Siddartha Khetan .

Heyy lovely people of the group!

Almost all of us are concerned about our future considering current scenario.

This gives us an opportunity to look back, figure out our mistakes and try to mend it.

One of the mistake I have observed is most of the people (in my contacts) tend to neglect the importance of market research. I am no exception 🙈

Do you agree with it?

If so, what are various methods of Market research will you prefer?

Originally Posted Here

Goutham Bhat 

Competitor analysis

Siddartha Khetan

how can we know who their target market is via competitor analysis?

Goutham Bhat

can't we know from their buyers?

Siddartha Khetan

that's my point, how to trace their buyers?

And then if they already hv one thing from my competitor, why will they buy from me again?

Goutham Bhat

well depends on the goods and services.
If I drink Pepsi today, I might drink coke tomorrow

But If I buy a Kia seltos today, I might wait two years to buy a Tata Harrier

Siddartha Khetan

but those are assumptions.

Not concrete.

We must have a concrete market research data

Goutham Bhat

not assumptions, we call them observations.

yes...Market research data is very important

Siddartha Khetan

but these observations doesn't gives us concrete data to scale.

Nd how to get those concrete data is exactly I am looking for...😅

Goutham Bhat

but these observations gives us the trend , which you can follow to build a concrete data

Siddartha Khetan

let's take an example of selling a flat/villa.

Once they're purchased, I doubt anyone will purchase again unless he is looking for investment.

Thus we can't rely on trend for every industry

Goutham Bhat

that's what I said earlier..

Everything varies depending on product and service

Siddartha Khetan

but there must be something common in order to get market research done and acquire data!

That's exactly what I am looking for

Siddartha Khetan

Shraddha Yeolekar

one of our clients created one sample product & ran an ad on social media to see if she would get pre-orders. She got 500 people. She is now launching it. Ofcourse it wasn’t a cheap experiment. Costed her serious money but it was worth it.

Siddartha Khetan

that is great!

But everyone may not afford this.

If it backfires we need a serious backup plan.

Which is why understanding your customer needs and market research is very important. Isn't it?

Shraddha Yeolekar

Haha! Point. If one can’t afford it, it’s a different story. But there is nothing better than getting sign ups before launch .. true validation !

How would you do research ? Survey?

Siddartha Khetan

survey is one of the way.

But as mentioned in post, I was also ignorant with market research.

This asking the group if anybody can give some cool/fresh perspective to it!

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