market research tools

I’ve written a lot lately about market research for my recent workshop, on Accelerating Business Value with Market Research. We covered topics like market demographics and overcoming market research myths (particularly, that it’s not necessary to be successful. It is). But what are the questions that companies need to focus on to direct their research?

• (DOWNLOAD our Market Research Tool Box 47-slide PowerPoint for just $9.95)

There is no magical shortlist that will cover all possible avenues of research, but these 15 market research questions will get any company off to a good start:

1. What is the market size?
2. What is the growth rate?
3. What stage of development is the industry (introduction, growth, mature)?
4. What is the number of industry participants (who, size, reputation, niche, strategy)?
5. What is the nature of competition (price, quality, delivery mechanisms)?
6. Are there barriers to entry (costs, regulatory approvals, expertise)?
7. What trends exist (social, political, economic, technology)?
8. What are the prospects for the industry?
9. What are the key drivers for success (profitability)?
10. Have there been any acquisitions in the industry?
11. Is the industry fragmented or is it dominated by large suppliers?
12. Are there underserved market opportunities?
13. How are sales channels organized?
14. What are the value chain structures (horizontal and vertical)? Who are the key players in each category?
15. What do buyers need?

These are all critical questions for startups and growing corporations in any industry. Investors want to see that you have done your homework and have a good handle on customers, competitors and industry dynamics.

• To learn more, check out our Market Research Tool Box containing 47 PowerPoint slides with an overview of the tools you can use in conducting market research to make better decisions.

What questions would you add to our list of important market research questions?