Market research and framing the business idea

3. Market research

3.1. Classical methods

3.1.1 Polls & surveys

Surveys based on questionnaires are probably the classic market research instrument par excellence. The larger the sample, i.e. the more people are surveyed, the more accurate the results will be. Large - and above all representative - samples are often difficult to realize. It takes a lot of time and money to get a representative sample of the population.

Basically there are different forms of surveys:

- The personal survey, usually in public space, is one of the most popular options. Here the response rate is quite high and there is the possibility to show people product examples, advertising, small videos or the like.

- Telephone interviews are easier to organise and therefore cheaper than personal interviews. However, the resistance on the part of the called persons is often quite high; in addition, such forms of questioning are legally problematic.

- Surveys by letter are also an option; they generate an extremely low response rate and are therefore only suitable to a limited extent, especially as they can be quite complex and cost-intensive.

- Finally, online surveys are also possible. As a rule, these can be carried out very cost-effectively. Surveys with Surveymonkey, for example, are recommended. Simple surveys can even be set up free of charge. If you have a well optimized website online with a lot of traffic, you can also anchor your survey there and ask your potential customers, for example, in return for a whitepaper or similar. Fill out your survey. (But beware: Since the principles of the DSGVO the download may no longer be linked to a condition such as newsletter subscription or survey!)

Facebook and Instagram can also be used to create surveys that are not representative, but may still be helpful. This applies in particular if you place them in a group in which your target group can be found anyway. Then these free surveys are a great hack to get information about the wishes of your target group without big costs. It's a bit more exhausting if you set up such a community yourself before launching your product. Since you have them available again and again afterwards and can also directly inform about your product, it is often worth the effort.

3.1.2 Interviews

Generally quite elaborate and expensive, if you do it professionally, are interviews. But even there you can help yourself cheaply. Simply interview people from your wider environment. Of course, they should not be too close to you, but if you have potential customers in your circle of acquaintances, simply ask them if they are available for an interview. If you interview 5 to 10 people in this way, you will already get a good impression of your target group and their needs.

3.1.3 Focus groups

Usually this option is out of the question for you, unless you really have a lot of capital. Focus groups are often composed of six respondents and one interviewer. In addition, a recording clerk can be added. The setting should be pleasant, external disturbances should be excluded as much as possible.

3.1.4 Neurolabs

By far the most expensive variant is certainly working with a Neurolab. Admittedly, eye tracking, EEG and skin conductance - used in combination - are really helpful tools when it comes to UX testing (usability testing), for example. Various physiological stimuli can be used to analyse how the respondent reacts to a product, a website or a prototype. This physiological data provides an insight into what test persons are often unable to express explicitly. Therefore, these methods are a good complement to interviews when it comes to testing a pre-designed product to see if it is understood by users and identifying points for improvement. Such tests can also be carried out in museums and other "large" settings, for example by using mobile eye-tracking glasses. Unfortunately, the costs for these tests are very high.