Startup Funding Espresso – Types of Market Research

Types of Market Research

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

There are several types of market research one can use in studying a market segment.

Consider these types of research:

Primary research -- gathers information directly from the customer and industry-related contacts.

This can be useful in identifying key problems the customer is trying to solve.

It’s also helpful in identifying the ideal customer profile for a potential startup.

Secondary research -- gathers information by reviewing existing data on the subject.

This includes market reports, public data sets, industry trend reports and more.

Public data sets include the US census report, trade association reports, and private market research reports.

This helps size and segment the market.

Interviews -- first-hand encounters with customers in the market segment.

This can be useful in identifying the customer's workflow and how the problem impacts it.

Focus Groups -- a group of people in the target segment provide feedback on the current challenges. 

Usability research -- shows how the customer currently uses a product and their impressions of it. 

Observation research -- this research simply views the customer using the product.

This yields insight into what features are used and how the customer uses it.

Consider these types of market research for your startup.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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