Market Research : Startup Strategy

By conducting Market Research or Startup Business Strategy, entrepreneurs can gain the latest information about the consumer’s wants and needs, allowing them to adapt their product or service accordingly and gain a competitive advantage. Objective market research has many benefits for start-ups and entrepreneurs. The key ones are unbiased views, reliable data, valid results, and factual figures.

Start-ups have a series of barriers to overcome when seeking credit. Market research helps remove some of these. Once primary market research has been conducted and an idea has been modified and finalised into a business plan, an entrepreneur’s chance of securing funding will increase dramatically. By showing an investor primary market research findings and business strategic plan that underpin a business plan and highlighting the potential for success, it will present as a lower risk to them. Unbiased information obtained from primary market research can allow an entrepreneur to build a product and service which will meet client’s needs.

When a product or service can satisfy a need or a want in the target market, the business plan pitch becomes far more valid and reliable which is one factor that will attract investors time and time again.

Following fig. shows the number of successful startups and failed startups till date, with the launch of new startups from January 2004 till date:

Business Research for Startups: Market Research for Startups is very essential, as the research done, either makes or breaks the company/product launch.

Feasibility Study: An analysis which takes all the relevant factors into account, such as – economic, legal, technical, any other considerations for a successful launch.

Strategic Growth Planning: Growth planning is a strategic business activity that enables business owners to plan and track organic growth in their revenue. It allows businesses to allocate their limited resources toward a centred effort to adapt the changes in the industry.

Consumer Behaviour & Competitive Analysis: An essential study of individual customers, groups or organizations select, buy, use and dispose ideas, goods and services to satisfy their needs and wants. Also, a proper competitive analysis is essential for understanding the monopoly of your target market for your product or a service.

TAM/TOM Analysis: Target Achievable market or target obtainable market analysis is to be done for knowing the results of the current market for their product or services. It is an asset to hit the target market knowing the growth rate of the source.

Business / Product Enhancement: A noteworthy improvement for a product is important for startups as a part of a new version of it. Business enhancement shall also be done for the startups to change its existing capability to a totally new capability for an effective startup launch.

Business Lifecycle Strategy: We provide enhancements with respect to the different stages such as, Startup stage, growth stage, maturity stage, decline stage, death/possible revival stage for maximizing profitability and sustainability.