Earlier this week I was talking with an entrepreneur who was thinking through a new idea. In addition to customer discovery and working to assess the market need for the product, we also talked through a few different ideas for researching a market.
Here are a few tactical ideas to gather information on a market:
- Find at least five competitors and build a spreadsheet of data points like number of employees in LinkedIn, amount of money raised via CrunchBase, and approximate site traffic via Compete
- Evaluate three competitive products (sign up for a free trial or find a referral to a customer)
- Interview 10 customers of the competitors and figure out three things they like and three things they don’t like about the product and company
- Read at least 10 white papers and/or blog posts from industry analysts like Gartner, Forrester, or an independent researcher
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