Market research components

Market research has several main parts that help you make better product decisions. These different parts work together to give you a complete picture of the market and guide your strategy.

The key components of market research include:

• Overall market landscape: "Is this market worth pursuing?" Understanding the broader context in which your product exists, including market size, growth rate, and industry trends. This provides the foundation for all other research.
• Customer research: "What do users truly need and value?" Investigating who your customers are, what they need, and how they behave when interacting with products in your category. This reveals opportunities to create value.
• Competitive analysis: "How can we stand out in this space?" Examining competitors' offerings, strategies, and market positioning to identify gaps and differentiation opportunities.

For a complete picture, your research plan should address all 3 components, though you may emphasize different aspects depending on your specific objectives.

Map out the key questions you need to answer within each market research component for your product. Identify at least 2-3 questions for each component that would provide valuable insights.^[1]