Market research

What are good cheap and accurate market research strategies?

Vinit Modi Co-Founder Campusly | Mobile Web & User Research Consultant | Strategic Leadership

April 30th, 2014

Would love feedback from other founders on other strategies for cheap and accurate market research and what has worked well for you. 

Checkout my blog post on how to conduct market research for ~$1 per response using Craigslist.

https://medium.com/p/bf1be1639d6e 

Mamie Stewart Founder & CEO at Meeteor, Speaker, Change-maker

April 30th, 2014

I think it is helpful to divide market research into a few different buckets...
  1. Information you can easily get through online/secondary research. A lot of what you need to know about the market, your target customer, etc can be found in articles, research studies, census data, etc.
  2. Information you need to make a decision. What decision are you trying to make and then what questions can you ask to get the information you need in order to make that decision. If you write a question and then say "how will my decision change if the answer to this question is X vs Y" and you cant come up with anything, then its probably not a good question to ask.
  3. Information you can get by observing your target customer. We've all hear that you cant ask a person what they want because they dont know what they want. In many cases, its better to go watch people do whatever it is your product is trying to address. This also can set you up to speak with these people to ask them your questionnaire or have a conversation with them.
  4. Information you can get through experimentation. Sometimes the best way to get accurate information is to experiment - fast and cheap. Create a "manual version" of your product and try it out with a few people that fit your target customer and see what they say. 
Lastly, a note on surveys. If you do a good job at targeting the channel for your survey to the right audience, you can avoid having to ask a bunch of 'screening' questions. And, tell people the survey will only take 2 minutes and be honest - no more than 10 questions. You'll be much more likely to get responses this way. 

Mamie