Starting a startup would be a hard thing especially for newbies. Before making a product or set a marketing strategy you must do research. This is four steps of how to do market research for startup.
1. Find Out The Market Character And Need Through Survey Or Product Test
The first thing you should do is find out your customer needs. A product will be bought if it has a function.
If the product is answering people’s needs, they will buy it. But if it does not answer any problem, it won’t be sold.
You must look for what people want according to your plan. For example, if your product plan is a glass, you must know what people like about a glass.
Maybe the chosen glass because the glass is easy to clean. Because the glass is cute, or the other reason. You can find out those needs by distributing an online or offline survey.
Choose the sample by coming to the market. For example, if you are about selling a glass, you can put the survey through a cafe or restaurant because people who come to the cafe already have experience with glass or cups.
2. Analyze The Size Of Market
After knowing the character and needs of the market you can analyze the size of the market. The easiest thing to do is by counting how much people are fit for your product.
For example, a cute glass or cup will be liked by a teenager. You can count the teenager or students in your town, they have the approximate market size in your town.
The market is they who may like your product’s character. So after knowing the most match market to your product character, you will know how much people will probably need your product and how much your product needs to be produced.
3. Know Your Competitors
The next thing is how to do market research for startup is knowing your competitors. You have to know which company is producing the same product as yours.
Learn more about the product. You can start with the material, design, pricing, then their marketing strategies. From this research, you will find a gap or problem from their product or marketing strategies.
Maybe the product is too expensive, or the material has some weaknesses. If you can answer the weakness of your competitors, it will be a strong reason why people buy yours, instead of choosing their product.
4. Know The Market Trends
The fourth step you must do of how to do a market research for startup is knowing the trends. Making a unique and idealism product sometime be a habitude of a startup.
But, while maintaining your uniqueness you have to consider the trends. It because trends, is one of the effects of people’s requests.
Consider the trend, and combine it with your uniqueness. Your product will have more selling points and get easier to sell.
The startup is made because someone wants to solve a problem. You can find some problems and offer solutions through your products.
If this thing answered well, it could be confirmed that your product will be sold easily. Those four things are essential to do if you need to know about how to do a market research for startup.