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How to begin market research?

My product idea would target companies that rely on a high number of incoming packages a day--warehouses, retailers, and others.
I want to compile a list of a few hundred companies to contact and eventually interview them.

What are some tips on getting started on this?

7 Replies

Luis Berga
4
0
Luis Berga Entrepreneur
Co-Founder at Music Meets Video
Hi Haya,

Approach market research/customer discovery the way you would most early startup decisions; keep it small, cheap and be ready to iterate. Instead of focusing on a list of hundreds of companies to contact, start with your own assumed customer profile. Call a few of those profile customers and listen to what they have to say.

After you've established what that initial group has to say, iterate your research accordingly. Continue the process until you can predict what the person on the other line is going to say because you've heard the same sentiment so many times from customers.

I've done a lot of this work, so fee free to ask me any follow up questions.
Gil Allouche
1
0
Gil Allouche Entrepreneur
Founder @ Metadata
think about the type of organizations that have a high number of incoming packages -- importers, wholesale, grocery, package relaying service

You can also start in your immediate environment.

I would post this question on my facebook, twitter and linkedin -- see what type of initial leads I get, and then use that insight to promote that tweet/update/status to that group.

Gil | metadata.io
Tom Flaherty
1
0
Tom Flaherty Entrepreneur
VP Product Management, InSequent, Inc.
Hi Haya,
I would start by narrowing down your target market. I know there's probably more behind your question, but "rely on a high number of incoming packages a day"is too vague. Are you talking about distribution centers that ship/receive daily? Are you talking retailers that primarily receive packages and then sell onsite? Start with your most targeted use case and then i would do as Luis suggested. Find a small group, ask some questions and then iterate from there. As you naturally discover more info and question/test your assumptions, that will tell you where to go next. Good luck and keep the momentum!
itay foyerstein
0
0
itay foyerstein Entrepreneur
EnTrepreneur, Product/project/OperationsManager
Haya,

If i were you, i would approach to the companies that are easy to access , most familiar, in your environment

Larry Shiller
0
0
Larry Shiller Entrepreneur • Advisor
Grit: The new dimension in college admissions
Haya, If your goal is to build a successful business, you can avoid many bad outcomes by listening to people/companies that represent your target customer:. When you do that the odds are that your thinking will change dramatically and your business will pivot, both of which are important if you are to reach your goal. Here's one way to do this: 1) Find your target customer through local meetups, regional or national conferences, email lists, LinkedIn, etc. 2) Set up phone or in-person meetings. Be honest: You have a business idea that you think will benefit them and you'd like their feedback. 3) Explain your idea. But don't try to sell or convince right now: Instead listen. 4) Respond without ego to what you heard and learned. This may include revising faulty assumptions or logic, considering alternative ways to do things, etc. 5) Repeat steps 1-4 until a critical mass of prospects say they want to pay for your product or service. 6) After you have a successful business repeat steps 1-4 to ensure it stays that way,
Patrina Mack
1
0
Patrina Mack Advisor
Experts in global commercialization
What most of the others have commented on is what I call pseudo market research/biz dev. By looking for companies within your network you identify potential "friendlies" who could become design partners to guide you in developing your product as well as operationalizing your business. LinkedIn Inmails is a really good vehicle for doing this. Write a concise note highlighting the benefits of your solution and target companies who you think could use it. The response rate will give you an early indication of which segment(s) value it most. At some point you may want to do quantitative research to quantify demand and help you make other important decisions rather than subjective ones realized through qualitative research/pseudo biz dev. There are companies like SurveyMonkey and AYTM that you can buy sample from...B2B can be a lot more expensive to buy sample for but the tradeoff in solid data could be useful in lieu of actual customer sales when presenting your financial forecast if you're going for funding.
Rob Gropper
0
0
Rob Gropper Entrepreneur
Director at PetHero, SPC - Member at Eastside Incubator - Principal at Tuxedo Technologies Group
get out of the office and go talk to a few. Don't over analyze or make it a bigger project than necessary. Just go talk to a few. Ask each one if they can refer you to others. rinse and repeat.
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