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According to a CB Insights report, 42% of startups fail because there’s no market need for the product or service they offer. This is a distressing statistic for would-be entrepreneurs. An often overlooked or underappreciated first step to starting a new business is determining the market demand for the product or service. As a digital marketing expert, I see many first-time business owners get caught up in an interesting business idea but fail in engaging people through lack of demand. Demand can be created, but it takes time, extensive resources and some luck. Unless you have the capital of Apple or Microsoft, this isn’t a feasible strategy.

A better alternative is to identify your potential customers: people who would be interested in your product/service. Thankfully, learning about your potential market has never been more data-oriented, easy and most importantly, cost-effective. Let’s find out how.

Search Google And Browse Through Forums

Start your research by doing a Google search. Try to find out if there are businesses already doing what you want to do. If you can’t find any, find out if there are at least questions related to what you have planned. This is a good way to gauge the type and level of interest people online have.

Assuming you find an audience, learn the issues they are facing and see if you can address their pain points. For deeper insight, browse through the forum sites where these people often visit to find solutions to their problems. If you think you can provide a valuable answer to establish rapport, then ask them to give their feedback on your business idea.

Use Social Media Channels

Social media can be a useful platform to get in touch directly with your prospective buyers and get a better understanding of the market demand for your products/services. Create company pages and profiles on social media platforms that you think are best suited to promote your business idea, and post regularly about the products and services you offer and share them on different groups relevant to your business. Make sure to&nbsp;track whether your company profile is getting engagement and feedback by calculation conversions and looking at audience interaction.&nbsp;If yours is a B2C business idea, you can run paid ads on Facebook and track the engagement from Facebook Insights.

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According to a CB Insights report, 42% of startups fail because there’s no market need for the product or service they offer. This is a distressing statistic for would-be entrepreneurs. An often overlooked or underappreciated first step to starting a new business is determining the market demand for the product or service. As a digital marketing expert, I see many first-time business owners get caught up in an interesting business idea but fail in engaging people through lack of demand. Demand can be created, but it takes time, extensive resources and some luck. Unless you have the capital of Apple or Microsoft, this isn’t a feasible strategy.

A better alternative is to identify your potential customers: people who would be interested in your product/service. Thankfully, learning about your potential market has never been more data-oriented, easy and most importantly, cost-effective. Let’s find out how.

Search Google And Browse Through Forums

Start your research by doing a Google search. Try to find out if there are businesses already doing what you want to do. If you can’t find any, find out if there are at least questions related to what you have planned. This is a good way to gauge the type and level of interest people online have.

Assuming you find an audience, learn the issues they are facing and see if you can address their pain points. For deeper insight, browse through the forum sites where these people often visit to find solutions to their problems. If you think you can provide a valuable answer to establish rapport, then ask them to give their feedback on your business idea.

Use Social Media Channels

Social media can be a useful platform to get in touch directly with your prospective buyers and get a better understanding of the market demand for your products/services. Create company pages and profiles on social media platforms that you think are best suited to promote your business idea, and post regularly about the products and services you offer and share them on different groups relevant to your business. Make sure to track whether your company profile is getting engagement and feedback by calculation conversions and looking at audience interaction. If yours is a B2C business idea, you can run paid ads on Facebook and track the engagement from Facebook Insights.

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