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About this siteThis site serves as the bridge between academic research in entrepreneurship and practice of entrepreneurship.  Entrepreneurs will find a process for starting a company that is research-based. The purpose of primary market research is first of all to understand whether there is an opportunity at all for the new venture's idea and then to understand it in as much detail as possible.
Are there other products or capabilities that would have to be in place for the customer to adopt the solution you have in mind?
What would have to change for the customer in order for the customer to adopt your solution? A more exhaustive list can be found at Market Opportunity (in the process section of this website). The basic steps in primary market research are the following.Create a hypothesis about a problem or a need.
Having a good set of customer profiles is also the first step in crafting a strategy for your business, namely selecting a target customer. Knowledge is crucial to success in business so lets take a formal look and take it from there! The understanding one gets from primary market research is qualitative.What you need to know about a potential customer There are many things you need to learn about potential customers. For example, would business processes or people's jobs change in the case where the customer is an organization?


It is a comprehensive description of the attributes that are relevant to your business opportunity. Simply stated, sizing your opportunity involves counting the customers who fit all of the profiles you intend to satisfy.
Or would some part of the customer's pattern of behavior change in the case of a consumer product? At this point it is only a conjecture (although you may be very confident that it is correct).
For consumer products, this will include some demographic information and some personal characteristics.
For business solutions, it may include information about the customer's industry, size, business processes, etc.
This will guide where you look to confirm your conjecture and also help later when you try to quantify your market opportunity.Deepen your understanding of a set of individual potential customers. Ideally, a customer profile includes all the attributes that are relevant to buying your proposed solution, and will exclude everything else. This process should yield a set of customers that you can predict with high confidence that they will buy your product.Develop a customer profile, or set of customer profiles.
The attributes are those characteristics that pertain to your particular solution and will become the basis for your segmentation and also your sales and marketing plans.The process of market research is iterative.


It involves forming hypotheses, testing them (through dialog and experiment), revising and further testing.
Often the biggest problem is that entrepreneurs do not listen or they hear what they want to hear. Good primary market research involves getting at the potential buyers perceptions, beliefs and desires in as objective a manner as possible. The approaches to primary market research are observation, dialog and experimentation. The entrepreneur should try to find the best means for getting the necessary information and  will generally use all three approaches. What topics you probe will depend a lot of what you really need to know, so there is not a generic one size fits all guide to a customer interview.
In this conversation, you should try to probe your area of interest and try to understand the context. If the need is validated, you can ask about desirable elements of a solution, current alternatives, value of a solution, etc. This is important because even when there is positive value in a solution to a particular problems, there may be many reasons why a customer will not buy.




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