How To Research a Market

 

Market research provides many benefits including identifying your target market and your ideal customer.

Here are the steps to research your market:

Size the market by looking at it from three levels.

Total Available Market is the size of the market of everyone related to it.

Total Serviceable Market is the size of the market you intend to pursue with your startup.

Total Obtainable Market is the size of the market you can reach.

For example, you may want to only reach the US portion of the market. 

Review the competitors in the space for their product offerings.

Look at the price, feature sets, distribution channels, and leadership.

Note what channels competitors are using. Research the available marketing channels and test to see what works for your startup.

Run trials and tests in each channel to check performance.

Identify keywords and phrases for SEO and conversion.

Test out various landing pages for signups.

Understand your target audience, in particular your ideal customer profile.

Find out what they care about, where they are located, what they read, and what channel reaches them.

Review social media to understand the topics, issues, and players in the industry.

Identify the industry leaders and their content profiles.

Gather the results of this research into one report to share with the team and investors.   

 

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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.