RealTalkAJ

So you wanna get a business startup going?

Where do you start?

What’s the best plan of attack with such a bold goal?

Think about those questions and I’ll be showing you how to do market research for a startup today.

Hopefully I’ll be able to get my point across.

Can I do market research on my own?

You can do the market research yourself when it comes to startups.

After you get the info you need you can go straight to customers and market however you see fit when it comes to presenting your product.

This information’s important because your customers will tell you how successful they believe your new product is.

There’s 4 types of market research you can employ in this part of business:

• Surveys
• Interviews
• Focus groups
• Customer observation

Any of those methods will allow you to make educated guesses about the market and figure out the best audience for you to be talking to.

To double down on your audience you’re gonna want to build a customer profile for that personal experience that you’re looking share with your supporters.

That’s about all I can share to keep it brief.

How much does market research usually cost?

Depending on your budget and the people you’re looking to interview when it comes to your research prices can range around $200 – $300 per interviewee.

On a larger scale bigger businesses usually plan on spending anywhere from $12,000 to even 50k when it comes to getting intel.

I’m not an expert myself so I’ll recommend you find one before you start trying to spend money that’s in the 5 figure range.

Feel free to speak with the experts I get my advice from by signing up on my support group for free by clicking here.

I can however suggest you get a focus group going if you’re trying to take an aggressive approach that’ll keep you under $1000 when dealing with cost.

And you might want to act on that quickly since the prices for these focus groups dropped drastically from their previous amount of over $6000 a few years back.

How do I write a market research plan for my business?

• Defining your target audience
• Figuring out who’s your competitors
• Understand them
• See how they’re viewed in the public eye
• Review your market analysis as much as possible
• Figure out why you’re studying the info
• Get academic research to support your findings
• Make theories and assumptions about your info
• Get extra data from books that relate to the niche
• Draw up action steps
• Summarize everything well enough to be able to explain it to others

How would a small business owner use market research?

Getting feedback on the product you’re promoting is incredibly valuable.

Almost as so as understanding the marketplace in which you’re operating in.

Conclusion

You got options when it comes to understanding the market of the industry you’re trying to enter.

What are you gonna do about it?