Advice on Market Research

by Machinehum. Posted on Sep 16, 2020    3    7

I've always jumped right into projects without doing any research, assuming the engineering was the hardest part... (heh) Back then the goal was learning, with the possibility of profiting in the end.

The goal is still very much learning, however I want to maximize my chances of the product being a success.

Currently I've thought of two product ideas, and before I start I want to put in a decent research effort. These are the things I've tried, or am going to try. Both ideas are very niche.

1) Finding people the products are targeting, and getting them to answer questions about it and give their opinion. This hasn't gone well so far, I've reached out to three people, sent them a 6 page slide deck with 5 questions and no responses yet...

2) Trying to understand the market size. (If anyone has tips on this for a niche market please let me know) I've done a little work with google trends.

3) Looking at the competition, neither of my products have any from what I can find. This is either a really good thing or really bad thing... or I'm just not good at looking.

4) Using the problem focused approach, once I've identified a possible problem, try to seek out someone who has this problem. See if they think my solution and see how much they would be willing to pay for it.

My biggest issues right now is finding these people, it's this a networking exercise? Or is there a site where I can go?

Would love to hear any tips or tricks :)


tquill 2

Business or consumer facing?

  Machinehum 1

One idea would be business, the other is consumer.

tquill 1

Before you have some minimum viable product to try and sell, I think the best market research can get you is understanding your potential market size, your potential customers, their budgets for your product, and any potential competitors. Basically, you can probably find out if it's a bad market... but you won't know if it's a good one.

Sales or "pre-sales" are all that matters.

For consumers, you could try kickstarter for pre-sales, or just get a minimum viable product created for actual sales.

For business, pre-sales probably aren't going to happen. It's not impossible, but large business won't trust you and small business probably don't have the money. A minimum viable product is your only option here.

As a side note, I'd only go for B2B. Consumers are too cheap, would use too much support for the money they're paying, and I expect the churn is worse with consumers too.

emmiefroshe 2

First, do you know the exact people you need to find?

If you do you will know where they hangout.
Create a customer persona, this should give you a hint to where they hang out.

If it's Instagram or Facebook, wherever
You go there and get them.

Now, the interview
It is important as you need user generated content to help your decision making and all.
But then,you should make it fun
You don't send a 5paged deck.

Ask short questions and maybe hop on a call with your prospects.

That will do the magic.

What are you working on, by the way?
You can send me a message, I'll like to help you out

  Machinehum 1

Thanks for the reply, DMing you :)

I think I screwed up by sending a slide deck.

calemedia 5

There’s always Reddit you can post your idea an get valuable feedback pretty quick