Market research involves: 1) Define research objectives—what decisions will this inform? 2) Secondary research—gather existing data from reports, databases, and public sources. 3) Primary research—interviews, surveys, and observation. 4) Competitive analysis—map competitors, positioning, and gaps. 5) Market sizing—calculate TAM, SAM, SOM. Budget $500-5,000 for basic research, $10K-50K for comprehensive studies. AI tools now enable $100-500 research that rivals $10K traditional studies.
Key How To Do Market Research Takeaways
- Define objectives—what decisions will research inform?
- Secondary research: reports, databases, public sources
- Primary research: interviews (20-30), surveys (100+)
- Competitive analysis: map positioning and gaps
- Market sizing: TAM, SAM, SOM calculations
- Budget: $500-5,000 basic, $10K-50K comprehensive
- AI tools: $100-500 for quality research
- Avoid confirmation bias and leading questions
How To Do Market Research Statistics
20-30
interviews for patterns
100+
survey responses needed
$500-5K
basic research cost
72%
startups skip research
How To Do Market Research FAQ
Expert Tips
Start with existing data
Secondary research is faster and cheaper than primary
Talk to non-customers too
Understand why people don't buy, not just why they do
Use AI for synthesis
AI tools can analyze hundreds of reviews in minutes