Market Research
Validate your idea before investing a single cent
What is market research?
Market research answers: "Will people actually buy what I want to sell?" Before quitting your job or renting a space, you need to know if your market exists.
It's not a 100-page academic document. It's a pragmatic investigation that tells you: yes, there's demand and here's how much people will pay. Or no, change direction.
The 3 essential questions
Question 1 — Does the market exist? Look if people are searching for your type of product/service. If there are competitors, that's a good sign — it means there's a market.
Question 2 — How big is it? Don't just say "it's a big market." Put numbers on it.
Question 3 — Will customers pay? The only way to know: ask them. Not "would you like..." (everyone says yes). Ask "how much would you pay for..."
48-hour market research (free method)
Hours 1-4: Google Research — Search keywords, count results, read top sites, note prices.
Hours 4-8: Social Media — Search Facebook groups, Instagram hashtags, TikTok accounts.
Hours 8-16: Interviews — Contact 10 people matching your ideal customer. 15 minutes each.
Hours 16-24: Synthesis — Compile everything. Estimated market size, customer profile, acceptable price range.
Hours 24-48: Test — Create a landing page (YouDare does it in 30 seconds) and share it.
Key takeaways
- →3 questions: does the market exist? How big? Will customers pay?
- →Competitors = good sign, means there's a market
- →Ask 'how much would you pay' not 'would you like'
- →A serious market study takes 48 hours, not 6 months
Put it into practice
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