Blog Post

If you’re running a small business, you already know the pressure of getting everything right with limited time, people, and budget. Trust me, I’ve been there. One of the best decisions I ever made — for myself and for my clients — was to stop relying on hunches and start digging into real market and competitor research.

Whether you’re launching a new product, tweaking your offer, or just trying to figure out why sales are flatlining, knowing your market and what your competition is up to can save you time and money. This isn’t just theory. I’ve used these techniques to help brands of all sizes make better decisions and grow smarter.

Let’s break it down into something that’s actually usable — no fluff, no complicated jargon.

• When and why small businesses should do market and competitor research
  
• The steps I personally take to gather insights (even on a tiny budget)
  
• What tools I use and trust
  
• Mistakes to avoid if you don’t want to waste your time
  
• How to use what you learn to make smarter business decisions
  

Before diving into surveys and spreadsheets, it’s important to know what you’re actually trying to figure out.

Market research is all about understanding your audience. Who are they? What do they care about? Why do they buy?

Competitor research, on the other hand, shows you what others in your space are doing — the good, the bad, and the “what were they thinking?”

If you want a more detailed breakdown, I’ve covered the differences more thoroughly in this article. But here’s the main takeaway: both types of research matter, and they work best together.

In short: yes. One client I worked with was convinced their service wasn’t selling because of pricing. But after a bit of research, it turned out their messaging was the real issue. People didn’t understand what made the offer valuable — they weren’t even reading far enough to care about price.

We reworked the message, made it simpler and more direct, and saw sales pick up within a month. No discounts needed.

Skipping research can seem like a time-saver, but it usually leads to poor decisions. If you’re thinking about launching something new, this article explains why that step is more important than you think.

I’ve refined this process over years of trial and error. It works whether you’ve got a full team or it’s just you at your kitchen table.

Start with a specific question. Not “learn about my audience,” but something more like “Why aren’t 30–40-year-olds responding to my email offers?” The more specific, the better your answers will be.

I like to create a customer profile that includes not just demographics, but also their motivations, fears, and habits. What are they trying to solve? What do they value? What are they frustrated with?

This is how you stop guessing and start speaking their language.

Before launching your own research, use existing data. Look for:

• Industry trend reports
  
• Discussions in Facebook groups or Reddit threads
  
• Review sites to see what customers like (or hate) about competitors
  

This gives you context and helps you ask better questions when you do collect your own data.

Here’s where it gets interesting. I’ve done focus groups, informal interviews, and online surveys. You don’t need a huge sample size to get valuable insights.

Use tools like:

• Google Forms
  
• Typeform
  
• Polls in Facebook or LinkedIn groups
  
• One-on-one chats with customers (record them with permission)
  

Just don’t ask friends and family — they mean well, but their feedback is usually too polite (or too biased).

There are tons of fancy platforms out there, but for small businesses, simple is better. These research tools are ones I actually recommend and use myself.

Choose based on your goal — not based on which one has the most buttons.

I sort all insights into themes like:

• Price feedback
  
• Confusion about the product
  
• Favorite features
  
• Competitor advantages
  

This makes it easier to see the patterns. And once you see patterns, you can start adjusting your approach.

I’ve done research projects for less than $100 that still led to massive improvements in strategy. The trick is knowing when to spend and when to save.

Spend on:

• Survey tools that help you reach strangers (not just your email list)
  
• Hiring someone to transcribe or analyze interviews (if time is your bottleneck)
  

Save by:

• Using free platforms for polls
  
• Reading existing research
  
• Talking directly to customers (especially repeat ones)
  

You don’t need a “robust” research budget (yes, I said it). You just need focus.

For more on getting started without wasting time or money, check out this beginner guide.

There are a few traps I see people fall into again and again:

• Copying competitors without context
  Just because they’re doing something doesn’t mean it’s working. Or that it’ll work for you.
  
• Asking too many questions
  People won’t finish your survey if it’s too long. Keep it short, sharp, and specific.
  
• Focusing only on numbers
  Data’s great, but stories matter too. Don’t ignore what people say just because it doesn’t fit neatly into a spreadsheet.
  
• Trusting your gut too much
  Intuition is useful — but only when backed up with evidence.
  

Want a deeper dive into common research errors? Here’s a piece where I list the most frequent (and expensive) mistakes small businesses make.

Data is only useful if you act on it. I recently helped a business adjust their value proposition after seeing that people were confused about what made them different from competitors.

We updated their homepage copy, simplified the way they explained their service, and added more social proof. The result? A 2x increase in conversion in under 60 days.

I don’t just collect insights — I use them. And that’s where the real value lies. Want to see how this process turns into real business moves? This post explains my strategy in action.

• Research isn’t optional if you want to grow smart
  
• Start with a clear question and goal
  
• Look at what’s already available before you gather your own data
  
• Talk to real customers — not just your friends or your gut
  
• Use simple tools and stay organized
  
• Focus on what people say and what they mean
  
• Apply what you learn — don’t just file it away
  

If this guide has you curious (or slightly addicted to research), here are a couple of solid next reads:

• From Data to Action: Using Competitor Research to Drive Growth
  
• Turn Research Into Revenue: Strategic Uses of Market & Competitor Data
  

If you’re serious about growing your small business, don’t overlook research. Done right, it’s not dry or complicated — it’s your secret weapon. And once you start seeing what your audience really thinks, you’ll wonder why you ever did business without it.

Need help getting started? Or want me to take a look at your current research efforts? Just reach out. I’m always up for digging into what works — and what doesn’t