4 Phases of Market Research to Ensure Success

Table of contents

Failure is almost a rite of passage in the startup space, with  crashing and burning. Tellingly, fail because they created a product no one wanted to buy.

And there’s a lesson there: No matter how good your idea, you need to make sure there is a market out there that wants to experience your vision — not the other way around. That’s why researching your idea is just as critical as having it to begin with.


To ensure you keep your business on track, don’t just conduct market research before you launch. Dig deeper at each and every phase of your startup. Here’s how.

1. Identify the problem you’re solving.

The ideation phase is where you have that aha! moment, gaining clarity on not just a problem, but its solution. This is also the phase where you need to conduct your first round of market research.

Take a company called Pay By Touch. Though that now-defunct organization seemed to be on to something with its biometric payment technology, market research would have told its founders that consumers didn’t yet see a need to pay with the touch of a finger.

It wasn’t until much later that people saw the benefit of such technology — most notably with , when 40 million customers’ credit card numbers were hacked.

Avoid Pay By Touch’s fate by identifying the problem you plan to solve. Does a solution already exist? Can you improve upon it? This will be the raison d’être of your business. But don’t stop there. To determine the size of the potential market and to capture competitive data, conduct first-hand research with .

Ideally, you should try to reach random, anonymous users, to ensure a good fit for your product. You can get a truer sense of potential customers’ opinions via in-person meetings, social networks or through a Quora post.

2. Get the green light on your intuition.

If you’re confident your idea is an interesting one, next ask yourself: Can I actually build a product people want? This is the validation stage, where you back up your intuitions with reliable data.

WebTV, for example,  with the launch of an interactive TV service. Founded in 1996, WebTV’s device promised to bring the internet into more homes without the use of a PC. That was an interesting concept, but one riddled with problems — chief among them, need. This was the question the company’s leaders failed to ask: Do people want to surf the web, and read their email, on their televisions?

People didn’t want to use their TVs for web-browsing 20 years ago, and they don’t use their smart TVs for the same task today. Turns out, only about  who own TVs use them for web browsing, and even fewer for gaming, shopping or email. And this data was culled back in 2012! With adoption at such a low rate even now, the idea certainly was not ahead of its time.

Market fit is crucial, so you have to determine whether your target audience is truly interested in your product and willing to pay for it. To make that detrmination, gather both  through in-person interviews and anonymous surveys. What data points can you use when talking to product teams? You will need to represent your data in easily digestible, bite-sized pieces that are both easy to remember and effective.


3. Adjust according to customer taste.

Congratulations! You’ve made it to the process improvement phase. People have shown genuine interest in your product, and you’ve started to convert consumers into customers. Now is the time to focus on conversion, but the question remains, how?

Back in 1998, boo.com set out to become the world’s first online global sports retailer. It had a massive $60 billion target market, $130 million in funding and the first-mover advantage. On its day of launch, the site brought in roughly . However, only one in 250 people placed an order — a conversion rate of just 0.25 percent.

The company hadn’t done the research to determine whether consumers had the technology necessary to use the site, so download times were slow, and prices were higher than consumers were willing to spend, especially given the prolonged shipment time.

To overcome problems like these, you should continue to test reactions post-launch, gathering feedback from users to improve efficiencies and adjust as needed. Figure out what you lack. Do you have a clear call-to-action (CTA) and gated content on your homepage to ? Analyze their behavior to learn who chose not to, even after diving into your pricing and other details.

4. Turn traction into momentum.

You’ve achieved product-market fit, and you’re scaling web traffic to sizable numbers. Now you have to decide whether to expand or pivot — the growth stage. Can you scale? Can you enter a new market? You must weigh customer acquisition costs against lifetime value.

Nearly  fail due to premature scaling, illustrating just how tricky it can be to determine scalability. If you find you’ve built the wrong product, added the wrong features, hired too many people too early or not raised enough money, you might be trying to scale too quickly. Stay focused on your business model, and adapt it as necessary to the changing market. It should always be a work in progress.

To scale in a sustainable way, you need a larger portion of the market. So test your marketing out in competitors’ key markets too and even in totally different markets, locales or demographics. Focus on differentiating your product by adjusting your message to outmaneuver the competition.


In the startup space, you’re bound to make mistakes. Succeeding is all about how you react to them. Will you learn from missteps, and move forward? Or will you ignore the signs that say your product isn’t a market fit?

All the information you need is at your disposal; you just need to research it.

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with MyStudyWriters
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Business and administrative studies
Customer 452773, February 23rd, 2023
Looks great and appreciate the help.
Customer 452675, April 26th, 2021
Business and administrative studies
Customer 452773, March 3rd, 2023
Business and administrative studies
Thank you for your hard work and help
Customer 452773, February 21st, 2023
excellent work
Customer 452773, October 6th, 2023
Business and administrative studies
excellent job thank you Your Score 166.25/ 175- A 1. Current Culture 15% of total grade 18.37 Criterion "1. Current Culture" has textual feedback Criterion Feedback I see interesting points, though, in general they are not about the culture.
Customer 452773, June 4th, 2023
Social Work and Human Services
Great work I would love to continue working with this writer thought out the 11 week course.
Customer 452667, May 30th, 2021
Business and administrative studies
excellent job! got an A, thank you
Customer 452773, May 24th, 2023
Thank youuuu
Customer 452729, May 30th, 2021
Thank you for your hard work and help.
Customer 452773, February 13th, 2023
Leadership Studies
excellent job as always
Customer 452773, September 2nd, 2023
Thank you!!! I received my order in record timing.
Customer 452551, February 9th, 2021
Customer reviews in total
Current satisfaction rate
3 pages
Average paper length
Customers referred by a friend
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat

Sometimes it is hard to do all the work on your own

Let us help you get a good grade on your paper. Get professional help and free up your time for more important courses. Let us handle your;

  • Dissertations and Thesis
  • Essays
  • All Assignments

  • Research papers
  • Terms Papers
  • Online Classes
Live ChatWhatsApp