How To Research a Market

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

Market research provides many benefits including identifying your target market and your ideal customer.

Here are the steps to research your market:

Size the market by looking at it from three levels.

Total Available Market is the size of the market of everyone related to it.

Total Serviceable Market is the size of the market you intend to pursue with your startup.

Total Obtainable Market is the size of the market you can reach.

For example, you may want to only reach the US portion of the market.

Review the competitors in the space for their product offerings.

Look at the price, feature sets, distribution channels, and leadership.

Note what channels competitors are using.

Research the available marketing channels and test to see what works for your startup.

Run trials and tests in each channel to check performance.

Identify keywords and phrases for SEO and conversion.

Test out various landing pages for signups.

Understand your target audience, in particular your ideal customer profile.

Find out what they care about, where they are located, what they read, and what channel reaches them.

Review social media to understand the topics, issues, and players in the industry.

Identify the industry leaders and their content profiles.

Gather the results of this research into one report to share with the team and investors.

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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