How to Conduct Market Research For Your Startup Like a Pro

How to Conduct Market Research For Your Startup Like a Pro


– How do you conduct
world-class market research? How do you figure out
who your competitors are? How do you understand how
to price your product? That is what I’m gonna teach you guys how to do in this video. I’m gonna teach you the
strategies to get that information as fast as freaking possible
because in my world, speed is everything. When I was starting my company, Clarity, it was a marketplace for entrepreneurs to get expert advice over the phone, and every time I would
share it with somebody that kinda knew this space
or were in the startup world, they’d always mention this
guy Karl Jacob’s name. So eventually, I emailed him. I was like, “Hey, Karl. “Every time I share my idea with investors “or other entrepreneurs,
your name keeps coming up. “Do you have a few minutes to chat?” And I gotta tell you, that first meeting was probably the most informational,
jammed-pack 15 minutes of the whole time I was building Clarity because Karl had already built a company back in the late 90s, early 2000s that did something similar
for a different market segment using a totally different
technology stack, and he had the experience. He understood the competitors. He understood who were
people today that we doing it because again, his name kept coming up. So anybody that tried something similar, they also went to Karl. So after I showed it to
him, the cool part was is Karl eventually became a
formal advisor to Clarity. But I share that with
you because it really showed me a faster, better way
to conduct market research, and in this video, I’m
gonna share with you three other ones that are world-class, that will really take things
to the next level for you. The first one is leveraging
university students. I don’t understand why every
business doesn’t use this. There are MBAs, business,
there’s marketing students, and all of them need
real world experience. So that’s where you come in. If you approach the
professor at the university, and you can just go online
and figure out who that is, and just say, “Hey, I’d love to give “a project for your students to do. “I’m working on this new business idea” or even a new maybe strategy or a specific segment of the market you’re currently in. “I wanna give them a project
that they can work on.” And obviously, whoever does the best one, maybe there’s an opportunity to hire them. Maybe there’s an opportunity for me to be a good reference for them, but leveraging university students to get real, great market research. You gotta understand they
were taught how to do this. For most entrepreneurs I know out there, I was never taught how to do it. I’d rather find people
that are professionals that have the supervision of professors that are world-class to
really get that information that you need to grow your business. So the first one is leveraging
colleges, universities to get the students to
do the work for you. The second one is actually
hiring people online. There are sites like upwork.com, used to be Elance,
where you can go search. There’s a category
called “market research” and “data research”, “marketing”, and hire people for five bucks an hour that have done this for
hundreds of other companies to go and spend tens of hours researching the different competitors, the
pricing models they’ve used, the way they position the product, and they gather all that information into one document for you to understand on how to understand your
market in your startup. I think that is probably the fastest way. Something I use almost on a monthly basis is just hiring somebody
to do research for you so that you can go work on things that are uniquely qualified for you to do from a productivity point. It’s amazing, it’s fast,
and it’s information-rich. The third one, which
is kinda why I told you the Karl Jacob’s story, is finding founders that have failed before, or in this case, founders that have
actually been successful. Karl eventually sold that company to AT&T for hundreds
of millions of dollars, and the reason why that’s awesome is those founders, if
it’s a few years removed from the time they tried
the company and it failed, they’re gonna be more than open
on everything they’ve tried. They’re gonna tell you who are some of the competitors at the time, who they think the competition is today, what was their vision,
what was their roadmap, how was the strategy laid out, and then they’ll also maybe tell you about other people you
can potentially hire, or other companies
they’ve seen now recently that are kinda in the space that could eventually pivot into your market. To me, going to founders
that have been successful or failed in that space prior
is a wealth of information. And those are the three strategies I wanna share with you guys. One, leverage your local
universities, colleges. Give those students real world projects so they can come out and
actually be super valuable to companies instead of just studying a bunch of stuff in a book. Second is making sure that you use these online resources, like an Upwork, to hire people wherever they are, from Europe, from North America,
that have the experience, that do this hundreds of times a month for other companies and let
them do it for your company. And then third is to find
a founder that has failed or succeeded in that business so you can really learn from them the fastest way, and again, the coolest part is they may introduce you to other talent, to partnerships, et cetera. So those are the three ways for you to go from no knowledge to knowing everything about your market for your startup. So if you feel this video is useful, I’d love for you to share it with somebody that needs to hear it. As per usual, please like and
leave your questions below in a comment, and I wanna challenge you to live a bigger live
and a bigger business, and I’ll see you next Monday.

33 comments

  1. Building a startup blind is dumb. You need to understand your market. In this video I share 3 simple and cheap strategies to get that done quickly.

  2. Hi, Dan. I recently came across this site that helps with research www.askwonder.com (no affiliation). Thought this may be a valuable resource.

  3. So true, great vid, I recently explored the idea of a video based dating app, and found two founders of failed companies, the conversations were priceless. Saved me time and millions by just reaching out, realizing why it didn't meet my non negotiables for a new biz and killing it.

  4. Great stuff. Simple and effective. However, be careful with Upwork, I have hired people to do very specific jobs and then deliver a generic report that is not even close to the spec I laid out.

  5. For a startup this is not very useful. You basically telling me to spend money when i have no money…..

  6. Good to know that what I am thinking of is right :))) as am using these three steps.
    so Thanx for sharing…

    But I got a question about the toughest one of them (in my opinion), the freelance hiring.
    How can I make someone do market research or any type of work I need for free while am starting up and have no money yet?!
    I know about trading favors, he does something for you, you return the favor, but what if your service isn't needed?! how can you entice the other part?!

    I would really appreciate you sharing some of those ideas.
    Thnx

    O

  7. Leveraging university students, yeah, sure. I remember those guys when I was in university, coming in and giving us an assignment. We saw right through it: cheapskates who took advantage of us and let me tell you, nobody was impressed (except maybe the professors who could lean back and observe for the day).

  8. Great video, the hard part for me is finding the right people to understand what I want to do. Living in the corner of New Brunswick has its disadvantage when there’s only forestry and fishing here.

  9. Basically you just told us to pay someone to do the research for us. That's not "How to Conduct Market Research" SMH!

  10. As you said to discuss the plans with professors and ask them talk about the plan to the students, right ?
    Sir my question is if the idea is unique and if the founder fears the leakage of the plan and being defeated by any of the students, what probably should he opt ?
    disclose it to hundreds or secretly work on recruiting the members with time ?

  11. Askd to talk about a cow and what he does is ties the cow to a tree and start talkng about the tree!whoa! What a genius.

  12. I wonder what quality those market research docs would be if you outsource this work instead of diving into it and do it by yourself?

  13. Building business conducts competitor research to understand which features are must-haves for customers to buy or switch and which ones could help tell a compelling story. What functionality is industry standard and what must we build to have a working product that competes? What should we create to differentiate the product and leverage our platform in a way that only we can? I'm ready to help you with your competitive analysis if you haven't done it yet: https://www.fiverr.com/selcukkiziltug/do-a-competitive-analysis-for-your-business

  14. Anecdotes. . . anecdotes everywhere. To everyone watching the video, before you finish, I suggest you look up the term survivorship bias

  15. What about NDA? Are freelancers or Interns covered under it? It's a new business idea and maybe at a stage where it's prone to plagiarism. How do you handle that?

  16. man, what was that you told us. "How to get our market research done" you didn't tell us how to do it ourself….

Leave a Reply

Your email address will not be published. Required fields are marked *