to help acquire customers for my business. Recently I have grown exclusively through outbound sales tactics (my background is almost exclusively in sales) but it is pretty time consuming and I have enough revenue now that I can start (moderately) investing into other channels for customer acquisition. For context, I own a consulting firm and our services would be considered high ticket (minimum $ 5,000 per month retainer fee). Does anyone have suggestions for me on the best methods to drive traffic to my first funnel — if it helps give me suggestions, let's set a budget for this month of around $ 1,000
Basically, if just launched a mobile app technology startup and already have some partnerships in place, but no real funding to support advertising, marketing, publicity and all of that, then how would you recommend to start generating some serious publicity and media coverage on a minimal budget? By funding, I mean there’s no significant funding via an accelerator, angel investor, fund, or VC group. It is primarily bootstrapped and funded by the founders of the startup itself.
Please let me know – thanks!
I am currently creating a free mobile app on productivity (includes music, meditation, breathing exercises) and I am looking for help in marketing an promoting a free app that won't bring any financial profits.
My plan was to post very authentic (as I love what I do) posts about my project on threads that include meditation, mindfulness and productivity and redirect people to my YouTube channel (as the app hasn't been published yet, all I wanted to do is pre-promoting and pre-marketing as I thought it was good to start before you publish your app). I created two videos on my project and shared them as an attachment to the posts I posted. I tried posting here on reddit on threads such as r/meditation, r/yoga, r/highscool but I don't want to publish everything mindlessly and look like a spammer. I also tried posting on some Facebook groups related to productivity/meditation, but it didn't bring much.
The problem is that I asked many people for feedback and they said that my project has potential and they would use it, but they don't transfer to any social media platforms I attached in the posts. So I am 100% sure that I'm creating something that would find users, but it just doesn't (I know how it sounds)
My goal was to gain audience on my YouTube channel, where I'd post videos on productivity & the app (I'm currently preparing those) and after publishing and maintaining the free app with stable updates coming over time, maybe move on to create something for profit (in the long run pretty much).
Don't get me wrong – I'm really passionate on the project I am creating and I don't feel discouraged after so few people reacting to my posts. I'm here to ask for some tips from those, who are more experienced as there might be something that I'm missing in my strategy. I'll continue on promoting it – I'm just looking for advice you'd give for someone that has low budget and is creating a free app.
Thanks for all the help! I'd love to hear your stories!