Market research methods for startups - introduction

A free video tutorial from Asen Gyczew
Expert in performance improvement, turnaround and startups
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146,694 students
Market research methods for startups - introduction

Lecture description

We start with a short introduction to the 3 groups of methods we will cover in this section: consulting, on-line and off-line

Learn more from the full course

How to build fast and efficiently your startup?

Learn how to build fast and efficiently your lean startup and how to avoid most common mistakes

05:37:40 of on-demand video • Updated July 2022

Built your startup fast and cheap
Conduct market research for your startup with little money
Analyze the data and to make educated guess what is your competition doing
Understand your business model and pick the right KPIs to concentrate on
Pick the right MVP for your startup
Pick the right growth model and hacks that you should apply in your business
You will get additional resources (examples of analyses, growth hacks, business models in Excel)
English [Auto]
Let's start the U.S. market research a guide for startups in this section we're going gonna provide you with vital information how to do the research cheaply and how to use the methods in which you research the market depending where you are and what is your target. Let me go first through a short introduction. So we're going to be talking about three groups of market research methods. First of them consulting methods are the cheapest and the simplest methods and they actually don't require that much data. They mainly require your understanding of ptosis of the customer and they are always good first start. Then we gonna go also through the authorized research which will show you how to gather data from the real world how to process it and how to draw conclusions and analyze it to improve your start up and to go for the right ideas right features. And the last group would be online research which is as I think you can find on internet how to use all available online resources in order to analyze your competition analyze your customers and draw conclusions on their strategies and adjust your strategy to what's happening on the market and won't is the required standard by our customers. Briefly the three groups. So in essence we're going to be talking about two approaches top down and bottom up. They are quite similar but the difference is actually the starting and the end point in online line we actually have five groups of methods which we recommend using. First is obvious interviews you the most popular one then there is also being where your customers are working for the customers would be the first one. And then last but not least Toltecs and mystery shopping. In the case of online research the number of resources you can use is basically infinite. We will be mentioned here only the most important ones. And we will be adding to this section new ones as the times goes by the online interviews is probably the option to be going in is the first choice but actually there are a lot of other resources which gives you faster and quite in-depth analysis. The first one which is worth mentioning is Facebook audience inside which can help you segment and pinpoint customers. You would be targeting then you can also analyze the profile of the Carstensen of chosen customers on Facebook and so on Pinterest for obvious reasons. Keywords plan there will be also important resource. Then in order to understand better the competition intense and better the customers you should be Fuzhou trying to use similar web branch sites and reports obviously slides into YouTube and markets for applications. The last remark is about words to use and when. So the methods we presented to you on the previous slides are useful almost in each and every segment but their usefulness depends really on the situation and on the market you are in. So in existing markets youll be doing a lot of offline and online research of your customers and competition because they exist so you can actually go easily to them. Check what they are doing and what is the products. Whereas when we are talking about we segmented market so niche and low cost variants you'll be rather concentrating again with online and online research on chosen segments and competitors and you'll be also looking at other markets which used a similar strategy. So if it's a low cost you'll be looking in the other low cost on the similar market to know how they cracked how they disrupt the market and to learn how to do it on the market you are targeting. And to a limited extent you'd be using also consulting methods new markets is almost consulting methods at the beginning and then offline and online research of customers for connected markets. So if you are introducing chooses new new new type of juice and the existing juices water Coca-Cola and also you'd be doing a lot of online usage for customers for similar business models. So with if it is a SAS model then you've been looking also in the SAS models as well.