Market Research on a Budget

How to Conduct Effective Market Research on a Limited Budget

Market research is the backbone of any smart business decision—but what if your budget is tight? That’s exactly what Change3 explored in its recent event, “How Feasible Is It To Conduct Effective Market Research On A Limited Budget?”, featuring Kneko Burney Miller, CEO of Change3. With over 30 years of experience and more than 300,000 executive surveys conducted, Kneko delivered an actionable, no-fluff guide on how to approach market research wisely—even with limited resources.

Common Pitfalls: Don’t Fall for Flawed Data

A major takeaway from the session is the danger of misused third-party data. Kneko emphasized the importance of verifying any statistic before using it to inform business decisions. “You see a stat and it might be a little bit flawed… next thing you know, this data point, which may not be fully accurate, has worked its way around the world”.

To avoid this, always:

• Check when the data was collected (ideally within 12 months).

• Review sample size (at least 30–50 respondents to be meaningful).

• Read the original questions and methodology behind the stat.

In other words, don’t just regurgitate data from LinkedIn posts—trace it back to its source.

What Challenges Do Small Businesses Face?

In a poll of event attendees, 57% said their biggest challenge with market research on a limited budget is "Difficulty collecting quality data," followed by 38% choosing "Lack of time or resources."

This reinforces the idea that while many tools exist, small businesses often struggle with bandwidth or know-how to use them effectively.

Best Practices for Gathering Your Own Data

Can’t find the data you need? Create it. Kneko broke down practical strategies for DIY research:

• Use free tools like Google Forms, JotForm, or SurveyMonkey.

• Keep surveys short: aim for 6 questions or less, each taking 30 seconds or less to answer.

• Prioritize clarity: “Short, simple questions that can be answered with one word or short phrases are the best.”

• Incentivize participation—even a small gift card goes a long way.

Interestingly, while rigorous researchers often want statistically valid data, Kneko reassured attendees that even 10–20 responses from the right people can still provide “priceless” insight.

What Methods Are People Using Today?

According to poll results during the event, 65% of respondents said they use website and email analytics to gather insights. Social media analytics came in second (42%), followed by customer surveys (34%).

These numbers reveal that while many businesses are tapping into digital behavior data, there's still room to lean into qualitative methods like surveys and interviews.

Don’t Overlook Government & Macro Data

Kneko also highlighted free resources like the Bureau of Labor Statistics and the U.S. Census Bureau as valuable sources of macro-level insights. While some data may not be fresh, it remains highly credible and helpful in establishing market baselines.

Final Thought

You don’t need a massive budget to do market research—you need a clear strategy. By verifying your sources, creating simple but focused surveys, and using the data you already have, you can generate insights that help you make confident, informed decisions.

Want to learn more? Watch the full event replay and access additional resources on how to enhance your cybersecurity strategy today!