Market Research For Startups

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Learn how to research a market. This deck covers the basics of how to conduct market research, including qualitative research methods, research questions, project planning and execution framework, and how to get started on your own. Taught by Natalie Nathanson of Magnetude Consulting

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  • Great slides on need of market research for startups. I also wrote an article on the topic at http://blog.bevesto.com/why-is-market-research-so-important-for-a-startup
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  • You need students to give feedback on your startup? You want free responses for your survey? Join PollPool to address students and get free responses to your market research: www.poll-pool.com
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Market Research For Startups

  1. 1. presentsMarket Researchfor Startup LeadersNATALIE NATHANSONMagnetude Consulting
  2. 2. Market  research  for  start-­‐ups  is  essen2al.  Understanding  the  needs  and  wants  of  your  target  market  can  be  the  difference  between  success  and  failure.
  3. 3. Agenda• Market  research  101• Qualita5ve  startup  market  research• Project  framework• Ge?ng  started  on  your  own
  4. 4. WHAT  IS  MARKET  RESEARCH?
  5. 5. Process  of  systema2cally  inves2ga2ng  the  market  for  a  given  product  or  service,  gathering  and  analyzing  data  regarding  the  number  and  loca5on  of  customers;  customers’  interests,  preferences,  and  buying  habits;  and  pricing  and  price  sensi5vity  of  demand.  …For  the  purpose  of  gaining  insight  about  a  market  to  help  a  company  formulate  its  business  and  marke5ng  strategy.SOURCE:  h*p://www.startups.co/informa:on/go-­‐big-­‐dic:onary/market-­‐research-­‐defini:on
  6. 6. Categories  of  Market  ResearchIn  a  Startup  Environment…PrimarilyQUANTITATIVEPrimarilyQUALITATIVEBehavioral  researchIn-­‐personsurveysSecondary  Research1:1  interviewsFocus  groupWeb  or  social  surveys
  7. 7. Categories  of  Market  ResearchIn  a  Startup  Environment…PrimarilyQUANTITATIVEPrimarilyQUALITATIVEBehavioral  researchIn-­‐personsurveysSecondary  Research1:1  interviewsFocus  groupWeb  or  social  surveys
  8. 8. QUALITATIVE  STARTUP  MARKET  RESEARCH
  9. 9. When  and  where  is  it  used?        Concept                          Alpha                            Beta                                          MVP                        Launch      Scale        Break-­‐even          Exit    Lifecycle  of  a  StartupRevenue/A  few  examples  above…
  10. 10. When  and  where  is  it  used?        Concept                          Alpha                            Beta                                          MVP                        Launch      Scale        Break-­‐even          Exit    Market  validaKonMarketsegmentaKonPrice  analysis CompeKKve  analysisCustomer  resonance  Revisit  from  conceptfor  target  market  expansionLifecycle  of  a  StartupRevenue/A  few  examples  above…
  11. 11. • Market  validaKon• Market  segmentaKon• Pain  point  arKculaKon• Target  market  prioriKzaKon• MarkeKng  planning• CompeKKve  analysis• Price  analysis• Customer  resonance  • Product  development• Trend  idenKficaKon• Influencer  &  media  landscapeWhat  can  market  research  help  your  startup  determine?
  12. 12. PROJECT  PLANNING  &  EXECUTION  FRAMEWORK
  13. 13. PHASE  IPlanningPHASE  IIImplementaKon  PreparaKonPHASE  IIIFieldworkPHASE  IVAnalysisPHASE  VAcKon  PlanIden5fy  goals2ndary  researchDevelop  interview  ques5ons  Recruit  intervieweesConduct  interviewsCollect  &  summarize  dataReview  findingsDevelop  conclusionsDecide  what  to  do  differentlyImplement!5  Steps  to  Conduct  Qualita5ve  Market  Research
  14. 14. Research  Differences:  B2B  vs.  B2CCategory Consumers  (B2C) Business  Users  (B2B)User  Type Responder  is  an  end-­‐user Responder  is  engaging  as  part  of  professionPopulaKon Larger  sample  populaKon  (generally)More  defined  targetsDecision-­‐making Approvals  come  from  self  (or  spouse?)Approvals  come  from  mulKple  stakeholdersInterview  language Simple,  everyday  language  is  used  during  the  interviews.  Knowledge  of  industry  terms  may  be  needed
  15. 15. Step  1:  PlanningConfirm  the  ques7ons  we  are  trying  to  answer,  flesh  out  methodology,  approach,  and  desired  outcome.AcKviKes  include:q Secondary  research  (online  &  founder  insights)q Select  target  audience  &  qualificaKon  criteriaq PrioriKze  your  goals,  quesKons  to  answer
  16. 16. Step  2:  Implementa5on  Prepara5onCreate  all  needed  materials  for  the  primary  research,  build  &  test  list  of  ques7ons  (discussion  guide).AcKviKes  include:q Build  and  test  discussion  guideq Build  target  interviewee  listq Schedule  interviews
  17. 17. Discussion  Guide  Ques5on  TypesWarm  Up  QuesKonsE.g.  Tell  me  about  your  backgroundBest  for:  StarKng  an  interview!  Example  Use:  General  market  knowledgeExample  QuesKonsE.g.  Give  me  an  example  of…Best  for:  ComplexiKes  -­‐  Leading  quesKons,  disrupKve  technologies,  etc.Example  Use:  Purchase  decisions,  product  development  DirectQuesKonsE.g.  Where  do  you  go  for…Best  for:  Factual  quesKons  and/or  you  need  a  very  concrete  answer  Example  Use:  CompeKKve  analysis,  influencer  idenKficaKonIndirectQuesKonsE.g.  What  are  the  biggest  challenges  you  face  around…Best  for:  Need  to  understand  their  world,  want  to  see  language  they  useExample  Use:  Pain  point  arKculaKon,  target  market  prioriKzaKon
  18. 18. Step  3:  FieldworkAcKviKes  include:qConduct  interviews  (record,  record,  record)qReview  early  insights  midstreamqSummarize  interviewsThis  is  where  the  rubber  hits  the  road—conduct  interviews!
  19. 19. Step  4:  AnalysisAcKviKes  include:qAnalysis  summaryqBring  in  broader  groupqReview  analysis  &  implicaKonsqDevelop  implicaKons  on  ‘quesKons  to  answer’Aggregate  data  into  findings,  review  paPerns  in  the  data,  glean  insights.
  20. 20. Step  5:  Build  Ac5on  PlanAcKviKes  include:qDecide  what  new  hypotheses  &  realizaKons  you  haveqAgree  on  what  to  do  differentlyqImplement!Don’t  sit  on  the  insights—do  something  about  it!
  21. 21. GETTING  STARTED  ON  YOUR  OWN
  22. 22. What  to  Remember1. Record  the  conversa7on.    Don’t  transcribe  into  your  own  words.2. Interviews  won’t  go  as  planned.    Each  interview  will  be  different.3. Recruitment  isn’t  easy.  Give  yourself  enough  Kme,  prepare.4. Don’t  forget  your  original  goals...  It’s  easy  to  get  caught  up  in  the  conversaKon.5. …but  be  open  minded  to  new  insights.  Take  everything  in,  but  don’t  jump  to  conclusions.
  23. 23. Where  to  go  from  hereApproach Pro’s Con’sDo-­‐it-­‐yourself Least  $  expenditure   Your  Kme  is  preciousResponses  will  be  more  biasedCustom  educaKonal  workshop*Expert  guidanceMore  confidence  in  resultsLearn  to  do  itSKll  have  responder  biasSKll  takes  KmeTargeted  support*Get  help  where  you  need  in  mostBeware  of  disconnectsFull  outsourcing* Proven  methodology,  objecKvitySpend  your  Kme  wiselyMost  costly  in  terms  of  hard  $’s• Always  be  talking  to  customers  (and  documenKng  it!)• Determine  your  highest  priority  goals• A  few  ways  to  get  started…*Services  offered  by  Magnetude  Consul:ng
  24. 24. How  do  we  break  down  our  marke:ng  services?
  25. 25. What’s  YOUR  next  step?
  26. 26. natalie@magnetudeconsulting.com@_Magnetudewww.magnetudeconsulting.com
  27. 27. Course TitleCourse TitleINSTRUCTOR NAME

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