Micah B. answered • 05/08/19
Experienced, empowering, and motivating!
Very open-ended question.
Start by asking some questions. What do you want to learn about the market? Are there some assumptions you're already making that should be tested? Are there low-cost (even FREE) tools available? If paid resources, will they get me the EXACT information I need or something more general (ie: If I need the size of a potential market, does it include other product groups or specifically what I'd like to market?)
Simple example: You're looking for an ideal location for a child care center. Use google maps. You can see traffic patterns, nearby businesses (where parents may work), nearby schools (where parents may also bring older siblings), nearby neighborhoods.
Talk to people: Wanna know what a good table-turn is in a cafe in your town? Ask. "How many people would you say come through here a day?". You'd be surprised what you can learn and what people will share.
Observe: Sit in that cafe and study people. What are they wearing? Where are they coming from? Where are they going? What's their reason for being there? What's the average amount of time spend there?
Model: Wanna know how much it costs to make a turkey sandwich in your town? Do it! Build a menu, cost is out, and model different product mixes.
Survey: Ask specific questions: "would you be willing to pay $15 for a gourmet turkey sandwich with honey mustard, etc... if it included x, y, and z?" Ask 50 people.
