TheUnemploymentDojo's Blog

Where Do I Start With Market Research?

Posted on: April 6, 2013

You’re trying to decide which market to venture. You may or may not have a lot of capital to start with but just enough. You’re extremely passionate about a certain industry but just don’t know where or how to start!

So here are a series of questions to ask

  1. Do i have the time or resources to start and run a business?
  2. Who are my competitors?
  3. What is the void or benefit you intend to offer?
  4. Cost of customer acquisition?
  5. Customer attrition
  6. Average return on investment
  7. What model to use

Now you can spend time on google and gather tons of paralytic analytic data, or you can just google one company that you admire and become their customer. Key things to look at,

  1. How did they get you in to their pipeline?
  2. What was their hook? The single benefit or USP(unique seller proposition)
  3. What media did they use? Internet,TV,Radio,Newspaper,Mail
  4. What was their copy?Refer to the 4P post on this blog.
  5. Whats their funnel like? literally the process from start to finish
  6. What is their pricing like? sale price…etc
  7. What is their cost of production?
  8. What are their margins like?
  9. What is their customer service like?

The reason  why you would want to do market research as a customer of a successful market is that

  1. You have a good datum point.
  2. You will quickly understand what resources need to be invested to run such a business.
  3. The most important, you will quickly learn where they are “Effing”(excuse my french) so you can either merge or branch out on your own.

Fact is a good number of start-up businesses will fail simply because they skipped this crucial step. Market Validation and now you have a cheap(may be not if the product is maybe a $20,000 car!) way of doing your market validation!

Enjoy your weekend.

Lee Kariuki


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Lee Kariuki
1-888-MY-ETHER ext. 04466282

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