✅ Why this step tells you if there’s a real opportunity out there
You may love the idea—but does the market want it?
Market research helps you understand what exists, what’s missing, and where your product fits. It reduces the risk of building something nobody wants or entering a market that’s already saturated. It’s how you learn from competitors, size your opportunity, and find your niche—before you invest too far.
📘 What you’ll learn
- Market size and growth trends
- Competitor products, pricing, and positioning
- Gaps, frustrations, and opportunities in current offerings
- Customer expectations, habits, and buying drivers
- Market constraints (regulatory, pricing pressure, etc.)
🛠️ Tools and methods
✅ Market Research Checklist
Define the market: Who is it for, and what category are you entering?
List direct and indirect competitors
Analyse their features, pricing, strengths, and weaknesses
Identify trends or shifts (tech, social, regulatory)
Look for gaps, niches, or underserved audiences
Summarise findings into themes: risks, opportunities, and signals
Example Competitor Scan Table
| Competitor | Key Features | Price Point | Weaknesses | Opportunity Signal |
| Brand A | Smart sensor + app | £149 | Short battery life | Simplify setup + longer use |
| Brand B | Low-cost manual version | £39 | No connectivity | Add IoT without big price |
| Brand C | Premium build + support | £199 | High cost | Compete on value + UX |
- Use Google, Amazon, app stores, analyst reports, and forums
- Review product manuals, reviews, and case studies where possible
⚠️ Mistakes to avoid
- Only looking at direct competitors—look sideways too
- Assuming customer reviews = market validation
- Ignoring B2B constraints like certification or channel requirements
- Forgetting market sizing—a small niche may not scale
💡 From product launchers
“We assumed the market was crowded—until we found three major pain points no one addressed. Market research showed us where to focus.”– Co-founder, Environmental Sensor Startup
💡 Look beyond product features. Pay attention to buying behaviour, language, and triggers.
🔗 Helpful links & resources
- Market Scan Template
- Download: Competitor Comparison Grid
- Article: How to Identify Gaps Without Reinventing the Wheel
- Follow-on: Value Goals
✍️ Quick self-check
Have we reviewed at least 3–5 key competitors or substitutes?
Do we understand how users are solving the problem today?
Have we identified gaps or frustration points in existing options?
Is our opportunity grounded in real signals—not just assumptions?
🎨 Visual concept (optional)
Illustration: A radar chart compares five products across features like cost, ease of use, and battery life. One zone is highlighted: “Gap – easy + affordable + connected”. A sticky note reads: “This is our entry wedge.”
Visual shows how structured market research reveals where your idea fits—and what it must do to win.