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How can market research help your company expand?

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Market research is the process of gathering and analyzing information about your customers, competitors, and industry. It can help you identify and validate opportunities, challenges, and trends that affect your business. Whether you are launching a new product, entering a new market, or scaling your existing operations, market research can help you make informed decisions and avoid costly mistakes. In this article, you will learn how market research can help your company expand in four ways: by understanding your target market, by testing your value proposition, by evaluating your competitive landscape, and by exploring new opportunities.

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1 Understand your target market

One of the first steps to expanding your company is to understand who your potential customers are, what they need, and how they behave. Market research can help you segment your target market into different groups based on their characteristics, preferences, and pain points. You can use various methods, such as surveys, interviews, focus groups, and observation, to collect data about your target market. By analyzing this data, you can create customer personas, which are fictional profiles that represent your ideal customers. Customer personas can help you tailor your marketing, sales, and product strategies to meet the specific needs and expectations of each segment.

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Ferenc Fekete

The secret tech-team behind funded startups | Idea to Exit Product Partner | Co-founder at VeryCreatives
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A prime example of a startup harnessing the power of market research is Airbnb. In its early days, Airbnb founders struggled to gain traction. They decided to immerse themselves in their target market by living in Airbnb-listed properties in New York. Through direct observation and interactions with hosts, they identified pain points, such as the quality of listings and photos. Acting on these insights, they offered professional photography services to hosts, significantly enhancing listing appeal. This pivotal move, rooted in market research, was a turning point for Airbnb, leading to increased bookings and setting the stage for global expansion.

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2 Test your value proposition

Your value proposition is the core message that explains how your product or service solves a problem or delivers a benefit for your customers. It is what sets you apart from your competitors and attracts your customers to buy from you. Market research can help you test and validate your value proposition before you invest in expanding your company. You can use methods such as surveys, interviews, experiments, and landing pages to measure how your target market responds to your value proposition. By testing your value proposition, you can learn what works and what doesn't, and refine your product or service accordingly.

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Ferenc Fekete

The secret tech-team behind funded startups | Idea to Exit Product Partner | Co-founder at VeryCreatives
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Feedback Loops are instrumental in refining a startup's value proposition. For example, a tech startup might release a beta version of their product to a select group of users. Based on real-time user interactions and feedback, they can make iterative improvements. Another example is a subscription-based service startup that uses monthly customer surveys. By analyzing patterns in feedback over consecutive months, they can identify consistent pain points or praises, allowing them to pivot or double down on specific features. This continuous cycle ensures that the value proposition remains aligned with customer needs and expectations, paving the way for successful expansion.

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3 Evaluate your competitive landscape

Another way market research can help your company expand is by helping you evaluate your competitive landscape. You need to know who your direct and indirect competitors are, what they offer, how they position themselves, and how they perform. Market research can help you gather and analyze information about your competitors, such as their products, prices, features, strengths, weaknesses, and customer feedback. By comparing your competitors with your own company, you can identify your unique selling points, your competitive advantages, and your areas of improvement. You can also spot gaps and opportunities in the market that you can fill with your product or service.

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Ferenc Fekete

The secret tech-team behind funded startups | Idea to Exit Product Partner | Co-founder at VeryCreatives
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Analyzing customer pain points is pivotal in defining a startup's value proposition. If market research reveals that customers in the e-commerce sector are frustrated with high shipping fees, a startup could emphasize its competitive flat-rate or free shipping as a unique selling point. Similarly, if software product users lament its steep learning curve, a startup offering a more user-friendly alternative can highlight its ease of use. By directly addressing these pain points, startups cater to immediate customer needs and position themselves distinctively in the market.

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4 Explore new opportunities

Market research can also help your company expand by helping you explore new opportunities for growth. You can use market research to identify and assess potential new markets, products, or services that you can offer to your existing or new customers. You can use methods such as surveys, interviews, focus groups, and secondary research to collect and analyze data about the market size, demand, trends, challenges, and regulations of the new opportunities. By exploring new opportunities, you can diversify your revenue streams, increase your customer base, and gain a competitive edge in the market.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can market research help your company expand?

1

2

3

4

5

1 Understand your target market

2 Test your value proposition

3 Evaluate your competitive landscape

4 Explore new opportunities

5 Here’s what else to consider

Startup Development

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How can market research help your company expand?

1

2

3

4

5

1 Understand your target market

2 Test your value proposition

3 Evaluate your competitive landscape

4 Explore new opportunities

5 Here’s what else to consider

Startup Development

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