NVTC Entrepreneur CenterMarket Research in a Data Rich WorldEmily SummersTuesday, September 25, 2012
Goals from the Kauffman Center       •       •       •       •       •September 25, 2012
Today’s Agenda       • The World of Research       • Market Research Today       • Defining and Analyzing Your Target Mark...
The World of Research  Measure these                                                     To help refine these(can’t contro...
Market Research Today       •       •       •               If you’re smart about it, it doesn’t have to cost you an arm a...
Defining and Analyzing Your Target Market          For entrepreneurs…time is money. Here are three simple steps.       1. ...
Defining and Analyzing Your Target Market Looking At Your Competitors       1. Look at your competitors          – Who off...
Defining and Analyzing Your Target Market Analyze Your Market       • Determine the market size. Learn as much as you can ...
Defining and Analyzing Your Target Market (continued) Analyze Your Market―Resources       •    Edgar - http://www.sec.gov/...
Defining and Analyzing Your Target Market (continued) Confirm Your Market―Overview       3. Conducting primary market rese...
Defining and Analyzing Your Target Market (continued) Confirm Your Market―Core Methods       Core primary research methodo...
Defining and Analyzing Your Target Market (continued) Confirm Your Market―Interviews       Tips for conducting your own in...
Defining and Analyzing Your Target Market (continued) Confirm Your Market―Online Tools       •    Launchrock – collect use...
Defining and Analyzing Your Target Market (continued) Confirm Your Market― Social Media Tools       • Facebook – monitor p...
Research Organizational Models                         Cost           Pros                    Cons                 Resourc...
Leveraging Research for Positioning  Measure these                                                       To help refine th...
Product Versus Technology                            Features/   Product                                                  ...
Investor Perspectives The core issue is always how big really is the market for a particular product, and how expensive wi...
Investment Requirements       •    In-house = time + money       •    Independent consultant = 5-10k       •    Mid-size c...
Wrap-Up       •       •       •September 25, 2012
Questions?September 25, 2012
Thank you            Emily Summers            Market Torque            esummers@markettorque.com            (703) 869-2538...
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Nvtc mt fall2012 mkt research

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Nvtc mt fall2012 mkt research

  1. 1. NVTC Entrepreneur CenterMarket Research in a Data Rich WorldEmily SummersTuesday, September 25, 2012
  2. 2. Goals from the Kauffman Center • • • • •September 25, 2012
  3. 3. Today’s Agenda • The World of Research • Market Research Today • Defining and Analyzing Your Target Market – Looking at Your Competitors – Analyzing the Market – Confirming Your Market • Research Organizational Models • Leveraging Research for Positioning • Product Versus Technology • Investor Perspectives • Investment Requirements • Wrap-upSeptember 25, 2012
  4. 4. The World of Research Measure these To help refine these(can’t control them) (can control these) External Internal Projected Factors Competition Image Factors Market Product/ Needs/Gaps Service Qualifications Position Market Talent Perceptions Research has a world of applications. Today’s focus is on market research but all of these are valuable to your business growth. September 25, 2012
  5. 5. Market Research Today • • • If you’re smart about it, it doesn’t have to cost you an arm and a leg, but doing it WILL help you understand how to ensure your products and services are relevant.September 25, 2012
  6. 6. Defining and Analyzing Your Target Market For entrepreneurs…time is money. Here are three simple steps. 1. Look at Your Competitors – know who’s doing what. 2. Analyze Your Market – know the market size. 3. Confirm you market – validate people will pay.September 25, 2012
  7. 7. Defining and Analyzing Your Target Market Looking At Your Competitors 1. Look at your competitors – Who offers similar services? How do yours differ? – Where are your competitors weak? – Where is there a little white space? If you are on a team, this exercise is a great one to do with them. Each of you review your top 3-5 competitors. Which are the same ones listed over and over? This will help you focus your efforts on analyzing the top ones.September 25, 2012
  8. 8. Defining and Analyzing Your Target Market Analyze Your Market • Determine the market size. Learn as much as you can through publicly available sources. For example, if you’re launching an app targeting entrepreneurs, know how many entrepreneurs there are nationally, internationally, etc. • Segment the markets. Segment the groups into different segments and compare the market sizes. • Define who you want to target. Prioritize the market based on strengths and capabilities. For example, you launch the entrepreneur app in English and have a sales force you can readily deploy in the U.S., so you focus on that market first.September 25, 2012
  9. 9. Defining and Analyzing Your Target Market (continued) Analyze Your Market―Resources • Edgar - http://www.sec.gov/edgar.shtml • U.S. Census Bureau - http://factfinder2.census.gov/faces/nav/jsf/pages/index.xhtml http://www.census.gov/econ/ (look under businesses/industry) • Local libraries (Fairfax County/Arlington County) - log in with your library card – look for business databases – this varies county to county so ask the reference librarian what you are seeking. • B2C & demographic information (zip code lookup) - http://www.claritas.com/MyBestSegments/Default.jsp • Government contractors – GSA Schedules & procurement forecasts http://www.gsaelibrary.gsa.gov/ElibMain/home.do • Counties and states – many economic development authorities have information that you can look at (example: http://www.fairfaxcountyeda.org/demographics) ; also http://quickfacts.census.gov/qfd/states/00000.html • Google and LinkedIn – mining through data • Trade associations/research houses like Gartner – looking at research reports; a lot has already been conductedSeptember 25, 2012
  10. 10. Defining and Analyzing Your Target Market (continued) Confirm Your Market―Overview 3. Conducting primary market research – Nothing in your secondary research will tell you how customers and prospects will actually RESPOND to your products/services. – Test your idea with primary research: • Traditional market research (focus groups, IDIs, surveys) • New technologies and methodologies (1-2 questions on websites, meetup groups, community forums, Facebook pages, LinkedIN questions, etc.) • Friends and personal contactsSeptember 25, 2012
  11. 11. Defining and Analyzing Your Target Market (continued) Confirm Your Market―Core Methods Core primary research methodologies: • Surveys – good for analyzing info from large numbers • Focus groups – good for in-depth discussions, rich info. • Online panels – similar to focus groups but virtual • In-Depth Interviews – good for hard to get to people • Social media – good for general listeningSeptember 25, 2012
  12. 12. Defining and Analyzing Your Target Market (continued) Confirm Your Market―Interviews Tips for conducting your own interviews: • Do your homework. Learn as much about the market in advance as it can. Research the company for 20-30 minutes before your meeting so that you can easily establish rapport. • Be very familiar with your questions. Inevitably the conversation will take on a life of its own. The better you know your questions the easier it will be to weave them in. • Wrap up the conversation. Ask if you can follow up with them after you have gathered all of the information. This may help you connect with mentors/advisors later.September 25, 2012
  13. 13. Defining and Analyzing Your Target Market (continued) Confirm Your Market―Online Tools • Launchrock – collect user interest, monitor insights • Centercode – beta user testing • KISSinsights – post 1-2 questions on your website • GoogleAlerts – trends, keyword searches • Survey Monkey – online surveys, white label, logic, etc. • GetSatisfied – community forum • Google Analytics – look at interests, etc.September 25, 2012
  14. 14. Defining and Analyzing Your Target Market (continued) Confirm Your Market― Social Media Tools • Facebook – monitor people’s interests in your offerings and/or for you to see comments; pages similar to yours that have higher saturation may provide a lot of insight • LinkedIn – let’s you post questions to your site; allows for great secondary research into competitors and their people • Twitter – let’s you “listen” and monitor competitors, industry trends, etc.September 25, 2012
  15. 15. Research Organizational Models Cost Pros Cons Resources Required In-House/Self $ Can be quick, Best results if you Self, survey tool(s), inexpensive hard costs understand how to plan/outlet for leverage market recruiting participants research Student/Intern $ Inexpensive; digital May require a lot of Student/intern; in- natives are quick with hand holding; check house person to direct survey and other quality stringently and manage effort technologies closely Consultant $$ Know the right Slightly more Consultant, in-house questions, how to expensive than leadership structure a study; students – require an including timing and investment of recruiting, objective generally $5k+ Specialized Research $$$$ Highly seasoned Requires a large In-house leadership Firm/Marketing Firm professionals run investment. May have studies; very other offerings they thorough; large want to push bandwidth to get things done quicklySeptember 25, 2012
  16. 16. Leveraging Research for Positioning Measure these To help refine these(can’t control them) (can control these) External Internal Projected Factors Competition Image Factors Market Product/ Needs/Gaps Service Qualifications Position Market Talent Perceptions Gathering external market research helps you optimize your product’s position and services and refine your product offerings September 25, 2012
  17. 17. Product Versus Technology Features/ Product Benefits Attributes Tell what the features are. How do the features help customers. Research benefits: Research benefits: Users tell you what they Users tell you how your should be/what they would product/service is actually benefitting like them to be. them – these may be things you never would have thought of yourself. Use research to help you inform your product/service offerings features and to help articulate their real benefits.September 25, 2012
  18. 18. Investor Perspectives The core issue is always how big really is the market for a particular product, and how expensive will it be to reach that market. Big markets are better than small ones, but they come with other issues. The key is to get the cost of reaching the market in proportion to how expensive it will be to reach it. I always like to know the pain that the product is addressing as well. —April Young, Managing Director, Hercules Technology Growth Capital Market size is the most important. In addition, I look for: 1. A good understanding of the competition 2. Differentiation from the competition 3. Is the industry mature or growing 4. Is the industry receptive to change —Kathleen Crow, Managing Director, The McLean GroupSeptember 25, 2012
  19. 19. Investment Requirements • In-house = time + money • Independent consultant = 5-10k • Mid-size company = 20 - 20k • Established, large research house = 20k+September 25, 2012
  20. 20. Wrap-Up • • •September 25, 2012
  21. 21. Questions?September 25, 2012
  22. 22. Thank you Emily Summers Market Torque esummers@markettorque.com (703) 869-2538 www.Facebook.com/markettorqueSeptember 25, 2012

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