One of the biggest questions I get is about how to conduct market research when you are writing a business plan. I think this is one of the most overlooked aspects of planning a new business, at least from a lot of the new entrepreneurs I have the chance to interact with.
Properly conducted market research will help you to figure out a number of things that will be important as you complete your business plan: Who your customers will be, who your competitors are, what segment of the market you are going after and how you should price your product or service. I go into a lot of detail on this in the video I am linking below, but i’ve got all the same info spelled out below as well. https://www.youtube.com/watch?v=uCgvMWKJt-E
We have to start with the understanding that there are two basic types of market research, Primary and Secondary.
The primary market research is what you collect yourself, with regards to customers you do this by basically getting out and talking to customers. If you are starting a digital business or one that does not have a specific geographic area it services you can create online surveys and try to get people to take them, you can also create landing pages to A/B test products and ideas and see what you convert.
If you service a specific area, you have to actually get out and pound the pavement, go talk to your customers potential customers and get feedback from them, go door to door if you have to, go to events on the weekends and just try to meet people to ask them a few questions. If phone books are still a thing then go thumb threw and start dialing.
When you are looking at competition then go buy your competitors product or use their service, figure out what’s good, what you can improve on and if there is anything you can take advantage of. Take notes, lot’s of notes, go back and review them.
For secondary research this is when you are getting data sets that have already been collected and analyzing them. Though many times you might be reports on those data sets that have already been analyzed. This can be a bit more expensive but will save time. There are a few issues with secondary data that you need to know going into it. One is that this data is generally dated, at least a few years old and secondly you have no way to validate it or ensure it’s accuracy, this is why it’s important to source this data from reputable sources.
Both of these types of data are important, and they play off each other. Your primary market research gives you a very specific view of your customers, competitors and market while the secondary data can add context to that and give you a much deeper understanding on all three of those.
At the end of the day conducting solid market research is going to be one of the strongest tools to help bolster your business plan.
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