Having spent half a decade at a market research firm, I’m always a bit irked when firms dismiss the value of market research. The days of ‘build it and they will come’ are long gone, and the insights that market research provides can be the make-or-break factor for a startup.
Sure, market research sounds like a lofty and expensive effort, especially to startups, but it doesn’t have to be that way. I have worked with startups to run compact yet impactful programs that have yielded some revolutionary ‘ah ha’ moments.
For those DIY entrepreneurs, starting small by thinking like a market researcher and committing even an hour a month to market research activities can go a long way.
Conduct Your Own Market Research
If you only do one thing in this area, it should be to talk to strangers – relevant strangers, that is. You need to engage people you’ve never spoken to who comprise your target demographic to gain deeper insights and fresh perspectives. Thanks to tools like LinkedIn, finding these folks is easy. Here’s what to do:
As you repeat this practice over time, you will find ‘golden tickets’ that will help you evolve your company message, refine your go-to-market strategy, and better connect with your target market.