Every big business is an upshot of a small idea.
The initial struggles of a small business are diverse. This also involves the self-understanding of the business market before dipping the toes in the water, to save up on the cost of a market researcher. And approaching a Market Research firm during this take-off is the least common thought.
There are two implications here:
- A small business couldn’t understand how the spend on a Market Research partner is not an invalid cost but a life-long investment.
- The other side of the story says, Market Research companies fail to approach the small businesses with relevant growth plans and justifying the cost of investment.
At Research Leads, Inc. (RLI), we have identified a few more reasons for this gap between the MR and Small Businesses.
For the first part of the topic, let us discuss the perspective of a small business owner, in this respect.
- “Marketing Research won’t be hard, as my business is just budding”
“We are just starting, how hard would it be to sense the market and our competition?”
This is a common thinking bubble of most small businesses. Plus, the availability of huge amounts of information on the Internet has certainly helped in verifying this thought.
- “I can’t afford big MR firms and also, not sure if small or medium-sized firms can help in the growth of my business”
For 30.7 Million small businesses in the USA, we have only a few names of the MR firms which are tagged to serve the small businesses and startups. Competition-wise, there is a huge scope for the companies, but from an SMB’s perspective this may be the reason to get skeptical; they are a little hesitant to approach the larger MR firms and also, they are not sure if these few options can provide them with enough research matter.
These are two valid concerns for the small businesses, whose focal point lies in gaining more, with investing less.
As an MR firm, you can focus your resources on eradicating these inhibitions of SMBs. At RLI, we understand these challenges and have designed a personalized consultation service specific to small businesses.
