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6 min

5 steps to conduct tech market research

In this post, we'll run you through the 5 steps to conduct tech market research

Apr 21, 2023
B2B market research
B2C market research


A well-defined tech market research plan can lead to a successful startup idea or business venture. It's no secret that competition in the tech industry is fierce and getting fiercer. To stand out from other companies, you need to clearly define your target audience. It's also a good idea to come up with relevant questions that will help you better understand your potential customers' needs. Once this is done, you can gather primary data through surveys and interviews with people who are familiar with your product category or industry. In essence, conducting proper tech market research involves asking questions about the current state of affairs in order to identify potential gaps in your product. You can then analyse what could be done differently by introducing new products or services into the marketplace.

1. Define your market, target audience, and questions for your tech market research project

The way to define your target market for tech market research is by first defining what you mean by "tech." This can be done by conducting an audit of the products and services in your industry. Once you know what kind of tech you're talking about, you can then use this information to determine who your audience is. For example, if you're selling a new smartphone app that lets people send each other money using emojis, you'll want to focus on people who are interested in technology and finance.

Once you've determined who your target audience is, it's time to create questions that will help you understand their needs, wants, and desires. You can do this by thinking about what makes them different from other groups within your target market. This could be things like age or gender (if applicable), income level, or education level. It might even be something as simple as whether they live in an urban area or rural area. Once these questions have been created, it's time to ask them! There are many different ways to do this. Some of them include one-on-one interviews; surveys; and focus groups.

If you don't have a solid understanding of what needs solving, then you won't be able to identify solutions or make sound decisions later on in your process. Here are some examples of problems that tech companies could solve:

  • How can we increase user engagement? (user retention)
  • Is there anything we can do to increase conversions? (conversion rate)
  • What do our customers want next? (product roadmap)

2. Use data to understand the marketplace

Data is the basis of any good business decision. The more you know about your target audience and competitors, the better positioned you'll be to make smart decisions. Data can help you understand your target audience by providing insight into their needs and wants, as well as their behaviors, attitudes, and preferences. It also gives you an idea of how much money they spend on technology products or services in general. This, therefore, helps inform future marketing strategies. For example,  if most people are willing to spend less than $100 per year on apps then it might not be worth spending too much time developing an app. As part of this research process,  you should speak with potential customers directly through surveys or interviews. Learn more about the advantages of data-driven decision-making in this post.

3. Look for gaps in the market

Once you have an idea of your product category, it's time to look at the market as a whole. The next step is to identify opportunities where there are gaps in technology or service offerings. This can help you determine whether there is a need for your product or service, and if so, what type of value it will provide customers. It also helps ensure that you're making an informed decision about entering. If you're considering entering an established industry but don't know much about its current state, here are some questions to ask yourself:

  • What products are being sold?
  • How many players currently exist?
  • Are any companies struggling with profitability?
  • What percentage of total revenue comes from online sales versus brick-and-mortar locations?
  • Or if this isn't a brick-and-mortar type industry (e.g., video game development), what platforms do they support most heavily (e., iOS vs Android)?

4. Collect, analyse, and interpret data from your tech market research project

Once you've determined the problem and set your goals, it's time to get down to business. The first thing you should do is conduct primary research. This involves reviewing existing data and conducting interviews with relevant stakeholders who have firsthand experience with or knowledge of the issue at hand. By conducting this type of market research, you can gain insight into how customers currently behave. Additionally, you can know what they expect from a solution like yours (if any). Once you've collected, analysed, and interpreted your data, it's time to use it in order to answer some important questions about your market. These include:

  • What are the trends and patterns in my industry?
  • Who is my target audience? How can I reach them more effectively?
  • Where do my customers spend their time online? How how does that differ from other brands in my space?

You should also use secondary research to confirm your findings. Secondary research is a type of research that uses data collected by others, rather than original primary data. In other words, it's not original but instead relies on existing information or research conducted by another party. For example, if you're looking into tech trends in Europe and find out that a lot of people are purchasing iPads there because they're affordable and easy to use (based on your primary research), then you can use secondary sources like Google Trends’ "Digital Future in Focus" report to verify this information.

5. Communicate your results and make decisions

The last step is to communicate your results and make decisions. This can be the most challenging part because there are so many ways to do this. This can be done in many ways, including:

  • A brief summary of your findings (e.g., "We found that the average monthly salary of developers is $15K.")
  • Visual aids (e.g., charts or graphs) that help illustrate key takeaways from the data you gathered during the research phase.
  • Clear recommendations for the next steps based on what you learned from market research and customer interviews. These should include actionable items such as "add this feature" or "remove this feature."

Some additional tips on how to conduct tech market research

Tech market research is a type of market research that deals with the development and use of technology. It can be conducted in a variety of ways, depending on what type of tech product or service you are trying to sell. For example, if you're trying to sell software, then your tech market research might involve studying why people are interested in your software and what they are looking for in it. If you're selling hardware, then your tech market research would involve figuring out what types of devices customers want to buy and how much they are willing to pay for them. In the following sections, let's look at some additional tips to conduct tech market research.

Come up with a research question

The first step in conducting tech market research is to come up with a research question. Before you can begin looking for answers, it's important to define the problem. The main goal of this step is to narrow down your focus and determine what exactly it is that you want to know about the market. For example: "What are the most popular social media sites among millennials?" or "How do people feel about drones being used by police officers?" Asking good questions will help ensure that your research project has direction and purpose. 

List your stakeholders

Stakeholders are those who have a vested interest in your company. They include customers, employees, investors, and partners. Customers are the most important stakeholders because they buy your product or service. Other stakeholders can help you reach your customers.

For example: If you are building an IoT device for use by factory workers then the factory owner would be considered one of your key stakeholders since he will be using the product (and paying for it). On top of that he may also be able to provide valuable insights into how his employees use their devices at work every day which will help improve usability or other aspects of the design process!

Identify your data sources

A next step in the process is to identify your data sources. Data can come from internal or external sources, or a combination of both. Internal data sources include sales and customer service records, while external data sources may include social media, blogs, industry research, and surveys conducted with customers or prospects (or both). Combination data sources might include interviews with employees who are knowledgeable about the market for your product or service.

When deciding which type(s) of information you want to collect as part of your market research project, whether it be qualitative findings such as those gathered through interviews with potential customers; quantitative findings such as statistics related directly back into numbers across industries; or both, you should consider which approach makes the most sense.

An example of a tech market research project

Let's say that you're in the tech space and want to launch a new product. You want to conduct market research for the same. How would you go about this? Check out some tips below.

1. Define your target market

A good place to start is by defining your target market, which will help you narrow down the scope of your research. Are you looking for a product that would be useful for an individual, or for an entire company? How many people will use the product? Once you have answers to these questions, it'll be much easier to determine how much time and money you want to spend on researching the market.

2. Gather information about current trends in the tech industry

Your next step is gathering information about current trends in the tech industry. This can include reading articles, watching videos, and listening to podcasts, anything that will help you get a better understanding of what's going on right now in your niche market. You'll also want to look at other markets so that you can see how they're evolving as well!

3. Find out if there are any patents or trademarks related to your idea

After gathering all this information about existing products or services, it's important to check whether there are any patents or trademarks related to them already, especially if you plan on selling something similar! 

Conducting tech market research will help you succeed in your business

Running tech market research can help you improve your business or launch a new one. It will help you understand:

  • Your target audience. Who are they? What do they want? Where do they hang out online? What else do they buy, besides what we sell? How much are they willing to spend on our product/service? Who is not willing to pay that price point?
  • Our competition. Who are our competitors' customers and how does their product compare with ours in terms of features and price points, quality control issues (if any), brand recognition, etc.? How can we gain market share from them by offering better products at lower costs than theirs while maintaining profitability?

Tech market research is the process of collecting, analysing, and interpreting data about your target audience. It can help you understand what they need, what they're willing to pay for, who they are, and where they live. If you're looking to launch a tech startup or expand your business, it's important to conduct market research. By following these five steps, you'll be able to get an accurate picture of the industry and identify potential challenges and opportunities. The results of this research will help guide decisions related to pricing strategies, product development, and marketing campaigns. It can also assist with developing new products or services based on customer feedback. Found this article useful? You might also want to check out: the 6 benefits of conducting tech market research.

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