Market research is crucial to the success of every business regardless of its size and scope. According to research studies, a major reason for most startup failures is lack of knowledge about consumer needs, suppliers, market trends, competition, product pricing, and marketing. Startups owners are faced with unique business challenges and tough competition from already established businesses.
To make sure that your business survives in this competitive market and succeeds even with limited resources, it is very important to do a complete market analysis and gain insights into the bigger picture before taking the plunge. Once you have accurate, actionable data about your audience and your competitors, it becomes much easier to achieve your business goals.
1. Understand the Dynamics of Your Niche
Before you build a bootstrapping business and invest all your time, effort, and resources on it, make sure you base all your decisions on accurate data. Your goal should be to understand the existing dynamics of your industry.
This is exactly where trend jacking comes into play. Every startup owner must have a bird’s eye view of the latest marketing strategies, evolving industry practices, and changing consumer preferences. Online surveys tools can be of great help in exploring new and upcoming industry trends, tools, and sales tactics.
2. Prepare a SWOT Analysis
SWOT Analysis helps in knowing the key strengths and weaknesses of your businesses and in identifying profitable opportunities and business risks. It is an effective way to make informed decisions about your business operations and helps plan its growth. Just make sure that your SWOT layout is simple, factual and focuses on key areas.
3. Keep a Close Eye on Your Market and Your Competitors
Read startupresearch reports, take part in industry-specific conferences, attend seminars and workshops, and participate in webinars to shape your understanding about the best industry practices in the market. You can also leverage online tools to gather information about new market trends and your competitors.
Google adverts, Google trends, and social media networks will also help in identifying marketing strategies to outperform competitors, their key offerings, your point of difference, the pain points of customers, and any opportunities that you can take advantage of. Google key terms, Quora questions, Keyword Planner, Google Page Speed Insights, Spy Fu, and SEO Quake will also help in ensuring that you have covered every area related to your business and your competitors.
4. Run an Online Survey for Market Research
A comprehensive market research conducted using market research survey software goes a long way in optimizing business performance. A market research survey helps in setting a benchmark based on your competitor’s key performance indicators.
With feature-rich market research software, startup owners can determine everything from customer demands and their buying patterns to market economy and existing monopoly. The insights generated from online surveys will help in understanding the need for your offering, identifying your target market, its location, and enable you to evaluate competition so youcan optimize your approach with impact.
5. Use the Insights to Skyrocket Your Startup to Success
Having actionable data in hand is excellent and employing it can boost your bottom line significantly. It can help you improve your advertising campaigns, marketing decisions, reduce business risks, resolve business challenges and identify new business opportunities that are untapped.To get more perspectives from people, you can also use multiple scales. Reaching out to customers, getting their feedback, and acting upon it is the easiest way to achieving business success!
This step-by-step guide outlines all the steps to create and customize market research surveys that help achieve business goals and growth.
Bhavika Sharma is a survey designer at SurveySparrow, where she designs surveys that work by making them more conversational and engaging, fetching 40% more responses. When she isn’t designing killer surveys, she loves to travel in search of adventure and to meet new people. Her travel experiences have taught her the importance of conversation and that is what she brings to the table while creating surveys or content for her readers.