Comment faire une étude de marché ?

Summary

A third of new businesses fail within three years due to insufficient market research. Stéphane Gachet, an expert at In Extenso, stresses the importance of conducting a market study to validate business ideas. Entrepreneurs must answer two key questions: who will buy their product and who are their competitors? The study involves both general market research and a deep dive into local customer needs and competition. Gachet recommends using external expertise to help analyze findings and avoid biased conclusions. A solid market study is essential to crafting a successful business strategy and attracting investors.

Takeaways

• 😀 Market research is essential for the survival of startups; one-third of new businesses fail within three years due to insufficient market research.
• 😀 Without market research, launching a business is like buying a house without seeing the neighborhood – it's risky and uncertain.
• 😀 Market research helps answer two key questions: Who will buy your product or service? Who are your competitors?
• 😀 A thorough market study allows entrepreneurs to define a clear commercial strategy, set competitive prices, and identify key advantages.
• 😀 Market research can also help legitimize your business idea in the eyes of banks and potential investors.
• 😀 Market research involves two main stages: gathering general market information and studying the local market (target area).
• 😀 To collect general information, refer to specialized press, reports, and resources from organizations like INSEE or France Entrepreneurs.
• 😀 When studying the local market, analyze your competition and customer base (demand), and define your market positioning.
• 😀 To study competitors, check their websites, financial statements, and possibly play the 'mystery customer' to gain insights.
• 😀 For understanding customer demand, interview businesses or potential clients to ensure your product or service aligns with their needs.
• 😀 The advice for first-time entrepreneurs is to avoid bias by considering both positive and negative aspects of the market data they gather, possibly seeking external expert help for a neutral perspective.

Q & A

Why do one-third of startups fail within three years?

One-third of startups fail within three years primarily due to insufficient or nonexistent market research, which prevents entrepreneurs from understanding the feasibility and competitive landscape of their business.

What role does market research play in the success of a startup?

Market research helps define a clear commercial strategy, set appropriate pricing, identify competitive advantages, and build credibility with investors and banks, all of which are crucial for the survival and growth of a startup.

What are the two main questions that a market study should answer?

A market study should answer two main questions: 'Who will buy my product or service?' and 'Who are my competitors, and what are they offering?'

What are the two main steps in conducting a market study?

The two main steps in conducting a market study are: (1) General information gathering about the overall market (e.g., market size, growth rate, maturity) and (2) A localized study focusing on your specific market area (zone de chalandise), analyzing competition and customer demand.

How can entrepreneurs gather general information for their market study?

Entrepreneurs can gather general market information from sources such as industry reports, professional associations, government agencies (like INSEE or France Entrepreneurs), and specialized publications. Many of these resources are freely available online.

What is the importance of studying the local market during a market study?

Studying the local market is essential because the global market trends may not always apply to a specific region. Understanding local competition, customer behavior, and demographic characteristics helps tailor your strategy for the right audience in your specific area.

Can you provide an example of how local market conditions may differ from general trends?

For example, in northern France, 70% of people prefer traditional frangipane galettes des rois, while in the south, the preference shifts towards brioche-based galettes. Such regional preferences highlight the need for localized market studies.

What methods can be used to analyze local competition?

To analyze local competition, entrepreneurs should examine competitors' websites, check their financial reports on platforms like societe.com, and conduct mystery shopping to assess their offerings, customer service, and pricing.

How should entrepreneurs analyze customer demand for their products or services?

Entrepreneurs can analyze customer demand by conducting surveys, interviews, or focus groups with potential customers. They should also look at demographic data (age, gender, income, etc.) and study purchasing behavior to understand if there is a match between their offerings and customer needs.

What common mistake do entrepreneurs make when analyzing market research data?

A common mistake is focusing only on the positive aspects of the market research, overlooking potential challenges or negative findings. This can lead to overconfidence and poor decision-making. An external, neutral perspective can help ensure a balanced analysis.

Why is it important to seek expert advice when conducting a market study?

Expert advice is valuable because it provides an objective, experienced perspective on market data, helping entrepreneurs avoid biases and ensuring a more accurate understanding of market conditions and their business's potential.

What resources can entrepreneurs use to access free market studies and industry data?

Entrepreneurs can access free market studies and industry data from government websites (e.g., INSEE, France Entrepreneurs), professional organizations, industry publications, and various online databases that offer valuable reports and insights into market trends.