I need to optimise my product (EEG headset) and determine where my core market lies. I would really appreciate any advice no matter how small.
My current plan is to use direct calling, a surveymonkey questionnaire and to also look at related Reddit and Quora topics online.
What is something that has worked for you?
I just recently completed both market research (general analysis) then a survey (detailed customer profile) I agree with Ankur's point that customers don't know that they want and won't want it until they see it.
If you go ahead with the survey, it's best to use it to understand customer's existing behaviours, preferences and problems. I also had a 'closing' question which stated if x product was released and could solve x problem, would you pay for it?
i think the most imp thing is to provide value to the customer (not feature but value )
i think one field that this may work in is assisted driving on driver less cars
i believe in market research but not customer surveys, because people don't know what they need, for example if you take mobile phones they may say that, they want a stronger battery life , more megapixels, but customers are very bad at predicting the next breakthrough.
the best way is to use your own imagination , make a prototype to reinforce your imagination, and keep doing it until it works
surveys; honestly customers are not the ones to be trusted
you may count on nerds like me for surveys, as entrepreneurs can see in future better than customers
by the way i love this technology , and i am open to surveys
Hi Casey! I recommend using credible sources like Nielsen or IRI reports (about $3 -5K). If funds are tight, I would suggest finding your closest competitors to review the markets they are targeting, read their customer reviews and look for work arounds on influencer websites. I created a brief presentation for my research process that might give you some creative techniques. Good luck!
I guess it depends on your market. Here's what I did:
1. Competitor analysis
2. Broad survey in Google Forms focused on problems and pains across different segments and demographics
3. Then a more focused survey geared to specific market around potential solution and product offering. Combined with follow up emails, phone interviews and face-to-face user groups
4. Visual mock-ups, demos or prototypes
Don't focus too much on your competitors (but don't ignore them completely) and your ideas/solutions. Instead, focus on customer's problems, needs and un-met pains. Find the gap and then design a solution.
You need to reach out to the professionals who will be using the product, and (some would say, more importantly) the people who will requisition it's purchase. Start by finding someone who may know some of the people you need to talk to, and go deeper from there. If done well, potential customers will value the opportunity to have a say in the development of a product they would like to use.
Excellent advice! Thanks everyone :)
Your advice reinforces what I have gathered from other sources.
I will take you up on your offer to answer my survey questions Ankur. Thanks!
I really like your closing question Hannah. Very good focus question to ask in relation to every aspect of market research.
Thanks for your suggestions Bridget. I will definitely have a look at your presentation.