This presentation is made possible by the support of the American People through the United States Agency
for Internationa...
Market Research
• Every investor asks the questions:
– How big is this market?
– Can you be a dominant player?
• They want...
Market Research Outcomes
• Understand your Market Size:
– TAM
– SAM
– SOM
• Create “A day in the life” of your customers
-...
Four Diagrams..
Segmentation
Competitive
Map
Business
Model
Market Size
Conducting Market Research
• In order to discover:
• Who is interested in my product or service?
• How many such people ar...
Methods for Market Research
Online Surveys
Focus Groups
Interviews
Number of
people
being
researched
Validating
adaptabili...
Questions that provide clarity
• Customers:
– Who are the customers?
– Who will pay me money?
– How many such people exist...
Resources & Techniques
Lean Startup Build, Measure, Learn
Understand
Needs
Validate
Solution
Size the
Market
Who is the
Cu...
Free Sizing Data: www.census.gov
StartupWorkshop
Public Data: Associations
They want to
speak with you
This is the value
they give to their
client
The Planning Shop
Associations
http://www.planningshop.com/associations/
SEC Reports
• Public companies must file disclosure
reports
– Annual: 10K
– Quarterly: 10Q
– Includes market risk and comp...
Conducting online research
Zoomerang.com
SurveyMonkey.com
Find
Association
members
listing
Member
company
website
Survey
O...
Run a Google Adwords Campaign
Drive traffic to
landing page
Landing Page
Survey
Online
Collect
content
Sites.Google.com
Te...
LinkedIn search and results
Write & Ask
StartupWorkshopAllrightsreserved©Naeem
Zafar
16
Questions
• Problem and Solution:
– Is there a real unmet need in this area (where your products address the problem)?
– H...
Analytics
StartupWorkshopAllrightsreserved©Naeem
Zafar
18
Summary
• Understand the unmet user need
• Start with a common set of questions
• Come back, examine what you found, itera...
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3.4 conducting market research.pptx

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Market research tools and techniques

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3.4 conducting market research.pptx

  1. 1. 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. Conducting Cost-Effective Market Research
  2. 2. Market Research • 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 market space • How do you convince them that you’re the right one?
  3. 3. Market Research Outcomes • Understand your 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 Competitive Map Business Model Market Size
  5. 5. 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 • Surveys • Talking to people • Group sessions…
  6. 6. Methods for Market Research Online Surveys Focus Groups Interviews Number of people being researched 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 Lean Startup Build, Measure, Learn Understand Needs Validate Solution Size the Market Who is the Customer? Business Model Interviews and Surveys Public and Private Sources Interviews and Surveys
  9. 9. Free Sizing Data: www.census.gov StartupWorkshop
  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 Zoomerang.com SurveyMonkey.com Find Association members listing Member company website Survey Online Collect content constantcontact.com aweber.com Send email- Tell them Value Prop & Link to take survey Create email list of executives
  14. 14. Run a Google Adwords Campaign Drive traffic to landing page Landing Page Survey Online Collect content Sites.Google.com Tell them Value Prop & Link to take survey • Google Adwords • Facebook Ads • Emails to targets Zoomerang.com SurveyMonkey.com constantcontact.com aweber.com
  15. 15. LinkedIn search and results
  16. 16. Write & Ask StartupWorkshopAllrightsreserved©Naeem Zafar 16
  17. 17. Questions • 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 solved? – If a solution (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 selection 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 solution from someone else until now? • Environment: – 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?
  18. 18. Analytics StartupWorkshopAllrightsreserved©Naeem Zafar 18
  19. 19. Summary • Understand the unmet user need • 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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