Market research for startups
The importance of good market research
Whether you need to determine your go-to-market strategy or want to convince investors about the market opportunity, good market information is essential. Therefore, it is advisable for startups and high tech spin-offs to conduct market research. In addition, good market research helps you save time and money, and increases your chances of success.
Good market research is hard
A lot of entrepreneurs struggle to find relevant market information. Or buy expensive one-size-fits-all reports. Or rely on their experience to estimate the market opportunity. That is not surprising, because market research can be very difficult for new product-market combinations.
Market research will only become useful if it is relevant and focused on your product-market combination. You don’t need to know that the total market for <technology X> is estimated at $X billion.
What you do need is information that you can use to substantiate (both top-down and bottom-up) how large the accessible market is for you and how you can become successful in this market.
How we can help you with market research
In recent years, Golden Egg Check has specialized itself in conducting market analyzes and providing business development support for new product-market combinations. We use a combination of market research techniques, including desk research and interviews to answer questions such as:
- How big is the market for this product-market combination?
- Who are your potential customers?
- What are the relevant trends & development in the market?
- Who are the most important competitors and key players?
- What are success factors in this market?
- What business model is most likely to succeed?
- What is the unique value proposition that your company should exploit?
The answers can be used to substantiate your go-to-market and growth strategy.
We collect market data and together with the startup we think about the interpretation of the data and the consequences for strategy and business planning. Especially for high tech companies with a long time-to-market this can save a lot of time.
The result of our market research can often be used integrally as a chapter in the business plan or funding application.
Get in touch!
Do you want to know how we can help you with a market analysis? Contact Gilles Meijer via gilles[at]goldeneggcheck.com or +31 53 450 00 12.