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Many of us who run small and medium sized businesses envy the very large corporations who can afford to invest in large-scale market research projects before they make any changes. What we forget is that we already have access to a bountiful supply of market research – and it is all free (well, maybe the price of a coffee).

While you are prospecting, selling or delivering your products and services always remain alert for information that will help you to refine your offer. Sources of information vary in quality and ease of extraction but they all help you to build a picture of your market opportunity.

How often do you ask one of the following groups of people that extra question?

• Lapsed Customers

• Lost Customers

• Existing Customers

• Suppliers

• Competitors

• Networking Contacts

If your business is a shop, how often do you take the trouble to engage that casual browser in conversation?

How many more times do you ask the sales prevention question?

And then, how often do you really listen to the answer?

What are you looking for?

• Trends

• Changes

• Potential new products or services

• Products or services that might be coming to an end

• ……..

Some ideas for those extra questions:

• What is changing about the way you buy <<stationery, consulting, graphic-design, printer cartridges, technology,…….>>?

• What factors are making you re-think?

• What has changed about the way that you buy for your business / home / family?

• What alternatives to <<stationery, consulting, graphic-design, printer cartridges, technology,…….>> would you consider?

Other questions to think about:

What would need to happen before you would buy a lot more from my business?

What is changing about the way you plan your spending?

Problems need Solutions

You are looking for a problem without a solution. Then you start looking for evidence (or otherwise) that there are more people or businesses with the same problem. Before long, you may well have enough to give you the confidence to test-market some new product or service.

This was a guest post by Paul Fileman of SPS who are a national team of proven senior management professionals, passionate about working to help businesses achieve their next level of development and performance. Whether they are facing market changes, financial problems, people/skills issues, or are preparing a major project, they offer dedicated support from a multi-disciplined team of experts.

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