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Hey FLF,
I am struggling on market research and for anyone who is at that stage where you feel that you have enough areas to fill a need and actually are taking action doing market research this question is for you.
First off, I thought the book was very good. I took pictures with my phone of pages, highlighted, underlined, folded pages; basically, I put this book through the ringer. There is no doubt a ton of value there! I would say this was the best 15 bucks I’ve probably ever spent in my life. Chapters 19, 29-36 were most helpful reminding me to be different from competitors, provide more value, and solve a need. I was hoping there was a more inept chapter on market research as many entrepreneurs neglect this step because they focus on their needs and starting a “selfish” business. I’ve experienced some success in the past (talked about it in my 1st thread) but my last slew of businesses have been selfish startup businesses – and failed, which leads me to where I am now.
Currently, I have a page of business problems that need to be solved. I also feel that I have the skills to fill these needs and can add value and stand out from the crowed. There are competitors, which is a good thing because it proves to me there is a market. However, I’m stuck on market research. I feel that most of my ideas are not selfish ideas for “me” but ideas that solve problems/needs and provide value. How much market research is enough? How are you doing market research? Can anyone provide some of the procedures they go through when doing market research? I would like to do more so that I can chose my road and go fast lane.
What I’ve been doing for market research on my ideas…
- Studying competitors, their websites, reviews, and their complaints.
- Studying their competitive advantage and their weakness
- Looking at keywords they are ranking for along with clicking through their ads to see their advertising methods.
- Researching how large the market actually is
- Determining how much people are willing to pay for certain things on my idea list
- Potential customers / Target market / Who are they? ]
- Talking to others in the business, books, publications in the market
Questions
– Do you look at the local market are you looking at more mass scale?
– Are you running any kind of surveys and who are you using?
– Do you look at any existing data, reports, and statistics?
– Are you running any trial ads to sample the idea? This is something I would do once decided on the business.
– Does anyone use the census bureau, hoovers, Thomas.net, or any other place that provides you with great reports on market research?
I am struggling on market research and for anyone who is at that stage where you feel that you have enough areas to fill a need and actually are taking action doing market research this question is for you.
First off, I thought the book was very good. I took pictures with my phone of pages, highlighted, underlined, folded pages; basically, I put this book through the ringer. There is no doubt a ton of value there! I would say this was the best 15 bucks I’ve probably ever spent in my life. Chapters 19, 29-36 were most helpful reminding me to be different from competitors, provide more value, and solve a need. I was hoping there was a more inept chapter on market research as many entrepreneurs neglect this step because they focus on their needs and starting a “selfish” business. I’ve experienced some success in the past (talked about it in my 1st thread) but my last slew of businesses have been selfish startup businesses – and failed, which leads me to where I am now.
Currently, I have a page of business problems that need to be solved. I also feel that I have the skills to fill these needs and can add value and stand out from the crowed. There are competitors, which is a good thing because it proves to me there is a market. However, I’m stuck on market research. I feel that most of my ideas are not selfish ideas for “me” but ideas that solve problems/needs and provide value. How much market research is enough? How are you doing market research? Can anyone provide some of the procedures they go through when doing market research? I would like to do more so that I can chose my road and go fast lane.
What I’ve been doing for market research on my ideas…
- Studying competitors, their websites, reviews, and their complaints.
- Studying their competitive advantage and their weakness
- Looking at keywords they are ranking for along with clicking through their ads to see their advertising methods.
- Researching how large the market actually is
- Determining how much people are willing to pay for certain things on my idea list
- Potential customers / Target market / Who are they? ]
- Talking to others in the business, books, publications in the market
Questions
– Do you look at the local market are you looking at more mass scale?
– Are you running any kind of surveys and who are you using?
– Do you look at any existing data, reports, and statistics?
– Are you running any trial ads to sample the idea? This is something I would do once decided on the business.
– Does anyone use the census bureau, hoovers, Thomas.net, or any other place that provides you with great reports on market research?
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