Initializing a startup is nothing less than gearing up for a war that is going to witness a lot of bumps on the road. It is not an overnight game which will make you a star the very next morning instead it is a long journey. If the journey is walked on successfully then you can expect fruitful rewards.
One of the most important steps of this journey is to do good market research.
What is a Market research?
Market research is about analyzing the target audience and the potential market where your product or idea will be suited. It is unfortunate that most of the startups do not even survive more than a year in the market. Why so?
There are many uncountable reasons but the most common one is not doing proper market research!
Good market research will help you to realize the necessary changes which might be required in your startup idea for it to sustain in the long run. It will also help you to check the market competitors of your startup which will help you to come up with something which will make you different than them.
Process of market research
Market research machine like a tedious process but with a little bit of time management, planning, and informed decisions it can be done pretty easily. We have gathered a few points to show you the right direction in the journey of market research:
- Begin the process with primary research: Many startups indulge in the mistake of depending upon just secondary research. Primary research involves trying to reach the officials and customers personally which will help you gather first-hand information. This first-hand information will help you to analyze the market requirements closely ensuring that you make no mistakes. On the other hand, if you choose to depend upon secondary research be ready for a drastic disaster. This is because secondary research is generally outdated which may mean that you ignored the current trends of the market. Moreover, it will be extremely difficult to find secondary research as per your own requirements therefore it is not suggested.
- Indulge your teammates in SWOT analysis: While studying the marketing tactics you might have obviously heard about the famous SWOT analysis. SWOT analysis is basically finding the strength, weaknesses, opportunities, and threats of your potential business. Once you have all the four dynamics of your business in front of yourself you will be able to conduct deep research that will focus on improving your strengths, converting your weaknesses, turning opportunities in your favor, and dealing with the threats. It will also help you to realize market competitors who might be a threat to your business that will help you to come with the possible solutions to any such problem.
- Conduct both quantitative as well as qualitative research: Underestimating either one of them will make your business suffer. Quantitative research is important because it will help you to understand the numerical portions of your business like the amount you need to invest in it request from the investors, how soon can you expect the profit, and in which percentage. Quantitative research will include the research in which you will conduct yourself bye by getting the questionnaires filled to buy your potential customers. on the other hand, qualitative research will be a focus upon connecting with the big names of the industry in which you are stepping in. you will have to organize as many seminars and meetings as possible to get an immense amount of knowledge.
- Prepare as many as questions as you can about your research: Preparing the questionnaire or the questions you are going to ask the big names of the industry will decide the conclusion of your research. Therefore, put up as many as questions as you can possibly think of because this will help you to clarify most of your doubts. However, always remember to not bombard them with unnecessary or vague questions as this will only result in their disinterest in filling the questionnaire. Keep the questions short and to the point to avoid any kind of irrelevant answers for your research.
Getting a few extra facts will always help you in saving a lot of money and time for your budding business. good market research will also help you to make changes in the beginning itself which will become a lot difficult in the future when the company is fully established. Therefore, go ahead gather some marketing officials or even freelancers, and start your market research today!