[ad_1]
Opinion holder entrepreneur You are the contributor.
It’s not hard to imagine this scenario. An entrepreneur experiences a problem and decides to build a solution to solve it. It worked well, they liked the solution and chose to start a business around it. Entrepreneurs put a lot of energy, time and money into launching a new business. They then launch a business. And nothing happens. They simply cannot sell solutions.
Whether you’re launching a new small business or a fast-growing startup, you face an uphill battle. About 20% of startups don’t survive past his first year in business. There are many reasons why a new business might not work, but one thing I see consistently as part of his CMO is that the entrepreneur in charge doesn’t do the research.
Doing market research in the early stages of company formation is essential to validating your business idea and building what the market wants to buy.
However, this critical step is often overlooked or simply ignored by many business owners. why?
First, it can be a lot of work. Additionally, according to Vernon Research Group, he is expected to cost anywhere from $4,000 to $50,000, depending on the survey.
Combining these two factors makes it clear why entrepreneurs skip this step. But in reality, market research is easy and cost-effective for small business owners. Here are his four strategies for conducting effective market research on a budget.
RELATED: Why Putting Constant Pressure on Yourself Can Boost Your Productivity and Success
1. Interviews and research
My favorite way to gather information for market research is to write down the questions that need answers and document the answers through video interviews and surveys.
The more people who can provide insight, the better the results. To get the most responses from your survey or interviewee, you should start asking questions. You can do this by posting on your own social media channels, by identifying your target customers on LinkedIn and sending them messages asking for their help, or by placing ads on social media.
The key here is to be cautious. Don’t be afraid to expose yourself and keep going until you have enough information documented to make an informed decision about how to move forward.
RELATED: The Best Ways to Do Market Research for Your Business Plan
2. Competitor analysis
Often underestimated, there’s a lot to be said for conducting a thorough competitive analysis to inform the next steps your business should take.
Competitor research means going beyond comparing your business to one or two other businesses. Find 8-12 potential competitors and analyze everything about them, not just their product features. Who are they identifying as their target market? What are they highlighting in their messages? What are their price points? How are they appearing on social media?
A strong competitive analysis can help you more clearly identify how the market is currently being offered and how gaps can be filled.
RELATED: How to spy on your competition on social media
3. Tap into your target market’s community
We are now more connected online than ever in human history, and people are flocking to the digital space over what connects them, from their love for pets to their personal challenges. Find communities where your target market spends time, follow their conversations, and start engaging.
Facebook groups, Twitter, and LinkedIn are ideal platforms for identifying and joining communities that might connect you with others about the problem your ideal customer is trying to solve.
4. Start asking questions in public
Perhaps Quora and Reddit can also be called communities where the target market exists. But the way people engage and interact on these platforms is fundamentally different. Facebook groups, Twitter, and LinkedIn require you to spend time interacting with others in your community and building trust.
Quora and Reddit make it a little easier to join existing conversations, post questions, and get direct answers from the community at any time.
These two platforms will be the fastest way to start market research.
The big problem with skipping market research is that you risk building a product or service that nobody wants. It’s essential to take the time to identify your target markets, find them, and get feedback on what you’re trying to create before you start building.
You can’t overlook it or assume you know what the market wants or needs.
Market research is a key factor in the successful launch of a new business. With a little time and effort, you can be sure your product is on the market and move forward with confidence.
[ad_2]
Source link
