For Subscribers

5 Ways to Jump-Start Your Market Research When launching a new company, researching the market is a must. Here's how to get started.

By Eyvette Min

Opinions expressed by Entrepreneur contributors are their own.

When you're launching a new company, researching the market is a must. Here's how to get started:

  1. Start with the end in mind.
    "Define your goals and why you even think you need to do research," says Laura Sheridan, president of Viva La Brand. Narrowing your focus and being specific will save you time and money.
  2. Know who your competition is and how they present themselves.
    "Many times everyone is saying the same thing, so researching helps you differentiate your brand," says Brownstein Group's chief brand strategist Joe Weinlick. Read reviews, buy products and understand the post-purchase experience.
  3. Follow your potential customers.
    Leverage online channels to follow them throughout their day on Twitter, blogs or forums. "You're able to watch people who aren't doing something because they think they're engaged in market research," Weinlick says. "So you get the full context of who they are and how they make decisions."
  4. Use online surveys.
    SurveyMonkey.com and Zoomerang.com allow you to create surveys, get reports and buy targeted lists. "For every question, you have to ask, 'What if the respondent answers this way?'" Sheridan says. "How are you going to use that?"
  5. Conduct in-depth interviews.
    You only need a handful of these to get a feel for your market's needs. Sheridan advises asking open-ended questions and getting feedback from potential customers in their own words: "Your marketing materials should be in your customers' words--not your own."

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business News

Google, Spotify Down in a Massive Outage Affecting Tens of Thousands. Here's What We Know.

Both Google and Spotify appear to be down for thousands of users.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

I Called Klarna's New AI Hotline to Talk to the Company's 'CEO' — Here's What Happened

Klarna's CEO voice-cloned himself and had the clone take customer calls over an AI-powered hotline.

Growing a Business

Your Customers Are Talking About You — Here's How to Turn Their Feedback Into Profit

Listening to your customer has always been a strategic imperative. With countless options just a click away, consumers are gravitating toward brands that make them feel cherished and involved.

Side Hustle

After a 12-Year-Old's Side Hustle Made Over $4,000 in 1 Day, He and His Dad Grew the Business to Nearly $50,000 a Month: 'It Takes Commitment'

Madden Forrest and his father, Steven, turned their passion for football into a lucrative business.

Business News

Mattel Signs First-of-Its-Kind Deal With OpenAI to Bring ChatGPT to 'Iconic' Toys

Mattel is also allowing its employees to use ChatGPT Enterprise to help design new products.