There is already an article here about market research and how to conduct a simple yet effective research project. Here is another simple market research tool.
This market research costs you nothing except for a few minutes of your time, and it can reach a vast number of people.
You may have an idea that has several parts, or an idea that appeals to several demographic groups, or both. This idea allows you to reach out to lots of potential customers and discover the level of interest before spending time, effort and money on something that nobody is interested it.
Take one aspect of your idea and submit a post on that subject to your social media pages. Now obviously you are not going to describe how your new idea actually works – you are going to describe the problem it solves and ask others if they have had similar issues.
What you are looking for are comments – positive or negative – and ‘Likes’, re-posts etc. What you are trying to establish is the level of interest in the solution you have invented. You do that by judging the responses to your description of the problem. The ideal is a dozen or more comments that agree that the problem you describe is real, that it effects many people and that they do not have a suitable solution.
Now repeat that with one or two other aspects of your idea. Don’t cover every aspect since there may be someone who can ‘reverse engineer’ your idea from your posts! Just cover enough so that you know that there are enough people who have the same problem such that there are enough of them to support your new business.
That then paves the way for you to further develop your idea and then announce it (with suitable fanfare!)
The alternative is that you modify the idea and try again, or aim at a different demographic next time, or be more focussed and describe the problem in more emotional terms.
Would you be interested in more information on the nitty gritty of doing this kind of market research?Tags: Demographic Groups, Effective Research, Emotional Terms, Engineer, Fanfare, Few Minutes, Market Research, Market Research Tool, Money, New Business, Nitty, social media, Spending Time, Suitable Solution, Time Effort, Vast Number