A perfect Startup is a myth. Each and every step taken by entrepreneurs needs to be backed by research and hard work in the first place. Above all, they need to learn from their mistakes and improvise with every step. Reading this blog will let you know how to do market research in short and will give you an idea about what and where of market research. You cannot sell unless you know your customers, their needs, requirements, the urgency to buy, buying habits, and much more. There are many types of marketing research. Once you start doing market research, you will come to know that one of its indispensable parts is how to do competitor research. We have covered that too. Determining market research questions for startups can be a difficult task to accomplish. We are at your rescue and shall discuss these aspects in detail.
What is Market Research?
Market Research is a process of evaluating the possibility of the sale of a product by understanding market trends and customer behaviour. It involves collecting, analyzing and interpreting the data collected by primary and secondary market research.
How to prepare for Market Research?
To begin with market research, the first step is to know what we exactly need. One cannot go around asking random questions in the name of market research. Therefore, planning your market research is crucial for the success of this exercise.
- Define your customer.
- Determine the nature of your market.
- How many and who are your competitors?
- How many resources should be spent on market research?
What are the types of Market Research?
There are two types of Market Research-
To summarize primary research, it includes data collected primarily from customers. One can collect data by asking questions to the customers directly, by telephonic interview, conducting online polls/surveys and other means of direct or indirect communication with the customer.
Besides primary research, secondary research includes accessing data available online in the form of research reports published by other organisations in the industry, data available for sale from various organisations, relevant blogs, competitor research and more.
Beginning Market Research
Learn how to determine market research questions for startups-
- Collect Demographic information from the customers randomly, which may include-
- Education level
- Income level
- Marital status
- Size of family
2. Likewise, create a questionnaire related to the use of your product, which may be answered by the customer directly, by online polls, surveys or telephonic interview. It may include the following questions (sample questions given for bathing soap) –
- Which product do you use for bathing?
- What do you like the most about it?
- What improvement do you want in it?
- As per you, what is the most important function a soap must do?
- Kill Germs
- Moisturise the skin
- Make the skin fair
- How long you have been using this product?
- How many do you require in a month?
- From where do you buy this product? Any favourite supplier?
- Which shopping do you prefer, online or offline?
- In addition to primary research, explore the internet for knowledge related to your product. This information may include blogs, studies, research papers, market analysis reports, demand-supply statistics, and more. Subsequently, you can also visit here for secondary research resources.
- After that, determine how to do competitor research as per your product and market. These steps might help you in competitor research with a minor or no modifications-
- Find out who are your competitors.
- Visit their website or physical stores.
- What is the uniqueness (Unique Selling Proposition) of their products/services?
- Determine their market position and size.
- Find out the MRP of their products or services.
- What strategy they are employing for logistics?
- Check their social media accounts and user reviews.
If your startup is yet to be registered, get it registered with the experts of Taxolawgy at affordable rates and quick hassle-free service. Moreover, there are many other types of marketing research too, we have mentioned the broader ones.
Analysing and Interpreting the Outcome
The accomplishment of market research is a great asset. Now, making use of it in the most appropriate way is equally important. The information you have received should play a major role in devising sales and marketing strategy. You should get ideas about modification in your products.
Here are a few questions to help you take the most valuable takeaways from your market report-
- What is driving the customer’s intention to buy in your market?
- How to determine the uniqueness of your product?
- What variations should be made to the product, logistics, supply chain, online presence, etc?
- Why should the customer buy your product?
- How to devise a promotional strategy?
- Determine SWOT for your business-
Robust market research is the key to better Returns on Investment (ROI). How to do market research for a startup will be a question whose answer will keep changing with time. Lastly, the better you know your customer, the more they will love you and your products. Refer to this guide whenever you need to launch a new product or give any discount or sale.