Market
Session 1 | 11/20/2023
What is the lean startup approach to market research? Watch all videos in this module.
Customer Development requires you to ask lots of clarifying questions to lots of people who are connected to your pain point. To do so, you must engage in conversation that may yield relevant insights. Read this article to learn how.
Customer Development requires curiosity and effort. Read this handbook to practice the method effectively.
Begin your market research. Here's how:
Begin your marketplace research by organizing your approach to deeply explore the current market environment in your area of interest/research or your target problem or opportunity.
Reference the "Research Table" tabs in this workbook to get started.
Step 1: Identify your target problem or opportunity.
You must focus on ONE area of interest/research or a target problem or opportunity.
Step 2: Begin brainstorming/ listing relevant Research Questions/ Hypotheses/ Topics, such as:
What product/service are consumers currently using to address your need?
What benefits or features are most relevant to the users?
What companies are involved or central to delivering these products/services?
What are the current economic trends influencing your market?
Consider using PESTEL analysis
Where are some of the gaps or pain points?
What parts of the process do not seem to work well?
What product + service bundle will help?
You must list at least 10 Research Questions/ Hypotheses/ Topics.
Step 3: Begin brainstorming/ listing credible sources that may help to address your Research Questions/ Hypotheses/ Topics, with an aim toward:
Sources should help you collect meaningful information relating to consumers, the market,
technology, relevant social trends and environmental conditions using primary and secondary
methods.
Provide a “knowledge foundation” upon which to draw meaningful conclusions and articulate
actionable insights for subsequent analysis and concept exploration.
Literature Reviews (Review books, magazines, trade publications, journal articles)
Web Searches (remember not to trust sites blindly as this is user-generated content)
Competitor Benchmarking
List at least 25 credible sources that may help to address your Research Questions/ Hypotheses/ Topics.
Step 4: Complete and log 3 marketplace conversations per co-founder, per week. As you conduct conversations, keep track of your progress on the “Marketplace Conversations Activity Tracker” tab of your Research Table spreadsheet/ workbook.
Be ready to share a link to your Research Table spreadsheet/ workbook upon request. Please TEST YOUR LINK for public accessibility by pasting the URL into an "Incognito Browser."
Be ready to discuss your marketplace insights upon request.
Session 2 | 12/11/2023
Complete and log 3 marketplace conversations per co-founder, per week. As you conduct conversations, keep track of your progress on the “Marketplace Conversations Activity Tracker” tab of your Research Table spreadsheet/ workbook.
Be ready to share a link to your Research Table spreadsheet/ workbook upon request. Please TEST YOUR LINK for public accessibility by pasting the URL into an "Incognito Browser."
Be ready to discuss your marketplace insights upon request.
Session 3 | 1/8/2024
Complete and log 3 marketplace conversations per co-founder, per week. As you conduct conversations, keep track of your progress on the “Marketplace Conversations Activity Tracker” tab of your Research Table spreadsheet/ workbook.
Be ready to share a link to your Research Table spreadsheet/ workbook upon request. Please TEST YOUR LINK for public accessibility by pasting the URL into an "Incognito Browser."
Be ready to discuss your marketplace insights upon request.
Session 4 | 1/22/2024
Complete and log 3 marketplace conversations per co-founder, per week. As you conduct conversations, keep track of your progress on the “Marketplace Conversations Activity Tracker” tab of your Research Table spreadsheet/ workbook.
Be ready to share a link to your Research Table spreadsheet/ workbook upon request. Please TEST YOUR LINK for public accessibility by pasting the URL into an "Incognito Browser."
Be ready to discuss your marketplace insights upon request.
Session 5 | 2/5/2024
Complete and log 3 marketplace conversations per co-founder, per week. As you conduct conversations, keep track of your progress on the “Marketplace Conversations Activity Tracker” tab of your Research Table spreadsheet/ workbook.
Be ready to share a link to your Research Table spreadsheet/ workbook upon request. Please TEST YOUR LINK for public accessibility by pasting the URL into an "Incognito Browser."
Be ready to discuss your marketplace insights upon request.