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Quick Market Research: 10 Key Questions
Preliminary market research doesn’t need to be expensive or involve vast amounts of resources. It can even be done fairly quickly on a low budget. We’ve gathered 10 questions to ask as part of your research, based around four key areas: your competition, market, customers and products.
Competition
Does your business have Unique Selling Points (USPs)?
- A strong USP will help ensure that customers choose your business over your competitors
Does a business like yours already exist?
- If you answer no: you may have found a niche market, but you will need to ensure your market research is thorough and there is a genuine need for your product
- If you answer yes: you have established there is a market for your product, but you now need to understand if there is room for you in this market
Market
Is the market saturated?
- If you answer no: this is good news, there is room for your product in the current market
- If you answer yes: can you alter your product to suit a niche market? Can you focus on a smaller portion of the market or offer something slightly different?
Customers
Who is your ideal customer?
- Demographics: how old are they? What gender are they? To what level are they educated?
- What personality type do they have?
- What hobbies do they enjoy? What is their lifestyle like?
- What life stage are they at? Teenager? New parent? Elderly?
- Location: where are they based?
What is your ideal customer’s buying pattern?
- How often do they purchase?
- How far do they travel to buy the product?
- What is their typical budget?
- Who buys the product or makes the decision?
How big could your customer base be?
- This will need to be large enough to sustain your initial business and its growth.
Products
Is your price right?
- Are you selling your products at a price that suits your market? For example, aiming luxury priced products at teenagers may not be the most effective way of conducting your business.
How does the economy look for this kind of product?
- Is your type of product growing in popularity or have you arrived too late in the game?
What are the benefits of your product?
- Will it improve your customers’ lives? Is it unique?
What would motivate the purchase?
- Why would customers make the decision to buy your product? What problem does it solve?
Carrying Out Your Market Research
These are just a few questions to inspire your market research. They may inspire further questions you need to ask to help you build a solid plan for your new company. The internet will help you conduct your research. Use search engines to look for similar companies and use websites that specialise in your industry to gain key insights.