Questions to answer — Market Research
Our Adianta Cohort is well into the Product Development module right now. We learned many aspects of research and usability testing to improvise our business plans. Market Research is the area we are working on presently, through which we aim to understand the reasons consumers will buy our product. Things such as consumer behavior, cultural, societal and personal factors influencing that behavior, these are the terms I keep hearing again and again at the Vihara Innovation Campus.
From my learnings, I have listed a few questions you must ask yourself which you’ll try to answer with your market research. I hope they will come in handy for your research.
Who are your customers? Describe them in terms of age, occupation, income, lifestyle, educational attainment, etc.
What do they buy now? Think about their buying habits relating to your product or service, including how much they buy, their favored suppliers, the most popular features and the predominant price points. Try to be imaginative here.
Why do they buy? This is a tricky one, attempting as it does to delve into consumers’ heads. Answers will depend definitely on the product and its usability. Brainstorm.
What will make them buy from you? Although some of these questions may seem difficult, you’d be surprised at the detailed information that’s available about markets, sales figures and consumer buying motivations. Tapping information sources to provide the answers to as many questions as you can will make your plan more convincing and your odds of success higher.
For startups, the best market research is the research you do on your own. In-house market research might take the form of original telephone interviews with consumers, customized crunching of numbers from published sources or perhaps competitive intelligence you’ve gathered on your rivals through social media or any other platform.
You can gather detailed research on customers, including their likes, dislikes and preferences, through Facebook, and use Google Analytics to sort out the numbers as they pertain to your web visitors. People are researching and making their opinions felt through their actions on the web, so you can gain a lot of marketing insight by looking closely at what is going on electronically. You can use Google Trends to understand these behaviors.
Do you have anything to add to this? How did you approach Market Research for your startup, what tools or techniques did you use? Please share your thoughts and opinions in the comments section.