Step-by-Step Market Research Guide for Entrepreneurs & Startups
This article is a summary of a YouTube video "Market Research Step By Step (for Entrepreneurs & Startups)" by Ben Moote - Sales Funnel Strategy
TLDR Market research is crucial for entrepreneurs to understand their target customers, differentiate themselves from competitors, secure funding, and make informed business decisions.
How do you find out if your product is worth anything in the market? This is a process called market research.
The goal of market research is to launch and optimize products profitably, ensuring that every marketing dollar invested brings in a dollar or more in return.
Market research is valuable and important for companies launching new products, but for entrepreneurs, the focus should be on obtaining specific data about the target customer to drive their business decisions.
Differentiating yourself by offering a better product or promise can help you stand out and attract customers away from your competitors.
Business plans are built on market research, including competitor analysis and market category details, to secure funding for startups.
Understanding competitors' selling strategies is crucial for defining your own promise: "What promise I'm providing...is also defined really by understanding not just who is selling but how they're selling it."
As an entrepreneur, you have the flexibility to create and test ideas at a much lower cost compared to traditional research methods.
The fastest way to grow as an entrepreneur is to get as close to your customer as possible and learn about their needs and buying habits.