What Is the Best Way to Research a Market for a Start Up Business?

What Is the Best Way to Research a Market for a Start Up Business?

By John Jantsch

Friday is “Question of the Week” day here at Duct Tape Marketing. Each Friday I’ll tackle a specific question I received via readers or in places where I’m speaking. Submit your question here and if we use it we’ll highlight you and send you a signed copy of Duct Tape Marketing.

data visualization

photo credit: prisonerjohn via photopin cc

Ah, market research, now there’s a juicy topic.

There is an entire industry dedicated to helping businesses try to figure the opportunities that exist for new products and just how to position those products and services in the mind of very specific consumers and buyers.

It’s important stuff to be sure, but few things beat participating in the market and learning first hand in the lab.

There are, however, some new tools that can help businesses and start ups determine the size of the opportunity in a chosen market as well as testing out their messages and models with chosen target segments and finally turning some of that data into visualizations that help make it more digestible for partners, backers and employees.

Getting the lay of the land

Sometimes you just need to know how many potential customers for your ideal target group exist in a certain zip code or how your business idea stacks up against the potential competition in a market. These tools can help you compile basic stats as you formulate your plans and run your financial models.

Asking the potential customer

Researchers have long relied on “panels” of consumers that make up target demographic groups to test all manner of business ideas – remember those Nielsen set top boxes? Today a new breed of DIY tools have come onto the scene that allow marketers to define an ideal client and survey ready made panels of consumers.

Visualizing the data

Once you do your business intelligence and compile some facts, figures and data it’s time to make it look good so it can help you tell your story to investors and potential customers or employees. These tools make data visualization a snap.

There you go, that should keep you busy for a while. Did I miss any tools?


6 Alternative Ways to Boost Your Referral Marketing Program
Referral marketing isn’t exactly a cake walk. Many companies consider it a simple solution that they can create easily, but in reality referral marketing programs are complex. A lot of effort goes into planning and maintaining a referral program. Many companies begin their programs with a blast and see express interest from fans and influencers, […]
The Visual Organization
Marketing Podcast with Phil Simon Visual thinking is one of the more recent trends in business that has now reached into every arena. Organizations are rushing to become more visual. You need look no farther than the popularity of sites like Pinterest and Instagram to realize that people are inherently drawn to pictures. Marketers have […]

Subscribe to the Duct Tape Marketing Podcast

If you know your small business needs marketing, but don’t have the time or resources, look no further. The Duct Tape Marketing podcast covers everything from earning referrals to managing time and being more productive.

Grab 7 Steps To Marketing Success

This eBook has been downloaded and used by thousands of business owners and marketers to use as a blueprint for marketing success. Start building your marketing system today!
x