With the help of this article, you will be able to find out the six main points necessary for exploring your startup niche.
Awareness of the startup task.
Thinking through the analysis design
Developing your learning tool
Analysis of the received data and drawing up conclusions
Communication of information and presentation of results
We all know that hasty startups are very rare, so you need to work hard to achieve success in this field. According to statistics, approximately 30% of young startups collapse within 3 years after launch. These are very depressing indicators. And what is not strange, most of the startups that failed had sufficient funding and positioned themselves as serious innovative development.
So why, at first glance, such wonderful ideas burnout?
The figures will help us figure this out, which indicates that most new projects collapse due to poor planning. The key to success and prosperity in the modern world is purposefulness and striving for something. You must have a goal in front of you and try to achieve it in every possible way. Through the study of the consumer market and its detailed analysis, it is possible to change the situation.
Stages of studying the consumer market.
It is clear that a startup will be successful and prosperous if you treat it responsibly, prepare a clear plan, and set specific goals. To do this, you need to explore the niche where you plan to enter. Of course, studying the market and conducting marketing research is not such an easy task, but thanks to the systematization of actions, everything will be very clear to you. Here are 6 steps to follow to achieve the most successful research result.
1. Awareness of the task of your Startup.
The presented item is not in vain to be under the first number, because the most important thing is to determine the goals and objectives of your brainchild. This will help you carefully study the market you want to enter. You must give an exhaustive answer to the question - "What business problem do you want to solve?" Based on your research, you can also think about the opportunities that are open to you in a particular market. In the absence of complete information on this matter, you cannot answer all these questions, so you dive into studying the niche in which your startup will rotate. An example of this is a business problem like "How highly can we rate this product?" or "How to choose the most successful platform for development?"
2. Thinking through the analysis design.
Think of the market analysis plan as step-by-step instructions for capturing. This is what will help you get the information you need to help solve startup problems. With a clear purpose and intent, market research will be beneficial and thoughtful. It is important to be purposeful in your actions.
Right now it is important to choose a strategy for studying the market and its relationships in it. You can classify your research as primary or secondary. Primary research involves interviewing, questionnaires, and discussing the problem with other market participants. While secondary research allows you to rely only on the information found in the vastness of the worldwide network. Don't forget about the main goal of your research. It is this factor that affects what data should be collected first. Be sure to decide how the report of your work will look like.
3. Developing your learning tool.
At this point, you need to project a tool to help you gather information. It should overlap with the goal and your main goal. If you decide that a survey will be a tool for collecting information, then write down the questions that you will ask.
at this stage you should already have ideas for doing your research, you just need to move in order without neglecting the plan. Once you have identified and worked out your analysis tool, begin the survey.
Be sure to make sure that you operate your instrument skillfully. Now you have to work with a certain number of people who will be surveyed. After receiving all the information, study it, and check for errors. Eliminate any inaccuracies and shortcomings. The sooner you find the problem, the easier it will be to fix it. Therefore, you should not underestimate this point and skip over it.
4. Collecting information.
This means the whole essence and purpose of your analysis. Be sure to select qualified specialists who will be able to decompose in detail all the information you receive. All data must be entered into a special spreadsheet. This is very convenient and important.
5. Analysis of the received data and drawing up conclusions.
What measures to take next, having a huge amount of information? First of all, you should start with the method of collecting data. You must restructure the collected information and organize it appropriately. It is best to use proven and easy-to-use Excel or SPSS spreadsheets. You can make diagrams, graphs, and whatever you see fit. The main thing is not to get lost in the data, and to structure them qualitatively. You can categorize information by gender, age group, or income level.
6. Communication of information and presentation of results.
At the stage when you have ready-made tables and charts in your hands, the hour has come to think over ideas. It is necessary to select the most important and decisive data to create a report. We advise you to start writing reports with a goal.
Be sure to identify business problems and gradually schedule your actions to solve them. Rely on the data that you have collected throughout the market analysis. Remember that it is not the tables themselves that are important, but the answers that are in them. This is precisely the factor that significantly identifies your research of the problem and makes it more effective.
The ideas you create can include the main directions of your top competitors, as well as the opportunities in your niche.
What are your actions if the startup you are working on does not have sufficient funding? Do not immediately despair and give up. You have the opportunity to do secondary market research. Digging around on the Internet, you can find valuable information that will help you solve your problem. What's the first thing to do? Visit the library, in it, you can find what you need.
Be sure to research the commerce reference segment. Many industry associations can provide you with valuable knowledge, right down to the latest market statistics and reference materials.
You need to learn as much information as possible about your potential clients, so we advise you to study magazines related to your field of activity to understand trends and prospects. It is magazines and newsletters with information focused on the target consumer that will give you the most comprehensive information about the behavior of an individual in the market. You can also find all the information on the Internet.
Before you spend all your money on promoting a startup, you need to invest in market research in which you intend to work. It will not only save you money but also time and effort. Make sure you are well placed to start primary or secondary studies. Be sure to back up the idea with facts. And remember that the correct perception of the niche in which you want to develop is the main guarantee of the success and prosperity of a startup. This greatly reduces the likelihood of failure.