simple market research for the new business

How to do Simple Market Research for Your Startup

How to do Simple Market Research for Your Startup

Doing simple market research for your startup business is one of the absolute critical steps early in your business planning.

Let’s explore how understanding your customer through new business market research can significantly speed up your sales process.

Missing Market Research can mean Years of Wasted Startup Marketing

At the heart of any thriving business lies a deep understanding of its customers. However, it’s a common scenario for entrepreneurs to initially be wrapped up in assumptions about their target market.

New business owners tend to think their product or service is inherently irresistible – and to someone, it may be, but it’s likely not as magnetic to as many people as we dream.

The reality is great selling products take time to test, refine and adapt to the customer – which means your customer is going to be the key influence in how well your business does over the long run. Which means, you have to know what your customer actually wants and not assume it’s the first iteration of your product or service.

While dreaming big is part of the entrepreneurial spirit, the reality of achieving success involves getting up close and personal with who your customer actually is.

Shedding Assumptions with Research

The journey from fantasy to reality in business requires shifting from assumptions to evidence-based strategies.

This is where the importance of market research for startup businesses comes into play. Knowing your customer inside out is not just beneficial—it’s crucial. It moves you away from the guesswork and propels your marketing efforts to be more effective and targeted.

Simple Startup Market Research Methods

In the quest to understand your market, you’re faced with two options: slow down to research or learn as you go. However, I advocate for a blend of both.

Here’s how to do quick and simple market research for your startup that brings actionable insights without slowing down your momentum:

  1. Tap Into Your Startup Squad: Begin your new business market research journey by engaging your network – which, around here, we refer to as our Startup Squad. Ask them direct questions about potential customers, and seek out introductions to their friends who fit your customer ideal for quick interviews. This is your first, accessible step toward understanding your market.
  2. Utilize Surveys and Social Media Groups: Digital tools and platforms offer invaluable resources for quick market research. Creating concise surveys and sharing them in targeted Facebook groups or with your email list can provide a wealth of insights. Keep these surveys short to encourage participation, and consider offering incentives if you really need strong participation.

This is a survey I email and post here and there to continually add insight for my own business, as an example.

  1. Monitor Social Media Comments: Often underestimated, the comment sections under posts of businesses similar to yours are ripe with insights. This method requires minimal effort and no cost, making it an excellent strategy for how to do quick market research. You’ll find unfiltered opinions, needs, and gaps that your business could fill.
  2. Engage Your Growing Audience: As your audience expands, regularly solicit their feedback through surveys. This ongoing dialogue helps refine your understanding and ensures your offerings remain aligned with their needs. Follow-ups and small incentives can significantly boost your response rates.

Don’t Miss the Major Opportunity: Customer feedback

Integrating a system for continuous feedback from your customers is a non-negotiable part of doing simple market research for a startup business.

Plus, you can make this even simpler with automated emails soliciting feedback after purchases or interactions that can provide a steady stream of insights, helping you to constantly refine and improve your offerings.

Feedback surveys, testimonial requests and reviews links are three big parts of the Savvy Startup Marketer system my students build in the early startup phase of business.

Wrapping It Up

If your marketing feels like a shot in the dark, or if sales aren’t where you’d like them to be, it’s a clear sign that your market research needs a boost. Defining and understanding your target market is the cornerstone of not just marketing, but your entire business strategy.

So, as you move forward, remember that mastering market research for your startup business is an ongoing journey. It’s about embracing the learning process as a core part of your business’s growth.

And before you jump back into your bustling entrepreneur life, I’d love it if you could share your thoughts on this topic in the comments. Are there any specific challenges you’ve faced in market research? Let’s discuss and grow together.

Here’s to making your business dreams a reality, armed with the power of knowing your customer.

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