7 Ways to Conduct Market Research with Little Money | Ep. #168
Oct 29, 2019 ·
6m 7s
Download and listen anywhere
Download your favorite episodes and enjoy them, wherever you are! Sign up or log in now to access offline listening.
Description
Knowing your market is imperative to a successful hotel, resort, inn or bed & breakfast but research can be expensive. Here are ways you can do on your own and...
show more
Knowing your market is imperative to a successful hotel, resort, inn or bed & breakfast but research can be expensive. Here are ways you can do on your own and without much money or training.
When hospitality properties develop an idea, whether it's a new service or a redesigned website, marketing research is often the first thing cut due to time or financial limitations.
That can make sense.
Working with marketing research firms can be very expensive and time-consuming. If you haven't done research before, it is very tempting to skip it and jump right into the development stage.
Hold on before you take that next step.
There's a lot of research you can do on your own and without much money or training.
Here are some low-budget ways to do some research and give your service, idea, or designs a better chance.
1) Interview Potential and Current Guests
Nothing is freer or more valuable than a conversation.
You might be pleasantly surprised at how willing and forthcoming people will be when prompted by some questions. They could give you insights into what's working for them and what's not. That is information that could spin-off to other ideas.
You can't generalise public opinion from a small group, but you can get a sense of which direction to pursue. Building an ongoing message-testing program can take some time but it's entirely achievable.
2) Look at Your Employees
Don’t underestimate the power of gathering data from your current employees.
Your sales and customer service teams can be a valuable resource when it comes to competition, customer feedback, new products and new markets. There is a wealth of data already sitting at your front door, you just need to know how to access it and then interpret it.
This may not result in a high quantity of data, but its quality will be unmatched.
Continue reading to see four more low-budget ways to do market research …
https://keystonehospitalitydevelopment.com/KHDC168
⇒ And don’t forget to join the “6 Day Challenge” here:
https://keystonehospitalitydevelopment.com/6-day-challenge-log-in-here/
RESOURCES & LINKS MENTIONED IN THIS EPISODE:
The Keystone HDC Training Tutorials
https://courses.keystonehospitalitydevelopment.com/
Keystone HDC Post Downloads
We add to them every month.
https://KeystoneHospitalityDevelopment.com/KHDC140
Join our community in “The Hospitality Property School Group” – Check it Out for One Full Week for Only $1
https://keystonehospitalitydevelopment.com/membership-site
Say hi on social:
Facebook: https://www.facebook.com/KeystoneHDC
Twitter: https://twitter.com/KeystoneHDC
Linkedin: https://www.linkedin.com/company/keystone-hospitality-development/
Listen to The Hospitality Property School Podcast here:
https://keystonehospitalitydevelopment.com/itunes-podcast
https://www.spreaker.com/keystonehdc
YouTube
https://youtu.be/ezRxep_IFKc
Hospitality Property School is a division of Keystone HDC
show less
When hospitality properties develop an idea, whether it's a new service or a redesigned website, marketing research is often the first thing cut due to time or financial limitations.
That can make sense.
Working with marketing research firms can be very expensive and time-consuming. If you haven't done research before, it is very tempting to skip it and jump right into the development stage.
Hold on before you take that next step.
There's a lot of research you can do on your own and without much money or training.
Here are some low-budget ways to do some research and give your service, idea, or designs a better chance.
1) Interview Potential and Current Guests
Nothing is freer or more valuable than a conversation.
You might be pleasantly surprised at how willing and forthcoming people will be when prompted by some questions. They could give you insights into what's working for them and what's not. That is information that could spin-off to other ideas.
You can't generalise public opinion from a small group, but you can get a sense of which direction to pursue. Building an ongoing message-testing program can take some time but it's entirely achievable.
2) Look at Your Employees
Don’t underestimate the power of gathering data from your current employees.
Your sales and customer service teams can be a valuable resource when it comes to competition, customer feedback, new products and new markets. There is a wealth of data already sitting at your front door, you just need to know how to access it and then interpret it.
This may not result in a high quantity of data, but its quality will be unmatched.
Continue reading to see four more low-budget ways to do market research …
https://keystonehospitalitydevelopment.com/KHDC168
⇒ And don’t forget to join the “6 Day Challenge” here:
https://keystonehospitalitydevelopment.com/6-day-challenge-log-in-here/
RESOURCES & LINKS MENTIONED IN THIS EPISODE:
The Keystone HDC Training Tutorials
https://courses.keystonehospitalitydevelopment.com/
Keystone HDC Post Downloads
We add to them every month.
https://KeystoneHospitalityDevelopment.com/KHDC140
Join our community in “The Hospitality Property School Group” – Check it Out for One Full Week for Only $1
https://keystonehospitalitydevelopment.com/membership-site
Say hi on social:
Facebook: https://www.facebook.com/KeystoneHDC
Twitter: https://twitter.com/KeystoneHDC
Linkedin: https://www.linkedin.com/company/keystone-hospitality-development/
Listen to The Hospitality Property School Podcast here:
https://keystonehospitalitydevelopment.com/itunes-podcast
https://www.spreaker.com/keystonehdc
YouTube
https://youtu.be/ezRxep_IFKc
Hospitality Property School is a division of Keystone HDC
Information
Copyright 2024 - Spreaker Inc. an iHeartMedia Company