Market research and consumer insights are activities that are typically only affordable by mega brands. If you’re a coffee shop, a retailer, a sports club or a museum, the very idea of a focus group and customer segmentation surveys are a daydream – not affordable on a shoestring budget.

Most small and medium business owners typically just roll the dice and hope their gut reaction is correct when they’re deciding to expand their products or services or change their approach. The unfortunate flip-side is that these are precisely the types of businesses that could reap the greatest insight from market research.

The good news is that there’s a new player in town – social media. By getting in and getting involved, your business will be able to reach out directly to customers and ask the very questions you need answers to – before you make any game-changing decisions for your business.

1) Jump into the water.

Your first task is to take the plunge and join in the social media world. You’ll need to get your presence established on as many social networks as possible. Twitter, Facebook, LinkedIn and Foursqure are the largest four, but if you’re not sure where your customers hang out, you may want to dabble in others as well. You’ll need time to find and connect with your customers, fans and prospects on each network, so immediate results are unlikely. In other words, don’t wait until an urgent decision is staring you in the face before you decide to get started. Start now, so that your listening posts are well-established when you need to use them.

2) Join the conversation.

Social media is like a giant cocktail party and everyone’s invited. There’s no need to be a wallflower; once you’ve found a conversation or a group that is relevant to you, join in. The more you join in, the more followers and fans you’ll find since – just like a cocktail party – people gravitate to where the energy is.

3) Start conversations.

If there’s a question you’d like to ask your customers, it’s ok to ask directly. No need to couch the question in any other terms. Make sure you don’t make decisions on a straw poll of a few responses, but over time you’ll get an idea whether you’re on the right track with your new idea or initiative.

4) Join groups.

Although you can create a new group, you might get greater traction by joining a large and already established group. LinkedIn is a great place to get feedback and thoughtful comments from other group participants.

5) Analyze the action.

Over time – after creating, engaging and gathering feedback – you’ll begin to notice that some networks and platforms provide you with more reliable or more relevant feedback and you’ll be able to ping that group directly when the question arises.

So while the mega brands have their research and development departments, their consultants and strategists, there is an economical alternative for the business owner who is socially active. Of course a good strategy and proper execution still takes man-hours and dedication, but it’s a cost-efficient alternative for those of us looking to make better decisions.