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Market Research

Market research for a UK startup doesn't need to be expensive or complex. Here's how to approach it practically:

Start with what's free

The best free sources for UK market data include the Office for National Statistics (ONS), Companies House (to research competitors), Statista, IBISWorld (often free through public libraries), and the British Business Bank. Google Trends is great for validating demand over time.

Understand your market size

You’ll want to estimate your Total Addressable Market (TAM), Serviceable Addressable Market (SAM), and Serviceable Obtainable Market (SOM). For UK-specific data, look at industry trade associations — almost every sector has one and they publish annual reports.

Talk to real people — this is the most valuable step

Aim for 20–30 interviews with your target customers before building anything. Ask about their current problems, what they already pay for, and what frustrates them. Avoid asking if they’d buy your product (people lie); instead ask about past behaviour. Tools like Calendly and a simple Notion doc to track findings keep this manageable.

Survey at scale cheaply

Google Forms or Typeform for free surveys, shared in relevant Facebook groups, Reddit communities (r/UKPersonalFinance, niche subreddits), LinkedIn, or via tools like Prolific Academic for paid UK respondents at low cost.

Analyse competitors thoroughly

Map out 5–10 competitors. Look at their pricing pages, read their customer reviews on Trustpilot and G2, check their job listings (reveals strategy), and use SimilarWeb for traffic estimates. Companies House shows their filed accounts — very useful for revenue estimates.

Validate with a landing page

Before building, put up a simple page describing your offer and capture emails or even take pre-orders. Running £50–100 of Google or Meta ads to it tells you a lot about real demand very quickly.

Segment your audience

UK markets can vary significantly by region, age group, and socioeconomic background. Think about whether your product is B2C or B2B, and if B2B, what company size you’re targeting — this affects your whole research approach.

Synthesise into a one-pager

Summarise your findings into: market size, key customer pain points, competitor landscape, your differentiation, and key risks. This becomes essential for pitching investors or applying for grants like Innovate UK.

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