Initial Market Research for Startups: Ways and Skills

In today’s world of information, it is utterly foolish to start a business without conducting market research simply because of the ease with which information can be collected nowadays. The good news is that most people have already realized this.

Especially in the case of startups, market research plays an immense role to familiarize you with space and the people you are doing to deal with. More often than not, the startup owners these days do not come from a non-business background, and market research can be a great introduction and an initial step of getting closer to the entrepreneurial world.

There are many market research companies in the market that are fully equipped with expert analysts, data and data collection tools, and teams to do all the hard work of market research for you so that you only reap the fruit of a well-organized and ready to use market research report. However, if you are one of the Do-It-Yourselfers, you can also conduct your own market research.

Many avoid the phase of market research for days after they get their business idea and keep building on it without gaining the knowledge of the market. This can be the result of the fear of their idea getting invalidated or proved unoriginal or sheer laziness. One should not commit this mistake of procrastination at all.

The objective of this article is to help a newcomer in the field of market research for his or her startup. So, if you are a budding entrepreneur, go on reading to know some of the easiest ways and skills to conduct market research easily.

Ways of Conducting Market Research

In the current times, hundreds of startups are being launched each day. It is quite fulfilling to see such a large number of aspiring entrepreneurs. Many of the newcomers are still in their student years and trying their luck with their idea, many are well-established and still want a business of their own, and there are some who start their business fairly late in life. Whatever your case may be, it is possible for you to achieve your goals if you remain determined and do your share of hard work and smart work.

Following are a few ways you can start your market research-

  1. Use your College/University Database

If you are still a student, you have a huge advantage that you must make use of. The database of your college or university can make up a considerable amount of your market research. Being a college/university student, you have the right to access a database that you need for your personal use or study.

Academic OneFile, IBISWorld, full-text business journals, industry profiles, etc. are a few resources you must use for your startup market research as a student.

  1. Observe the People Around You

If you want to go into business, you must be excellent at dealing with people. The most appropriate and effective way of dealing with people is to know them to their very core or at least till you understand their behavior regarding your product or service or similar ones.

There are various ways you can choose to do this. The easiest and the most inexpensive way is the observe the people around you. When you develop a habit of noticing people, you will take into account nuances about their behavior that might prove very beneficial for your market research.

You need to make sure that you are not acting as an intruder when you are observing them and they are their natural selves.

  1. Online Research

Internet is the modern-day genie. It has the world to offer you. All you have to do is ask for the right thing. Not everything you read on the internet is true but it cannot be denied that there is genuine information available on the web. You can gather a lot of information about your use if you want.

Search on the web for the keywords related to your business. It will help you get an idea regarding what people are talking about the keywords online. What are their concerns, what do they think about it, what else do they want, etc.

  1. Study the Competition

Knowing what your competitors are doing is an easy but extremely important way to understanding how the market operates. It gives a clear of what actually works, what you should adopt, and where you should follow them. They also give you an idea of not to do. You can observe your competitors and customers deduce what else does the customer wants that they are not getting from your competitors.

Skills for Conducting Market Research

  • Observation Skills

As you would have already guessed by now, strong observation skills can be very useful in conducting market research. It helps you to understand your customers well.

  • Survey Research

Conducting a survey is a crucial part of market research. Knowing what are the right questions to ask is half the work done as you cannot ask too many questions in a survey.

  • Data Management

After data collection, data management is essential for any further processing. It refers to organizing the data in a proper manner for future use.

  • Inferential Statistics

It is essential to know at last the basics of inferential statistics so that when you have the data, you can derive something meaning from it for your use.

  • Report Making

It is the process of comprehensively arranging the findings of your research. You must be able to present your results to others aftermarket research.

There are several other skills required for complete and thorough market research. This can get a little technical at times. Therefore, if you find yourself to be uncomfortable or not very confident with the data handling, there is nothing wrong with going for a market research company that can conduct your market research. Aeon Market Research is one of the most trusted companies that have a reputation and track record of providing accurate and effective market research report along with their valuable insights.