How to Do Market Research for Startups - Guide, Strategies & Tools in 2020

i think i have created a great product i've done everything from scratch i have already a lot of new customers i think they would be fall in love with what i'm doing i think it's time to buy a new tesla or a new house wake up hey guys my name is dennis bevich and i'm founder and ceo at cdbt limits software consultancy and development and in this video i'd like to share with you how you could save up to 60 on your software development expenditures if you want to do product from scratch by doing just

only proper competitor research so let's start [Music] let's say you have already proven idea and you know what you really need to do but slow down your horses just a little bit before you go to a software development stage just let's do a proper competitor research and why it's important i will explain this one to you right now so there is a three types of competitor search what you should do imagine that you built already a great product and you're ready to push this red launch button and like everything is ready you're ready you're so

excited and you're clicking on this launch button and nothing is happening you're not getting any leads you don't know what's channel worth your attention you dislike a google ads facebook ads maybe instagram youtube linkedin or anything else or it's a time to call mom and dad and ask them if they know the right people who could help you with your products and maybe they have enough influence to help you with that let's be honest the last one is still the best one okay so let's say your person doesn't have this influence or they don't know

how to help you with so what you need to do so first of all you need to do a competitor research to get a better understanding what kind of ads they're running how do they do their marketing and what kind of perhaps maybe even a keywords they're using on a google adwords is their name it's a like i don't know maybe a well-branded name and you could buy their branded traffic and save a lot of money on that so there is a lot of different special services which would help you with that but let me

give you a three of them which i think the best one it's a similar web app tweak and simrash so what kind of information you need to track from these sources first of all you need to identify do they have landing pages for their different product second thing is you need to identify how they are doing their email marketing campaign because it's really important for you to get better understanding which of these channels is the most powerful one you could easily subscribe into their email campaign and get their emails and identify what's going on there

what else so also you need to identify via these tools like what kind of keywords they're using in a google ads let me just give you an example imagine that you're a local moving company in chicago and your standard keywords that you would gonna definitely buy would be something like i move from chicago to new york or something like that and each click of these keywords would cost you something around 30 bucks but your smart competitor is not using these keywords because they are too expensive for them and what do they use your competitor is

buying keywords something like how to package things when you are moving and this like a keyword will cost them something around two bucks you see it's like it's a smart strategy because like they not just buying these keywords they are using these keywords and putting their audience to a specific landing page where they're explaining like how you could properly package like a beer boxes and things like that when you're planning to move and like i don't know maybe some kind of additional tips and things like that so you see what they're doing they are giving

them educational materials up front because they know that this customer would be definitely going to be their customer in one or in two months but it's much more cheaper to buy these kind of customers next big thing it's like hey you need to know how your competitors is doing a communication with their customer through the user interface it's crucially important let me give you another example how this services is doing communication with their customers and it's insane so i started using an app two week a long time ago and at the beginning they asked me

to add like uh my credit card information they charge me one bucks and then they just do a fund but when it comes to time when they need to charge me like a standard subscription fee they wasn't able to do that smart enough when you do working with subscriptions and when they wasn't able to charge me for this like uh 30 bucks for the subscription they start asking me why i don't want to use their service and there was a bunch of questions but each of these like questions and quizzes just guide me to the

one simple thing like we will give you a discount upfront and please start using our service and this thing is not quite obvious to you until you go to your competitors and you identify that they're using these kind of things in their user interface and you know what i i've done with the app tweak i've subscribed because like a 50 discount it's still a great deal right another thing is a bit more complicated it's a user flow research so let's say you want to make a some kind of food delivery app and you don't know

what kind of things you need to do in this app like uh what kind of steps in the user interface should be implemented like how grab your attention of your customers or like where should i at these like offers and deals and so on so let's go and see what kind of examples already exist in this market and one of the top-notch players it's a domino's pizza so when you're looking at companies like dominus you could realize that they already spent millions of their marketing budget to identify what kind of user flow works best and

they have already 100 proven practices in their user flow what they're using so what you need to do you need just copy it it's really really simple because at the beginning of your startup you don't need to reinvent the wheel you just need to copy the best practices from the market and then you could add your unique idea your unique value and so on that's it it's so simple okay so let's summarize you should do a marketing research of your competitors you should identify user flow of your competitors and you should look at really big

companies who's like perhaps your competitors or perhaps not your competitors and look at their user flow and try to copy it because the thing is that these simple steps would help you really save up to 60 on your development expenditures because once again you don't need to reinvent the wheel especially at this stage okay guys i hope this video was useful for you so click like subscribe on the channel don't forget to click on this ring bell button because it's once again it would help me promote this video for this youtube algorithms and lastly don't

forget to drop your comments down below if you have any questions see ya [Music] you