Impress your investors with a market research report in 2022

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The written business plan is the beating heart of every successful startup. The benefit is clear; it prevents entrepreneurs from aimlessly wandering down the wrong path. However, the drafted business plan is not a one-size-fits-all solution. As an entrepreneur, you need to take certain steps to understand your venture before writing a startup plan.

Competition Analysis

The first thing that investors will want to find out in a market research report is how much competition there is in your field. Where are your competitors located? What are their financials? How much are they selling? What are their prospects for growth? You will need to know all of these things to properly assess the viability of your business. And with the advent of the Internet, information about the field can be easily accessed. After all, the competition study will tell you the chance of winning your market share.

Market Analysis

Market research reports usually provide information about the size of a market which is only available from a comprehensive survey of current and potential competitors. How can you find out the market size? This is normally done by gathering information from multiple sources including competitors, consumers, suppliers, resellers, distributors, and other market participants. Some tools you can use are Google Trends, Bing Trends, and Google Keyword Planner. You will want to know the market size according to the sources you have already mentioned.

Technical Analysis

Technical Analysis is a widely used term in the financial industry that refers to the process of analyzing market data and trends to make predictions about future market performance. Technical analysts rely on a variety of information, including price and volume changes, economic indicators, political events, sentiment indicators (such as investor surveys), and news reports. They use these inputs to help them make predictions about where the prices are going. If you are on a budget or cannot devote the time to technical analysis, you can hire a market research company to do it for you.

Well-Defined Customer Problem

Every business needs a customer, right? You cannot sell anything if nobody buys what you are selling. What is your customer problem? It is what your customers are saying that drives their need for your product or service. The problem that the customer has is what the solution should be. The sooner you can nail down this problem and solve it, the better. An investor will like to know about the unique customer problem that you are solving in your market research report.

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