Conduct Market Research & Not Break the Bank | Ep. #234

Knowing your market is imperative for any successful hotel, resort, inn, bed & breakfast etc. but research can be expensive. Here are ways you can conduct market research without much money or training. Conduct Market Research IntroductionWhen 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 GuestsNothing 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 generalize 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 EmployeesDon’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 or listening share five more low-budget ways to conduct market research, right after a word from our sponsors. ⇒ TO READ OR LISTEN TO THIS EPISODE ON KEYSTONE HOSPITALITY PROPERTY DEVELOPMENT:https://keystonehpd.com/hotel-surveys-howthey-increase-business-233Get Your INNsider Tipshttp://keystonehospitalitydevelopment.com/Sign-up-for-INNsider-TipsJoin one of your private groupshttps://keystonehospitalitydevelopment.com/private-groupsSay hi on socialFacebook: https://www.facebook.com/KeystoneHDCTwitter: https://twitter.com/KeystoneHDCLinkedIn: https://www.linkedin.com/company/keystone-hospitality-developmentListen to The Hospitality Property School PODCAST herekeystonehpd.com/hospitality-property-school-podcastsYouTubehttps://youtu.be/DxWNhTJ9jJYA Division of Keystone Hospitality Property Development