Market Research, is the action of gathering information and data about customers and markets for any product or service, before implementing any business or project.
We will be studying in this lesson, how to do the best market research that can help you know the exact data needed for your startup, there are several steps you need to follow to make the best market research: Problem Identification, Market Size, Competitors Edge, and Market Survey.
The first thing to do is to identify the problem, and here you can make research from the internet, ask experts in this field, and these questions might help you; what is the market pain? why are people suffering? how are they trying to survive? why aren’t there any solutions? is the same problem solved anywhere else in the world?. these are examples of the questions you need to answer to identify the problem. Till this moment we propose your solution because we don’t want to be biased to our product or service, we need to find the real pain.
The second aspect of any market research is the market size and the aim of it is to know does my product has a place for this market or not? how many people using similar products as my product? the customer segment? what is the people’s interest? if you are making a mobile application for people getting married, how many weddings are done each year, how many make luxury weddings? and so on. Try to be specific as much as you can to gather the right data that can help you with your implementation.
The Third step is Competitors Edge, this is a very important section because when you understand your edge over your competitors you will be knowing your value proposition, let me explain this over an example:
In the above picture, you can find Airbnb which is one of the greatest startups, they have made the competitor’s edge exercise, where they have made X-axis and Y-axis where they have plotted the solution of the problem they have researched in the first point we highlighted on, they found out that Craig list & Couch surfing are doing a similar solution to the problem and they offer affordable rooms but the main problem is that they are offline which is not meeting the trends nowadays. the most competitive company was hostels.com as they were affordable and online but Airbnb found the way to be number 1 in the market is to have affordable stay, online and to save privacy for the customer which was the missing thing for Hostels.com.
The last thing to do in your market research is to make market survey, as to take opinions from people around you and people in the cold circle, not about your product but about the problem they are facing in this market. try to use Google Form or Survey Monkey to write a survey and take a link to send to your social media network as to get analytics and replies that might help you understand more people’s pain.
To conclude, you have 4 aspects when making market research about a certain product or service you will be launching as your startup: First, identify the problems and pains in the market by making research. Second, know what is the market size of this product or service. third thing, understand the competitors and the edge of your product or service according to your value proposition. The last thing to do is send people a survey asking them about their pains and problems to have more data.
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