Market Research: How you can do it


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Market Research: How you can do it

  1. 1. Thanks to <br />Copyright (c) 2010<br />
  2. 2. How to BE GREAT at marketing your business always. <br />Plan for today. <br />It’s a reminder of things you SHOULD be doing!<br />This time – it IS about what you SHOULD do!<br />Copyright (c) 2010<br />
  3. 3. The power of market research: <br /><ul><li>A friend of mine has an idea for a good food restaurant.
  4. 4. This restaurant cooked food, beautiful food, from every corner of the world.
  5. 5. His idea was that everyone loved food, everyone loved every type of food. And he would serve every type of food for them.
  6. 6. You would have a Japanese starter, a Mexican main and an English desert. </li></li></ul><li>Did this restaurant work?<br />
  7. 7. Did this restaurant work?<br /><ul><li>He never asked the people in the locality if they wanted it.
  8. 8. He wanted to market to every person no matter what age, sex or race they were.
  9. 9. He didn’t have enough money to market to everyone.
  10. 10. It is easy to be critical of the idea. But maybe we miss the point.
  11. 11. Market research is NOT to our friends and family! </li></ul>Copyright (c) 2010<br />
  12. 12. So why would you want to do market research? <br /><ul><li>To save your money – as if you launch something which people won’t buy then there is no point.
  13. 13. To save your time – as you can keep ploughing time into ideas which at present are unfeasible.
  14. 14. To save your energy – which just like time, IS a finite resource. You can keep investing your youth into a project – but perhaps you should research it’s potential first?</li></ul>Copyright (c) 2010<br />
  15. 15. A more serious answer...<br />Marketing research fulfils three main purposes which any successful campaign must be targeted towards.<br />It identifies the potential customer; it then attracts him/  her to the company through the product or service on offer and thereafter keeps him loyal to the company by ensuring consistent customer satisfaction. <br />Clearly therefore marketing research is a crucial component in any business setting.<br />Marketing takes care of all the major considerations customers take into account when making a purchase.<br />Copyright (c) 2010<br />
  16. 16. More serious places you can go. <br />This is for MACRO research. <br /><br /><br /><br />More privately and on a micro scale. <br /><br />BUT – this I have never used them.... As you can always DIY – and that’s the point of today. <br />Copyright (c) 2010<br />
  17. 17. How can we research? <br />Could you do competitor analysis….<br />Yes – everyone does this first. <br />Could you do Mintel and Keynotes to see the size of the industry and growth patterns? <br />Maybe – but sometimes creative industries too small for this to be worth while. <br />Could you do some face to face research with your target demographic?<br />Yes – but this can be scary.<br />And can be.....<br />Copyright (c) 2010<br />
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  19. 19. So... Focus groups<br />You can get a group of people together and ask them questions about a product / service– this is a focus group. Best served with refreshments  <br />BIG Q: What would make people come to your focus group for your idea, in the first place?<br />Where do your target demographic naturally form?<br />Are there any other groups you could hijack?<br />Are they social, do they congregate in groups? <br />Are they loners or difficult to get at? <br />How might this change your idea?<br />Copyright (c) 2010<br />
  20. 20. The power of market research: <br /><ul><li>What questions could you ask?
  21. 21. What about how big is the market?
  22. 22. How much do they want to buy NOW?
  23. 23. What might stop them from buying from you?
  24. 24. What about new products / services?
  25. 25. Always go for broke and go for honesty – it is better to get a no. </li></ul>Copyright (c) 2010<br />
  26. 26. 13<br />What questions could you ask?<br />What are you competition doing which is better than you? <br />Research your competition. See you niche. Find out where you are in the eco system. <br />Be more like a laser beam than a light bulb. <br />Market intelligence is the essence of Great Guerrilla marketing. <br />Copyright (c) 2010<br />
  27. 27. How could you market research Online?<br />As many demographics are online. <br />How can we engage with them? <br />Copyright (c) 2010<br />
  28. 28. What about the Tinterweb? <br />Ask Google what people are searching for:<br />What keywords are people searching for right now?<br />Researching your keywords<br />Google keywords analysis: <br /><br />SEO tool book <br /><br />You can also use things like: WordTracker and Keyword Discovery – amongst others.<br />Copyright (c) 2010<br />
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  30. 30. What about the Tinterweb? <br />Ask Google what people used to search for:<br />What keywords are going up / going down?<br />Researching your keywords trends: <br />Google trends / zeitgeist: interesting<br /><br />New is Google insights: even more fun<br /><br />Copyright (c) 2010<br />
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  32. 32.
  33. 33. What about over time?<br />Never presume:<br />Today’s markets will last forever<br />What about in the past?<br />Copyright (c) 2010<br />
  34. 34.
  35. 35. What about by region and new phrases?<br />What about for <br />financial advice?<br />Copyright (c) 2010<br />
  36. 36.
  37. 37. What about the trends in just the UK?<br />What about for <br />financial advice?<br />Copyright (c) 2010<br />
  38. 38.
  39. 39. I know! <br />But this is relevant to all ideas! <br />As it shows you more information in a minute – than we used to get in a year!<br />And now we have web 2.0 as well  <br />Copyright (c) 2010<br />
  40. 40. Web 2.0<br />Web 1.0 was about connecting people to information. <br />Now with web 2.0 its about connecting people with people. <br />Social networking and web 2.0 tools are a double edged sword. <br />As marketing legend Seth Godin puts it: <br />The best new media (like blogs and possibly twitter) open doors to people who didn't used to have a voice. <br />The worst ones (like blogs and possibly twitter) merely create new venues for scams and senseless yelling. <br />It is this ‘voice’ that we can start to listen to….<br />Copyright (c) 2010<br />
  41. 41. 28<br />What is social media / social networking?<br />What is the difference between web 1.0 and web 2.0? <br />What counts / what doesn’t?<br />Copyright (c) 2010<br />
  42. 42. You have to get this. <br />
  43. 43. 30<br />Why should we care?<br />Discuss in your groups.<br />By 2010 Gen Y will outnumber Baby Boomers….<br />96% of them have joined a social network.<br /> Social Media has overtaken <br />porn as the #1 activity on the Web<br />Copyright (c) 2010<br />
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  45. 45.
  46. 46. Newest from Ofcom for the UK.<br /><ul><li>Young people are by far the most avid users, with more than two thirds of 16-24 year olds likely to network on a regular basis in 2009 (69 per cent) along with half of 25-34 year olds (54 per cent).
  47. 47. Moving into the older demographics, there is a huge drop off among 35-44 year olds (28 per cent)
  48. 48. Uptake continues to decline until you find just one in 20 over 65s engaging regularly with social media (4 per cent).
  49. 49. Perhaps surprisingly, there is also a marked gender divide.
  50. 50. Females dominate the space with four in ten saying that they regularly visit social media sites (40 per cent).
  51. 51. Contrast that with the three in ten males who frequently access Facebook, Twitter and the rest (29 per cent) and you quickly build up the picture of a strongly female-centric landscape. </li></ul>Copyright (c) 2010<br />
  52. 52. 34<br />So who’s your demographic?<br />How old are they, what sex, how much do they earn, what’s their name, do they use social media? <br />Copyright (c) 2010<br />
  53. 53. Draw your target demographic.Then answer the following: <br /> How much do they make? What do they look like? What do they wear? What’s their name? How old are they?Do they love you? <br />Copyright (c) 2010<br />
  54. 54. 36<br />So who’s your demographic?<br />Without knowing who it is – your idea no matter how powerful – will probably fail...!<br />As your market research will be %^&$<br />Copyright (c) 2010<br />
  55. 55. Web 2.0<br />So how could we listen to them?<br />Facebook. Why? <br />More than 600 million people use it. <br />People spend 3x’s amount of time on facebook than Google.<br />The fastest growing demographic isn't always what you think. <br />You can test your idea with a small amount of money with PPC advertising .<br />You can do things for free and then leave them. <br />Maybe set up a group of facebook and see reaction? <br />People are up for socialising and chatting about your idea on Facebook . Like a focus group. <br />Other ideas using Facebook technology. <br />Copyright (c) 2010<br />
  56. 56. Facebook<br />So how could we listen to them?<br />Facebook. Why? <br />More than 600 million people use it. <br />People spend 3x’s amount of time on facebook than Google.<br />The fastest growing demographic isn't always what you think. <br />You can test your idea with a small amount of money with PPC advertising .<br />You can do things for free and then leave them. <br />Maybe set up a group of facebook and see reaction? <br />People are up for socialising and chatting about your idea on Facebook . Like a focus group. <br />Other ideas using Facebook technology. <br />Copyright (c) 2010<br />
  57. 57. Blogs<br />Maybe listen through Blogs. <br />Why? Aren’t all bloggers nuts? <br />Not anymore....there are 200,000 of them. <br />Demographics:<br />– Two-thirds are male<br />– 60% are 18-44<br />– Well educated & relatively affluent<br />Motivations<br />– 75% describe themselves as “sincere”<br />– 72% blog to share their expertise<br />Maybe see how many people blog about it?<br /><br />
  58. 58. You tube and Digg<br />Maybe listen through Youtube<br />How many videos are there about it? <br />How many people are searching for it? <br /><br />Can you simple post a video asking people if they like an idea? <br />What if someone steals it? <br />1% inspiration – the rest is perspiration. <br />Back to the future shoes – a classic example. <br />Maybe listen through Digg etc etc<br />If people are digging it – then there is an audience potential to it / for it. <br />Copyright (c) 2010<br />
  59. 59. Twitter<br />Maybe listen through Twitter?<br />Why? 100 millions tweets a day. <br />It’s audience is growing and growing especially below the 35 year age group. <br />How? A good indicator of the relative popularity of a certain word, phrase, or topic is how often people post about them. If the first page of search results comes up with posts made over the past day or two, chances are the topic is not that popular. If the first page is filled up with posts from the past minute, it is a red hot topic.<br /><br /><br />Copyright (c) 2010<br />
  60. 60. How else could you ask questions? <br />You could create polls. <br /><br />Copyright (c) 2010<br />
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  62. 62. How else could you ask questions? <br />You could create surveys.<br />Through<br /><br />Copyright (c) 2010<br />
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  64. 64. How else could you ask questions? <br />You could create totally separate websites<br />Through<br /><br />Copyright (c) 2010<br />
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  66. 66. How could you do this cheaply?<br />You could use: <br /><br />Or the microsoft / yahoo / word press sites. <br />And even use Google forms to collect the data. <br />Copyright (c) 2010<br />
  67. 67. Do you have a database of potential customers? <br />If so <br />Then ALL the main Mail service providers have a survey function on there. <br />Copyright (c) 2010<br />
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  69. 69. 51<br />So who would be the best demographic to online market research?<br />Answers please.<br />Or....<br />Is it more about psychographic? <br />Copyright (c) 2010<br />
  70. 70. Why Market research? Is it so you cannot fail?<br />Copyright (c) 2010<br />
  71. 71. What would you do if you had no fear of failure?<br />Copyright (c) 2010<br />
  72. 72. Big businesses names They never failed?<br />Copyright (c) 2010<br />
  73. 73. RUBBISH!<br />Copyright (c) 2010<br />
  74. 74. Which ones failed first?<br />Larry Page’s idea<br />First three attempts failed to make money.<br />Now it’s Google<br />Max Levchin’s idea<br />First seven attempts failed to break even. <br />Now it’s Pay Pal. <br />Steve Job’s ideas.<br />We’re awful. <br />Now their Apple and ipods / iphones.<br />Niklas Zennstrom prototype. <br />Bombed and they had no investment. <br />Now it’s Skype. <br />Copyright 2009 ©<br />
  75. 75. Some classic mistakes made<br />Thinking big but NOT thinking about scale. Got ambitious growth plans? Great, but be clear and realistic about how you're going to get there, and when. Think about infrastructure and choose IT systems, suppliers and distribution channels that can scale with you.<br />NOT user-testing.Test everything. Make sure your target customers actually like the way it looks and works, and find out how much they'd pay for it. Your family and friends are not customers, by the way: they'll sugar-coat. You need people you don't know. Trust me.<br />NOT setting targets.Having a vision focuses your efforts and creates structure. Your ambitions may well change but having a starting point helps immensely. <br />NOT DOING YOUR MARKET RESEARCH FIRST!!!<br />Copyright (c) 2010<br />
  76. 76. How do I know these ones?I made (some / all) of them!<br />Copyright (c) 2010<br />
  77. 77. Thanks to <br />Copyright (c) 2010<br />