What are the Best Budget-Friendly Tips for DIY Market Research?

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What are the Best Budget-Friendly Tips for DIY Market Research?

Every venture, be it online or offline, calls for proper research before the idea gets transformed into a working endeavor. For a business layout, market research is a prerequisite to ensure success.

Market research through a prerequisite comes at a cost. Monetary confinement, at times, calls for do-it-yourself research to make the plan a success.

What are the Best Budget-Friendly Tips for DIY Market Research?

Obtain market information

A proper foundation needs to be established before getting your site up on the web.

DIY research administers you with ample data to facilitate business planning. For example, it may involve customer feedback or observing the competitors’ marketing strategies.

One needs to gather data about the product site to be launched; products showcased, competitive sites already in the market, and most of all, the essential need of your product.

Database serviceability

THE usability of one’s product depends upon the customer’s discernment. Therefore, gathering data of customers and utilizing it to get an insight into your clientele and figure out the differences.

Analyze the data to figure out common attributes and cater to the site according to the user’s needs.

Customer feedback

Building up an idea about the demands of the clientele requires a proper understanding of the needs of both potential and regular customers. Magento multi-vendor marketplace provides users the option to offer reviews and feedbacks with interactive star ratings.

One-question surveys can be conducted to converge an agile response from the subscribers. It would grease the wheels and drive up your venture to a respectable position across the web.

Social Media presence

Considering the extensive no. of social media users, promoting your site upon SNS would provide for a cost-free endorsement. In addition, one can build up a page showcasing the products.

It would provide a cost-free promotion, along with reviews of wanna-be customers as a supplement.

Referral scheme

Using Google AdWords or Facebook ads, one can get customers, but it burns a hole in the pocket.

It turns ineffective, though, when the target is not fixed.

A booming market drive involves a proper tagline and is kept according to the customers in mind. With the reach of the present consumer generation, noticeably across social media platforms, proper referral marketing is necessary. Magento multi-vendor marketplace extension solves this. Every consumer has a user base of his friends and family; every single review about the product affects how your product is represented across the market. Hence this costless method can’t be ignored.

Guest posts

Attracting customers indirectly through a guest post may turn out to be a supplement for your site and bring it into a buzz. One can make up an article that is of value to customers. Through the use of proper keywords, one can optimize the SEO value of the sites.


Videos rank higher on search engines. Hence a product supplemented by a video is an outstanding way to direct the traffic to your site. In addition, a video in the description of the product will describe its usability to the consumer and boost sales with SEO optimization as a supplement.

Author Bio:

Vaishali Singh, a marketer who deals with Magento extensions and development, wrote this post. Her interests include online marketing, web development, and eCommerce.

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