How to Do Market Research for a Business Idea (With AI in 2023)

Market research is essential when starting a new business or launching a new product. It helps you understand your target audience, their needs, preferences, and the competition in the market.

Let's explore how to conduct market research for your new business idea and how AI, specifically Bizway's AI Assistant, can speed up the process.

1. Choose a Target Market

What is it?

• Target market refers to a specific group of consumers who are most likely to buy your product or service.

How to do it:

• Identify the demographic and psychographic characteristics of your potential customers.
• Understand their needs, preferences, and buying behavior.
• Brainstorm various target populations (e.g. 'Students', 'Gen Z', 'Doctors in the US') and compare groups.

How AI can help speed it up:

• Bizway's AI Assistant can help you brainstorm and identify relevant target markets for your business idea.

2. Estimate Target Market Size

What is it?

• Market size is the total number of potential customers or the total revenue opportunity for your product or service.

How to do it:

• Calculate the number of potential customers and their spending power.

How AI can help speed it up:

• Bizway's AI Assistant can assist in estimating the size of your target market, providing quick and accurate results.

3. Research Key Competitors

What is it?

• Competitor research involves identifying and evaluating your competitors, their strategies, strengths, and weaknesses.

How to do it:

• Analyze their products, pricing, marketing strategies, and customer reviews.

How AI can help speed it up:

• Bizway's AI Assistant can help you research competitors, gathering data and providing insights faster than traditional methods.

4. Consider Your Business' Positioning in That Market

What is it?

• Market positioning refers to the effort to influence consumer perception of a brand or product relative to the perception of competing brands or products.

How to do it:

• Define your unique selling proposition (USP) that differentiates you from your competitors.
• Communicate this USP effectively to your target market.

How AI can help speed it up:

• Bizway's AI Assistant can provide valuable insights into how your business can position itself uniquely in the market.

All of your research can be saved directly in Bizway under your 'Market' page details, which can then be used to generate future plans for your business, like content strategy plans, go-to-market plans, and more. With AI and Bizway, market research becomes a more efficient and insightful process, setting your business up for success.