Carrying basic market research is essential for startups to minimize the risk of failures before we began creating the product. The product idea may be great, but it is essential to find out the demand for your product in the given market. Good market research helps in making better business decisions. Conducting market research during the very early stages of a startup will avoid costly mistakes.
It is easy to conduct basic marketing research using the internet. There is plenty of information about anything on the web. However, market research is not just data. The data available over the internet is often unorganized, irregular, and incomplete. It helps, but it’s not everything. Market research goes beyond collecting huge amounts of data and tries to uncover previously unknown patterns or intelligence that the data represents.
Custom Research Framework
Our specialists will help you with your market research activities. We will analyze your product idea and create a custom research framework defining the most relevant factors and parameters for your particular niche.
Each industry or niche has its specific characteristics, players, and customers. The objective of creating a research framework is to analyze what to include and the extent of a probe that your business needs. For some products, we may need to explore the cultural, ethnic, habitual, or behavioral patterns among customers, while for others we may just need to look at the pricing and competition. There is no universal framework that fits every business need. A framework is created specifically for your business.
Our Process
Like in any other research, we will find answers to the following questions.
- Do your ideas have a genuine market in your target area?
- Is there a way to estimate the demand?
- Are there any similar products in the area?
- What are the current sales trends in the industry and is it possible to create additional demand?
- Have you compared your idea with existing products in the market?
- Can you find any potential partners for finance, marketing, or other
These are seemingly simple questions, but finding answers is difficult. Each question requires a thorough investigation and needs to be broken into several sub-questions and sub-topics. This is where our expertise will help you in deciding which information to collect and how? We will draft the right questions to ask.
And you will tell us, what is the most relevant information for your particular business from that information? Together, we create the most insightful market research.
All the data and responses are formatted and stored using appropriate methods. A detailed analysis and visualizations of the data is presented along with the key findings and business intelligence. Your data is stored in several exportable formats including excel, database etc. so you can import it into your own systems. We will also create a custom dashboard for you to play around with the data.
Your report may include exhaustive material about (based on the framework)
- Competitive analysis
- Market trends
- Industry overview
- Forecasts
- Consumer insights
- Channels and distribution
- Market segments
- Risk analysis
- Conjoint analysis
- And a lot more
