Market research lays the foundation for a successful startup. Regardless of your budget, entrepreneurs should conduct some level of market research. With the answers to key questions in your hand, you can craft a business plan that delivers a solution that your target customers are looking for. 

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What is the best type of market research for a startup?

Typically, primary research is considered to be the best market research for a startup. That’s because it will give you more insight into the particular needs of your target customers. 

But if primary research is out of your budget, don’t skip secondary market research. Although this information won’t be as targeted to your unique business, it can give you insights into where your business can stand out within the industry. 

How to do market research for a business plan?

When building a business plan, market research can help you refine your strategies. For example, conducting market research can help you determine if there is a demand for your product, an approximate number of customers in your target market, what marketing strategies might be especially effective with your audience, and what price your customers are willing to pay for the product. 

As you build your business plan, turn to market research to guide your business and refine your customer offerings along the way. 

What questions do you ask when doing market research for a startup?

You can conduct endless market research when considering a startup. But some especially important questions include determining who your customers are, sizing up the competition, and uncovering what consumers want to see in your product. 

About the Author

Sarah Sharkey

Sarah Sharkey

Personal Finance Writer

Sarah Sharkey is a personal finance writer who enjoys helping people make better financial decisions. Sarah enjoys traveling, hiking and reading when she is not writing.

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