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Conducting Market Research for your Startup

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Success with a startup requires striking the right balance. You need to get some things right. Instincts can be a great asset in building a business. But you need to tread carefully where conventional wisdom can lead you into error. Competition is not the only challenge new startups face.

Market research is one of the most important efforts you can make as a business, particularly when starting out. It is important to know who your audience is and what they want. It is also important to know the current state of the market we operate in.

Research gives you the data you need to provide consumers with the products they the ones. As such it is easier to convert them from leads to paying customers.

What is market research?

Before you start a business, you want to gather information about your target market and discover information that may not immediately appear visible. You want to know the competitors in the market and what type of customers are opting for your products or services.

This is a great way to build business strategies and provide a sense of direction. He then shows that you delivered successfully to the market.

 Effective market research will help you close the gaps in your business knowledge about the market you operate in. These gaps in your business knowledge about the market could mean the difference between success and failure. Statistics has it that the majority of startups do not succeed past the first year in business.

In 2019, according to statista a global revenue for marketing research was over 73 billion US dollars this means that businesses are spending heavily on research.

Where to start

First off it is important to analyze the types of market research available. You have primary and secondary market research and also online and offline market research. With primary market research, you collect data yourself or pay someone to collect data on your behalf.

With secondary market research, you make use of data that has been collected and available in publications, on public websites, and other reputable sources. Whichever option you choose, have the end goal in mind. Is important to find a balance so that the research achieves its purpose.

Goals for your market research

Now you have decided to conduct market research how do you know when you hit your target question? Without much direction or goal setting, you may do all the work and still end up lacking important data you need for decision-making. Consider the goals and outcomes you want for your market research.

When conducting market research consider the role of your startup within the market. Industry trends are a critical part of market research because your business needs to fit into what is provided by all the businesses except you are aiming to disrupt the market.

By having a vision of the role your mark your organization plays within the market you are able to communicate to your prospective consumers and they understand your language. When you create products and services with information about industry trends you can pinpoint your ideal customers.

Many startups struggle with creating products and services that customers need. Instead, they go about making quality products based on their own assumptions based on their own expect it.

Yet, your business cannot exist in a vacuum. Your business is operating in a market and, you need to define the role you play within the market. Regardless of whether you are offering each service, there’s always a way to provide a better version of what is already available.

Get information about your competitors

Do you know your competitors? How well do you know them? Even if you’ve not entered the market yet you still need to be aware of who you are going up against particularly those who have been successful for a while in the industry. Prepare a list of the competitors that ring a bell in the market you are going into and then do your research on them. In the process, you may come across other organizations that you’ve not come across before. When researching look out for their strengths and weaknesses. The things that make them successful. In doing that you can find gaps in the market that you can use to your advantage.

Ideal customer persona

In marketing the idea of an ideal customer persona is Central. Your service or products is not meant for every person in the market. There are people who need your product or service at a certain moment, while others may find it an alternative to what they are using presently. Spend some time to understand your ideal customer and create a profile. You can even have many customer profiles depicting who your products and services are meant for.

How to conduct market research

Some methods that you can adopt to gather your information. These include surveys and feedback forms, interviews with focus groups, observing your customers in a physical or online setting, and social media interaction.

Conclusion

Spent on market research is not wasted rather it is time invested it can mean the difference between success and failure. The business landscape is dynamic, so you should not skip this stage even if it requires more effort than you think initially. It is often the case to underestimate the requirements of resources and time. But when it is done properly, you give your business a head start towards success.

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