Business Development Bank of Canada Publishes Market Research Guide for Small Businesses
The Business Development Bank of Canada (BDC) has released a practical guide to conducting market research for small businesses. The publication outlines common pitfalls and systematic methods for gathering crucial business insights.
The Business Development Bank of Canada (BDC) has published a comprehensive guide aimed at assisting small business owners in conducting effective market research. The release offers practical advice intended to help companies make better business decisions and avoid costly errors.
The guide emphasizes the importance of market research for businesses entering new markets, seeking customers, or launching new products. It is also presented as a crucial tool for identifying opportunities to generate more business with existing clientele. The insights gathered from such research can shape business plans and help measure the success of current operations.
BDC highlights three common missteps: relying solely on free internet data, surveying personal networks, and depending only on anecdotal feedback. The bank stresses the need for information to be relevant, current, and collected in a systematic manner.
The publication advises businesses to leverage internal information sources like sales and customer service employee observations, alongside sales data analysis. It also recommends utilizing secondary market research for a broad overview and primary research for gathering more specific, in-depth information.