Market Research & Competitive Intelligence
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Market Research & Competitive Intelligence

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From Small Business Action Council, Greater Rome Chamber of Commerce

From Small Business Action Council, Greater Rome Chamber of Commerce

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Market Research & Competitive Intelligence Market Research & Competitive Intelligence Presentation Transcript

  • Market Research & Competitive Intelligence
  • Market Research
    Any organized effort to gather information about markets or customers in order to identify and analyze market need, market size, and competition.
    • Find potential customers.
    • Launch products.
    • Open new location.
    • Deepen relationships.
    • Wake up dormant relationships.
    • Find growth opportunities.
  • Types of Research
    Quantitative Vs. QualitativeInternal Vs. External
    Pre and Post Advertising
  • Types of Data
    Demographics
    Socioeconomics
    Firmographics
    Peer/Aspirant
    Psychographics
  • Questions to Ask: External
    How many customers could I have? (market size)
    How many customers am I missing? (market penetration)
    Is there a need for this product or service? (market need)
    Where’s the best place to locate my business? (market concentration)
    Who else is selling a similar product or service? (competition)
    What are different types of customers? (segmentation)
    What is the decision process for a buying customer? (motivation)
    Where is my industry going? (trend)
  • Data SourcesExternal
    Primary: Surveys, Focus Groups
    Secondary:
    • Census Data or Google Public Data
    • Berry Market Research Guide
    • James J. Hill Business Library
  • Data SourcesExternal
    Commercial:
    American Marketing Association
    Advertising Age
    Inc MagazineHarvard Business Review
    Hoovers
  • Data SourcesExternal
    Social
    Twitter
    LinkedIn
    Company.com
    SocialMention
    Technorati
  • Data Sources
    As It Happens
    Google Alert
    SocialMention Alert
    RSS Feeds
  • Questions to Ask: Internal
    Who are my customers? Where do they live? What do they do?
    Who are my best customers? Worst?
    How often do they buy? How much do they typically spend?
    How loyal are they to my product/service?
    What is their main motivation for buying?
    How have my customers changed?
    What else are they looking for?
    Why do they leave?
  • Data SourcesInternal Market
    web analytics
    surveys
    post purchase questionnaires
    focus groups
    case studies
    mystery shoppers
    catered lunch questionnaires
    top five best/worst interviews
  • Marketing Research
    Any organized effort to gather information about methodologies, processes, campaigns to reach your market.
    • Increase return on investment.
    • Get more customers.
    • Increase exposure.
    • Improve communications.
  • Marketing ResearchPost Advertising
    What is the best way to talk about my product/service?
    What defines success in a campaign? (volume vs. quality)
    What channels should I choose?
    Which channels were most successful?
    What was my return on investment?
  • Data SourcesPost Advertising
    A/B Testing
    Advertising Tracking
    Goal Funneling
  • Gather data because you want to do something with what you find.
  • Listen. Plan. Implement.
    Repeat.
    Marketing 2.0
  • SAIDigital
    http://www.saidigital.co
    Resources: about-us/workshops
    Twitter: @sai_digital
    706.622.4545