As someone with few resources, I can only do market research through observations, talking to people and using google questionnaires in addition to finding secondary research done on the topic. However, is this method of "market research" acceptable when I want to present my ideas to potential investors? Is there some sort of more valid form of market research?
1. Start by identifying who you developed your product or service for.
2. Engage your target customer in the real world.
3. Form 3-4 focus groups to provide feedback to improve product or service value.
4. Present the improved product or service to a second set of focus groups to determine what price they are willing to pay.
You then identify where your best prospective customers can be found in groups and harvest them via direct and digital presentations.
The key to business development and scaling at early stage is to not depend solely on digital platforms and keep your pitch simple and value-driven.
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