Let’s meet Startup, NumBuzz Research:
In a few sentences, tell us what your start-up is all about!:
Free market research: our website allows start-ups and small businesses and anyone else to create surveys, get interviews and view the results, all for free.
What’s the catch? Before you can post your survey, you just need to answer the surveys of other people, just like you, who need free market research. By answering other surveys, you collect points which you can then spend on your own surveys to target your respondents more precisely and get a greater number of responses.
When was your startup founded? And what stage is your startup currently at?:
We started building our website around half a year ago, and our first user signed up in late March.
Who are your competitors? And what is your start-up’s competitive advantage over them?:
Our competitors are the traditional survey websites, like SurveyMonkey, etc. Our key advantages over these websites are:
1) Our surveys are not limited to 100 responses (which is the usual limitation for most other free survey websites). The current maximum our system allows is 500 (which we are intending to expand to 1000).
2) You can specifically target a particular country (which again, you usually do not have control over on other survey websites unless you pay) from: Canada, USA, UK and Australia.
3) You do not need to post your survey link on forums (again, the usual requirement for most other survey websites without paying extra), as everyone using our system answers each other’s surveys.
Let us know a bit about your team, who are the key team members and what is their role?:
Daniel: I’ve spent almost a decade in the market research industry. I monitor any questions that get sent in to our website, and concentrate on keeping the website running, backed up and secure.
Sarah: Built the website, and assists with marketing. Also has a couple of years’ experience in the market research industry.
If applicable, what is your growth like? And what milestones has your startup achieved so far?:
We’re still in the early stages of growing our user base, but we’ve already seen some interesting early results from our initial survey, and we’re looking forward to seeing more.
Why did you choose this particular idea and concept to build your start-up on?:
I’ve been getting increasingly frustrated with how expensive the market research industry is. We seem to spend more time creating elaborate tools to sell to multi national companies rather than giving something back to small businesses. Tools such as surveymonkey are okay, but by not taking responsibility for sourcing respondents they are leaving the hard part to their users.
Market research can be used by small businesses for two main needs:
1) Estimate the level of interest in, and current experiences of, a product or service that the business is intending to provide. The data can be used to see if enough people are interested in the product or service to make it worth selling, or to convince investors that the business understands their target market.
2) Gather statistics that can be used in advertising or blogs that the business releases. The data can be used to help build a story that convinces people the business understands what they need, or to see what slogans or phrases most appeal to their target market.
Do you have any customer feedback on your product and/or service that you could share?:
Even though it’s early days, we have already had an email from one lady in Canada who felt that we could help her support other ladies in Canada to start their businesses. That was a very gratifying email!
How big do you think you can get? Why? And how you are planning to achieve your goals?:
Big’ isn’t our concern: I am an enthusiast for market research, and if the service is of use to enough people then that will be a great achievement. Marketing itself is a new experience, and we are gradually trying out different methods, and keeping track of what’s working and what’s not working.
Are you looking for funding or are you open to partnership opportunities, and if so, what’s the best way for people to get in contact with you?:
Not particularly looking for investment or partnerships, although we are always open to ideas or feedback – so please email us at email@example.com if there is anything you would like to share with us.
Finally, do you have any other comments or information about your product that you would like to add?:
If you have a question about your potential market, or need some stats to flesh out your blogs, sign up and give us a go – it’s free, so you’ve got nothing to lose!
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