How I do Market Research Before Building a Business in Two Days.

To be honest, I used to skip market research on purpose because I was afraid I'd find something similar.

And I didn't want to give up on my business idea.

Do you know that feeling?

The truth is, there's always something similar out there.

And building a business without market research is like driving a car without a steering wheel.

So, here are 4 reasons why I do market research:

• Learn from what others are already doing.

• Understand what makes my idea different.

• Identify what I can actually do better.

• Discover what's missing in the market.

When I shared a similar post on Reddit, I got an interesting question.

"How long does this process generally take before you decide to move on or stick with the idea?"

I give myself a maximum of two days to complete any activity, whether it's testing an idea, doing market research, or building a landing page.

Step by Step Guide: How I Do Market Research in Two Days Off

Step 1: COMPETITORS

I find 5 to 7 competitors and create an Excel spreadsheet with the following information:

• How they position themselves.

• Am I solving the same problem?

• Is it the same target audience?

• How do they make money?

• Pricing.

• What they do well (must-have).

• What they're missing (gap).

• Opportunities for me.

It usually takes me 2 to 3 hours, but it's extremely valuable because I use this information again and again.

For example, it can look like this:

Step 2: THE OPPORTUNITIES FOR ME

In this part, I focus on the last column, "Opportunities for Me," and choose the three most common opportunities.

That's the main focus and the core of my business idea.

Step 3: BECOME A CUSTOMER

I pick 2 competitors that look the most similar to my business idea and think about them from the perspective of a regular customer.

• I test the product.

• I subscribe to the newsletter.

• I download the app.

• I read reviews.

• I follow their social media.

This helps me a lot. I can see how they market their business, how they work with customers, whether their process is smooth, and what I could do better.

For example, before I started this blog, I found two businesses that were very similar to my idea. I even bought and read their books!

What Value my Business Idea Brings to Customers?

I feel like these days we sometimes forget to ask the most important questions and jump straight into building a business. With the internet, and especially AI, building things has never been easier.

But value is such a fundamental topic. What does value in business actually mean?

I'd say a business exists to create value for its customers.

A business creates value, and customers have money. Value is exchanged for money.

Customers have problems, and businesses provide solutions. The more valuable the solution is, the more willing people are to pay for it.

And the more people see value in a business, the more customers it will attract.

Okay, let's say it directly: NO VALUE = NO BUSINESS

Value doesn't come from the customer. It comes from you as the business owner.

These are my favorite three questions:

• What problem is my business solving?

• How will my business make money?

• What value does my business create?

  
  

Based on this information, I'm ready to translate these insights into a message that customers can understand in five seconds.

Why?

Because it's great practice for my landing page. When I understand the value my business creates, I need to find out if customers see the same value.

So, these are the four parts of a landing page that I focus on in the beginning:

1. Headline – Invite the customer into the story.

2. Subheadline – Explain the value more clearly.

3. CTA Button – Tell the customer what action to take.

4. CTA Text – Give them one more reason to click.

Conclusion

Let's do a quick recap of what we covered today:

• Finding competitors is actually a good sign.

• Market research is a huge source of information that can improve your business idea.

• Everything can be done during two days off.

• Becoming a customer of your competitors is one of the best things you can do.

• Value is what a business is all about.

• Once we understand the value, we need to translate it into a message that customers can understand.

I don't do market research to compete with other businesses or try to prove that I'm better, cheaper, or anything like that.

I've already tested my business idea to find out whether people have the problem and are looking for a solution.

I do market research because I want to learn.

I feel like market research is one of the biggest sources of information available. It helps me make sure I'm bringing value to the market and prepares me to communicate that value on my landing page.