Intro to Market Research:
How many times have you had a great idea and then later found out it exists? It’s extremely rare to have a completely original idea. Uber, Facebook, Airbnb, Instakart, and just about every other billion dollar startup was in no way original. Not even close! All these ideas and most likely your idea already exist on the market.
Don’t worry, that’s perfectly ok. Why? Markets are typically pretty huge and those huge markets are made up of segments. Different segments of the market have different needs or at least different secondary needs. We want to identify those market segments, how big they are, and what their secondary needs might be.
In Market Research 1, we will identify and characterize the two forces that make up the market – the supply (competition) and the demand (customers).
The logic is simple. We want to know what the people want, how many want it, who they are and we want to know what products/services are already available to them in detail. Based on this, we can have a clear vision for how we might shape your idea to fit into that market space.
1) Complete Market Overview and Keyword Search Volume
2) Segment Your Customer Market
3) Identify Your Direct, Indirect, Hybrid Competition
4) Complete a Competitor Analysis Matrix
5) Illustrate Your Market Positioning in 2x2 Matrix (x2 as needed)
6) Define Your Target Market and Customer Avatar
*Keywords Everywhere – this is a critical tool for free that every entrepreneur needs to have plugged in. It allows you to quickly see keyword data on Google like search volume, CPC, and competitiveness.
Facebook Audience Insights – this tool gives you deeper insights into your audience and allows you to reveal customer characteristics for your target market segment. See the video below for more information.
See the complete list of tools under the videos below. Choose the tools that fit your business model and market research needs.
Watch these videos (especially **) to help you learn and complete your action steps.
Available Tools and Resources to Complete Market Research
Academic papers (https://scholar.google.com)
Authority sites (https://google.com)
Consumer reports (www.consumerreports.org)
Online web data services (https://similarweb.com)
How many youtube videos and views (https://youtube.com)
Facebook and linked-in groups (number of participants) (https://facebook.com)
Facebook audience insights and ad targeting (https://www.facebook.com/ads/manager)
Google trends (https://trends.google.com)
Amazon purchases and reviews (https://amazon.com)