Methods > Gather Insights > Quick Market Research

Quick Market Research

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We don’t always have time to do a full market research study and purchasing them of the shelf can be expensive. In early stages, the internet is often sufficient to get a basic understanding of what market your product would be facing.

// This does not replace a full market opportunity analysis. Market opportunity analysis is a complex analysis that takes the full product development cycle into consideration. A products market opportunity is the % of your ADDRESSABLE market that you can reach (i.e. the market you CAN reach and who ARE interested and can afford your solution]. It is not just the projected market size, or the total projected installed base of an industry. //

Objective

  • Understand which vertical(s) of industry your product would be competing in.
  • Understand the vertical/industry(ies); prospects and growth, future size of industry.

Outcome

  • Identify the market / industry verticals the product will be competing in. Understand the known external factors that will impact your product, now and in the future.

Time

1/2 - 1 day

Participants

1 person

Difficulty

Medium
Tip: it will help to reach out to an expert for guidance on these methods.

Materials

Internet connection and Google can get you far. Statista, the largest collection of statistics online can also be extremely helpful.

Detailed Steps

1. DEFINE
Market analysis can quickly become broad and complex, so it helps to clearly state a goal in order to narrow down the field of exploration. Questions to consider: What are the trends in the industry? How big is this industry estimated to be over time, Who are the major players in the industry? Whatever your questions, write them down before you start.

2. RESEARCH
It sounds basic, because it is. Google is your first stop shop: Google “[market] + trends” or “[market] + analysis” or “[market] + opportunity”. This will give you a great start on some previous market analysis in your field. Once you’ve narrowed in on a question, using sites such as Statista.com or BI Intellegence can also be extremely helpful.

3: SYNTHESIS
Create a document where you can include interesting findings: charts, article citations, stats. Don’t worry about order in the beginning but try to organize it after your initial questions that you posed.