IdeaPros, a leading business consultancy and coaching firm, shares a new report discussing inexpensive market research methods.
The report, now available through the company’s blog, is geared toward tech startups that want to gain greater insight into their target market. Despite being low-cost, the research strategies yield valuable business intelligence that can be used for data-based decision-making.
More information about IdeaPros is available at https://www.ideapros.com
Fred Cary, CEO of IdeaPros, says the report is especially informative for entrepreneurs who are about to design a product, launch a marketing campaign, or devise a new business model. By implementing its strategies, startup founders can ensure that their endeavor is aligned with the market, thereby maximizing its chance for success.
OUT OF REACH
Cary notes that business ventures can succeed only if they fill an existing gap in the market. However, commissioning quantitative or qualitative market research can cost up to $50,000 — a prohibitively expensive amount for early-stage startups.
Cary says: “With this report, our goal is to show that you can conduct market research without spending a fortune. Through common-sense methods, you can get a pulse on your target audience and gain a distinct edge in today’s tough business landscape.”
REVIEWS AND KEYWORD RESEARCH
The report shows readers how to use competitor reviews to inform their own product design. Likewise, it discusses the link between keyword research and consumer intent, which serve as a clue to the features that matter most for people. Through these methods, entrepreneurs can get valuable preliminary data using widely available sources or tools.
GETTING FIRST-HAND INSIGHTS
Readers will also learn how to get feedback directly from people who might use a new product or service. Startup founders may consult their existing loyal customers regarding business plans or forthcoming features. They may likewise use free survey tools to solicit opinions from a specific segment of their target market.
TESTING ASSUMPTIONS
Lastly, the report devotes a section to testing assumptions gleaned from market research. It advocates for running a small-scale paid ad campaign to see if the proposed features and messaging resonate with people in the real world. The results can help fine-tune business strategies before entrepreneurs commit to a full-scale launch.
The report can be read in its entirety at https://www.ideapros.com/blog/6-inexpensive-market-research-methods-to-use-in-product-development. It is part of a series of guides that cover all major aspects of entrepreneurship, including product development, business planning, innovation, marketing, and funding.
Interested parties may also sign up for entrepreneurial coaching by visiting https://www.ideapros.com/start-now