If you think market research is expensive, guess again! In a new report, IdeaPros shows you how to do business analysis in a low-cost and low-risk manner.
Anticipating customer needs is the key to success. But what if you can’t afford to do market research? Good news: IdeaPros offers valuable DIY tips for entrepreneurs like you!
Its report, now available through the company’s blog, is a worthwhile read if you want to gain greater insight into your target market. Despite being low-cost, the research strategies yield valuable business intelligence that you can use for data-based decision-making.
Learn more by visiting https://www.ideapros.com
Fred Cary, CEO of IdeaPros, says the report is especially informative if you are about to design a product, launch a marketing campaign, or devise a new business model. By reading the volume, you can ensure that your endeavor is aligned with the market, thereby maximizing your 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 your early-stage startup.
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 you how to use competitor reviews to inform your 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, you can get valuable preliminary data using widely available sources or tools.
GETTING FIRST-HAND INSIGHTS
You will also learn how to get feedback directly from people who might use your new product or service. Try consulting your existing loyal customers regarding business plans or forthcoming features. You may also use free survey tools to solicit opinions from a specific segment of your target market.
TESTING ASSUMPTIONS
Lastly, the report devotes a section to testing assumptions gleaned from your market research. It advocates for running a small-scale paid ad campaign to see if your proposed features and messaging resonate with people in the real world. The results can help fine-tune your business strategy before you 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.
Read the report now and get the data you need to confidently launch your next big idea.
You can also sign up for entrepreneurial coaching by visiting https://www.ideapros.com/start-now
