Read Dr. Frederick Barber in MarTechSeries on how a little market research can go a long ways for startups.
You’ve no doubt been reading the trend pieces about what’s big, what’s old, and what’s coming for the year ahead, so here’s a number: 81% of enterprise businesses use customer analysis to better understand their consumers.
For startups and smaller businesses without enterprise budgets, such insights can seem out of reach. First, they are not (more on that here). Second, and most importantly, investing in a bit of market research early can pay outsized dividends later.
That’s what I discuss in my latest for MarTechSeries. From the piece:
To present yourself in the best light to both potential investors and your target market, you first need to understand your future ecosystem. This means taking a deep dive into your customers: what they use, wish for, what they appreciate and criticize, issues they may face using existing products, etc. Then go to the competition: what they offer, how they price it, how they communicate, etc. when you have all of this info, defining your new product or service may not be easy, but it does become more focused.