Every startup or business starts with one objective — to build a market for their product/services.
Building a market for your product or services is not that easy when there is no space left for any new product due to high competitions and customer’s varied behavior and pattern. It’s hard to grab an audience and connect them with your product and services.
However, market research can help!
In fact, market research is the first thing every startup and business need to get before working on any idea. Market research or market analysis helps in predicting the practical demand of your product or service idea.
Today at NxtDecade, we have Rishika Jain, Founder of Vawritey. She is a motivated budding entrepreneur who believes that digital marketing is the future. Therefore she decided to start her entrepreneurial journey.
Here, in this interview article, she will be enlightening us on what market research is, how to do it and on other related topics.
About Rishika jain
Rishika is an economics student who has worked with different companies in multiple domains. She has written more than 150 articles and 60 SOPs to assist students to land into their dream universities.
She recently started Vawritey, an online marketing agency, that helps other startups and companies reach a wider audience.
Interview
Q1. What is market research?
Market research is a part of business planning in which you collect data of the targeted market or customers and predict the revenue-wise possibility of your business model even before starting and investing in it. As the name suggests, it is an extensive study of all those ongoing market trends and industry that can possibly impact your business.
There is no limitation or fixed time to do market research. It’s a perpetual activity to keep an eye on the behavior of different trends going on in the market. The reason for this perpetuity is the dynamic nature of customers and the market which never ceases to change.
Q2. Why is market research important for any business or startup?
Market research is a crucial step to take for any business to lead the industry. With market research you can gain insights on what your consumers need and in what quantity. With these insights, you can identify how and where to advertise your products or services.
You may also get to know about the problems your target audience is currently facing and grab that opportunity to solve the issue before anyone else.
Moreover, your business opportunities are quite visible if your research is done in the correct direction. Not only that, but market research helps you develop a customer friendly product or service.
And last but not the least, it will be easier to minimize the risk of business failure, if the owner is aware about the current market conditions.
Q3. When you started Vawritey, what and how did you do market research? What factors do you consider?
I identified the problem that every startup faces in their first stage i.e. improper marketing strategies and not able to tap the target audience. And as I saw that this problem is mostly the top reason for most of the startup failures.
To develop a solution for this universal problem, I made a team with people from different backgrounds to work together with a mission to increase the reach of small startups, in order to boost them.
The factors that I have considered during my research on priority are customer preferences, business strategies used by competitors, quality of services rendered by competitors, success and failure rates of competitors.
Read More: Build a winning startup team
Q4. Is there any qualification needed to do market research and what tools do you think can help in it?
I believe that any person with a research-oriented approach or mindset can be a proficient market researcher. Also, talking of research without any data is meaningless. So, good research is good at playing with numbers.
And, some of the qualities that a market researcher should have include:
- Excellent communication
- Knows how to minimize risk
- Excellent analytical and critical thinking skills
- Curious and methodological by nature
- Easily handle data and numbers
There are many useful tools available online to pace up your market research and my top 5 recommendations are –
- Google Trends
- US Census Business Data
- Pew Research Center
- Facebook Audience Insight
- GrowthBar
Q5. How to do market research so that you don’t miss out on anything? Tell us the steps!
Every business is based on some problem faced by the majority of the human population. Solving the problem is a mission of every business. So, here are the steps to start market research efficiently.
Step 1 – Identify the problem and its foundation in the customers’ lives.
Step 2 – Create an approach that you can apply while solving this problem.
Step 3 – Design the research framework and define the tools which you will be using.
Step 4 – Using the tools selected, collect the data.
Step 5 – Do analysis with your critical and analytical thinking abilities.
Step 6 – Interpret the solution and prepare a report as evidence.
Q6. Vawritey provides a bunch of other digital services apart from market research. What are they?
Vawritey aims at developing and presenting the best out of the variety available. As we all know that internet is ruling the world, so do the social media applications. We at Vawritey offers enough digital marketing services to choose from.
- Content Development
- Statement of purpose (SOP) writing
- Graphic designing
- Copywriting
- Website development
- SEO Management
- Market Analysis
- Social media marketing
We have experienced people at your service to develop business in the right and effective way.
Learn more: The Secret of Content Marketing By Flying Cat Marketing CEO
Q7. What motivated you for Entrepreneurship and what is your vision you have in your mind for Vawritey?
My motivation for starting Vawritey was my passion and dedication. I have done many internships so far and I have observed what they lack behind. I don’t want to repeat those mistakes which I have witnessed myself.
My vision for Vawritey is to create an environment which develops everyone associated with us. It’s a startup, and startups are meant to bring change, a positive change in the community.
I am also taking direct consultation from Anu Khanchandani, and her course to convert idea into profit keeps me motivated on the right track.
Take full course and convert your Startup Idea into Profit
Soft Corner for Student Entrepreneur
Q8. What is your favourite book?
Actually, I am much into fiction but whenever it comes to non – fiction, then my favourite book is “Start With Why” by Simon Sinek.
In the End
We express are warm gratitude to Rishika Jain for answering our question and enlightening us on market research and related topics.
I now believe that every startup or business must undergo an extensive market research or market analysis before really investing into their idea.
If anyone has any question, please ask in the comments.
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Being a startup myself, I found this very to be very informative and constructive. Not only does Rishika Jain lay out the framework necessary for market research, but she also describes the exact steps that one can take to begin market research for their own company. Great job! Thank you!