Should you start by creating an MVP or by conducting market research? ● A study by CB Insights found that 42% of startup failures are due to a lack of market demand. MVP helps to make sure the product is in demand or to abandon a losing idea in a timely manner. ● If you're working on an MVP, you've decided on the core concept of a product you want to build and are taking the necessary steps to make it a reality. The MVP will be the most basic version of the product that you release, with the option to improve it as needed. Prior to beginning development, conducting market research will assist you in determining the potential of your new product or service. ● Check to verify if your idea meets the demands of your target users before you start developing an MVP. The more data you acquire about your users, such as their demographics, likes and dislikes, devices they use, and general product requirements, the better your chances of success will be. ● After conducting market research, you should have a good sense of what problems the users are trying to solve. “How can I make this product more beneficial to my customers?” ask yourself. ● You must perform market research, investigate rivals, identify your target audience, and, most importantly, determine the market size. Running out of cash is a common reason for young businesses to fail. You should be confident that people desire to buy your product and that their numbers are sufficient to continue. ● An in-depth study of target clients is the qualitative method. It's not only about what people want or how they think; it's also about "why they think." ● Surveys and customer questionnaires are used in quantitative research. It's a good way to obtain input from potential customers. When choosing survey questions, it's critical for researchers to be cautious. The outcomes must provide useful information. ● Quantitative research can help to paint a more accurate picture of consumer behavior. The information gathered can also be used as a guide for making business decisions.
● Competitor research examines your current and potential competitors' strengths and weaknesses. It also includes ways for identifying potential dangers and opportunities.