Conducting Insightful Market Research

For latest version: please go to https://academicentrepreneurship.pubpub.org/pub/psdorj9y/release/4 Market research can complement early design work, assist with fine-tuning features and pricing, help attract investors, and suggest new directions to explore. It is critical to know where a startup is in the design process, from whom it wants feedback, and what it intends to do with the data gathered. As a general framework, it is useful to think in terms of three main blocks of the product development life cycle—early stage, middle stage, and late stage. Consider seeking help from research professionals whenever possible. There are many measurement-oriented and other practical considerations to account for, and a number of good resources a startup can turn to for help. Good research answers key objectives, and is customized to fit within a startup’s very real time and budget constraints. Addressing key questions up front will lead to more actionable results.