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
• Every investor asks the questions:
– How big is this market?
– Can you be a dominant player?
• They want to invest in the #1 or #2 company in a new
• How do you convince them that you’re the right one?
Market Research Outcomes
• Understand your Market Size:
• 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
Conducting Market Research
• 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?
• Use methods such as
• Talking to people
• Group sessions…
Methods for Market Research
Questions that provide clarity
– 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
• 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?
Resources & Techniques
Lean Startup Build, Measure, Learn
Who is the
Interviews and Surveys
Interviews and Surveys
Public Data: Associations
They want to
speak with you
This is the value
they give to their
The Planning Shop
• Public companies must file disclosure
– 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
Conducting online research
Value Prop &
Link to take
Run a Google Adwords Campaign
Drive traffic to
Tell them Value Prop &
Link to take survey
• Google Adwords
• Facebook Ads
• Emails to targets
• Problem and Solution:
– 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 until now – what issues are preventing the problem from being
– If a solution (or a product) existed, what would it look like?
– 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 selection criteria?
– What price point will make this decision a no-brainer? At what price point are we likely to find
– What are the reasons somebody would decide not to buy?
– Why hasn’t the customer bought this solution from someone else until now?
– Who else may be interested in solving this problem?
– Who in the organization is the most likely to champion solving this problem – can I get an
introduction to them?