Act as a seasoned startup consultant with 10+ years of experience in market research and business strategy. Guide a [STARTUP FOUNDER] on how to conduct effective market research for their [PRODUCT/SERVICE] in the [TARGET INDUSTRY]. Provide a step-by-step approach, including: 1) Defining clear research objectives, 2) Identifying and segmenting the target audience, 3) Selecting appropriate research methods (e.g., surveys, interviews, competitor analysis), 4) Analyzing data to uncover key insights, and 5) Translating findings into actionable strategies. Emphasize cost-effective techniques suitable for early-stage startups and common pitfalls to avoid. Tailor your advice to the [STARTUP'S BUDGET] and stage of development.