Arguably, organisational ecosystem today is outlining a very observable trend – breaking larger enterprises into infinitesimally smaller sized highly productive teams or spinoffs from the parent brand and moreover, emergence of a new class of dynamic entrepreneurs who are attempting to repaint the industrial landscape. Upstarts are bringing in innovation which is challenging behemoths in their home turf, at most times fighting for the same pie of the market and even winning it. Some get into creating a separate market altogether. Yet others are finding comfort in narrowing their focus, making it laser-sharp and going after ultra-niche market segments to avoid large scale competition clashes. The question is, what differentiates these high-octane start-ups from the thousand others who have an equally good product but are not as successful? Market research weaves this differentiation magic.

1. SUBHENDU PATTNAIK
MARKET RESEARCH
LEVERAGE THE POWER OF CROWD

2. SUBHENDU
• PhD Research Scholar – IIM Indore; Alum – S P Jain Singapore, NIT Rourkela
• Worked with Infosys, Tata, Mindfire, Cigniti, Gallop and many more brands.
• Co-Founder – Hyderabad Marketing Meetup & The Content Writer Connection
• Business Advisor – Startups & Enterprises on Go To Market strategy, Marketing
Strategy & Innovation
• Active Blogger, Editorial Columnist
• Winner of Top 100 Most Influential Global Marketing Leaders by World Marketing
Congress & CMO Asia.

3. AGENDA
• Power of Crowd
• What is Market Research?
• I don’t care – What happens then?
• How do you do Market Research (Steps)
• Market Research of the Future
• Connect the Dots. Generate Insights.
• Questions

4. THE CROWD IS CREATING INFORMATION.
LOADS OF THEM
• Every second we create new data. For example, we perform 40,000 search
queries every second (on Google alone), which makes it 3.5 mn searches per
day and 1.2 trillion searches per year.
• Facebook users send on average 31.25 million messages and view 2.77
million videos every minute. Every minute up to 300 hours of video are
uploaded to YouTube alone.
• Within five years there will be over 50 billion smart connected devices in the
world, all developed to collect, analyze and share data.
• At the moment less than 0.5% of all data is ever analysed and used, just
imagine the potential here.
Bernard Marr
Mind-
Boggling
Facts
Everyone
Must know.
- Sep, 2015

5. WHAT IS THE USE OF ALL THIS INFORMATION
• Standalone information or data is meaningless. Insights
derived from them are worth their weight in gold.
• What you are searching for is there. You have to find it.
Overwhelming Data Noise; Cutting the Clutter
• Market research is fundamental for decision making on
products & markets – the digital era provides marketing
professionals with a never-ending amount of data.
• Product Launch, New Service Launch, New Office Location,
New Market Entry, Competitor Intel, Account Penetration

6. 70% OF TIME, IT IS ABOUT MARKET RESEARCH
HERE IS WHY
1. Failure to Understand Consumer Needs and Wants
2. Fixing a Non-Existent Problem
3. Targeting the Wrong Market
4. Incorrect Pricing
5. Weak Team and Internal Capabilities **
6. Prolonged Development or Delayed Market Entry
(Timing)
7. Poor Execution**
7 Reasons
New
Products
Fail
- Dec, 2015
Pawel
Grabowski,
Copywriter of
Smashing Copy

7. INADEQUATE MARKET RESEARCH
OK, I TOTALLY GET IT.
B2B
Services
Companies
Too Suffer.
Many
Startups
shut down.

8. WHAT TO DO NEXT?
• Imagine yourself selling ice-cream.**
• Stop drinking your own kool-aid
• Forget – “If you build it, They will come”
• Stop believing that your product is your company
• Stop falling in love with your idea before product-market fit
• Do effective Market Research
Learn from
mistakes of
other
Entrepreneurs
- Dec, 2015
Lucas Carlson,
CIO at CenturyLink

9. STEPS TO DO MARKET RESEARCH
• Monitor with Indexing Alerts. Listen by Spending Time. Filter. Use.
• Search for Credible sources of information (Offline and Online)
• Devise your own scales or adopt existing scales and measuring instruments
• Check for external validity and not just in the labs
• Build Buyer persona ( Applicable for B2B, B2C, Startups and Enterprises)
• Identify Pain points and then map your solution

10. MARKET RESEARCH IS CONSTANTLY INNOVATING
THROW OUT THE PERCENTAGES
• Market research is constantly innovating. Methods that were once costly and complicated have
now become accessible and affordable. And yet, many marketers and researchers may still be
influenced by conventional quantitative research, chasing after percentages.
• By nature, consumer analysis should be accurate and objective when it comes to analysing,
classifying, and assessing consumer behaviour through data. An approach that was deemed second
best in the past, due to high costs or complications, may now, with advent of high technology, be used
as the most appropriate approach.
• In marketing, understanding the intended audience is as important as creating love for a brand’s
products and services. Rather than in the conventional classifications—gender, age, loyal users, etc.—
the future of marketing lies in analyses that gain insights into actual consumer behaviours.
Harvard
Business
Review
Business Review
Series

11. SEARCH. CONNECT THE DOTS. BUILD INSIGHTS.
GO TO MARKET
• Data always narrates a story.
• The stronger the relationship between what you needed to
know for your business and what you obtain from market
research, the stronger will be the narration of the story.
• The stronger the narration, the better will be the action
from what you discover.
• And you definitely know if the market research is done right
or wrong based on whether the data connects the dots for
you & inspires you to move or does nothing at all.

12. Q&A

13. THANK YOU
What is one thing you are taking
away from this webinar?
Tweet me @subhendupatnaik