Market Research Mastery: 5 steps for Your Startup's Success
6 min read
What Rome and Milan are for tourism in Italy, startups are for a country's economy. They are considered the true leaders of the technological revolution that leads us into a world of new possibilities.
Because of this, a startup has an innovative advantage over a new business. However, you already know you need to stand out in the eyes of investors. Therefore, five steps will support your unique idea with basic facts.
Step 1: Research your target group
Imagine that the target group is your favorite tourist destination. Explore, research, and ask locals - find out what they like and expect, and how your product or service can complement their journey to a positive customer experience. Open your eyes and ears wide because every detail can be critical information for developing your product or service.
Unfortunately, being physically present and talking live with the target group is often neither ideal nor the most realistic solution. That's where Survey Monkey comes in, as your most trusted tool. It allows you to create a survey form in just a few clicks and is ready to collect the information you need about your audience!
You can create a survey form from scratch or choose from a range of suggested ones it offers, and it even has templates based on niches. After your target market fills out the survey, you get an automatically generated report for analysis without even getting on a plane, let alone changing location.
Step 2: Adventure with analyzing the competition
What would an adventure be without research and analysis? Your competitors are the mysterious locals lurking around the corner, ready to overtake you in the race for customers. To effectively analyze competitor data, it is necessary to identify your direct and indirect competitors. Direct competitors offer similar products or services to the same target audience, while indirect competitors may offer alternative solutions to the same customer problem. Be smart, be curious, and gather data on their market contribution, pricing strategies, marketing tactics, and customer reviews.
Since competitor stalking is vital (and you won't be the first one to do it), there's a tool for just that! SimilarWeb helps you analyze your competitor's website and get many metrics to study, such as:
1. Ranking – global ranking, order by country and website category
2. Audience - data on total traffic each month, geographic, demographic, and user interests
3. Competitors – Who are the biggest, and what keywords are they using
4. Marketing channels - which are the sources of traffic and through which channels the audience comes
5. Sources of Website Visits - the percentage of traffic a website receives from various sources, including referrals, direct search, social media, paid display, and email.
However, stalking doesn't just end on the web! In addition to this tool, there are also tools for analyzing competing applications. Isn't that great?! (and slightly worrying) 😀
AppMagic.rocks is a tool that helps you predict app trends and gain insight into your competitors' exploits. Easy to use, it enables you to research competing products, their performance, advertisements, and much more!
Step 3: Journey through the changing market maze
Imagine yourself as an adventurer exploring mysterious trends, keywords, and elusive technologies as you chase the hidden opportunities and challenges on the business horizon! Your task is to discover the critical information that will open the door to your success. Markets are constantly changing, so keeping up with industry trends and new technologies is essential. This information can help you identify potential opportunities and challenges in the market and adjust your business strategy accordingly.
Google Trends is a free Google platform that you can use to find out the search trend of any topic for the past days, months, or years. Enter a search term and set the date range, location, category, and search type (web, image, shopping, news, or YouTube). You will show a trend line when a term has received high or low searches.
In addition, Google Trends offers a trend search of your competitors, which ensures an advantage in every field!
Step 4: Create your online path
As a first-time adventurer, fearlessly walk the trails of social media - Facebook, Instagram, Twitter, and other favorite destinations of your audience. Remember that your target group lives online too.
But beware, this is no place for camouflage - honesty is the key. Your startup must be authentic. Share your stories, not only successes but also challenges you have overcome. Be people your audience can identify with. Ask questions that will spark discussion and create interaction. Make them feel like they are an essential part of the research journey.
For researching the online behavior of your target group, the Sprout Social platform is the ideal assistant. It can provide you with a lot of information about what people say about you, your competitors, and your target group's needs want, and problems. In addition, you have access to information about their best social media posts, growth, and overall engagement.
As for the content, it should be like the scenery spread before the passengers. Use visuals like captivating images, colorful GIFs, or even short videos to grab and hold the attention of your target audience.
As a seasoned traveler, be open to two-way communication. Listen to comments, reply to messages, and be active in discussions. It's your opportunity to connect with your startup travelers in a better way, understand their needs, and build a relationship that will be the foundation for your startup's success.
As you travel through this virtual journey, remember that each interaction is like a new stop on your way to the top!
Step 5: It is not only the destination that matters but also the journey.
Traveling to the destination is just as important as arriving at the destination. And this is reality.🙂
When you create your startup, the final goal is essential, but the process you go through to make your dreams come true is also fundamental.
To ensure the success of your startup - set goals, choose the right tools, design your research, collect data, and analyze it. Finally, make data-driven decisions and tailor your strategies to your target audience.
If you need useful guidelines for a quick and concise presentation of the essence of your business concept to the audience, read our blog "Present Like a Pro: Tips for the Win!"
A shortcut to the start-up destination
If you already have a startup idea and need technical support and expertise to accomplish that vision, join Digital Den Hub!
Digital Den has dozens of supported startups in the ecosystem and more than enough experience and resources for global success.
If you need technical help in development, design, or marketing services, present your startup idea to us and, with our help, make your dream come true!