Market Research Basics for Start-up’s
This is the era of the
entrepreneur, and new businesses have excelled in their target markets over the
past few years.
However, detailed research at
Truecode provides meaningful insight that around one in three startups will not
survive for two years. The main reason for failure when we fail to prepare, we
prepare to fail, and underprepared business planning fails to overlook the
entire working environment in which the companies will operate to flourish the
biggest obstacle to long term success.
At Truecode, we believe that
market research lies at your customers’ very core understanding, as well as
your competitors and the diverse environment in which your startup will
function. A new startup has plenty of expenses to meet in its early stages, and
often, the gain very little revenue during its initial months. Here, is where
we take a logical look at the necessary facets of market research that will
give an edge to your business but not cost you the world
Without getting too technical
with the terminology, there are two broad categories of research, primary and
secondary: Primary research has been conducted relatively in-house, while
secondary is obtained from other sources, such as existing research papers.
Primary research will bring the
most profound insights for the business, as it is fixated on your business and
consumers specifically. Basics of primary research, such as SWOT analysis and
competitor analysis, can be done on any business from any sector. Alternatively,
get in touch with us at Truecode, and we can talk you through some of the
apparatuses that our expert analysts use and work out which ones will
deliver the most benefits to your business.
This is not to conclude you
can’t make valuable use of secondary information, too. We live in the
information era, and there’s a plethora of data out there that won’t cost you a
penny if you know where to gather this data. Consider looking into online tools
like Google Analytics, and even fora such as Reddit and Quora to understand the
hot topics and opinions of your sector.
Of course, obtaining
information is one thing; knowing what to do with it is something else. Once
you’ve done this preliminary research, it is still necessary to get some expert
advice to put it to the best probable use.
The above steps will give you
an improved overall picture of the marketing target environment. But to get
real understandings, you need to start engaging with your relevant and
potential consumers. The virtual era makes this far more accessible than it
used to be, both in terms of obtaining and construing the data.
Though, before you start
engaging with social media surveys or online tools, remember the golden rule of
data in, data out. You need to ensure you are asking the precise questions to
obtain the required data and continually updating perceptions with newer data.
At Truecode, we understand the
gravities and tests while starting a new business. Solid market research can
detect the difference between a booming initiative and a struggle for survival,
so connect with us and let’s discuss how our insights can get you off to a
great start.
