One of the basic criteria in funding startups is knowledge of the target market and customer. Size of market, growth rates, and segmentation are components the entrepreneur should know well. Let’s look at three ways to know your market better:
The first place to look is on the web. First, identify which industry(s) you’re in. From there, you can find out several facts and details about your target market size. All it takes is a little bit of research.
Trade Associations and Conferences
Know what trade associations and conferences are related to your market. Typically, the director of the association has the key market information you’re seeking and will make that available to you in an email or phone call since it is their job is to nurture the growth of their industry section by informing others.
Attend a Conference
Attend a trade conference. You’ll learn more from those on the exhibit hall floor than you can from articles or other means. It’s worth spending a day the show to get the details.
Advice on Reports
Finally, avoid market research reports. They are costly and most of these are merely a compilation from a direct mail campaign. While they can be helpful they certainly aren’t worth the money.