Market Research Basics: Consumer & Market Size Questions

Part 2: Consumer & Market Size Questions

The second aspect of market research is customer discovery and sizing your market. Some questions you'll ask:

• Who are my customers, and what are they like?
• What is the size of my market?
• How much will customers pay for my product or service?
• Will customers be consumers or other businesses? (Business-to-consumer or business-to-business?)

Answering these questions will take both secondary research (data, reports) and primary research (surveys, focus groups).

This section introduces you to sources of secondary data for customer discovery and market sizing, primarily for business-to-consumer ventures. If your venture's customers are other businesses, you'll start with the information sources on the Finding Competitors page.

Demographic data answers the question "Who are my customers?"

Psychographic data will tell you what they are like, how they spend their time and money, and why.

Topics in this section:

• How to size a market
• Finding demographic data
• Finding psychographic data