Week 2: If I knew how to do Market Research, I would be starting a Different Business

A friend of mine asked me to post about what I learn each week.

So here’s week 2.

My major lesson out of all this is that market research is a better opportunity than whatever industry I’m in.

It’s scattered,

terms are undefined and have multiple meanings,

reputable research providers have impossible-to-navigate websites and closed terms,

and your industry probably doesn’t exist.

 

The only reliable way to get information in your space, if you’re digital, is to go for the SEC filing of the home name company that’s closest to your market, and pull up their S1. That will tell you how much they’re making.

 

App Annie is the “disruptive” company in this space. But they’re doing it wrong.

We need a boutique market research website for Tech Startups, where you can browse a RICH and inclusive list of tech-only industries (also called markets- problem) and their segments with a dynamically updating “Size of the Market” display, and links to 3rd-party research providers for only your specific segment.

As it is, I spent about 60 hours throwing myself at Google and the various other services suggested by our mentors, and found a lot of industries I didn’t belong to. The people in my group were able to find research reports, because all of them were fully entrenched in their markets thanks to years of pre-program research and involvement in boating, volleyball, and elder care (each already being in those industries).

The goal of this assignment was to produce confidence through research. I’m definitely confident about the benefit of starting a company in a market you’ve worked in. About my markets? Less so. It seems to be the opposite of air.

If your market has no research, does it exist?

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: