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Step 1 – Do your market research – Start up series

STEP 1 - Do your market research

1st step of starting-up.

  • There are certain times in a company’s life-cycle when market research can be particularly useful. For example:
    • To see whether a new business idea is viable
      You have an idea for a new business. Is there a market for it? Don’t just guess – use market research to find out.
    • When moving into new markets
      This is especially true when selling abroad. Different countries and cultures have different markets. What works in one might not work in another. Research will help you uncover the differences and adapt to them.
    • Before launching a new product or service
      You might think you have the perfect new product or service – your customers may think otherwise. It pays to get feedback before you launch, so you can make any necessary changes quickly.
    • When applying for funding
      Show potential investors that there’s a gap in the market – and that your company is the one to fill it.

 

Market research is imperative to the success of any business. According to studies, some of the top reasons why startups fail include the lack of planning, the absence of supplier knowledge, and issues with pricing. Regardless of your niche, the chances of these occurring can be greatly reduced, if not eliminated, with adequate research.

However, conducting market research is a lot harder than it seems. With the overwhelming amount of data obtainable via the internet, it’s more challenging to siphon what’s relevant and beneficial for growing your business.

To ensure your success, here is a few tips that you can use for your ensured success:

 

 

Conduct Exploratory Research

When it comes to market research, it’s best to start with wider scopes before investing time, money, and energy on statistically accurate data. With exploratory research, your goal is to find opportunities for business growth and scout research areas that require prioritization.

Due to the broad nature of exploratory research, you can start with free sources such as academic journal entries, government research, and online publications that deal with topics in your niche. You can also start with a simple content research tool like BuzzSumo to find the latest news and the most popular content based on keywords.

Clarify the Problem

Conducting exploratory research will also help you pinpoint problems that need to be solved. It’s basically the same as researching for ideas in content marketing. First, you look for problems that your target market has. If there’s already an existing solution, see if you can improve it. Otherwise, look for another problem by way of primary research, which means to obtain information straight from your potential customers.

An inexpensive way of doing primary research this is to utilize Q&A websites like Quora. By understanding the questions that your target market have, you can determine whether there’s demand for the information, service, or product that you offer. You can also refer to social media websites so you can participate in existing conversations yourself.

Run Online Surveys

Another way to do primary research is to run online surveys using platforms like SurveyMonkey. This will help you setup a campaign, reach millions of users that match your specified demographics, and generate results within minutes.

Running online surveys allows the voice of your target consumers to influence decisions that will affect the direction of your business. It can be done for different purposes such as market segmentation, fine-tuning the features you want for your next release, and generating positive customer feedback.

Do Keyword Studies

The success of any online marketing campaign boils down to one thing – your keyword strategy. Take note that keywords can determine the visibility of your promotional material, be it for ads or branded content.

One of the go-to tools for this is the Adwords Keyword Planner from Google, which will provide you with a set of usable keywords based on a phrase or term that describes your industry. Knowing the current, on-demand keywords in your niche is the first step to developing a targeted SEO strategy. It also allows you to check out the rates for competitive keywords so you can plan your advertising budget accordingly.

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