Market research involves making sure that you are thinking like a buyer and ensuring that your marketing strategy meets what the buyer is looking for. As a startup, you are often faced with so many challenges, and unless you do great market research, you may find that your strategy may not be working in the way that you want it to. Figuring out how to do market research for your startup will help you discover ways in which you can influence the purchasing decision of a buyer. Before delving into the ways, a startup can do market research, let us first look at the main types of market research which are Primary and Secondary Research.
Primary Research involves the use of emails, focus groups, forums, phone interviews and a host of others to gather first-hand information on your market.
Secondary Research, on the other hand, involves the use of data, sales records, market research, public records, etc. to find out information on your market.
After looking at the two main types of market research, we will now explore 4 ways in which you can do market research for a startup.
Ask yourself the following questions in order to understand your market well;
Once you do your market research with these questions and if you can successfully answer these questions, you will be sure to come up with great and successful marketing strategies.
Identifying who your primary competitors are and what goods and services they offer are very important during market research. You need to find out the prices your competitors are giving for the product, those who buy from them and what the strengths and weaknesses of your competitors are.
Whether you are starting a company, introducing a new product, or growing your small business, market research will take you to the next level of understanding the segment you work in:
In this guide, you can also find more valuable information on the topic (if you need it).
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Vote0 Date:13-05-2022