In the previous post, we have talked about how to make market research before you start your own startup and we talked about 4 main points needed to understand the market well; Problem Identification, Market Size, Competitors Edge, and Market Survey.
In this article, we will be talking about the market study which is a deep understanding of how my product or service will fit in this market. So let me start by introducing the three main factors of any market study; Watching trends, Solving Problem and Market gap.
The first market study is watching trends, for any product or service there is something called trend curve which means what is expected to be going in the coming 3-5 years, let me give you an example, there is something called industry revolution and this is the trend curve of Industry in the whole world, Industry 1.0 started in the ’70s and it was all about mechanization, water power, and steam and this was the first step in the revolution, industry 2.0 in the ’80s was about mass production because the demand was getting big, Industry 3.0 in the mid-’90s was about computer and automation machines, Industry 4.0 which we are still in till today is about cyber systems and Internet of things. So if you are generating an idea of a new startup in the industry segment you need to understand where is the 5th industry revolution taking us to as not to be making a product not firing the trend.
Let me give you another example, it is related shopping, nowadays if anyone is thinking about opening a new physical store there will be a huge risk in the continuity of this business, according to research, more than 35% of the shopping physical stores are closing because online selling is becoming the trend. to conclude the first point is, study the trend quite well because you might start generating the idea of a product or service that is missing the trend or not fitting the future trend.
The second market study is problem-solving, in the previous part, we studied the pain and problem of the market, here we are going to check how are people solving the problem, which means they have a problem in their lives, what is the solutions nowadays, what is the benefits of this solution and what is cons.
The final market study is the market gap, definitely, there is competition as we have stated before in another part of these series of lectures, and these competitors are missing some gaps in the middle, you need to identify them and write them down because these will be your product edges.
To conclude we have made in the previous part how to make market research by studying Problem Identification, Market Size, Competitors Edge, and Market Survey. and in this part, we have learned how to make market study with Watching trends, Solving Problems and Market gap.
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