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Market Research for Startups

Market research is not only important before starting up, but also extremely important while managing and scaling up your business. So how to do you exactly research for your startup? Well there are two types of research.



Secondary & Primary Research
Secondary research is done through collation and synthesis of information from already available research. While primary research is done by data collection through surveys, polls and questionnaire based field research. Primary research can give us a lot more granular and detailed information, but it is time consuming and costly. It also has a propensity to give biased information if the research is not executed properly, especially if the sample for study is not diversified enough.

So if your secondary research is good enough to get an understanding of your market you can rely on it for the planning purposes. However, primary research comes in handy for launching your product or services, as it gives you an opportunity to use your research sample as your first set of protential customers.

While planning or understanding feasibility for your startup you should focus on:

Economic Trends of your Industry
Customer needs and pain points
Competitors Analysis in terms of their operations and pricing
Analysing the opportunity of your business
You must do regular and periodic research even if you are managing your startups. In this case you should focus on:

Competitors mode of engagement and pricing – This can be achieved through mystery shopping.
Mystery shopping is done by you or your team pretending to be your customers client to gather information which is not there in the public domain.
Disruptions complimentary to your business
A focused group study of your current customers to understand how you can improve your product or services.

This is a structured process on how you can carry out your research:



More videos by Arnab Ray

https://www.wfnen.org/blog/business-planning-startups-entrepreneurs/
https://www.wfnen.org/blog/revenue-models-startups/


ABOUT THE AUTHOR

Arnab Ray.

Entrepreneur & Management Consultant, Array Innovative Services Pvt. Ltd

I have a rich consulting experience defining, leading and managing high-impact projects in financial services and insurance industries as well as the technology sector. My financial services experience includes work at investment banking, retail banking and credit card clients in a range of capacities, including managing compliance and risk management programs, delivering global application systems, and IT strategy disciplines. Specialties: Management Consulting, Business Consulting, IT Consulting, Business Analysis, Business Development, Business Intelligence, Risk Management, Capital Markets, Banking, Application Development, Analytics, Pre-Sales.