Who needs market research report?

Market research report

Every new business venture, large or small has the need to conduct in-depth (primary or secondary) market research to determine the Total Market Size and the Addressable Market Potential for their product/service.

,This helps the business stakeholders to understand the size of the market they are operating in, which customer segments offer the maximum potential and what would be the demand from each segment.

,The customer micro-segments for which the business is able to offer the maximum differentiated product/service offering will be the key customer segments to focus on to help the business in gaining a foothold in a new market.

How to do market research for a startup

Obviously, there are multiple ways to answer this question, but Ill just share my way.

These steps dont have to be particular to any one field/industry.

,nMarket Research:,,Summarize what your idea/concept is (in this case, for your startup),What is your idea?,Who would benefit from it,Why they would benefit,How you plan on making money from this idea,n2.

Take the problem statement from your summary, and Google to see if people frequently mention/complain about it (blogs, forums, etc).

Now:n,Who are those people?,Why are they complaining?,Document any surprises to your assumptions (what you expected would be discussed/would happen but this Google search disproves),You should have a rough idea of the people that could really stand to benefit from your idea; these are your tentative customer segments,n3.

Now Google for reports on your industry, your customers.

There are TONS of reports and surveys.

If you have access to a public library, they often have subscriptions to report and analytics databases.

Ditto for schools and universities.

Some general questions that should be addressed by this process:n,Who are all the stakeholders in my industry?,What matters to the stakeholders?,Who/what powers stakeholders decision-making?,Do some customer segment analysis at this point.

Based upon Step 2, find reports and/or surveys offering more clarity on the customers that have a problem your startup is trying to address.

,How many people are having this issue?,What are people currently doing to get around this issue? How many people are doing this?,n4.

Competitive Research.

The good thing about competitors: you know theres some merit to your idea; the bad thing: well, they are your competitorsn,Google your idea and see if any competitors pop-up,Figure out what differentiates you from them and vice versa,You should probably do an on-going update of this list so that if someone (customers, partners, VCs, angels, etc) ever mentions it to you, you know who theyre referring to and you have a good idea of what theyre doing now and, naturally, why your product is superior