Know-How Exchange : MProfs PRO Seminar Q&A

Are there examples of company's that used a very low cost Marketing Research technique that brought in huge dollars?

Different companies use market research in different ways. And many of them don't have a good way to quantify the direct benefit of the market research they have. So when you're looking for examples of companies "that used a very low cost Marketing Research technique" to bring in "huge dollars" you're not likely to find anything but some flaky anecdotes.

The biggest returns on market research are typically not from the "very low cost" approaches. Those can be useful, but they don't usually scale well, so the return is likely to be smaller (or non-existent).

Think of market research as what you do to address the questions the answers to which can make a real impact on your business. If the value of the impact is great, then you can afford to invest more in market research that will answer the questions.

So don't start by thinking about the "very low cost" techniques, but rather think about the really high value questions and answers that could make a huge impact on your business.