You may have an unusual and promising idea for a startup, but will it really work? Marketing research will help answer this question . The article talks about how to analyze the market before launching a startup and what to pay special attention to.
Why a startup needs to analyze the market
An idea can be revolutionary, but in how to build phone number list reality it may not be viable. Market analysis will help you determine: will there be demand for your offer, are there strong competitors, who is your target audience, will they even want to use your product. By studying the market in advance, you will not have to waste time and money testing bad ideas.
After market research, some startups pivot.
A pivot is a dramatic change in a startup’s business model and direction in order to maintain its viability in the market.
For example, you are planning to open a grocery delivery service. After conducting research and studying the target audience in detail, it turns out that customers are happy with the existing services. Their only problem is that they all have a small selection of hygiene products. Thanks to the data obtained, you can adjust the business concept, making it more in demand on the market.
Attract investors
Having research will show investors that you are serious about your business. It will also show the potential of your business idea, which will increase your chances of getting investment.
Decide on promotion
Based on market research, you can build a torohevitra amin’ny fampiharana marketing strategy, because you will know your target audience and what communication channels to use. For example, if your target audience is the restaurant business, then participation in gastronomic festivals should be added to the marketing strategy. Does the target audience have its idols among bloggers? We begin cooperation with influencers, etc.
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Types of Marketing Research
There are two types of marketing research: primary (field) and secondary (desk).
Primary research
Primary or field research is when information is obtained directly from the target audience. It takes a lot of time, but it helps to better understand potential customers and the specifics of the market.
Primary research is divided into quantitative and qualitative. Quantitative research includes any type of survey. Qualitative research includes interviews, focus groups, and observations.
There are four types of primary research:
Interview . The researcher talks to an ge lists industry expert, regular users of a similar product, or a person who is part of the target audience. The interview can be short, but it is better to conduct in-depth research. It helps to identify the needs, expectations, difficulties, and concerns of the target audience.
Focus groups . This is a group interview where participants share their opinions about a product, its advertising, and problems with its use. With the help of such research, you can obtain information that is difficult to obtain in any other way. For example, it is in a focus group that the decision-making process about purchasing is well revealed, and how the target audience compares similar products with each other.
Observation . The method is used to analyze consumer behavior and preferences. It can be used to find out how a person makes purchases or interacts with a new product.
The biggest advantage of primary market research is getting first-hand information. During surveys or interviews, you can discover completely unexpected patterns of behavior of the target audience. Let’s say you are creating an application for booking movie tickets.
Secondary research
Secondary research is also called desk research, since the search for information occurs without interaction with the target audience. Data is taken from reports, statistics, publications. This type of research is accessible, cost-effective and versatile, but has limited capabilities.
