Market research
for startups:
understand your customers and
reduce your risks
The big ones
spend enormous budgets
to research the marketplace
US $ 31.2 billion worldwide
US $ 3.2 billion in the UK
US ...
Those guys never
develop or market a product until they
reduced their risk to a minimum
40%	
  
26%	
  
22%	
  
12%	
  
How do they spend those 31bln?
To understand their customers
and reduce their risks
Unders...
Understand
•  What do customers need?
•  Are they ready to pay?
•  What colors they like?
•  What messages are relevant
to...
Well, maybe you wouldn’t
mind to understand and
reduce risks too?
Why startups
and SMEs are
not in the game?
It used to be expensive!
It used to take months!
This used to be true…
Nowadays most research
studies are just copy-pasted
by thousands of managers.
Expensive managers hours
in expensive offices.
DIY research was a
breakthrough in 2000s
SurveyMonkey: do it yourself!
850 000 surveys per months!
Belong
to paid
accounts
47%
250-300
thousands
paid surveys!
SurveyMonkey: write q’re
Write your
questionnaire
Max 10 questions
for free
No logic &
complex
questions for free
Distribute link for your survey
Max 100 responses for free
Still those are YOUR responses,
you have to find them
SurveyMonk...
See summarized
and raw responses
Pre-defined charts
and tables on per
question basis
No export for free
No analysis at all
...
SurveyMonkey
is a great tool,
still some challenges
do persist
What questions to ask?
—  It just seems easy to ask questions
—  But usually takes a little more time than you expected
— ...
How to find responses?
— You’ve launched your survey, now what?
Data collection takes
surprisingly a lot of time,
even if y...
How to interpret results?
For any non-trivial
questions answers
and percentages
itself are
meaningless.
You need action
st...
Next-gen research tools
are here to help
Write questions
Find respondents
Get results
Analyse results
Select target
Write questions
Get analysed
results
Select tar...
GCS: select target
GCS: build questionnaire
GCS: summary of results
Google Consumer Surveys
is good for …
Measuring market size
Do you own a dog?
Understanding customers
Which quality do you...
ZappiStore: buy product
ZappiStore brings SMBs expertise
of global MR companies
TNS Conversion Model
helps you identify and size growth opportunit...
ZappiStore: set-up and launch
ZappiStore is good for…
All situations when you have to show your
results to any outside parties
— You buy research produc...
Proved.co is about testing ideas
Start-up ideas
Product ideas
App ideas
Product features
Promo ideas
Product claims
Price ...
Proved.co: set-up
Pick your plan,
narrow your
target group
Type in your
idea, and click
Launch!
Proved.co: first feedback in minutes
Proved.co: your idea analysed and
scored against thousands of others
Proved.co is good for
— Validation of any business-related ideas
— New business / new product
— New marketing campaign / n...
Final
thoughts
— Whatever you do, it’s investment – of your
money, your time, your passion
— It’s time to understand your customers and
r...
Questions? Comments?
Alex Lomizov
Co-founder @Proved
E-mail: alex@proved.co
Web: http://proved.co
Twitter: @proved_co
Face...
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Market research for startups: understand customers and reduce risks

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Slides for the seminar on market research for startups and small businesses. Outline of DIY and full service market research tools which are either free or affordable for startups and SMEs. Todos and howtos for understanding customers and reducing business risks.

Market research for startups: understand customers and reduce risks

  1. 1. Market research for startups: understand your customers and reduce your risks
  2. 2. The big ones spend enormous budgets to research the marketplace US $ 31.2 billion worldwide US $ 3.2 billion in the UK US $ 9.9 billion in the USA
  3. 3. Those guys never develop or market a product until they reduced their risk to a minimum
  4. 4. 40%   26%   22%   12%   How do they spend those 31bln? To understand their customers and reduce their risks Understanding: U&A, qual, CRM Risk reduction: pre-tests, modeling Ad tracking Other
  5. 5. Understand •  What do customers need? •  Are they ready to pay? •  What colors they like? •  What messages are relevant to them? •  What services they expect? •  What and why they would tell their friends? Reduce risks •  What’s size of my market? •  Who will pay my price? •  Which design will sell better? •  What they understand from my ads? •  Is free delivery necessary? •  Who will recommend me?
  6. 6. Well, maybe you wouldn’t mind to understand and reduce risks too?
  7. 7. Why startups and SMEs are not in the game? It used to be expensive! It used to take months!
  8. 8. This used to be true…
  9. 9. Nowadays most research studies are just copy-pasted by thousands of managers. Expensive managers hours in expensive offices.
  10. 10. DIY research was a breakthrough in 2000s
  11. 11. SurveyMonkey: do it yourself!
  12. 12. 850 000 surveys per months! Belong to paid accounts 47% 250-300 thousands paid surveys!
  13. 13. SurveyMonkey: write q’re Write your questionnaire Max 10 questions for free No logic & complex questions for free
  14. 14. Distribute link for your survey Max 100 responses for free Still those are YOUR responses, you have to find them SurveyMonkey: find responses
  15. 15. See summarized and raw responses Pre-defined charts and tables on per question basis No export for free No analysis at all SurveyMonkey: analyze data
  16. 16. SurveyMonkey is a great tool, still some challenges do persist
  17. 17. What questions to ask? —  It just seems easy to ask questions —  But usually takes a little more time than you expected —  Not only your questions – introduction, profile, branch logic —  Question types are confusing —  SurveyMonkey questionnaire designer is for professionals, which is great if that’s who you are —  Results are quite sensitive to questionnaire wording, presentation and a lot of other little things —  Bottom line: you have to learn new things to design your own questionnaire
  18. 18. How to find responses? — You’ve launched your survey, now what? Data collection takes surprisingly a lot of time, even if you have an active customer base. 1.5-2 weeks is average! And what if you don’t?
  19. 19. How to interpret results? For any non-trivial questions answers and percentages itself are meaningless. You need action standards and benchmarks. Both are usually a byproduct of previous research experience.
  20. 20. Next-gen research tools are here to help
  21. 21. Write questions Find respondents Get results Analyse results Select target Write questions Get analysed results Select target Get analysed results Select target Get analysed results Up to 24 hours $0.10 - $3.50 per respondent £7 - £40 per respondent £1.70 per respondent
  22. 22. GCS: select target
  23. 23. GCS: build questionnaire
  24. 24. GCS: summary of results
  25. 25. Google Consumer Surveys is good for … Measuring market size Do you own a dog? Understanding customers Which quality do you look for most when purchasing a dog toy? Timely questions Which of the following messages do you like most for a dog toy company?
  26. 26. ZappiStore: buy product
  27. 27. ZappiStore brings SMBs expertise of global MR companies TNS Conversion Model helps you identify and size growth opportunities for your brand MillwardBrown eStatic helps you select the best creative for your brand Mmr Impackt helps you to optimize your packaging design
  28. 28. ZappiStore: set-up and launch
  29. 29. ZappiStore is good for… All situations when you have to show your results to any outside parties — You buy research product endorsed by recognized analytics brand — Still it costs thousands of pounds, though much cheaper than the same products bought directly from traditional agencies
  30. 30. Proved.co is about testing ideas Start-up ideas Product ideas App ideas Product features Promo ideas Product claims Price points — Get feedback from potential customers — Benchmark your ideas against thousands of others — 2 hours to get the resuts — £ 35 – 170 per idea
  31. 31. Proved.co: set-up Pick your plan, narrow your target group
  32. 32. Type in your idea, and click Launch!
  33. 33. Proved.co: first feedback in minutes
  34. 34. Proved.co: your idea analysed and scored against thousands of others
  35. 35. Proved.co is good for — Validation of any business-related ideas — New business / new product — New marketing campaign / new promotion — New price strategy / price promotion — Quick choice between two and more — Directions, concepts, ideas, messages, etc — Investment opportunities, etc.
  36. 36. Final thoughts
  37. 37. — Whatever you do, it’s investment – of your money, your time, your passion — It’s time to understand your customers and reduce your risks, like big guys do, because your investments are much more precious and risks are much more disastrous — Research your market, test your ideas. — You can do it yourself and learn a couple of new things in the process. — Or use a new generation of research tools: easy-to-use, fast, accurate and cost-effective.
  38. 38. Questions? Comments? Alex Lomizov Co-founder @Proved E-mail: alex@proved.co Web: http://proved.co Twitter: @proved_co Facebook: proved.co LinkedIn: alomizov
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