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manuj’s blog

April 22, 2022

Most Important Questions to Ask Yourself While Doing Market Research

Ask these questions before doing market research

Q #1: Is This Product or Service Going to Solve a Problem?

In my opinion, the most important question a business owner can ask their customers is: Does this product or service solve a problem for you?

If it does, then you’re on your way to owning a successful business. 

If it doesn’t, then it may be time to consider pivoting and reworking your business model into something that actually does solve a problem for your customers.

Q #2: Whether You Yourself Will Pay for This Product or Service

Another important question to ask yourself is, would you actually pay for the product or service that you’re thinking of creating?

And would you use it yourself? Would you recommend it to other people? And if so, why?

What are the benefits and advantages of this particular product or service over existing alternatives?

If something happened where you could no longer sell your product or service at full price, would people still be willing to buy it at a discounted price?

Q #3: How Much You’d Pay for This Product or Service

This question will help you set the right expectation when it comes to pricing your product or service. 

Therefore your answer will tell you whether or not your solution fits within a market framework.

Will people pay money for whatever you’ve created? If the answer is no, then you have to go back to the drawing board and figure out a better solution.

We see this all the time on Shark Tank. The entrepreneurs think they’ve created something wonderful, but when they ask people how much they’d pay for it, they’re shocked to find out that nobody would buy their product.

Q#4: What Are the Main Reasons Why You Continue to Stay With (Our Competitor’s Product/service)?

While you can learn useful information from questions like “what do you think about (our product/service) or “how would you improve (our product/service),” neither of these will tell you why customers choose to use a competitor’s product over yours.

One simple question that can provide invaluable information is, “What are the main reasons why you continue to stay with (our competitor’s product/service)?” It might sound redundant, but there are some very important benefits of phrasing it this way. 

It forces the customer to make a choice. When prompted this way, they have to consider not only how they feel about your product or service. But how they feel about your competitors — and then explain what makes them keep coming back for more.

They’re telling you what makes them choose one option over another. If the common responses are all about price or shipping time, then that gives you an actionable item that can help draw loyal customers away from your competition and into your corner.

The answers may be entirely different from those given in response to more conventional survey questions. Customers tend to respond differently in surveys than they do when asked directly. 

This question allows them to share their honest opinion on the subject at hand right there and then, instead of having to think back over their previous experiences and interactions.

These Questions Will Tell You the Market Demand & Revenue Model You Can Come Up With to Make Your Business Feasible

In addition to discovering the consumer’s perceptions of the product, you want to find out if they would be willing to pay for what you’re offering. You also need to know how much they are willing to pay. 

There are a number of factors that affect how much customers are willing to pay, including their expectations for the product or service, alternative options available in the market, and price sensitivity.

Based on your findings from this research, you can position your business for future success by conducting a competitive analysis and identifying opportunities in the market that could help you get ahead. As part of this work, it is important to establish an understanding of market demand and develop a revenue model that will ensure the long-term feasibility of your business.

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