How to perform a market research for ico: Guide
The world of Crypto currency has exploded in recent years and thousands of initial coins (ico) have been launched. However, the lack of a clear understanding and a thorough market research can make it difficult for investors, entrepreneurs and companies to travel to a complex landscape.
In this article, we will provide a comprehensive guide on how to carry out a market research for ICOs, including steps, tools and best practices that will help you make the knowledge.
Why is market research important?
Before investing in ico or participating in one, it is crucial to understand the market. Here are some reasons why market research is essential:
- Termination of demand : Implementation of market research helps you confirm the demand for your project by analyzing customer feedback, social media and industry trends, you can make sure that there is a real need for your product or service.
- understand competition : Research of your competitors allows you to identify improvement areas, potential partnerships and differentiation opportunities.
- Improving the price strategy : Market research helps you determine the optimal price for your icon, taking into account the demand, competition and regulatory requirements.
- Improving risk management : Understanding market trends, investor feelings and risk factors, you can make the knowledge if you want to invest or participate in ICO.
Steps for carrying out market research for ico
- Define -Do project goals and goals
* Clearly outline your project’s mission, vision and goals.
* Identify the target audience and their needs.
- To perform an internet research
* Social Platforms (Twitter, LinkedIn, Reddit)
* Internet forums and communities
* Articles and news on the Internet
- Analyze your customer return information
* Collect feedback from potential customers through survey or interviews
* Analyze the feedback content to identify the pain and improvement areas.
- Evaluates industry trends
* Research industry reports, research works and academic studies
* Identify new trends and technologies that can affect your project.
- Evaluates the regulatory environment
* Know the relevant regulations and laws in your jurisdiction (eg SEC in the US).
- Collect data from potential partners
* Research potential partners and their offers
* Evaluates the product or service, market size and users base.
- Perform a competitor’s analysis
* Analyze the strengths, weaknesses and market positions of the competitors.
- Identify key participants on the market
* Determine key players on the target market.
tools to perform market research
- Tools to listen to social networks : Hootsuite, Sprout Social or Brand24
- Survey and dialing tools : Surveymonkey, Google Formms or Typorm
- Industry reports : CBI, Deloitte or McKinsey reports
- Internet communities : Reddit Forums (eg R/ICO), LinkedIn group or Internet community associated with your project.
- Platforms for market research : Quantitative analysis tools such as Google trends or ahrefs
best practices to perform market research
- Perform a thorough research : Make time for collecting and analyzing data from multiple sources.
- Be objective : Avoid being biased with personal opinions or emotions.
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- Search for tips from experts : See a professional or counselors for market analysis guides.
- Stay in progress : follow the market trends and adjust the strategy accordingly.
Conclusion
The implementation of a thorough market research is crucial at the beginning of ICO.