The Basics of Market Research for Startups

Markets can be a difficult place for startups to enter and make the right waves. Market research is a crucial tool for companies looking to gather inputs and analyze trends in a market. It helps businesses derive insights about their potential customers, competitors and the industry to take accurate and timely data-backed decisions. In this blog, we are going to discuss the benefits, timing, and steps involved in market research for startups.

Benefits of Market Research for Startups

What looks good in theory, does not always fare well in practice. Startups who fail to undertake market research get stumped upon launch when tackling even obvious challenges in the market. The significance of business research lies in the fact that it provides startups with market information from the past and present to help chart a good head start. Some of the major advantages of market research for startups are:

• Analysis of the viability of the business idea
• Identifying the market need for your product/service
• Understanding the preferences and behavior of the target audience
• Evaluating the competition in the product/service segment
• Approximation of profitability
• Recognition of opportunities and challenges in the industry

When Should Startups Conduct Market Research

Startups do not have a big margin to create errors. They do not have the resources or goodwill to sustain. This is why startups should ideally begin their market research as early as possible. It helps companies test their product ideas, modify their focus when necessary, and save resources from the get-go. Market research in early stages of the business also helps showcase your business interest and attract funding from the investors. When they have successfully launched, startups can continue to deploy market research to gauge the market response and introduce new products.

Steps to Conducting Market Research for Startups

Following is a list of general steps to follow when conducting market research for startups:

• State the purpose and spell out objectives of research
• Specify your target audience
• Decide on the approach of the research. This is crucial as it helps in deciding whether primary or secondary research is needed. It also helps in selecting the right research tools.
• Collect and analyze information
• Interpret results

These can be arduous tasks as they involve both expertise and resources which is why most startups and even large corporations outsource their market research needs to the best business research company that has experience in their industry.

Final Word

Startups have to create a strong impact to position and sustain themselves in the market. Market research helps startups gain information from the market and prepare the best strategies for their launch. If you are a startup looking for a skilled business research partner, look no further than Unimrkt Research. We are one of the top market research companies with proven expertise in conducting business market research for a variety of industries on a global scale. We offer in-depth B2C and B2B market research services with the support of experienced business panels. To learn more about our market research consulting services, call +91-124-424-5210 or fill out our contact form.