Knowing your market is essential for success. Unfortunately, market research is an area where many small businesses feel they are at a disadvantage. Many of Canada’s small enterprises lack sufficient resources to dedicate to original research, and external firms can be cost prohibitive. This often means small businesses have to rely on second-party information… media reports, trade journals and government. While these can be useful, they are also accessible to competitors and may not provide distinct advantages.

Good market research provides insight on customer trends, risks and opportunities. It can help you refine your business plan, discover which demographic is most receptive to your products or services, and tailor your offerings. The more information you have about your market, the better positioned you can be for success.

Have you developed any unique strategies or employed a market research firm?

• What market research strategies have you found successful?

• Have you employed a professional research firm?

• Did you find it worth the costs?

• Have the results of your research changed or influenced the way you conduct your business?

Share your stories in the comments.