The best decisions in business are not the ones that are guesses. They are well researched, calculated and data-oriented decisions made with a clear objective.
This is particularly true in today’s age of booming India – the world’s 4th largest startup hub. While most entrepreneurs may start with the assumption that word of mouth and “Googling” might be enough to kick-start their product launch, they soon realise that they will need boots on the ground to get hold on some real and concrete data. However, thanks to platforms like QuestionPro, market research too can be done online and rather effortlessly and much more affordably.
Online market research is critical for startup success, just as much as a steering wheel is to a ship.
Entrepreneurs have ground breaking solutions to sticky problems but without knowing where to dump their goods, they will be practically playing a blind game. They can’t identify clearly enough who your potential customers might be in this cloudy market and your customers too cannot see you and hence remain unaware.
Because, while fresh ideas are great, their market may not respond the way they expected. This is due to a lack of research on the markets while determining which segment to penetrate and how to get the right messaging product or service that may resonate better with the consumers there.
So why particularly startups?
There are 2 reasons for that:
1.) The Creators: Not every entrepreneur is an expert on business, infact in today’s tech-oriented startup age, most are not. They are great with product developments but not so much about understanding their consumer base.
2.) The Creations: Entrepreneur may indeed be businessmen or they hire one to run the company as did Google, Apple, Yahoo and so many other successful companies in their budding startup days. But even then a problem persists – if the product they created is truly innovative and ground breaking, then in all likelihood the potential market for the product has not been accurately discovered and carved out yet either.
Under both circumstances, it is clear that additional information gathering is required before they can dive in and thereby prevent a potentially disastrous fall out. And who best to ask than the potential buyers of these products and services themselves – the consumers!