Market Survey Service

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Six steps to successful Startup Market Research

• Startup Market research comprises six key steps,
  as outlined below.
• Identifying the research questions This is the
  first stage of startup market research and also
  the most important stage, as this stage sets the
  foundation for the market research and reporting
  process that follows. The findings from the
  startup market research is a major component of
  any investor pitch deck, which is also one of
  the primary reasons that drive entrepreneurs to
  conduct market research. So the major objective
  at this stage of market research for startup the
  feasibility of the concept or business idea.
  Questions like - is there an actual demand, the
  volume of the demand (market size), how to
  approach the target customers etc., are some of
  the common research questions.
• Determining the methods sources Based on the
  research questions, the methodology and data
  sources for startup market research will differ.
  The budget is also a factor when deciding the
  methodology and sources. For a startup with a
  limited budget, desk research would be the best
  option and for a funded startup, primary market
  research can be considered.
• Gathering the data For desk research, most of
  the data gathering will happen through secondary
  sources, which can also be fortified with
  telephonic or online interviews. For primary
  research, a specific research instrument
  (questionnaire/discussion guide) is created and
  the data gathering happens through full-fledged
  surveys, that are mostly conducted by qualified
  agencies.
• Organizing the data In this stage of startup
  market research, the data and survey responses
  that are collected are categorized based on data
  points or questions. Now the content for
  analysis for each research question is ready.

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1. Analyze the Data This is the stage when the data
   is analyzed, the analysis could be of two types,
   content analysis and statistical analysis.
   However for market research for startup, most of
   the time the analysis will be statistical in
   nature. Some of the common statistical analyses
   used for startup pitch would be - market size
   quantification, market value determination,
   market projections etc.
2. Draw Conclusions In this stage, the data that is
   analyzed is carefully scrutinized to draw
   conclusions to answer the research questions
   framed in the first stage.