3.4 conducting market research.pptx

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Lean Startup and other business practice books teach you to find what you're looking for but often lack the mechanics to see the answers. Here is a short discussion on how to do cost-effective market research.

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3.4 conducting market research.pptx

  1. 1. Conducting Cost-Effective Market Research This presentation is made possible by the support of the American People through the United States Agency for International Development (USAID). The contents of this presentation are the sole responsibility of Rasmussen International and do not necessarily reflect the views of USAID or the United States Government.
  2. 2. Market Research •  Every investor asks the questions: –  How big is this market? –  Who else is participating? –  Can you be a dominant player? •  Determine what customers need and want •  In line with the Steve Blank and Lean Startup methodologies
  3. 3. Market Research Outcomes •  Know the Market Size: –  TAM –  SAM –  SOM •  Create “A day in the life” of your customers - What they need - What they care about - How would they use your type of product/service - Why should they care about you    
  4. 4. Four Diagrams.. Segmentation Business Model Market Size Competitive Map
  5. 5. Conducting Market Research •  Use methods such as •  Surveys •  Talking to people •  Group sessions… •  In order to discover: •  •  •  •  •  •  Who is interested in my product or service? How many such people are there? Why do the need me? Why will they buy from me? How many can we reach easily? Where are they looking?
  6. 6. Methods for Market Research Number of people being researched Online Surveys Focus Groups Interviews Validating adaptability Validating solution stack Validating unmet need
  7. 7. Questions that provide clarity •  Customers: –  Who are the customers? –  Who will pay me money? –  How many such people exist? –  Who will use this product? What are they looking for? How badly do they need it? •  Purchase process –  –  –  –  –  –  •  Why will they buy from me? What is the buying process and who needs to approve this purchase? What are their selection criteria? At what price point will they select to buy? Why would they not buy? Why have they not bought this solution from someone else until now? Who will be my initial target given my marketing budget?
  8. 8. Resources & Techniques Understand Needs Validate Solution Interviews and Surveys Lean Startup Size the Market Public and Private Sources Who is the Customer? Business Model Interviews and Surveys Build, Measure, Learn
  9. 9. Startup Workshop Free Sizing Data: www.census.gov
  10. 10. Public Data: Associations They want to speak with you This is the value they give to their client
  11. 11. The Planning Shop Associations http://www.planningshop.com/associations/
  12. 12. SEC Reports •  Public companies must file disclosure reports –  Annual: 10K –  Quarterly: 10Q –  Includes market risk and competitive threats •  Companies going public –  File S-1 registration statements –  Current products and strategies –  Market data, market risk
  13. 13. Conducting online research Find Association members listing Member company website Create email list of executives Send emailTell them Value Prop & Link to take survey Zoomerang.com SurveyMonkey.com constantcontact.com aweber.com Survey Online Collect content
  14. 14. Run a Google Adwords Campaign Sites.Google.com Drive traffic to landing page •  Google Adwords •  Facebook Ads •  Emails to targets Landing Page Tell them Value Prop & Link to take survey Zoomerang.com SurveyMonkey.com Survey Online Collect content constantcontact.com aweber.com
  15. 15. LinkedIn search and results
  16. 16. All rights reserved © Naeem Zafar Startup Workshop Write & Ask 16
  17. 17. Questions •  Problem  and  Solu/on:   –  –  –  –  Is  there  a  real  unmet  need  in  this  area  (where  your  products  address  the  problem)?   How  does  he/she  want  to  see  this  problem  solved?   Why  have  they  not  solved  this  un/l  now  –  what  issues  are  preven/ng  the  problem  from  being  solved?   If  a  solu/on  (or  a  product)  existed,  what  would  it  look  like?   •  Customers:   –  –  –  –  –  –  Who  will  use  this  product  (or  service)  –  what  are  these  users  looking  for?  How  badly  do  they  want  it?   What  is  the  buying  process  (in  other  words,  who  needs  to  approve  this  purchase)?   What  are  usually  the  selec/on  criteria?   What  price  point  will  make  this  decision  a  no-­‐brainer?    At  what  price  point  are  we  likely  to  find   resistance?   What  are  the  reasons  somebody  would  decide  not  to  buy?   Why  hasn’t  the  customer  bought  this  solu/on  from  someone  else  un/l  now?   •  Environment:   –  –  Who  else  may  be  interested  in  solving  this  problem?   Who  in  the  organiza/on  is  the  most  likely  to  champion  solving  this  problem  –  can  I  get  an   introduc/on  to  them?  
  18. 18. All rights reserved © Naeem Zafar Startup Workshop Analytics 18
  19. 19. Summary •  Understanding the unmet user need is key •  Start with a common set of questions •  Come back, examine what you found, iterate with new questions •  Understand a day in the life of a customer!

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