Why does a startup need market research?
Marketing research has been honored by the arsenal of marketing tools. But the attitude to them is still ambiguous. It is generally accepted that only big businesses are using marketing researches as a toll to grow their potentials. Medium companies can take advantage of such from time to time, but small companies and startups are not paying attention to their value at all. Maybe it is all just a matter of money and budget reserved for marketing. Or perhaps it is a story about how a small business can become a big one?
Startups, unfortunately, do not often consider to study their consumers as a must, especially when it comes to the IT category, which has a very innovative environment, where it is difficult to predict the reaction of potential customers. We strongly believe that market research is a business necessity. When you know your audience, you can save a lot of time, money, human resources, and missed opportunities.
Many startups owners and small businesses rely on the principle: I have a problem, so it should bother everyone. As a result, many startups appear on the market with irrelevant solutions, covering the needs of several, not all. The same startups have to admit their failure without getting a response from their target audience.
Fresh entrepreneurs do not understand what marketing research is and why it is necessary. We know their pain: they have limited resources, too many tasks to handle, and probably zero analysts or in-house marketer. That is why there is no marketing as such.
But not all the startups are like that. Many become more formal, starting, and developing their business. There are several nuances here. Lack of expertise and skills affects the quality and speed of research. It can lead to wrong conclusions. Many entrepreneurs believe that it is expensive to conduct research. Of course, the price depends on many factors, especially the size of it and timing. But to be honest, market research is available to almost everyone and, for sure, to any pocket.
However, there are situations when a business does not have enough resources to implement the results of research in life, which does not accept the need for communication with the target audience. You can always learn a lot of exciting and new things about consumers by asking them short questions from time to time. It might not give you the keys to many doors, but at least help to understand the basic needs of the customer and whether you are somewhere close to it.
Everything is intricately entwined and interconnected in the modern world. And every single day, we face a choice: to be successful or not. And in this case, everything depends on your decision. If you want to start your own business, you’re 99% likely to fail, without understanding who your consumer is and what he needs (it’s not about desire).
Any marketing agency is the same business that once started with an idea. If that is the case, we suggest you pay attention to our article «Five steps to approve your startup idea» which lets you avoid the typical mistakes in the beginning. We find an individual approach to each of our clients, understanding their pain and movements, just as you need to understand your target audience. Our team has done a lot of research to provide a high-quality product as there is no other way. Only with a full understanding of the situation, you can begin to move confidently. As the proverb goes: “knowledge is the power.”
Experts are always talking about the importance of using such strategic business tools. Marketing research, as such, can provide answers to many different questions. They can both save and destroy (if they do not exist). Taking care of your business is the best investment in its future. It is always frightened to move the finger in the dark. Research is a flashlight in a market environment, and its brightness depends on your desire.