How do you perform market research for new ideas?
Dor Yardeni
7 replies
Do you utilize specific tools, or do you manually search for potential competitors, market size, potential user profiles, etc.?
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Savannah Trotter@savannah_trotter
It depends on the product idea, but generally it can be helpful to do some online research first to understand who your competitors would be.
From there, concept testing could work well to screen your idea with an audience. You can show different variations of your idea, or have people compare your idea to your competitors products to see which they would buy. You can also use concept testing to see what people DON'T like about your competitors products, so that you can find ways to make yours even better.
Platforms like SightX.io have concept testing tools, and a lot of other great market research tools that are very intuitive (even for beginners).
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@savannah_trotter Nice one, I like the concept of checking what people don't like about competitors' products. Many times, there's no need to reinvent the wheel, instead, you can develop a different strategy or a unique value proposition for an existing need.
Once you have gathered information about your target audience and competition, test your business idea by creating a minimum viable product (MVP) and testing it with a small group of customers.
Define your goals: Determine what you want to achieve with your market research campaign.
Identify your target audience: Identify the people who are most likely to be interested in your product and who are most likely to refer others.
Collect data: Collect data about your target market and customers using tools such as Google Analytics or Adobe Analytics.
Analyze data: Analyze the data you’ve collected to identify patterns and make data-driven decisions.
Refine your strategy: Use the insights you’ve gained from your analysis to refine your marketing strategy.
Track your results: Monitor the success of your market research campaign and make adjustments as needed.
There are several methods you can use to conduct market research, such as surveys, focus groups, interviews, and observation. Choose a method that best suits your research objectives and budget.
You can ask potential customers about their needs, preferences, and pain points to gain a deeper understanding of their behavior and motivations.