Whether you are writing a business plan, making a pitch to investors, or launching a new product, market research is an essential first step. For small businesses, in particular, keeping costs down is an ongoing priority. Fortunately, there are a variety of creative ways small businesses can access the information they need without paying too much. Take a look at the following five strategies for some ideas.

Market research can help you reduce risks, stay ahead of the competition, and accurately gauge the pulse of the market. With the right business intelligence, you can win buy-in from executives to launch new, exciting concepts and develop products that customers love. 

Market research is undoubtedly a powerful business tool, but the way you conduct market research matters, too. It’s important to have a strategic approach to achieve the results you want. For some practical market research tips, check out the do’s and don’ts below.

In the B2B world, market share is pursued and defended constantly. On a customer-by-customer basis, companies constantly exploit opportunities to take share from competitors and develop strategies to prevent losing share. Sustainable growth is dependent on developing solid strategies in both of these areas. So how do you begin to understand all of the market dynamics associated with developing a comprehensive strategy designed to protect and grow market share?

Market research is an indispensible tool, whether you are launching a new product or fine-tuning your marketing strategy, but some consultants and small business owners assume it will be too costly or time consuming to use on an on-going basis.

“Because of time and budget constraints, many small/mid-sized businesses make consumer insights an afterthought, not realizing that’s precisely what will propel their companies to the next level,” says Renita Bryant, co-founder & chief consultant at SightsSet, a consumer-centric consultancy.

Market research is critical for making sound business decisions. But don’t take it from us — we asked a variety of business professionals, entrepreneurs, and consultants from different industries to answer the question, “Why does market research matter?”

Here, we’ve gathered their real-world insights to illustrate the benefits high-quality market research can provide for all types of businesses. Read on to learn more. 

With the markets in flux, anxiety about the global economy is kicking into high gear. The Chinese stock market plunged on Monday, setting off a roller-coaster ride of volatility throughout the week. Investor confidence fell, and Wall Street dropped for six straight days — the longest losing stretch for more than three years.

Since June 12, the Shanghai composite index has slumped 38 percent, and investors are becoming increasingly concerned about China’s economic slowdown and the larger ripple effects that could extend into the global economy.

How should you react in such a turbulent environment? Here are guiding principles to keep in mind.

How satisfied are your customers? The answer to this question is critical for the long-term health of your business.

According to The Harvard Business Review, increasing customer retention rates by 5 percent can increase profits by 25 to 95 percent.

Strong customer loyalty can dramatically lower costs and increase profits, but ensuring a positive customer experience is a challenge for many organizations.

The cornerstone of any marketing strategy is a solid understanding of what customers truly value and need, then creating and delivering a compelling message showing how your offering delivers measurable value in addressing those needs. 

A number of different industries have begun to focus their attention on the millennial generation in the past few years, which includes market research. As new millennial students enter the workforce, it’s crucial to understand how the millennial market researcher is conducting their research and where they are looking for the information they need.

Through the benefits of technology, it’s easier than ever to take your business to the international level. What once was reserved for big-name brands is now possible for all types of companies — as long as they stay informed about current market conditions. When considering global markets, it’s important to use market research to be prepared for all potential opportunities and challenges.