Get The Scoop Everything you ever wanted to know about your customers--from your customers

When it comes to promoting your business, knowledge is power.The more you know about your market, customers, competition andprospects, the more likely you are to make smart decisions. So whydo so many small businesses ignore the power of even the most basicmarket research?

According to Paul Richards, president of Castle Hill Consulting,a Morris Plains, New Jersey-based market research and consultingfirm, many entrepreneurs think research is either too expensive orcan't tell them anything new. Richards maintains that varyingdegrees of market research are available to even the smallestbusinesses--and those that avail themselves of such informationmaximize success.

Fundamentally, two types of research exist: quantitative andqualitative. Quantitative research answers basic questions--who,what, when, where, how many, how much and how often--usingstatistical analysis to draw conclusions. Quantitative studies canbenchmark awareness levels for your company, brand, product orcompetition, and give you a glimpse of what your customers,prospects and other audiences think of each. Qualitative research,on the other hand, is designed to answer questions such as"why" and "how." These studies are used toguide product and service development as well as the development ofmarketing programs.