The importance of good market research
Whether you need to determine your go-to-market strategy or convince investors of the market opportunity, good market information is essential here. We recommend that startups and high-tech spin-offs conduct market research. Moreover, good market research helps you save time and money, and increases your chances of success.
Good market research is difficult
A lot of entrepreneurs struggle to find relevant market information, buy expensive standard reports or rely on their experience to estimate the market opportunity. This is not surprising, as market research can be very difficult for new product-market combinations. Market research only becomes useful when it is relevant and focused on your product-market combination. It doesn’t do you much good to know that the total market for is estimated at $X billion. What you need is information that allows you to substantiate (both top-down and bottom-up) how big the reachable market is for you and how you can become successful in it.