Two Ground  Market approaches to boost up Your business

When it comes to business, it’s about making data-driven decisions and implementing the right skills to increase your growth rate. First, you must validate your ideas through market research outcomes.

Many entrepreneurs share a common misunderstanding: They believe innovative products are enough capture the market. Unfortunately, innovation alone cannot guarantee your startup’s success. If you can accurately interpret data, you’ll be able to monitor industry fluctuations and customer behavior. Following are two steps to conduct the type of market research that will help you make i decisions and grow your startup faster and broader.

1. Collect fresh data from users.

Inviting potential customers to your office for in-depth interview or focus groups can be very beneficial. If you face difficulty meeting face-to-face with customers, digital tools such as Survey Monkey and Super Simple Survey can collect primary data to let you hear directly from users. Simply create a standard questionnaire and send it via email or social media. The software notifies you automatically when a user completes the survey. Survey data on its own isn’t adequate to secure your place among successful startups. You’ll also need to innovative methods to confirm, promote and evaluate the information.

Create a landing page and direct customers to your page. Run a contest or offer an exclusive giveaway for those who participate in your research and  provide visitors with an option to participate in the contestant. It’s crucial to listen to customers’ opinions. If feedback indicates you need to make significant changes in your direction, you might want to revisit your business strategy. On the contrary, if results show that making only small changes will attract more customers, you must share the data with your team.

2. Monitor your competitors.

It’s key to also analyze your direct and indirect competitors. Understanding their strengths and weaknesses enables you to support your business in difficult situations and take advantage of new opportunities. Programs such as Change Detection allow you to follow and regularly track changes made to your competitors’ websites.  Google offers some of the best tools to search for industry trends and perspective on behaviors. Google Insight and Consumer Barometer are powerful allies to conduct fast and accurate market research. Google Trends illustrates the latest movements in different industries.

Depending on your niche you might want to invest in a premium paid service such as Gartner or Statista. These collect data and churn out white papers and reports. Internet Archive, Open Strategy and SEMrush for startup are three to consider. Understanding the character of your customers requires a different research approach. Leveraging an empathy map can be a great way to gain insights about customer concerns, attitudes, pains and desires.

Before you finalize your startup strategy and launch mass production or invest in advertising, validate your results one last time. As soon as your product is ready, share it with the same customer segment. If you get positive feedback, you’re on the right track. In contrast, if the results surprise you, it would be wise to do a few more rounds of iterations before you release your final product.