Sunday, August 10, 2014

How to do market research in startup

Objectives:
Researching consumers is one of the most critical skills in startup.

Process:
1. Get an idea
2. Analyze the potential customers
3. Find potential customers
4. Tell the ideas to potential customers
5. Get feedback from potential customers

Why people don't do it ?
1. They choose the work they like most to do it, for example, developing a beautiful product by spending month, instead of choosing the work which is needed most, or which is most undesirable for them, etc.
2.

Tips:
1. Be sure to also conduct your own primary research to get information specific to your particular, unique business and the sub-set of consumers you hope to attract. A few research tools to consider include interviews, surveys, questionnaires, and focus groups, which can identify critical information about the importance of price and certain features as well as the strengths and weaknesses of competitors.
2. Don't try to real the market research report. It won't help.
3. It is better to also learn from the failure of other founders, instead of oneself.

Tools:
http://www.sba.gov/tools/sizeup
Interviews
Surveys
Questionnaires
Focus Groups

References:
http://www.forbes.com/sites/shawnoconnor/2013/04/23/step-3-for-a-successful-startup-the-importance-of-market-research/
http://steveblank.com/2009/11/30/customer-development-is-not-a-focus-group/









No comments:

Post a Comment