Practical Market Research Tips for Startups
Some of the best business ideas started from gut feel and luck. In this very competitive period, however, we should go one step further to validate if there’s really a profitable market for our ideas. It’s time to do your market research.
Some of you may be a bit apprehensive about market research because it is commonly perceived as an expensive method. Don’t worry for there are economical ways to collect info without sacrificing quality. Check out the tips below:
- Use Phonebooks and Online Directories. If you want to know how many businesses are competing in your chosen field, you can easily check phonebooks in your library and surf online directories like YellowPages.com.
- Get in touch with local associations. These groups offer a great deal of information such as market trends, size of the market, unmet needs, best practices, and industry events. Although some require membership fees, you should not hesitate to invest in this group. This will also be a big help in different stages of your business from finding reliable suppliers to grabbing bigger opportunities.
- Partner with a business research center in your area. If you have extra money but strongly feel you’re not qualified enough to do the research yourself, there are many facilities, usually connected with libraries, offering comprehensive yet inexpensive research services. Go to your nearest library and borrow this book Internet-Plus Directory of Express Library Services: Research and Document Delivery for Hire to find the nearest center.
