Zero-Cost Market Research: A Startup's Secret Weapon

You don’t have to spend an insane amount of money on market research

My client was convinced that a professional market research study was the only way to launch his new healthy snack range. So,?we approached a research agency,?hoping for clarity.?

What we got was a nine-page proposal,?a three-month timeline,?and a bill for a whopping 27 lakhs (with 50% upfront!).

We promptly tossed the proposal into the bin and took matters into our own hands.?We gathered all the information we needed within two weeks and at virtually zero cost.

Here's how we did it:

1.?? Competitive Research:?Amazon became our treasure trove.?We dissected the top 20 brands on page one,?noting their packaging,?discounts,?and pricing.?An Excel sheet later,?we had a clear picture of the competitive landscape.

2.?? Retail Secrets:?We hit the streets,?visiting 30 retail stores,?and chatting with the owners.?We gleaned invaluable insights into brand performance,?below-the-line strategies,?and margin structures.

3.?? Consumer Insights:?Nothing beats talking directly to the people who matter most - the consumers.?We spoke to around 60 of them,?uncovering the unique triggers behind their brand choices.

4.?? Media Presence:?We scanned the media landscape to identify the platforms our competitors were using for promotion.

This two-week,?zero-cost research exercise provided the foundation for our marketing strategy.

Remember:?You don't need to break the bank to chart your brand's roadmap.

Disclaimer: I have nothing against research agencies, but this strategy is a lifesaver for startups with limited budgets.

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