How to Conduct Market Research For Your Startup Like a Pro | Dan Martell
Do you know who your startup competes against? What research should you do? How about the market you serve? In this video, I share three top strategies you can leverage in your business to get ahead of your competition as fast as possible.
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MaritimeVacation.ca was my first company.
In hindsight, it should’ve been a huge success since it was a vacation rental website.
Yep, like AirBNB or VRBO.
And with the first mover advantage (I started it in 1999) I should’ve been primed for success.
But I wasn’t.
And 6 months later the project was dead.
So what did I do wrong?
I didn’t understand the market.
I just coded.
No research. No strategy.
Maybe you’ve made the same mistake.
The worst part is I didn’t learn my lesson after that company failed.
I did it again with NBHost.com – a web hosting company.
We spent $$$ buying servers and software with NO understanding of the market.
That shifted when I started Spheric Technologies, the company that eventually worked.
I decided to hire a business student from a local university to help me conduct market research.
They told me EXACTLY where my ideal customers were located, and some of the major challenges they were currently facing.
That company grew by 150% year over year to over 30 employees before being acquired 4 years later.
So that’s what I want share in this weeks video…
… how to conduct world-class market research at little to no cost, that’s not boring to read and is quick to act on.
In this video, I go over 3 strategies to help you research your market faster so that you can move on to the fun stuff with greater clarity (pun intended)!
1. Leverage University Students
2. Hire Researchers Online
3. Past Failed/Successful Founders
Don’t make the same mistake so many founders – including myself – made when I first got started.
Learn who your ideal customer is, what the competitive set looks like and the ideal way to reach out to them.
Get some help!
Here’s to learning like a pro!
Don’t forget to share this entrepreneurial advice with your friends, so they can learn too: https://youtu.be/KCEWgq8S9gM
ABOUT DAN MARTELL
“You can only keep what you give away.” That’s the mantra that’s shaped Dan Martell from a struggling 20-something business owner in the Canadian Maritimes (which is waaay out east) to a successful startup founder who’s raised more than $3 million in venture funding and exited not one… not two… but three tech businesses: Clarity.fm, Spheric and Flowtown.
You can only keep what you give away. That philosophy has led Dan to invest in 33+ early stage startups such as Udemy, Intercom, Unbounce and Foodspotting. It’s also helped him shape the future of Hootsuite as an advisor to the social media tour de force.
An activator, a tech geek, an adrenaline junkie and, yes, a romantic (ask his wife Renee), Dan has recently turned his attention to teaching startups a fundamental, little-discussed lesson that directly impacts their growth: how to scale. You’ll find not only incredible insights in every moment of every talk Dan gives – but also highly actionable takeaways that will propel your business forward. Because Dan gives freely of all that he knows. After all, you can only keep what you give away.
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