Before even starting MVP and Prototype development, conduct market research to know what factors affect the product's success in the market. There are several types of market research methods available. Depending on the purpose and objectives of your market research, a market research method is chosen. Let's look at some of the market research methods used by corporate giants and startup marketing services.
1. One-On-One Interviews
The easiest and most commonly used market research method is conducting interviews with your target audience.
It primarily helps in creating buyer personas. A buyer persona represents your ideal customer's characteristics like age, job, budget, etc.
One-on-one interviews can help you design your product by understanding what features your target audience is looking for and what problems they are facing.
2. Focus Groups
One-on-one interviews help define your ideal customer.
But what if you need to identify the unique selling point of your product? That's when we use focus groups.
A carefully selected handful of people that you can test your product on, get feedback on or answer specific questions.
Try showing your focus group your products and services and asking them questions about what features to add to the product to make it better.
3. Market Group Research
Don't confuse focus group research with market group research.
Focus groups involve carefully selecting a handful of people to identify your product's unique selling point. Whereas market group research involves separating your target audience into different groups or segments based on specific and defining characteristics. In this way, you can find their pain points, understand their needs, and do much more.
4. Campaign Research
Apart from conducting research on your target audience, you can also research your previous marketing campaigns. Campaign research involves researching your past marketing campaigns and analyzing their performance among your target audience and current customers. Here, you need to figure out the elements in your campaign that your audience resonated with and use those elements to make a successful campaign.
5. Competitive Analysis
If researching your own marketing campaigns doesn't help you understand what your target audience wants. Try looking into your competitors' campaigns.
It provides you valuable insights and a deep understanding of your competitors in the same industry. It can also help you understand what type of product the audience is choosing and what you can do to convert them and bring them to you.
Conclusion
Most companies use one or more of the abovementioned marketing research methods. The market research method also depends on the objective of your research.
Conducting market research and getting results can take months. For some startups, that can be too long. There are professional startup consulting services that cater to the needs of startups. Startup consulting services can help you with market research, MVP and prototype development, etc.
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