Top Tips for Startups to Conduct Market Research

Carrie Bono
January 6, 2017
427 Views

With any kind of startup, including tech startups, market research is incredibly valuable and important.

Market research first and foremost is used to help startups determine whether or not they’re business idea is a valuable one. You may think you have a great idea, but once you start market research, you may find yourself making changes to your original concept because of something you discover that already exists in the market.

Market research is also useful to help you properly grow your business, and remain ahead of the competition.

Finally, if you are creating a startup with the intention of merging or selling it, you’ll need market research to include in your business plan. According to Firmex in their report on deal-making in 2016, it was a good year for startups wanting to sell, so it’s important to make sure you have the proper market research in place if an opportunity arises.

The following are some critical tips for conducting market research if you’re a startup.Image result for Top Tips for Startups to Conduct Market Research

Use What’s Available to You

When you’re a startup, whether you’re conducting research to develop your business plan or you’re doing it for marketing purposes, you probably don’t have a lot of funds available to you.

The good news is, there are excellent research opportunities available at no charge.

You can, of course, use online search tools like Google, but the U.S. Census Bureau also offers excellent information that can be used in terms of market research as well.

Divide Research Into Primary and Secondary Segments

Good market research isn’t just about looking at secondary sources, which would include online search results, industry research, and information from the U.S. Census Bureau. It also includes primary research.

Primary research is going to give you information straight from the mouth of would-be customers.

You can conduct in-person interviews and surveys, but you can also do much of this online, which works particularly well in the tech industry. Consider holding online focus groups through Google Hangouts, or developing social media conversations.

These are low-cost ways for startups with tiny budgets to conduct what was once challenging and expensive primary research.

If you do want to conduct more traditional in-person primary market research, visit a local school or college. You’ll find plenty of students willing to participate in research, particularly if it pertains to cutting edge new technology, free of charge.Related image

Use Google Trends

Another excellent, free and highly accessible tool you can use for startup market research is Google Trends.

You can put your finger on the pulse of what’s happening in your industry or market in a way that’s incredibly simple.

You can also use Google Correlate, which lets you find search patterns that relate to trends happening in the real world.

Do Market Research Before Investing Time and Money

As a final note to wrap up this list of startup market research tips, don’t wait until you’ve already invested a lot of time or money into your business to do market research. Market research needs to be done at the very beginning because this will help you make the necessary adjustments to your product or service, and can help you avoid making costly mistakes.

……..

You may be interested

5 Tips for Taking Your Business Intelligence to the Next Level
Technology
31 views
Technology
31 views

5 Tips for Taking Your Business Intelligence to the Next Level

Arpita Arya - August 19, 2019

In a world that creates more information by the second, it would seem that businesses have everything they need to…

Mobile Apps for Business- A Complete Guide for Business Owner
Apps
27 views
Apps
27 views

Mobile Apps for Business- A Complete Guide for Business Owner

Carrie Bono - August 19, 2019

Every sector of life has been automated with advanced software development solutions and mobile applications. Shopping trends and buying behaviors…

The Hottest Indie Games of All Times
Technology
69 views
Technology
69 views

The Hottest Indie Games of All Times

Derek Hales - August 15, 2019

Creating video games without financial support from huge publishers is a tough business. The chances to recover the initial investment…