Monday, 17 December 2018
Market research is the core when it comes to building startup. However many startups have no idea of what might make them fail, and literally running their startups with the lack of planning, the absence of supplier knowledge, and pricing issues, these three factors are the top reasons why startups fail. With countless information obtainable via the internet, the key is to filter the information you get and apply only what’s relevant and beneficial for growing your business.
Below are five of the most effective market research strategies,
Conduct exploratory researchIn a wide background of exploratory research, make sure to set your goal in finding opportunities for business growth, and scout research areas that requires prioritization. One of the easiest start is academic journal entries, government research, and online publications discussing your topics in your niche. You can also try BuzzSumo to be updated on the latest news and content based on keywords.
Clarify the problemAfter exploratory research, you’ll need to pinpoint problems that need to be solved. First, look at the problems within your target market, look for the area where you can come as an improvement or a solution. One of the shortcut is by utilizing Q&A websites like Quora, and see if there is demand for the solution you offer.
Run online surveysMake use online survey platform like SurveyMonkey to help you setup a campaign, reach your target market, and generate result within minutes, which surveys can be used for social proof on your later campaign.
Keyword strategyKnowing the current keywords in your niche is essential, Founders may as well check out Keyword Planner from Google, it provides user with a set of usable keywords based on a phrase or term that describes your industry.
Launch Crowdfunding to test demand
Let the crowd decide whether your solution has its target market by launching crowdfunding, this way experienced online investors may as well validate the profitability of your product idea, and you’ll also know your solution worth.