How Startups can Leverage Different Types of Business Market Research

Business market research is a crucial component in making sure that start-ups launch successfully. The right market research strategy can help connect with the target market, allowing you to offer a worthwhile alternative to your competitors’ offerings or present a product that satisfies real demand in the market. Market research for startups help ensure that you can come up with a viable product that meets an existing gap in your target market. However, not all types of research methodologies work well for all industries. Depending on the sector, you'll need to consider the type of data you need to derive the desired insights. To help make things easier, we are going to discuss the different types of business market research you can conduct to make sure your startup is successful.

How start-up market research is different from other market research processes

Understanding your target market is essential to run and expand your business successfully. You will be better able to persuade consumers to buy your goods or services if you have a thorough understanding of their aspirations, pain points, and values. This is where start-up market research comes into play. Startup research is all about analyzing the market you are about to enter to gather actionable insights. You need to analyze the following before launching your business:

• Market trends
• Industry trends
• Market dynamics
• Target audience
• Competitor analysis

While other market research programs aim to analyze and monitor an industry for businesses that are already operational, startup research aims to analyze the above-mentioned dynamics even before a business is launched. It’s similar to checking the weather before going out for a hike.

3 types of business market research methods a start-up can leverage

Here are the 3 types of market research studies that top market research companies conduct to help startups get a sense of the market they are about to venture into:

1. Competitive intelligence

Competitive intelligence is all about understanding your competitors, their offerings, and their marketing efforts. Once you analyze your competitors’ strengths and weaknesses, you can be in a position to develop a near-perfect product that meets the needs of the market. Oftentimes, competitive analysis helps start-ups figure out any drawbacks in existing products, allowing them to fill the gap by launching improved products or services.

2. Periodic sector research

As the name suggests, periodic sector research aims to detect the changing dynamics in a given industry. This type of research helps startups to stay prepared for any potential shifts in market trend, allowing them to meet consumer demands and prepare for the future, even before the market changes start impacting businesses.

3. In-Home Usage Testing

IHUT, or in-home usage testing, is one of the most common methods of market research that market research consulting companies conduct at different stages of product development. In this method, potential consumers are asked to use the product at home and provide reviews. Before making the products available to the public, product developers can thoroughly evaluate their effectiveness and relevance using IHUTs. Using this particular business market research methodology, product manufacturers can get rid of any potential flaws and further improve their offerings.

Final Word

Business market research has a direct impact on a startup’s success. When looking for the best business research company to conduct market research studies for your start-up, look no further than Unimrkt Research. We are one of the top market research companies, and over the years, we have conducted industry research across 90 countries, spanning four continents in a variety of sectors. We are certified with the ISO 20252 and ISO 27001 standards. To learn about our business market research services, call +91 124 424 5210/+91 9870 377 557 or email sales@unimrkt.com.