In other words, to meet the needs of your potential customers, you need to actually know what they need. Not just guess or assume, but be truly confident there’s a match between what your startup is doing and what your customers want to buy as a solution.
In fact, "no market need" is one of the leading reasons startups fail—35 percent of startups reported it as the driver behind their failure.
The good news? That doesn’t have to be you. With market research, you can maximize your chances to hit the right spot with your ideal customers—both with your product and the way you market it to them. You’ll also have a better shot at attracting investors, finding gaps in customer expectations, and standing out in the market.
Primary research: Original data you collect through guatemala telegram data experiments, interviews, focus groups, surveys, and observations
Secondary research: Existing data you curate from tools like ZoomInfo and Crunchbase, and resources like McKinsey, trade associations, journals, CDC, etc.
The goal is to assess your target market’s needs, challenges, characteristics, and purchase behaviors. As you run your analysis, take note of:
Any relevant demographics, like age ranges, job titles, income ranges, and locations
Words and phrases customers use to describe their needs or pain points
Products, services, and solutions they consider when looking to solve a pain point
Price ranges they find acceptable for specific solutions
Content consumption habits, like channels and formats they opt for when researching and/or learning
Also, don’t forget that if you already have a customer base, that’s a fantastic place to start exploring your market’s problems and decision-making process.
How to Create a Startup Marketing Plan - Conduct Market Analysis (80/20 rule)
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