Market research ideas for a startup
As well, market research can be accomplished in one or another way:
1st – if you have some app idea – test your hypothesis for its market potential.
In this case, you can use SWOT analysis [Strength-Weaknesses-
As well, Porter's 5 Forces model may be applied to understand the rivalry level in the sector you plan to launch your project in.
This way, you can select your niche and define your target customer portrait. For example, you can focus on a niche audience like scuba divers, professional photographers or pregnant women where the number of potential clients is lower. This way, you do not face high competition in contrast to a more general app concept.
2nd – if you don't have any ideas – conduct market research to identify a problem that currently exists, and then evaluate your direct and indirect competitors.
This way, you will understand the current state of the market – its propositions, and how do people cope with their problems, and finally understand what could be your best offering. For more tips read here (https://addevice.io/