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Market research for startups: how to do it without a budget, a panel or a survey

Most market research advice assumes a budget you do not have. This is the version for someone with no money and no panel: the raw material is public, the work is reading it in a disciplined order, and the expensive part — asking people questions — is the part that misleads you most.

On this page

  1. 1The five questions research has to answer
  2. 2Where the free evidence actually is
  3. 3Why surveys and interviews mislead
  4. 4Turning evidence into a market analysis
  5. 5Reading a market trend without a keyword tool
  6. 6How this site runs the same process

The five questions research has to answer

Market research is not a document, it is five answers. If a report does not contain all five, it is a literature review with a chart in it, and the decision it was written for is still unmade.

  • Who has this problem, and how many of them are there — counted as distinct people, not as a market-size figure copied from a press release.
  • What it costs them today: money spent, hours lost, or a workaround they maintain by hand.
  • What they use instead right now, and what they say about it when they are not being sold to.
  • Whether money already moves: someone paying for a worse answer is the single strongest signal in any research file.
  • Which direction the last few months point, separately from the total. A large declining market and a small growing one look identical in a size estimate.

Where the free evidence actually is

The useful material is writing people produced for their own reasons, before they knew anyone was studying them. That rules out anything written to be read by a buyer, and rules in support forums, issue trackers, app-store reviews, question sites and the complaint threads of communities built around a job rather than a product.

For a Vietnamese market the same rule holds with different addresses: app-store reviews in Vietnamese, Facebook groups organised around a trade, and the support threads of the services people already pay for. The language is the barrier that keeps most of this out of English-language research, which is exactly why it is still worth reading.

Why surveys and interviews mislead

A survey asks a person to predict their own future behaviour, which people are reliably bad at, and it asks in a setting where being encouraging is free. The answer you get back is what the respondent believes a reasonable person would say. It is not evidence about a market, it is evidence about politeness.

An unprompted complaint has the opposite property. Nobody writes a four-paragraph post about a broken workflow to be agreeable; they write it because the problem cost them something that day. The cost is already paid before you arrive, which is what makes the record trustworthy.

Interviews are worth doing, but after the evidence, not instead of it — and to ask what someone did last month, never what they would do next month.

Turning evidence into a market analysis

A market analysis is the step where scattered reading becomes a number you can compare against another number. The mechanics are unglamorous: group every post that describes the same underlying problem regardless of wording, count distinct authors rather than posts, then check each group against the supply side — who sells into it, at what price, and what their own users complain about.

The grouping step is where manual research usually fails. One problem is written thirty ways, and a person searching by keyword finds the phrasing they happened to think of and misses the twenty-nine they did not — which makes a real market look like thirty unrelated small ones.

How this site runs the same process

Opportunity Market performs these steps continuously rather than once per project: it collects public posts, clusters different phrasings of one problem together, counts distinct authors, and scores each cluster on demand, pain, momentum, competition, monetization potential, market size and evidence quality. Every figure links back to the posts it came from, so the research is checkable rather than assertable.

Problems the research pipeline surfaced most recently

Measured from public posts, updated continuously — every row links to its evidence

1
Lack of Drivers for Quick Order Acceptance
Delivery & Logistics Apps
44.1
2
Frequent Transaction Errors in Money Transfers
Banking & Payment Apps
25.2
3
Scentbird Subscription Service Issues
Customer Support
43.9
4
Frustrating User Experience with This App
Business Management Software
38.4
5
Offline Access for Mobile Apps
Mobile Apps
23.1
6
Frustration with Paycom Functionality
Business Management Software
20.3

Frequently asked

How do I do market research with no money?
Read what people wrote for their own reasons — support forums, issue trackers, app-store reviews, question sites — group posts describing the same problem, and count distinct authors. The evidence is free; the discipline is the cost.
What is the difference between market research and market analysis?
Research is gathering the evidence; analysis is turning it into comparable numbers — grouped problems, counts of distinct people, and a read on who already serves the market. Research without analysis is a folder of links.
Are surveys useful for startup market research?
Rarely, and never first. A survey asks people to predict their own behaviour in a setting where encouragement is free. Use unprompted complaints for evidence, and interviews afterwards to ask what someone actually did last month.
How long should market research take?
Days, not months. A week of disciplined reading answers the five questions well enough to decide; anything longer is usually avoidance of the decision the research was for.
Do I need a market size number?
You need a count of distinct people with the problem and a direction of travel. A top-down market-size figure copied from an industry report survives no contact with a real decision.

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