Market Research for Broke College Students

Do you have a passion, a goal, something you want to create, but not sure how to make this idea a reality?

Pause, and consider if you know the following:  What is my product’s intended goal? Who is going to use my product? Is there already a product on the market accomplishing this goal?

If you don't have the answers to all of these questions (which is totally okay!), market research is a great place to start.

First, consider what type of information you need. Is that data already available, or do you need to create it yourself? By focusing on what you and your business need early on, you can reduce unnecessary workload and costs, two things you don’t have time for as a busy college student trying to balance work, school, and life.

Still not sure if market research is worth the time, consider the following:

Market research can help improve the customer experience and better hone your target market, but most importantly, it helps reduce the risk of failure down the road due to a poorly researched business plan.

Now that I have you bought into why market research is so important, here’s a few possible routes you should consider as a broke college student:

USE Your College’s Resources:

While there are certainly setbacks to being a founder still in school, such as time constraints, financial backing, or feeling alone in your work. You have to recognize the benefits you inherently DO have as a student. This can look like a space like The Foundry that provides mentoring and advising wherever you are in your startup life, or for finding fellow founders right here at UVA.

Another great resource is the sheer number of people you have access to. If you currently have an idea that revolves around college life, now is the time to start. You and your peers are the best target audience you are going to find. It might seem scary, but don't let that stop you from taking advantage of this time in your life. This is the time for interviews, creating focus groups, or leveraging your student network.

Find Relevant Industry Reports:

A great resource that will save money, and more importantly time is data that already exists. This type of data is secondary research and while it might not be as aligned with your specific venture, it can be great for initial insights and help you understand the bigger picture of the industry you hope to enter. Your status as a student can once again be your superpower if you let it. Access research studies through the university library system that can provide you with high-quality sources, or find relevant data from sources like the ones I list below.

Ibisworld Statista: Campus License allows free access for students under UVA Pew Research Center Google Trends CB Insights (Try out through the free trial feature!) BEA DATA: Focus on Consumer Spending, US government website

Addressing Local Competition, then Expanding

Real and perceived competitors are a great way to broaden your understanding. While there are expensive tools that can be a resource if you prefer, another route to consider is a simple Google search. If you are attempting this method, be on the lookout for three different types of companies: direct competitors, secondary competitors, and tertiary competitors. Direct competitors are companies that are providing very similar products or services to the same audience as you. Secondary competitors are providing a product or service that is similar, yet might be catering to an audience that is looking for a more high end or low end version of your own company. Lastly, not to be overlooked is a tertiary competitor which is providing a different product but still catering to the same type of audience that your own venture hopes to capture. Competitors are a great lens into what is working and what isn’t working in your industry and for your audience.

If you are feeling overwhelmed with a highly saturated market, consider finding competitors close to you (literally speaking). Hone your Google search to your local community or region and work your way out. See what being a consumer at your closest competitor is like to understand what can be improved and what they are doing well. Lastly, never disregard the value of reviews. Online reviews are great qualitative data at your disposal for the great price of free!

DIY Data:

This option can be the most rewarding if done correctly and can grant you valuable insight into your specific goal. That being said, it is also the most time-consuming.

Depending on where you are in your process, this may look like casting a wide net with the hope of capturing as much data as possible to better understand who would be best suited for your product. If this is you, focus on identifying who has a need for your product and what the requirements are that users would need in order to see themselves as a user. This stage is a great opportunity to leverage your college resources and student network as stated above. Create surveys and focus groups that focus on whether people are currently using or are open to using a product similar to your own, and if the answer is yes, keep moving. If its not, look into why not. Participants that respond positively can be the answer to who your target audience or end user is, so look beyond the yes and take the time to understand what their background is.

If you have already narrowed down your target audience to a specific population of intended users you are one step ahead. You should try to focus on finding out what their user requirements are, and why they feel this way.

Use your target audience to better administer tests such as surveys, interviews, and focus groups. These will provide you with the data you need to move forward. Surveys are great tools to gather larger numbers of quantitative data, whereas interviews and focus groups can explain the why for this data.

Research Checklist

Do customers clearly recognize the problem? Did you hear consistent patterns in interviews? Have multiple customers shown real interest in a solution? Does the market seem large enough to support a business? Do you feel your assumptions are validated (not guesses)? Sample Questions: Provide 3-5 example survey or interview questions specific to market research that students can adapt for their ventures. "On a scale of 1–5, how painful or frustrating is this problem for you?" Averages across many responses help set priority. “How often do you experience this problem?”

Options: Daily / Weekly / Monthly / Rarely / Never Frequency helps students identify high-need users. “Which of the following best describes how you currently solve this problem?” Provides structured data on existing behaviors. “How likely would you be to try a new solution that helped you with this problem?

If at the end of the day you still feel like you're stuck and you need more resources that you simply can't afford right now, it might be time to look into an incubator program. These programs can provide you with funding and resources such as mentorship that could be the missing ingredient to finding your perfect product market fit.

Building something new can feel overwhelming, especially without funding or experience. Don’t let that stop you. Start where you are, use what you have, and lean on the resources around you.