As Socialbrite.org suggests, data is transforming conversations. “These days everyone is releasing it, visualizing it, aggregating it, and mashing it up. And for good reason. Data is so much more than a stack of numbers or a server filled with client outputs. It can justify the work that your organization is doing, help others understand why it is critical, and offer exciting new ways to motivate others to help solve the problems your organization is working on.”

Here are 10 practical steps to help you plan, conduct and utilize market research data in your business:

1. Determine Your Purpose

What do you hope to gain from your research? Do you want to improve an existing product or service? Are you preparing for a new product launch? Start with your main objective  and then predict what you think the data will reveal. This helps you determine next steps to take, and provides a comparison of how you view your offering and how other perceive it in the marketplace.

2. Establish the Type of Market Research You Want to Use

There are two main types of market research. Primary research is taken directly from the source, such as current or potential customers. Primary research, when done right, can be very reliable.

Secondary research is data collected from existing research conducted by others. People usually gather secondary research data from government agencies, trade associations, local chambers of commerce, and other credible sources.

3. Confirm Your Target Audience

Make sure you have a target market in mind. Your target market is the group of people that are most likely to buy your product or service. For example, if you want to develop an eco-friendly baby sling, your target market would consist of mothers of young children, and you would probably want to choose a research method that doesn’t require a lot of time due to their busy schedules, such as a short online survey.

4. Conduct Primary Market Research

There are several different ways that you can conduct your own research. Online or mail surveys, face-to-face or telephone interviews and questionnaires are all effective ways to collect data from your target audience. You can use tools like Qualaroo, SurveyMonkey, and QuestionPro.

Questions may include factors customers consider when purchasing your product or service, appropriate prices, likes or dislikes about current products or services on the market, and areas of improvement. If you do not have the time to conduct it yourself, you can outsource your study to a market research firm.

5. Conduct Secondary Market Research

The bulk of your market research will usually come from secondary research. U.S. Census data, trade associations, professional journals, and community organizations offer data that may be relevant to your study such as: market trends, regional trends and information on your competitors.

Secondary research is easier to conduct because the data you’re collecting has already been analyzed and published. However, all of your data should not come from secondary research. A balanced mix of both secondary and primary research will ensure the credibility of your findings.

6. Determine the Reliability and Validity of Your Data

After you gather your data, weed out data that isn’t reliable. High quality data will be valid (i.e. you can trust the integrity of your data), reliable (i.e. the claims you assert about the accuracy of your data is correct) and be subject to triangulation — cross-examined through the lens of multiple independent sources of data to establish the truth and accuracy of your claim.

If you need to cut costs immediately, consider these nine tips:

1. Ditch the physical location.

“Unless you’re in a field that needs a storefront, ditch the office and save money on rent by working digitally. You’ll also open yourself up to hiring talent that may not be located in your immediate area.”

- Dale Galiniak, CEO of Txt2Teach.me: @txt2teachme

2. Outsource relentlessly.

“Entrepreneurs often think that ‘doing it themselves’ is an effective way to cut costs, but you’ll often waste tons and tons of time trying to learn enough to do something effectively. Elance is a great tool for outsourcing, but there are tons of others out there – spending all your time trying to get better at selecting great talent is much more cost-effective, time-effective, and, ultimately, it is scaleable.”

- Jayme Self, Founder of English Edits: @EnglishEdits

3. Monitor your office space needs and payroll costs.

“Most businesses spend more on rent/leasing and payroll costs more than any other expense. The best way to cut these costs and increase profits is regularly monitoring your office space needs and consistently reevaluating the number of employees necessary to carry out the business’s operations. Streamlining these large expenses will not only help to reduce monthly overhead costs, but if done right will also improve operational efficiency, leading to a larger bottom line.”

- Michael Raanan, Founder and President of Landmark Tax Group: @LandmarkTaxGrp

4. Hire independent contractors.

“I’ve worked with the same designers and programmers for 10 years now, but they have the freedom to do other work, and I only pay them for the work they do. We have a great relationship and low overhead. I pass the savings on to clients, and clients love working with me and my team!”

- Heidi Koontz Oleska, President and Branding/Marketing Strategist of Vintage Juice Brand Marketing: @VintageJuice

5. Operate like a startup and think “lean.”

“If you’re making profits or have raised a large investment round, it’s easy to feel that you can throw a few thousand dollars at a marketing campaign just to give it a shot. Before you make any decision, really think it through. Work out the benefits of the campaign and consider where the money could be better spent. A lot of cost-cutting will simply come from being constructive with your capital and ensuring that if you’re spending a lot of money, you’re spending it in the right way.”

- Anthony Ng Monica, CEO of Swogo: @AnthonyNgMonica

Startups’ Secret: More Are Facing Patent Suits

“A 2012 study from PricewaterhouseCoopers found that the tech industry experienced significant increases in “identified” decisions in patent cases from 2006 through 2011. And according to a study of tech startups and patent suits published last year by Colleen Chien, assistant professor at Santa Clara University School of Law, companies with less than $100 million in annual revenue accounted for at least 66% of unique defendants in such lawsuits, and at least 55% of those defendants had revenue of $10 million a year or less.” (Wall Street Journal)

Small Business Loan Process Could Ease

“The Small Business Administration is hoping to make it easier for small businesses to secure loans. Earlier this year, the SBA proposed several changes to its loan programs designed to “expand program accessibility for more small businesses and streamline the paperwork burden,” says Jeanne Hulit, associate administrator for capital access at the SBA.” (CFO)

How Entrepreneurs Qualify for Funding from Banks

“A common question I get is “How do I get a bank loan to fund my startup?” The default answer is that it probably won’t happen, because most banks just don’t make bank loans to startups. The failure rate is just too high, and startups typically don’t have the assets or revenue stream to back up the loan. That’s why Angel investors are so sought after by entrepreneurs.” (Business Insider)

Lili Balfour: Three Ways Entrepreneurs Can Fail Smarter

“There is no sure-fire way to prevent failure, but one can always fail smarter. Entrepreneurs fail smarter by understanding the basics of their term sheet, understanding how much capital is needed, and having an exit plan.”(Wall Street Journal)

Why Startups Shouldn’t Have a VC Mentality

“If you have a business (or are thinking of starting one) that can only achieve financial security through investor fundraising, you do not have a good business. Worse than that is a good product/service idea that relies on investor funding to make it work. That’s a bad business model.” (NBC Chicago)

The Top 5 Small Business Mistakes

“Nearly half of all new businesses don’t make it past their fifth anniversary, according to the U.S. Small Business Administration. That makes it crucial for mom and pops to get basic strategies right from the get-go. Even though economists tell us the recession has been over for four years, banks remain as stingy with business loans as ever. There’s little room for error.” (CNBC)

How startups can get cheap office space

“If you’re running your company from your kitchen table, you probably wish you could get out of the house and find more professional digs. But lining up space in an office building can be pricey.” (CNN Money)

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“Freedom lies in being bold.” ― Robert Frost

1. Study: There’s Never Been a Better Time for Entrepreneurship

As an experienced entrepreneur, I believe there has never been a better time to get in the game and start your own business, and if you’ve already done so, no better time to invest in powerful resources. Now is the time to be bold! Read more

2. Risky Business: You’re Not an Entrepreneur If You Don’t Take Risks

Are you truly an entrepreneur if you don’t take risks? My simple answer… “No.” It’s a bold fact — not a theory or opinion. In application, observation and retrospect – I’ve learned that you can’t truly consider yourself to be an entrepreneur if you have not, do not and will not ever take a risk. Read more

3. The Fearless Entrepreneur: Say Goodbye to Good Intentions

Good intentions will put your life on hold. The best intentions will not equip you for success. Personal fulfillment is looking at your life and seeing results. If you don’t see results, is it possible that you stopped making decisions? The main reasons entrepreneurs delay decisions is fear of the unknown or a perceived deficiency in some area or another. Read more

4. 5 Ways to Increase Risk Tolerance and Become a More Successful Entrepreneur

Young entrepreneurs are self-motivated and confident, but still lack some of the real world risk tolerance seasoned entrepreneurs have. The Entrepreneurship Alliance (EA) at the University of Missouri is an initiative to foster a culture of innovation and pushes to close the gap between young and veteran entrepreneurs. Read more

5. Business Risks: Why You’re (Potentially) Running a Little Shop of Horrors

We’ve all heard startup urban legends, or mind-bending stories of companies that suffered legal, operational or internal nightmares. And it’s easy to assume that potential problems are out of sight and conveniently out of mind. But unintentionally, your blissful business could be harvesting potentially devastating horrors … small missteps or blind spots that could cause unnecessary frustration down the road. Read more

He later set out to combine the proven sales model he built at Choice One Solutions to build a digital marketing agency offering brands a range of products and services to enhance communication with consumers. Among the robust group of subsidiaries is PITOOEY! a lifestyle mobile application that aims to change the way businesses interact with customers.

“On the PITOOEY! app, customers search for and subscribe to the businesses they wish to follow and receive notifications from. After building their lists, consumers will receive deals and notifications only from the companies on their lists,” says DiMartino.

“In short, PITOOEY! represents a paradigm shift in the way businesses interact with their customers through today’s available media, particularly smartphones and the Internet, essentially leading interactive marketing 2.0.”

Learn why DiMartino quit his full-time job to follow his passion and why he believes entrepreneurs should never be afraid to say “No!”

How I Got Started:

In 2008, I was working with a company specializing in domain names, blogging and SEO. I put the brakes on it, stopped working, and got into social media. I learned the business side first and decided to go out and start a company. I took my savings and purchased 20,000 business leads with one developer on staff, and he could literally do anything.

The company is now a collaboration of the work of me and by business partner — David Sonkin. I had a passion for social media and David had more of a passion for mobile advertising; together we were able to connect in order to create a digital marketing company that provided businesses (small or large) with the opportunity to gain the exposure they desired.

Today, PITOOEY! is a digital marketing agency with proprietary technology designed to assist companies in establishing and developing a presence on the Internet. We offer three distinct business groups: Choice One Mobile, Rockstar Digital, and PITOOEY! Mobile, with the company’s flagship product, being the PITOOEY! app.

The PITOOEY! app is a preference based, searchable ad network. Using the PITOOEY! platform, a partner business is able to upload broadcasts into a database, which consumers “pull” according to a profile based on their interests, previous purchases, current location, or other data. The PITOOEY! app provides businesses with a unique engagement tool while serving consumers deals, valuable content, and location-based information.

Choice One Mobile provides various services involving content creation, search engine optimization, social media management, and mobile platform optimization using “Mobile Caviar” – an array of unique processes for the distribution of mobile marketing content. Rockstar Digital develops and manages high-end digital content including site, social and mobile content management, as well as customized e-commerce.

There are plenty of viable and creative ways to market your business with relatively low out of pocket expense. So we’ve asked entrepreneurs to reveal their secrets on how to market your businesses on the cheap — here is what they had to say:

1. Actively put yourself out there.

“By joining professional groups and boards, going to events, donating your time to charities, speaking at public events, giving presentations and guest lectures, we make it seem like we are everywhere at all times. The more we put ourselves out there (and are seen) the more name recognition we earn on our way to becoming a household name and gaining that incredibly important third party validation. Even if a potential client has never met you, you have the backing of trusted sources that confirm your credibility.”

- Shaun Walker, Creative Director of HERO|Farm: @herofarm

2. Form smart partnerships.

“No matter what industry you are in, forming smart partnerships is the best way to drive growth. Any company that has access to your prospects is a potential partner for growth. For the low/no income startup, flexible partnerships that trade value in a balanced way, without monetary concern, are very powerful.  We’ve partnered with several brands to trade advertising or access to our base in exchange for something similar on their end, and it’s a win-win for all.”

- Cory Jones, Founder and CEO of DINKlife: @wcoryjones

3. Offer something for free.

“In my experience, marketing my business for free was always best done by offering free things. People love free things. For example, social media contests with a prize for the winner, free ebooks or guides on marketing, setting up a table and giving out free food or accessories, or even giving a free lecture to a business, school, etc. The lecture works especially well as it’s a great way to establish your credibility.”

- Chris Crompton, Owner and Co-Founder of StartSmall Marketing: @startsmallmktg

4. Hangout with your customers.

“To market your online business for free you need to think like your customers. Pinpoint your customers’ interests and hang out where they hang out. Social groups and market-specific forums are great places to start. Establish yourself as part of the community and then people within those communities will listen when you speak!”

- Dave Hermansen, Co-Founder of Store Coach, Inc.: @StoreCoach

5. Utilize free online directory services.

“Add your business to as many websites you can that allows you to do it for free. Make sure you and your friends click on the link at least once per day. This way your information becomes relevant. Also, add keywords that are relevant to your business (where and when allowed) so that search engines find you.”

- María J. Torres-López, Owner of Notary @ Your Door

One of the most enticing advantages of starting a business is the ability to call the shots — this includes opting to work from home. Working from the comfort of your own home while cutting early-stage startup costs is ideal for many home-based business owners and startups.

Creating a home office that is functional–allowing for productivity–modern and technologically equipped is ideal. Here’s a look at seven of our top picks to turn your home office into enviable workplace bliss:

1. Herman Miller Embody Office Chair

Designed by Jeff Weber and the late Bill Stumpf, Herman Miller’s Embody office chair melds science and art in a sleek design that claims to lower your heart rate, reduce stress, and even increase creativity (through increased blood flow).

The chair is shaped similar to the human spine, which encourages and supports movement and good posture. The Embody is also eco-friendly, and 95% recyclable.

The Embody costs between $1,100-$1,520; and based on customer reviews and a 4.4 out of 5 star rating, the Embody is worth every penny.

2. WOWKeys Keyboard by Omino

The WOWKeys keyboard by Omino allows you to directly connect your iPhone or iPod to the keyboard and simultaneously type text onto your computer and your iDevice.

Charge and sync your iDevice to your computer and iTunes and use your touchscreen as a tracking pad with the Mobile Mouse Pro app. This keyboard costs $79.99, but can be snagged for as low as $30 on Amazon.

3. HP Officejet Pro 8600 Plus e-All-in-One

No space to setup a printer, copier, scanner, and fax machine? Wouldn’t it be great if all of thoese features were available in one sleek device? The HP Office Jet Pro 8600 Plus e-All-in-One aims to make your productivity dreams come true.

The inkjet printer copies, scans, and faxes any document and is equipped with a touch screen and streamlined look that is perfect for any modern home office. The HP Officejet Pro 8600 retails for $399.99 at Office Depot.

4. Jawbone JAMBOX

The JAMBOX speaker by Jawbone is the latest in high quality audio. The portable, wireless speaker can be synced with MYTALK, a platform that allows you to personalize your JAMBOX with updates, features and apps, as well as Jawbone Companion for Android, which alerts you of calendar events, your Jawbone’s battery life, and allows you to call into conference calls with the push of a button.

The JAMBOX easily fits in your bag for on-the-go use, is color customizable, and is compatible with video chat platforms like iChat, Skype, and Google Talk. The JAMBOX can be purchased on the Jawbone website for $179.99.

1. Hold virtual meetings with Asana.

“We meet virtually as much as possible via the online task tracker Asana. This allows all of our team members to instantaneously update progress on any given task or project, and we can access this information from anywhere. This saves immense amounts of time by minimizing and streamlining internal meetings. This allows us to easily and efficiently stay up to date.”

- Elle Kaplan, Co-Founder and CEO of Lexion Capital: @LexionCapital

2. Prioritize sales opportunities with cloud based CRM tools like Zoho.

“Finding the right technology solution is critical for small business owners.  We use Zoho.com, a web based CRM (customer relation management) tool, to manage our client pipeline.  This tool helps us focus on the important tasks that need to be done each day.  The ability to set up ‘potentials’ keeps serious inquiries front and center.  Using a CRM tool effectively will help prevent profitable business from falling through the cracks.”

- Denielle Lue, Owner of Stitch to My Lue Promotions: @StitchToMyLue

3. Mange a global team with online project management tools like Wrike.

“My employees are located all around the world. Thanks to the Web 2.0 project management tool, we are able to pass any task effectively through multiple time zones and get a 3-day job done in 1 day. This is particularly effective and profitable when you have a very limited time to create something and every second counts. For instance, we can create big, high-quality gold market reports based on Thursday’s closing prices and have it delivered when or before the markets open on Friday. Without applying the Web 2.0 technology it would be very difficult, if not impossible, to create even half of them by that time. Yes, you have e-mail and other means of communication, but when the work is done simultaneously by several people it’s easy to lose track and efficiency.”

- Przemyslaw Radomski, CEO of Sunshine Profits: @SunshineProfits

4. Move your business into the cloud.

“We are a small team of just 4, plus interns. Last year we took the business entirely into the cloud from Google Mail for business to Quickbooks Online, Vocus PR software, Dropbox, Evernote, FTP hosting, and more. In addition to the obvious file sharing capabilities, it’s made it easier for me as the business leader and entrepreneur to be just as effective while traveling as I am in the office. It’s saved me money in equipment costs [as well]. Notably during Hurricane Sandy when we were all working from home for a week we were still able to have the exact same email interface that we did at the office and [were able] to be just as effective.”

- Janna Meyrowitz Turner, Founder of Style House Public Relations: @StyleHousePR

5. Invest in robust customer relations management (CRM) tools like Salesforce.

“Moving away from an Excel-based customer tracking system to Salesforce has boosted both productivity and efficiency.  Our team has access to the most up to date client information and can collaborate in real time.  The right CRM makes it possible to easily pick up where your team member has left off in the event of sickness or, worse yet, turnover.  Keep apprised of your business efforts, maintain critical client information in-house, and keep your customers satisfied by investing in a CRM system today.”

- Neal M. Bottom, Principal of Marble Arch Consultants, Inc.: @nealbottom

6. Measure your non-work-related behavior using UP by Jawbone.

“Many entrepreneurs tend to be good at measuring work related items, but we sometimes forget the other essentials. I’ve recently started using UP by Jawbone to track my sleep, diet, and exercise, and it has made me much more productive and efficient, with not only my startup but also, in every aspect of my life.  It put a spotlight on poor decisions (bad meals, little sleep, sitting at a desk too long) that were draining my energy and allowed me to take corrective actions.  Now I wake up refreshed, eat meals that maintain my energy level, and I am reminded to step away every so often for a game of ping-pong or a walk.  Our company will now offer one to every new hire so we can help promote a healthy lifestyle and have some friendly competition around the office.”

- Lyle Stevens, Co-Founder and CEO of Splashscore: @SPLASHSCORE

Bitcoin Startups Begin to Attract Real Cash

“Bitcoin startups are beginning to raise sizable investment capital even as industry leaders warn that hackers are abusing the Internet virtual currency for profit. In the past year, fledgling businesses Coinbase Inc., Coinsetter Inc. and CoinLab Inc. have raised millions of dollars collectively from prominent venture-capital firms and angel investors, adding credibility to a digital currency that isn’t backed by a central bank.” (Wall Street Journal)

Startups need to collaborate with academia more often

“How can entrepreneurs best harness the wisdom from academics, and the energy from students, in order to advance small businesses? Startups are successfully solving big problems, which is why people are moving here, taking risks, starting companies and creating jobs.” (Boston.com)

Why Entrepreneurs Can’t Just Hire A ‘Finance Guy’

“First of all, the all-knowing numbers guru is a myth. And second, entrepreneurial finance is largely about asking the right financial questions at the right time. If you don’t know what questions to ask, your money whiz isn’t going to be able to give you an answer.” (Forbes)

Women Entrepreneurs: ‘Go Oprah, Or Go Home’

“Why do some women-run business rise like helium balloons while others remain tethered to a short string? Businesses with annual income of $1M+ are still only 1.8% women-run, though women own 30% of businesses in the U.S. This is poised to change, as women increasingly are taking part in Accelerators, Incubators and in workshops…” (Forbes)

Startups, here’s your idiot’s guide to video

“Do startups need a video strategy? I’ve been in and around the “video for business” industry for the last six years and I get asked this question by startups quite often. The answer is always yes.” (Venturebeat)

Drawing The Line: Why Startups Are ‘Sexy’ And Small Businesses ‘Meh’

“A new report by the Kauffman Foundation underscores a simmering snobbery in the startup community: no matter which way you spin it, not all new companies are created equal. ‘People who use entrepreneurship as a ‘catch-all’ phase to capture a single economic activity make an important mistake,”” (Forbes)

Small businesses accelerate hiring, help drive unemployment down to four-year low

“Slowly but surely, small businesses are starting to accelerate their pace of hiring, helping drive down the overall unemployment rate to a four-year low last month. Small business owners increased employment by an average of 0.14 workers per company in April, according to the latest report from the National Federation of Independent Business.” (Washington Post)

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