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04
Jan

How To Conduct A Market Research Survey For Your Startup Idea

Posted by on in Market Research
  • Hits: 502

You have a great service or product idea… you have explained it to your friends and relatives and they have given you a favorable opinion. But will that impress your investors? Certainly not.

To impress your investors, you need to have some hard data about how your target market is going to respond to your product or service. And there’s just one scientific way to do it – through marketing survey.

A marketing survey is the first step towards turning your product or service idea into a practical business idea and eventually finding investors. If you are wondering how you can conduct a market research survey for your startup idea, we have something good for you. We bring you the basic outline of doing a proficient market research survey – the kind provided by research solutions such as Communication for Research.

A market research for startup ideas should be able to answer three important questions –

  1. Who is your target market?
  2. Is your product or service idea in demand?
  3. How much are people willing to pay for the same?

Now, the real question is how can you find these answers with your survey? Let’s learn the tricks together:

Target Market

Target Market

You probably have a good idea about your target market and your target audience. In fact, you are probably certain about who will be interested in your products. But, unless you have adequate data, even an educated guess is not going to hold the fort in front of the investors.

So your survey should begin by asking a small number of demographic questions relating to gender, age, household income etc. These are not related to your specific product idea, but they give you an idea about how different types of people respond to later questions about your product.

Next, you should ask behavioral questions. These reveal facts about your audience’s lifestyle in relation to your product idea.

If your product is a nutrition bar, ask about their diet. If you are planning to provide a laundry service, ask about their dry cleaning needs.

Choose four or five relevant questions that reveal whether someone will be interested in your product or service. Do not be afraid to be creative.

These demographic and behavioral questions will help you “cut” your data once your survey is done fielding.

Demand

Measuring demand

Measuring demand for your startup idea is a two-step process.

    1. Ask about competing or similar products. Do people use similar products? What problems do they face? How long have they used them? Where did they first learn about them?

Since your survey audience cannot actually experience your product firsthand, it is better to ask about similar products that they have used firsthand.

  1. Present your product concept and ask for first impressions. This presentation can be a sentence, a paragraph, or even a video. Keep it descriptive, but don’t make it too long – 20 seconds for reading description and 45 seconds for video should be enough. This is the most delicate and most-often failed part of a market research survey. Therefore, you need to craft the presentation with extreme care.

Once the presentation is done, you need to ask your audience a simple question –

If the price is within reasonable limits, how much would you like to consider buying the product or service?

You can use a 5 point scale for an answer, 1 being “not at all” and 5 being “very much likely“.

Willing To Pay

Willing to Pay

Now it is time to ask your survey audience about their willingness to pay. You can use a Van Westendorp — a set of four precise, unrestricted questions that will give you a complete perspective on how much your survey audience is willing to pay. The questions are:

  • At what price will you consider the product to be too expensive?
  • At what price will you consider the product to be priced so cheap that you will question its quality?
  • At what price will you consider the product starting to get expensive, but you will still consider buying it?
  • At what price will you consider the product to be a bargain — a great buy for the money?

It is that simple.

You can use these points to create a market research survey for your startup idea. You can use a research solution to create custom research for your startup.

Source: This article was published sociableblog.com By Bidisha Gupta

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