Market Research Guide - What Can Market Research Do

Market Research Blueprint
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Table of Contents
Table of Contents .................................................................................................. 3
Introduction............................................................................................................ 5
Market Research Basics ....................................................................................... 6
Identify the Competition......................................................................................... 7
Identify the Buyer .................................................................................................. 9
Determine Product Features ............................................................................... 11
Establishing a Pricing Strategy............................................................................ 14
Conclusion........................................................................................................... 17
Resources ........................................................................................................... 18

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Introduction
Market research is a critical step that most entrepreneurs seem to give
very little thought to, or often skip altogether. That’s a real shame,
considering a little market research can save one a lot of time, money,
and frustration, and might even save your business.
So many people seem to start a new venture with all the confidence in
the world that they know exactly what they’re doing. They believe their
product or service is the hottest new ticket in town, and that customers
will beat their door down to purchase. But that’s not the reality for
most people.
Everything believes their product is going to be successful. That’s why
they create it. But without some market research to back up that belief,
there is a very real chance the product will fail, and without research
that entrepreneur will likely never even know why.

There are a lot of elements to market research that must be performed
before you even begin working on product development. You need to
learn about your market, your potential customer, and what they
expect in terms of features, price, and more.
In this guide, you’re going to learn about the various stages of market
research, and how you can learn all of this valuable information before
you make costly mistakes.
So let’s begin.

Market Research Basics
Market research, simply defined, is analyzing your market, currently
available products and competitors, and your target customers. Ideally,
it’s done before any product development begins, but it can also be
done at a later date (perhaps with a less potent effect).
There are two basic ways to conduct market research:
1. Primary Research – This is going directly to individuals in the form
of interviews, surveys, etc.
2. Secondary Research – This is doing research online, identifying
your competitors, doing an analysis of currently published data,
etc.
Many people think of market research as mostly the primary type,
specifically that type of research done by market research companies
that use surveys and questionnaires to conduct their research, however
secondary research is often just as powerful, and it’s also accessible to
everyone.
Since interviewing people is very time consuming and often expensive,
a lot of beginning entrepreneurs simply cannot manage it, and hiring a
market research firm can cost thousands of dollars, we are going to
concentrate on secondary research, which anyone with access to the
internet can conduct.

Identify the Competition
Everyone has competition. Even if you invent something completely
new and unique, you will have competition. It may be in the form of a
similar existing product, or it may be people copying you after you
launch your product, but you will have competition.
What you must do is figure out who your main competitors will be, and
how you can do things better than they do.
Let’s say you want to create a new type of iPhone case that will
revolutionize the market. You may get a patent on this case, but a
patent will only give you 14-20 years of protection, and even then
people find ways around the patent by making certain changes to the
design or utility of the product.
Your main competition would be companies like OtterBox, and any of
the other thousands of companies that create iPhone cases.
What you’d want to do is make a list of the top 5-10 companies that are
your main competition, and start analyzing them for strengths and
weaknesses.
Let’s take OtterBox, for example. You can do basic market research on
the company by visiting a retailer’s website like Amazon or Best Buy
and looking for reviews.
Clearly, their products are made well. Customers seem to enjoy the
durability of their cases, but a number of people complain about the
ease of use. That would be a place where a competitor could take
advantage.

Additionally, their products are priced considerably higher than the
competition, which is another weakness a competitor could potentially
exploit.
People also complain about a lack of color options, which could be
another weakness one might use to their advantage.
Of course, you must look at the other end of the spectrum. OtterBox is
one of the only higher-priced companies making iPhone cases. The vast
majority of manufacturers are concentrating on the lower end market,
pricing their products much lower than OtterBox. Thus, the market for
low priced options is already flooded.
In this case, the most likely option would be to create a higher end
product similar to OtterBox, make the product easier to use and have
more style options, and price slightly below OtterBox in order to
compete. You could always raise prices later, once your name has been
established.
As you can see, identifying the competition can be extremely useful
when deciding to enter a particular market, because you can identify
the weaker segments in the market and target those, as opposed to
going straight for the more competitive segments.

Identify the Buyer
Next, it’s important to identify your average buyer. Never assume you
know who is most likely to buy your product, because you could be very
wrong and end up targeting the wrong demographic entirely.
One might assume, for example, that their average buyer was going to
be younger women, when in actuality it could turn out to be women in
their fifties. You might think this wouldn’t be a big deal, but if you’re
using demographic targeting for your advertising, you could lose a lot of
money if you target the wrong group.
Additionally, identifying the wrong demographic could cause you to
gear your product toward the wrong audience, resulting in a less than
stellar reception by your actual audience—that is, those people who
are in your real target demographic and actually end up buying the
product.
Identifying your buyer isn’t always easy. It may take a combination of
tactics, from interviewing people to checking out the demographics of
your competitors, but this research can be invaluable when it comes to
product creation and ad targeting.
You might want to try to reverse engineer your market by taking an
educated guess about who you think your average buyer would be, and
then find some of the people that fit your demographic in order to ask
them their opinions about your product (or your potential product.)
Find out if they’d be interested in such a product, how much they might
be willing to pay, and what key featured they would expect the product

to have. You can offer them the product for free in exchange for their
opinion, if you like. Get their contact information and send them the
product after it is complete.
If you get a very good response from your target demographic, you
know you’ve probably found the correct market for your product.
Otherwise, you may have to revise the target demographic and try
again.
Here is a good article on finding your target market:
http://www.inc.com/guides/2010/06/defining-your-target-market.html

Determine Product Features
Another reason knowing your competition and target market is so
important is so you can decide which features your product should
have. It’s probably tempting to pack in every feature you can think of,
but all this will do is end up in a convoluted mess of a project that will
likely have to cost more than your market can bear.
Instead, it’s important to focus on a few key features that your market
really expects and desires rather than adding a bunch of additional
features that most people could live without. The more features you
add, the more it costs you to produce, and the higher your price will
have to be. That’s alright if you specifically aim to target very wealthy
buyers, but generally you want to keep your relatively price low in
order to remain competitive.
The first thing you need to do is take a look at your biggest competitors.
Make a list of the key features of each of their products and look for
any areas where you might improve.
Again, read those online reviews to find out what people are saying
about each product—good and bad. Find out what they think is missing,
and what they really love about each product made by your
competitors.
One great way to determine which features to include in your product
and which to exclude is to gather your team together (or a focus group
within your target demographic) and give each individual a stack of
currency (such as play money or Monopoly money) and have them

each assign their cash according to which features they feel most
passionately about.
They can put all their cash onto a single feature if they are extremely
passionate about it, or distribute it in any way they see fit as long as
they distribute all of their cash.
Those features that have the highest amount of money distributed to
them make it into the finished product, and the rest are cut.
Another way to determine product features is using what is known as
the Kano Model. In the Kano Model, you figure out which features are
going to raise customer delight the most and make sure you include
those, while also including the basic features that every product in the
market must have and some performance features that help boost
customer satisfaction proportionately but don’t have that WOW!
factor.
For example, in a cell phone:
 Basic Features – A dialer for making phone calls, rechargeable
battery, headphone jack
 Performance Features – A faster processor, longer-lasting battery,
stronger touchscreen glass
 Delight Features – Voice activation, hands-free use, fingerprint
reader
You want to make sure you include as many basic features as you can,
along with some performance features that will make your product
stand out from your competition, but you also want to include a few
key features that will make people really want your product specifically.

For example, the new iPad Pro lured a lot of people in because of the
Apple Pencil, which made it easier than ever to draw and take notes on
the tablet and included pressure-sensitivity. For people who use the
tablet for art and other similar professional uses, this was a huge
WOW! factor that brought in a lot of buyers.
If you look back at the history of Apple’s touchscreen devices, you’ll see
that nearly each generation included a few performance upgrades, but
also one or two major WOW! factors that enticed not only new
buyers, but current product owners to upgrade.
They understand that the average person isn’t going to pay $500-
$1,000 for a slightly faster processor, or an extra 45 minutes of battery
life. They look for that one feature that they feel they have to have, and
if there’s nothing big, they won’t upgrade.
That’s another reason why they don’t try to pack in too many new
features with each new release. They save some of their new feature
ideas for later products so they can have a WOW! factor in everything
new they put out.

Establishing a Pricing Strategy
Pricing is a tricky subject. Most people seem to think you should always
price as low as possible to beat the competition, but that isn’t a
sustainable business model for most companies.
See, Walmart can afford to be the low-price option because they buy in
massive bulk and can get products at a far cheaper than their
competitors. Not only do they count on buying in bulk, they count on
selling a lot, too. They know they can’t succeed selling a dozen
screwdrivers a month. They must sell thousands. They have lots and
lots of stores to do all that selling for them.
Target knew they couldn’t compete with Walmart on price, so they
chose to differentiate themselves by selling slightly more upscale
products at higher prices and concentrating more on quality. They draw
fewer people into their stores, but they make up for the volume with
higher prices and bigger profit margins.
Then you have companies like Kohl’s that charge even higher prices,
selling name brand merchandise at discount prices. Sure, they’re
offering discounted merchandise, but because they are selling name
brands and higher quality merchandise, their products cost more than
those at Target.
Finally, you have upscale department stores like Macy’s and
Nordstrom. They generally sell name brand merchandise at, or near,
full retail, and draw a wealthier clientele.

(Of course, you also have your very high-end stores that sell only the
finest luxury goods. They count on selling at a very high price point to
make up for the lack of volume. They may have only a handful of actual
buyers each day, but their prices keep the store running.)
It’s the same principle in internet marketing. You have some people
selling their products at $7-$37 and hoping to sell huge volume. Then
you have the mid-range sellers at around $47-$97 and counting on
decent volume and affiliate sales. The high range players have products
up to around $1,000 and don’t sell a huge volume, but can still make a
ton of money if they find the right buyers. And finally you have the big
players that charge thousands of dollars for seminars and personal
mentoring. They may not sell to a lot of people, but they still make big
bucks.
What you must do is decide which market you wish to cater to, and
that may depend on which markets you find accessible.
For example, beginners in internet marketing can’t really hope to
access those few people who buy at the $1,000+ price point. You’d
need a big name to even get the attention of the people who have
those buyers on their email lists and have a chance for them to
promote you. But at the same time, you wouldn’t have a massive list of
people who might buy at $7, either, so you can’t count on volume.
In this case, pricing somewhere in the middle, say $47 to $97, would
probably make the most sense, because you’d potentially attract
affiliates to promote you (people who already have lists, but wouldn’t
promote a cheaper product), but you wouldn’t necessarily have to have
an established name to attract their attention.

Pricing physical products take a bit more thought, of course. You must
figure out exactly what it costs to make the product in order to find out
a baseline price at which you could make a profit.
Let’s say it costs you $18.50 to make an item. You would make a slight
profit selling at $19 (ignoring other overhead costs like office space and
employees), but you would have to sell direct to customers and sell in
huge volume to make good money. You could sell it at $185 and make a
huge profit per item, but you’d have a much smaller market of people
willing to buy the item.
You must also factor in the price of your competition. If your
competitors are all selling at a particular price range and you go much
higher, you’re risking alienating a big chunk of potential buyers. Price
much lower and you could end up suffering from a low perceived value.
Perceived value is an imaginary value that a customer places on
your product based on its price and other factors. If your price is
much higher than the competition, some people will think your
product is automatically better quality, even if it isn’t. And if it is
priced much lower than your competitors, some people will
assume it is junk.
Perceived value is a very real concern, and you must keep it in mind
when you price your product. You never want to price so low that
people assume your quality is low. And remember, higher prices do
lead to perceived value, but if customers weigh your actual features
against the competition and they see little to no difference, they won’t
be willing to pay your higher price.

Conclusion
Market research is a time consuming process, and for this reason, many
entrepreneurs choose to skip it. However, this can lead to disastrous
results for a company.
 You wouldn’t buy a house without getting an inspection done,
would you?
 You wouldn’t hire someone without doing a background check,
right?
 You certainly wouldn’t invest your money into a stock without
doing a little research first, correct?
Then why start a business or launch a product without doing the same
due diligence?
Starting a business without doing research is extremely risky and
seriously dampens your potential for success. There’s always a chance
you won’t succeed even if you do your research, but it’s a much smaller
chance. So why not take the time to minimize your chances of failure?
A little research can save you a lot of headaches down the road, so take
the time to do it now and save yourself the hassles!
Best of luck!

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===
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===
Dmoz
DMOZ (from directory.mozilla.org, an earlier domain
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===
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===
Tech meme
Techmeme has become the technology news site of
record for people both within and beyond the industry.
===

Answer Bag
Answerbag (known colloquially as "AB") is a collaborative
online database of FAQs, where questions were asked
and answered by users.
===
How Stuff Works
HowStuffWorks is an American commercial educational
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concepts, terminology, and mechanisms—including
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===
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methods to accelerate innovation for more than 500
brands, billionaires and CEOs, including Coca-Cola,
Adidas, Victoria's Secret, IBM, Cisco, Microsoft and
NASA.
===
Ebay
eBay Inc. is a multinational e-commerce corporation,
facilitating online consumer-to-consumer and business-to-
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===

Find All About
FindAllAbout specializes in providing custom reports to its'
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===
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