Google is one of the most powerful tools for researching a market.
But knowing what to Google is another thing.
5 things to look out for when researching a market:
1. Competition
– Who are the prominent competitors in the area?
– Is there room for your company?
– What will be your positioning to gain market share?
2. Potential partners
– What is the ecosystem, and who are the partners working with your customers?
– Who is your optimal partner and how do you work with them
– How do you qualify your partners and what is the business model?
– What is your mechanism to plan activities and track success?
3. Legislation
– Local laws
– GDPR
– Localization requirements for your product
– Compliance issues
4. Product-market-fit
– Who is my target customer and buyer?
– Are we in the ”nice-to-have” or ”must-have” bracket?
– Is my business model and pricing aligned for the market?
If you can answer these points, the more likely it is that you’ll succeed.
