Mastering market research on a budget
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DIY research for small businesses, startups and solopreneurs
Small businesses are the backbone of the global economy, accounting for more than 50% of employment worldwide.
But running a successful business — and only half of all small businesses make it past five years — means truly understanding your customers, their needs and your opportunity to help them.
In this Insights Unlocked episode, Mike McDowell, a senior solutions consultant at UserTesting, interviews Mireya Arteaga from GoDaddy about actionable research tips any small business, side hustle or even Fortune 100 company can employ. Mireya is a lead CX researcher with GoDaddy with 12 years experience in customer experience, messaging, and optimizing marketing content.
“Research is a shortcut for understanding the market, your buyers, and their needs,” Mireya said. “Keeping your eyes and ears open and understanding the market is key. Even small actions can provide endless amounts of information.”
In their conversation, they discuss:
- How someone can get started with research
- free or low cost research tools
- How to turn that research into actionable insights
Mireya and Mike highlight the challenges faced by small business owners in conducting research due to limited budgets and resources. Small business owners can leverage free or low-cost resources such as online forums, libraries, and social media platforms to gather insights about their target audience and industry trends.
The episode also touches on the importance of data analysis and gut checks. Mireya suggests, "Analyzing data and checking it against your intuition is vital." Small business owners should seek out insights that challenge assumptions, which can lead to new findings and a deeper understanding of the market landscape.