Market Research 

To run a successful business, you need to learn everything you can about your market - your customers, your competitors and your industry. You want to be the expert in the field of what you do, this is part of the value you will give your customers on top of your value proposition. Market research is the tool that will help you be that expert. 

Market research is the process of analyzing data to help you understand which products and services are in demand, how customers behave and how to be competitive. Market research can also provide valuable insight to help you:

• Reduce business risks

• Spot current and upcoming problems in your industry

• Identify sales opportunities (growth) 

There are two categories - primary and secondary. 

• Secondary is info from the experts, they do the talking and data collection on your behalf. They can help you determine the market opportunity by the numbers, also known as market size. Examples include: leaders in the field, market research firms, trade associations, credible journalists, etc. You will want to find a few of these experts talking about your industry for your business plan and you should keep up with them once you are in business as well. Look to these groups/people to help you stay up to date.

• Primary research is when YOU talk to customers directly (customer discovery!). 

How to get started:

First of all, understand what industry you are in. Use this NAICS site to help you drill down. The site provides industry codes which will be useful in the future when trying to find benchmarks (or standards) in your industry. 

Kinds of research that help you understand market opportunity, yes, this is also the product/market fit process. 

• Customer Discovery (primary research) 

• MVP (primary research) 

• Market Research (secondary research) 

It is through these forms of research that you will get vital info to confirm your solution is what customers want, that there is buyer behavior to match, and a greater understanding of the potential numbers (customers, sales, etc.) and the industry itself (trends, upcoming changes, benchmarks) to make better decisions and to project future sales.  

At times it may lead you down many roads, but research is about exploring all that is out there, then finding what is most relevant to you. This can be very valuable. Remember, the librarians at MCC love doing research if you need help! 

Read 

Market Research and Competitive Analysis by the SBA - Small Business Administration 

The Ultimate Guide to Market Research by Survey Monkey 

Review this Website to help you make maps of key demographic, population, and other key details by Policymaps.com