How to do market research ?

Its quite essential to do market research before starting a company.In this article , we will know about some of the important things need to be researched.

Look for the competitors:

I say they are your real source of information.Here are to-do things.

• Find out Top 10 competitors in your business. (you can find customers from keyword search)

• Make a list of all the features / services/ products along with their cost offered by each competitor.

• List out all the common features/services/products of all competitors.

• Find out the average ,minimum, maximum cost of each service/ product in the market.

• Find out the rough % share of market (may be traffic,customers etc)each competitor has.

• Find out the requirements?(infrastructure, employees,money etc)

• Estimate rough income and expenditure .

• Find out how each competitor is marketing(advertising) his product/service.

Finding out from customers:

This is the crucial one.First you should find out whom to target( Which group to target,they may be children, teenagers, old people for eg).

After finding out you should go to the possible customers and research following important things.

• What are their requirements?

• What company product are they using?

• Why do they like it?

• Any complaints about the product?

• How much are they paying?

• Are they satisfied with the present product/service?

• Do they require any recommendations /changes / modufications in the product or service?

• How did they find the product?(for knowing about their marketing channel to reach them)

• Find out their consumption/usage datails?(to find out amount of market for the product.)

If you carry out above process, you will be in a position where you will come to know

• Rough price of the product.

• Features to be offered.

• Requirements to start the business (infrastructure,capital,employees etc.)

• Possible customers.

• Marketing channel.

• Marketing strategy.

• Amount of market for the product. (number of products to be made per year or whatever time).