Market research can help you learn more about your target market, existing customers and your competition. Taking the time to gather fact-based information, rather than operating under assumptions, can pay off with increased sales, new sales opportunities and greater customer satisfaction. By understanding your customers you’ll be able to target marketing efforts, reduce unnecessary outreach and refine marketing and customer service strategies.

First, determine what you want to learn about your market. Some questions to consider are:

• Who are your existing customers? Where do they live and work? What is their household income? What are their interests and concerns?
• Who are the customers you want to reach? Where do they live and work? What is their household income? What are their interests and concerns?
• Who are your competitors and what do they offer?
• What sets you apart from your competitors?
• What opportunities are available to gain repeat business from past customers?
• How big is your target market?

Next, take advantage of existing data that is publicly available online through government sources, trade associations and other organizations. Visit the U.S. Small Business Administration website for links to some government resources.

For additional information, use Facebook and other social media channels to learn about your customers, network with your target market and poll contacts. Conduct small, conversational focus groups with past customers and people in your target market to learn more about their experience with your product and what will motivate them to use your services.

Low-cost market research ideas are easy to find with a quick web search. To get started, visit Startup Nation, which offers free online resources for small business.