Extensively researching your target market has long been viewed as a luxury-a perk available only to the corporate giants with deep pockets. But the past decade's surge of small businesses have made understanding and accurately targeting your customers a make-or-break means of survival.

Market research comes in all shapes and sizes, and some forms certainly have high price tags attached. Of course, not every business has thousands of dollars to dish out on analyst reports and services from big-name market research firms.

Luckily, there are quite a few effective options available that won't take a nasty toll on your budget.