Market research for a startup idea, often, startups do not have a specific market and customer groups, and customers are not even aware of the product/service’s existence as well, even if you contact the customer via a questionnaire about providing a solution to a problem, you are by no means sure of That the customer at the time you are going to launch wants to do something about the problem and other cases could be if you want to disrupt the current markets with a new technology or offer better, faster and/or cheaper of course, as a startup, you must be aware of the methods leading to your market and the strategies of how to Presenting your new business model and innovations to the customers who will benefit from your offer so we will talk about market research for the startup idea
Market research for a startup idea
Market surveys aim to create evidence/data that justify making massive investments for example in a new product line for an existing business.
However, standard or quasi-standardized surveys have little meaning in product/service offerings if the customer does not have a frame of reference.
You will encounter methodological problems because you cannot effectively validate the data.
At most, you can interview 5+ CEOs to get a professional point of view if you have something good.
To clarify the problem, positive-minded clients in a survey will say “Sure, why not?”
But it will not tell you anything if they will actually buy the said product / offer once you are there because they have not yet seen what you got.
And whether there is a proven track record of other clients who think this is a good thing.
Also be aware that due to the internet, many customers have become wary when signing up for unfunded surveys.
Established marketing firms have teams of industry professionals to conduct regular studies on current markets.
That was the business for them.
Instead, what you are using is secondary data about the current customer groups (the market) that you are seeking to process (much cheaper) in order to find out all about your paths to the market.
Thanks to the Internet, markets are becoming more transparent.
Market research steps
Find a store:
Summarize what your idea/concept is (in this case, for your startup)
What is your idea?
Who will benefit from it
Why would they benefit?
How do you plan to make money from this idea?
2. Take the problem statement from your summary, and Google to see if people mention/complain about it frequently (blogs, forums, etc.). right Now:
Who are these people?
Why are they complaining?
Document any surprises in your assumptions (what you expected will be discussed / will happen but this Google search refutes this)
You should have a rough idea of the people who can really benefit from your idea; These are your temporary customer segments
3. Use Google to get reports on your industry and your customers.
There are many reports and surveys and if you have access to a public library, they often have subscriptions to reporting and analytics databases.
As previously stated for schools and universities, there are some general questions that this process must address:
Who are all stakeholders in my field?
What matters to stakeholders?
Who / what are the stakeholder forces in decision-making?
Do some customer segment analysis at this point. Depending on step 2, look for reports and / or surveys that offer more clarity about customers who have an issue your startup is trying to address.
How many people face this problem?
What are people currently doing to overcome this problem? How many people do this?
4. Competitive research.
The good thing about competitors: You know there are some advantages to your idea
Google your idea and see if any of the competitors pop up
Find out what distinguishes you from them and vice versa
Perhaps you should constantly update this list so that if someone (clients, partners, venture capital, etc.) mentions it to you, you know who they’re referring to and you have a good idea of what now, and of course, why your product is superior.