According to Amy Weinstein, a director of Marketing Matters, a full-scope marketing and communications firm located in Harrison, New York, market research entails the exploration of variables and characteristics that impact the success of a company’s products and/or services. Without market research, small business owners “can expend a lot of time, money and energy” on products or services that are not moneymakers, she says. Of course, it’s no secret that wasting time and money on unpopular goods and services is not a winning strategy.

Psst…I’m talking to you

So just who should conduct market research? “Everybody in business should do market research to understand the triggers on your industry so you know where to focus your energy. You need to understand your marketplace,” says Weinstein.

When it comes to growing a business, Traylor says there are two main goals of market research. They are:

To decipher what is trending in a particular industry; and
To determine what your competitors are doing.

It’s imperative to be knowledgeable about what your competitors are doing so you can create and implement responsive strategies, says Traylor. Restricting this type of market research severely hampers a small business’s ability to compete. “You are limiting yourself if you not meeting emerging market needs,” he says.

DIY market research OK?

While it’s not imperative to hire professional market researchers to delve into your company and competitors, Weinstein thinks it’s a good idea. “A business owner should run their business. There are professionals trained to do market research. Then the business can implement” a plan based on the outcome of the research, she says.

Regardless of who conducts your market research, it’s wise to have a goal in mind, says Traylor. For example, if the goal of your market research is to learn what needs to be done to expand your business, he suggests hiring a professional who can craft a strategy based on information gleaned from the study.

“Be careful not to pay for research you can’t use,” Traylor cautions.

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Tami Kamin Meyer is an Ohio attorney also licensed in the state’s two federal districts and the U.S. Supreme Court. She is also an oft-published writer whose byline has appeared in Better Homes and Gardens, The Rotarian, Corporate Secretary, The ABA Solo Practitioners newsletter and Ohio Magazine, to name a few. She penned a study guide about filing personal bankruptcy that was published by Quamut, a division of Barnes and Noble, in 2007.