Answer:
There are a lot of different market research methods but here is a quite logical way to carry it out:
- searching all the free existing market research information that exist. Information about your market, the demand, the competitors, etc.
- After using this information to adapt your product/service, you can carry out a qualitative market research. You need to find few people (5-10) from your target market (potential future customers). You organize a meeting with them in order to ask them as many questions and feedback regarding your product/services.
- Then, from the information you got from this meeting you can again adpat a bit your product and validate the trends and feedback they gave you thanks to a quantitative market research (surveys) in order to quantify this information. For that you need to create a questionnaire and administrate it to a number of people, again part of your potential clients. The number of people to survey can vary and will depend a bit of the profile of your target market. It can be from 100 to 1000-2000 respondents, depending as well on your budget.
Then you have enough feedback and information to adapt your product/service to what people are looking for and don't have today with the competitors on the market.
Good luck!