DIY Market Research
What to Research:
- Market size: How many potential customers?
- Competition: Who else is selling?
- Customer needs: What problems do they have?
- Pricing: What's the going rate?
- Channels: How do customers buy?
- Trends: What's growing?
Using Business Databases for Research:
- Download list of competitors (see who's in market)
- Download list of end customers (size opportunity)
- Call 10-20 potential customers (get feedback)
- Analyze results (what did you learn?)
- Adjust strategy (pivot or double down?)
Cost: ₹1,000-5,000 in database costs + your time = ₹50k+ value of insights
Timeline: 2-4 weeks of research vs. 3-4 months with consulting firm
Result: Data-driven decisions = lower risk, faster growth