Market research questions for new business

Here are some market research questions that can help you gather valuable insights for your new business:

Target Market

  1. Who is your ideal customer?
  2. What are their demographics (age, gender, income, location)?
  3. What are their pain points or needs that your business can solve?
  4. How do they currently solve their problems or meet their needs?
  5. What are their purchasing habits and behaviors?

Market Size and Growth

  1. How large is the target market for your product or service?
  2. What is the growth rate of the market?
  3. Are there any trends or shifts in the market that could impact your business?
  4. Who are the key players in the market, and how do they operate?
  5. What are the barriers to entry for new businesses in this market?

Competitive Landscape

  1. Who are your main competitors, and what are their strengths and weaknesses?
  2. How do your products or services differ from those of your competitors?
  3. What are the competitive advantages and disadvantages of your business?
  4. How do customers perceive your competitors, and what are their pain points?
  5. Are there any opportunities to differentiate your business from competitors?

Product or Service

  1. What are the key features and benefits of your product or service?
  2. How does your product or service solve the problems or meet the needs of your target market?
  3. What are the unique selling points of your product or service?
  4. How do you plan to differentiate your product or service from those of your competitors?
  5. What are the production costs and pricing strategies for your product or service?

Marketing and Sales

  1. What are the most effective marketing channels for reaching your target market?
  2. How do you plan to promote your product or service to potential customers?
  3. What is the sales process for your product or service, and what are the key conversion points?
  4. How do you plan to measure the success of your marketing and sales efforts?
  5. What are the key performance indicators (KPIs) for your business?

Operations and Logistics

  1. What are the operational requirements for your business, such as equipment, facilities, and staffing?
  2. How do you plan to manage inventory, supply chain, and logistics?
  3. What are the key operational challenges and risks for your business?
  4. How do you plan to ensure quality control and consistency in your products or services?
  5. What are the regulatory requirements and compliance issues for your business?

Financial Projections

  1. What are your revenue projections for the first three years of operation?
  2. What are your projected expenses, including fixed and variable costs?
  3. What is your break-even analysis, and how long will it take to reach profitability?
  4. What are the key financial metrics for your business, such as gross margin, operating margin, and return on investment (ROI)?
  5. What are the potential funding options for your business, such as loans, grants, or investors?

These market research questions can help you gather valuable insights and information to inform your business plan and strategy. Remember to validate your assumptions and gather data from multiple sources to ensure the accuracy of your research.