During my first 25 years in business I worked for very large corporations with very large marketing departments and equally large marketing budgets. I could obtain detailed information on my competitors, industry trends, consumer trends, long and short term growth prospects, regional sales analysis, etc. The work was done in house or contracted with outside consulting firms. Some of the information was very good, some very bad. There was one thing in common - it was very expensive.
Starting our first small business was somewhat of a culture shock. We were our own marketing department with very limited finances. We had to work harder and much wiser and develop alliances with quality suppliers.
In the first few months of operation we discovered that we could respond to market changes and demands very quickly. This provided us with a distinct advantage over our large competitors. Many large companies have a major flaw - they have so many layers of management and experts that it takes them months and months to implement an action plan. With a small business you can recognize a great opportunity and take almost immediate action. In this article we will explore how your firm can conduct a solid marketing research effort at minimum cost.
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