SlideShare a Scribd company logo
1 of 32
Download to read offline
During this
session we
will work on
this part of
the canvas
WHAT WE WILL COVER & WHAT ACTIONS/ INSIGHTS YOU’LL LEAVE WITH
WHO: Know your customer! Identify current & future target market/ customer
segments for your business, and create a customer persona
WHAT: Gain an understanding of different market research techniques & tools
HOW: Know how to do market research (ask questions to your current/
future customers) and use the research to make informed decisions
FEEL: Consider how you might respond to negative feedback or insights
gained through market research that make you question your business idea
WHY: Know why market research is important in understanding your customers
needs, and the pitfalls of not doing it
ACTIVITY INSTRUCTIONS:
Everyone, take a sheet of A4 paper
Decorate your sheet, then make yourself a paper plane!
2 minutes…Go!
Next:
Form small groups of 3-4 people – from the same start line, fly your planes.
As a group, decide which plane design
1. flies the furthest
2. looks the best
3. you think you can replicate perfectly
Now…
As a team, you must make 20 of the selected plane design
Remember, your plane needs to follow these rules:
• Be identical to the selected, agreed upon design
• The design or any other features cannot be changed after you start
production.
Ready, set…GO!
The team that finishes first, with 20 identical planes, that can fly & look the best,
will win!
Now let’s de-brief on what we have learnt from this activity.
VIDEO SERIES:
Genelle- Seafolly- 3 videos
What are the different types of marketplaces, or market opportunities, for your
business? You can have multiple marketplaces and they can change over time.
What market opportunities can you identify for your idea? Will they change over
time?
© Global Sisters 2018
Use the post-it notes to put market opportunities into your
canvas
Let's check-in on where your business is right now…
• Have you made a choice on the business idea you are pursuing?
• Are you creating something from ‘scratch’ on your own?
• Are you improving on an idea that is already in the market?
In this picture of a girl and her mother picking out a toy:
• Who pays? (ie who is the customer?)
• Who is the user?
• Are they the same or different?
• What might be some of the characteristics of the customer?
HEAR SEE
SAYDO
THINK/ FEEL
NAME:
_________
INSTRUCTONS: Use the diagram in your Resource Booklet. Draw your customer,
give her a name & describe what she hears, sees, does, says & thinks/ feels.
By creating a customer persona, you now know who your ideal, target
customer is. Now its time to see if you can “segment“ them further:
• Are there differences between your CURRENT and FUTURE/ POTENTIAL
customers?
• What are some of the sub-categories or segments of your target customer?
GROUP DISCUSSION: Lets look together at an example of a business in the
room today or the Facilitator's business.
1. How old are they?
2. Where do they live?
3. Are they mostly men or women?
4. How will you reach them?
5. Where do they get their information from?
6. What type of content works best?
7. How do they make purchase/ spending decisions?
INDIVIDUAL CANVAS WORK:
• Answer the questions above
• Can you think of any other questions to work out more details about your
target customers?
• Spend some time refining your customer segments on your canvas
Your customer segments
© Global Sisters 2018
Use the post-it notes to write down your target
customer and customer segments here
Not sure… Have you checked your buzz words?
Knowledge is everything.
The more you know about the NEEDS,
DESIRES, EXPECTATIONS,
ASPIRATIONS, TASTES, SPENDING
HABITS of your target customers - the
more successful you are likely to be!
Together as a whole group, or in your table groups, do the quiz.
If you are doing market research you are...
❑ Typing questions you need to into Google to get the answers
❑ Standing in the shopping centre asking people what their favourite ice cream
flavour is
❑ Gathering information about what your target customer likes and dislikes
❑ Researching what customers want at the library
An assumption is
❑ Always true
❑ Something that we automatically think is fact
❑ A type of graph
❑ Always false
Young people who play sport, listen to pop music and use social media
could all be placed in the same customer segment?
❑ True
❑ False
Knowing your target audience is critical! Your business idea simply won’t work
if it doesn’t appeal to what your potential customers want or need.
CASE STUDY: Let’s look at the example of Modibodi period underwear. Kirsty
(the founder) had a business idea- to create high tech underwear to empower
women and girls everywhere manage their periods and bladder leaks.
If her product is for ALL women & girls, why did she need to do market
research?
Once we have determined WHO we want to ask (our target customer) and
designed the specific questions we want to ask (coming next), we need to
decide on HOW and WHAT tools or method we will use to do the market
research.
You can simply ask friends and family, or create surveys/ questionnaires,
and ask people in your target group to answer them.
There are also lots of FREE technology that help you not only conduct the
survey but reach people in your customer target market that you don’t
personally know. Have you heard of or used any of these?
Let’s have a look at a few of them in a bit more detail…
But remember, don’t get overwhelmed by the technology- they are just tools
that could help you connect with customers and potential customers. Talking
face-to-face directly to customers and potential customers is equally if not
more important.
Great for quick polls,
real-time feedback from
your personal or
business network.
www.surveymonkey.com
Great for in-depth email
surveys
https://www.quicktapsurvey.com/
Great for mobile phone
or tablet face-to-face
surveys
Great for email surveys or when
embedded in a social media
post, text message or website
Now that you have identified your customer, your objective is to verify your
business idea & reach (and sell) to your ideal customer. Does your offering
address what “matters“ to your customer? Here are a few ways you can get
started…
1. COMPARE AND LEARN
Google It! Does it already exist? What can you learn from those businesses?
Take 5 minutes to do that right now if you have access to the internet. Don’t
be discouraged if you see something similar- its critical you know your
competition and will help you refine your offering.
2. TEST YOUR ASSUMPTIONS- ASK QUESTIONS
Test your assumptions about the need for your product/ service with your
target customer by asking them questions.
3. GETTING YOUR FIRST CUSTOMER/ USER?
Use market research results to refine your business offering and work out how
you will get your 1st, 5th and 20th customer?
ACTIVITY: Your challenge is to create 3 questions on your idea and its
desirability. You want honest, critical feedback. Ask your target customer about:
1. What they think of your product/service
2. Whether your offering meets their needs
3. How to reach/ sell to them!
Question prompts…
• What would make it easier for you to do….
• What occasions would you normally (buy/do)….
• What is your biggest barrier to….
• Does the existing solution in the market (add in brand name(s) meet your
needs?
Take 5 mins to write down your 3 questions.
INSTRUCTIONS:
Do a face-to-face survey with anyone in the room or venue who
you think might be a potential customer
OR
Create a Facebook Poll to 3 potential customers (either on the
Sister School Facebook group or to your network by tagging
specific people).
ACTIVITY: Spend 10 minutes conducting your survey/ poll.
DISCUSS: What did you learn? How can you use this information to make
informed decisions in your business?
REMEMBER: When looking at the results make sure you analyse it by their key
demographics (gender, age, location, income, relationship status, language etc)
and by characteristics from your customer persona.
• Market research isn’t just a once off activity- its continuous. Your
business won’t work if it doesn’t appeal to what your potential
customers want or need.
• Taking the time to know your target audience’s actions, thinking,
feeling, experience and opportunities are critical to your overall
business success.
• Knowing your customer experience is key to refining and
improving your offering and keeping them as customers (repeat
business and advocates of your business).
• Keep doing market research as you grow your business so you
can take advantage of opportunities to better meet the needs of
your customers.
CASE STUDY:
Pod & Parcel coffee
capsules market
research
Complete the 10-1-15 Challenge in preparation for the next session:
- Build at least 10 questions (you’ve already started this!)
- Use a digital platform (such as Google Survey, Facebook Poll or
Survey Monkey) to create your questions.
- Survey or interview at least 15 people! Enlist help from your
family and friends. Feel free to share it in the Sister School Facebook
group too.
Think about how you will FEEL and RESPOND if you:
• get feedback you don’t like?
• realise you have chosen the wrong target group?
• find out that already many business like yours out there?
• can’t find anyone to do your survey?
• are not confident learning how to use new technology (e.g. Survey
Monkey)?
• realise you have to change something about my idea?
Your objective is to verify if your business idea really does address what
'matters' to customers. Using that information not as a de-motivator or set back
but as an opportunity to refine or change your idea is the key to building a
viable business.
…
Check out the BOOKET & BUZZ WORDS used in Session 2,
and get a sneak look at the BUZZ WORDS we will be using in Session 3.
© Global Sisters 2018
Session 2 - Market Test Ideas

More Related Content

What's hot

Webinar 2: How To Market Your Product or Service
Webinar 2: How To Market Your Product or ServiceWebinar 2: How To Market Your Product or Service
Webinar 2: How To Market Your Product or Servicei2itt
 
Personal Branding Game Changer
Personal Branding Game ChangerPersonal Branding Game Changer
Personal Branding Game ChangerScott Scanlon
 
Presentation Finding And Winning Customers
Presentation Finding And Winning CustomersPresentation Finding And Winning Customers
Presentation Finding And Winning CustomersJon Monk
 
United Way Ground Floor Marketing Workshop: Brand Positioning for Social Ente...
United Way Ground Floor Marketing Workshop: Brand Positioning for Social Ente...United Way Ground Floor Marketing Workshop: Brand Positioning for Social Ente...
United Way Ground Floor Marketing Workshop: Brand Positioning for Social Ente...Aassia Haq
 
Creative Brief Workshop
Creative Brief WorkshopCreative Brief Workshop
Creative Brief WorkshopMr President
 
How to attract an ideal stream of customers
How to attract an ideal stream of customersHow to attract an ideal stream of customers
How to attract an ideal stream of customersMacInnis Marketing
 
THE BRAND LODGE WORKSHOP 2016
THE BRAND LODGE WORKSHOP 2016THE BRAND LODGE WORKSHOP 2016
THE BRAND LODGE WORKSHOP 2016Geoff Glendenning
 
How to improve pipeline performance using knowledge marketing v2.0
How to improve pipeline performance using knowledge marketing v2.0How to improve pipeline performance using knowledge marketing v2.0
How to improve pipeline performance using knowledge marketing v2.0johnmkewley
 
Back to basics: Creative brief workshop
Back to basics: Creative brief workshopBack to basics: Creative brief workshop
Back to basics: Creative brief workshopBecky McOwen-Banks
 
How to write a Creative Brief
How to write a Creative BriefHow to write a Creative Brief
How to write a Creative BriefLuis Delgado
 
The marketing skills you need to be a successful Brand Leader
The marketing skills you need to be a successful Brand LeaderThe marketing skills you need to be a successful Brand Leader
The marketing skills you need to be a successful Brand LeaderBeloved Brands Inc.
 
The Good Brief - a no-frills guide to writing creative briefs
The Good Brief - a no-frills guide to writing creative briefsThe Good Brief - a no-frills guide to writing creative briefs
The Good Brief - a no-frills guide to writing creative briefsKam Fatt Chen
 
The Creative Brief: Your Content Marketing Secret Weapon Content Jam 2015
The Creative Brief: Your Content Marketing Secret Weapon Content Jam 2015The Creative Brief: Your Content Marketing Secret Weapon Content Jam 2015
The Creative Brief: Your Content Marketing Secret Weapon Content Jam 2015Nancy Goldstein
 
SLEEPING LION BUSINESS TOOLKIT 2019
SLEEPING LION BUSINESS TOOLKIT 2019SLEEPING LION BUSINESS TOOLKIT 2019
SLEEPING LION BUSINESS TOOLKIT 2019Sarah Duncan
 
Sell More Ad Pages than you ever thought possible
Sell More Ad Pages than you ever thought possibleSell More Ad Pages than you ever thought possible
Sell More Ad Pages than you ever thought possiblespencer longshore
 
Creative Brief Breakfast
Creative Brief BreakfastCreative Brief Breakfast
Creative Brief BreakfastGrand Union
 
Market smarter from the point of choice #pointofchoice
Market smarter from the point of choice #pointofchoiceMarket smarter from the point of choice #pointofchoice
Market smarter from the point of choice #pointofchoiceJennifer Morrow
 
how to choose your customers
how to choose your customershow to choose your customers
how to choose your customersShiva Shakthi
 
Get started with design research
Get started with design researchGet started with design research
Get started with design researchIHan Cheng
 
Marketing brief – cheat sheet
Marketing brief – cheat sheetMarketing brief – cheat sheet
Marketing brief – cheat sheetBillVallis
 

What's hot (20)

Webinar 2: How To Market Your Product or Service
Webinar 2: How To Market Your Product or ServiceWebinar 2: How To Market Your Product or Service
Webinar 2: How To Market Your Product or Service
 
Personal Branding Game Changer
Personal Branding Game ChangerPersonal Branding Game Changer
Personal Branding Game Changer
 
Presentation Finding And Winning Customers
Presentation Finding And Winning CustomersPresentation Finding And Winning Customers
Presentation Finding And Winning Customers
 
United Way Ground Floor Marketing Workshop: Brand Positioning for Social Ente...
United Way Ground Floor Marketing Workshop: Brand Positioning for Social Ente...United Way Ground Floor Marketing Workshop: Brand Positioning for Social Ente...
United Way Ground Floor Marketing Workshop: Brand Positioning for Social Ente...
 
Creative Brief Workshop
Creative Brief WorkshopCreative Brief Workshop
Creative Brief Workshop
 
How to attract an ideal stream of customers
How to attract an ideal stream of customersHow to attract an ideal stream of customers
How to attract an ideal stream of customers
 
THE BRAND LODGE WORKSHOP 2016
THE BRAND LODGE WORKSHOP 2016THE BRAND LODGE WORKSHOP 2016
THE BRAND LODGE WORKSHOP 2016
 
How to improve pipeline performance using knowledge marketing v2.0
How to improve pipeline performance using knowledge marketing v2.0How to improve pipeline performance using knowledge marketing v2.0
How to improve pipeline performance using knowledge marketing v2.0
 
Back to basics: Creative brief workshop
Back to basics: Creative brief workshopBack to basics: Creative brief workshop
Back to basics: Creative brief workshop
 
How to write a Creative Brief
How to write a Creative BriefHow to write a Creative Brief
How to write a Creative Brief
 
The marketing skills you need to be a successful Brand Leader
The marketing skills you need to be a successful Brand LeaderThe marketing skills you need to be a successful Brand Leader
The marketing skills you need to be a successful Brand Leader
 
The Good Brief - a no-frills guide to writing creative briefs
The Good Brief - a no-frills guide to writing creative briefsThe Good Brief - a no-frills guide to writing creative briefs
The Good Brief - a no-frills guide to writing creative briefs
 
The Creative Brief: Your Content Marketing Secret Weapon Content Jam 2015
The Creative Brief: Your Content Marketing Secret Weapon Content Jam 2015The Creative Brief: Your Content Marketing Secret Weapon Content Jam 2015
The Creative Brief: Your Content Marketing Secret Weapon Content Jam 2015
 
SLEEPING LION BUSINESS TOOLKIT 2019
SLEEPING LION BUSINESS TOOLKIT 2019SLEEPING LION BUSINESS TOOLKIT 2019
SLEEPING LION BUSINESS TOOLKIT 2019
 
Sell More Ad Pages than you ever thought possible
Sell More Ad Pages than you ever thought possibleSell More Ad Pages than you ever thought possible
Sell More Ad Pages than you ever thought possible
 
Creative Brief Breakfast
Creative Brief BreakfastCreative Brief Breakfast
Creative Brief Breakfast
 
Market smarter from the point of choice #pointofchoice
Market smarter from the point of choice #pointofchoiceMarket smarter from the point of choice #pointofchoice
Market smarter from the point of choice #pointofchoice
 
how to choose your customers
how to choose your customershow to choose your customers
how to choose your customers
 
Get started with design research
Get started with design researchGet started with design research
Get started with design research
 
Marketing brief – cheat sheet
Marketing brief – cheat sheetMarketing brief – cheat sheet
Marketing brief – cheat sheet
 

Similar to Session 2 - Market Test Ideas

Market research for artists
Market research for artistsMarket research for artists
Market research for artistsJulie Fossitt
 
EIA2019Italy - User Acquisition - Gilles De Clerck
EIA2019Italy - User Acquisition - Gilles De ClerckEIA2019Italy - User Acquisition - Gilles De Clerck
EIA2019Italy - User Acquisition - Gilles De ClerckEuropean Innovation Academy
 
Attract, Sell, Wow - Date Your Leads and Marry Your Customers
Attract, Sell, Wow - Date Your Leads and Marry Your CustomersAttract, Sell, Wow - Date Your Leads and Marry Your Customers
Attract, Sell, Wow - Date Your Leads and Marry Your CustomersRamon Ray
 
CDI Founder Workshop Session 4 - Lean Startup Methodologies (Fall 2016)
CDI Founder Workshop Session 4 - Lean Startup Methodologies (Fall 2016)CDI Founder Workshop Session 4 - Lean Startup Methodologies (Fall 2016)
CDI Founder Workshop Session 4 - Lean Startup Methodologies (Fall 2016)Collaboratory for Downtown Innovation
 
How to Market your Small Business Online
How to Market your Small Business OnlineHow to Market your Small Business Online
How to Market your Small Business Onlinebelugasocial
 
planning at a glance
planning at a glanceplanning at a glance
planning at a glanceNick Smatt
 
AIESEC Case Competition Pre-Work
AIESEC Case Competition Pre-WorkAIESEC Case Competition Pre-Work
AIESEC Case Competition Pre-WorkAviel Chow
 
Product Mindset
Product MindsetProduct Mindset
Product MindsetTung Hoang
 
Miami Ad School Class: "Understanding the Issue"
Miami Ad School Class: "Understanding the Issue"Miami Ad School Class: "Understanding the Issue"
Miami Ad School Class: "Understanding the Issue"Nick Smatt
 
Lo2 workbook(1)
Lo2 workbook(1)Lo2 workbook(1)
Lo2 workbook(1)shaniajane
 
Session 1 - Introduction to lean and problem interviews
Session 1  - Introduction to lean and problem interviewsSession 1  - Introduction to lean and problem interviews
Session 1 - Introduction to lean and problem interviewsCo-founder Ignitor
 
Jobs To Be Done & Room 214
Jobs To Be Done & Room 214Jobs To Be Done & Room 214
Jobs To Be Done & Room 214John Franklin
 
So You Want to Be Your Own Boss...
So You Want to Be Your Own Boss...So You Want to Be Your Own Boss...
So You Want to Be Your Own Boss... Jijo Mathew
 
Marketing Process
Marketing ProcessMarketing Process
Marketing ProcessNateSkyzzer
 
Business studies tastersession
Business studies tastersessionBusiness studies tastersession
Business studies tastersessionmissrymill
 
Create buyer persona to your grocery business to beat your competitors
Create buyer persona to your grocery business to beat your competitorsCreate buyer persona to your grocery business to beat your competitors
Create buyer persona to your grocery business to beat your competitorsMoon Technolabs Pvt. Ltd.
 

Similar to Session 2 - Market Test Ideas (20)

Market research for artists
Market research for artistsMarket research for artists
Market research for artists
 
EIA2019Italy - User Acquisition - Gilles De Clerck
EIA2019Italy - User Acquisition - Gilles De ClerckEIA2019Italy - User Acquisition - Gilles De Clerck
EIA2019Italy - User Acquisition - Gilles De Clerck
 
Attract, Sell, Wow - Date Your Leads and Marry Your Customers
Attract, Sell, Wow - Date Your Leads and Marry Your CustomersAttract, Sell, Wow - Date Your Leads and Marry Your Customers
Attract, Sell, Wow - Date Your Leads and Marry Your Customers
 
Lo2 workbook
Lo2 workbookLo2 workbook
Lo2 workbook
 
CDI Founder Workshop Session 4 - Lean Startup Methodologies (Fall 2016)
CDI Founder Workshop Session 4 - Lean Startup Methodologies (Fall 2016)CDI Founder Workshop Session 4 - Lean Startup Methodologies (Fall 2016)
CDI Founder Workshop Session 4 - Lean Startup Methodologies (Fall 2016)
 
How to Market your Small Business Online
How to Market your Small Business OnlineHow to Market your Small Business Online
How to Market your Small Business Online
 
planning at a glance
planning at a glanceplanning at a glance
planning at a glance
 
AIESEC Case Competition Pre-Work
AIESEC Case Competition Pre-WorkAIESEC Case Competition Pre-Work
AIESEC Case Competition Pre-Work
 
Product Mindset
Product MindsetProduct Mindset
Product Mindset
 
Pet expo slides 2013
Pet expo slides 2013Pet expo slides 2013
Pet expo slides 2013
 
Miami Ad School Class: "Understanding the Issue"
Miami Ad School Class: "Understanding the Issue"Miami Ad School Class: "Understanding the Issue"
Miami Ad School Class: "Understanding the Issue"
 
Lo2 workbook(1)
Lo2 workbook(1)Lo2 workbook(1)
Lo2 workbook(1)
 
Marketing Planning for 2011
Marketing Planning for 2011Marketing Planning for 2011
Marketing Planning for 2011
 
Session 1 - Introduction to lean and problem interviews
Session 1  - Introduction to lean and problem interviewsSession 1  - Introduction to lean and problem interviews
Session 1 - Introduction to lean and problem interviews
 
Jobs To Be Done & Room 214
Jobs To Be Done & Room 214Jobs To Be Done & Room 214
Jobs To Be Done & Room 214
 
So You Want to Be Your Own Boss...
So You Want to Be Your Own Boss...So You Want to Be Your Own Boss...
So You Want to Be Your Own Boss...
 
Marketing Process
Marketing ProcessMarketing Process
Marketing Process
 
Business studies tastersession
Business studies tastersessionBusiness studies tastersession
Business studies tastersession
 
Create buyer persona to your grocery business to beat your competitors
Create buyer persona to your grocery business to beat your competitorsCreate buyer persona to your grocery business to beat your competitors
Create buyer persona to your grocery business to beat your competitors
 
Marketing adv
Marketing advMarketing adv
Marketing adv
 

More from LaurenWilby

Sister School Session 9. Goals, Next Steps
Sister School Session 9. Goals, Next StepsSister School Session 9. Goals, Next Steps
Sister School Session 9. Goals, Next StepsLaurenWilby
 
Sister School Session 8. Build my business plan
Sister School Session 8. Build my business planSister School Session 8. Build my business plan
Sister School Session 8. Build my business planLaurenWilby
 
Sister School Canvas - Back
Sister School Canvas - BackSister School Canvas - Back
Sister School Canvas - BackLaurenWilby
 
Sister School Resource Booklet
Sister School Resource BookletSister School Resource Booklet
Sister School Resource BookletLaurenWilby
 
Session 7 - Get The Word Out
Session 7 - Get The Word OutSession 7 - Get The Word Out
Session 7 - Get The Word OutLaurenWilby
 
Session 6 - Who Does What?
Session 6 - Who Does What?Session 6 - Who Does What?
Session 6 - Who Does What?LaurenWilby
 
Session 5 - Manage Cash Flow
Session 5 - Manage Cash FlowSession 5 - Manage Cash Flow
Session 5 - Manage Cash FlowLaurenWilby
 
Session 4 - Create My Brand
Session 4 - Create My BrandSession 4 - Create My Brand
Session 4 - Create My BrandLaurenWilby
 
Session 3 - Get Set Up
Session 3 - Get Set UpSession 3 - Get Set Up
Session 3 - Get Set UpLaurenWilby
 
Session 1 - Purpose, Vision & Focus
Session 1 - Purpose, Vision & FocusSession 1 - Purpose, Vision & Focus
Session 1 - Purpose, Vision & FocusLaurenWilby
 

More from LaurenWilby (10)

Sister School Session 9. Goals, Next Steps
Sister School Session 9. Goals, Next StepsSister School Session 9. Goals, Next Steps
Sister School Session 9. Goals, Next Steps
 
Sister School Session 8. Build my business plan
Sister School Session 8. Build my business planSister School Session 8. Build my business plan
Sister School Session 8. Build my business plan
 
Sister School Canvas - Back
Sister School Canvas - BackSister School Canvas - Back
Sister School Canvas - Back
 
Sister School Resource Booklet
Sister School Resource BookletSister School Resource Booklet
Sister School Resource Booklet
 
Session 7 - Get The Word Out
Session 7 - Get The Word OutSession 7 - Get The Word Out
Session 7 - Get The Word Out
 
Session 6 - Who Does What?
Session 6 - Who Does What?Session 6 - Who Does What?
Session 6 - Who Does What?
 
Session 5 - Manage Cash Flow
Session 5 - Manage Cash FlowSession 5 - Manage Cash Flow
Session 5 - Manage Cash Flow
 
Session 4 - Create My Brand
Session 4 - Create My BrandSession 4 - Create My Brand
Session 4 - Create My Brand
 
Session 3 - Get Set Up
Session 3 - Get Set UpSession 3 - Get Set Up
Session 3 - Get Set Up
 
Session 1 - Purpose, Vision & Focus
Session 1 - Purpose, Vision & FocusSession 1 - Purpose, Vision & Focus
Session 1 - Purpose, Vision & Focus
 

Recently uploaded

Driving Business Impact for PMs with Jon Harmer
Driving Business Impact for PMs with Jon HarmerDriving Business Impact for PMs with Jon Harmer
Driving Business Impact for PMs with Jon HarmerAggregage
 
The McKinsey 7S Framework: A Holistic Approach to Harmonizing All Parts of th...
The McKinsey 7S Framework: A Holistic Approach to Harmonizing All Parts of th...The McKinsey 7S Framework: A Holistic Approach to Harmonizing All Parts of th...
The McKinsey 7S Framework: A Holistic Approach to Harmonizing All Parts of th...Operational Excellence Consulting
 
trending-flavors-and-ingredients-in-salty-snacks-us-2024_Redacted-V2.pdf
trending-flavors-and-ingredients-in-salty-snacks-us-2024_Redacted-V2.pdftrending-flavors-and-ingredients-in-salty-snacks-us-2024_Redacted-V2.pdf
trending-flavors-and-ingredients-in-salty-snacks-us-2024_Redacted-V2.pdfMintel Group
 
Jewish Resources in the Family Resource Centre
Jewish Resources in the Family Resource CentreJewish Resources in the Family Resource Centre
Jewish Resources in the Family Resource CentreNZSG
 
Darshan Hiranandani (Son of Niranjan Hiranandani).pdf
Darshan Hiranandani (Son of Niranjan Hiranandani).pdfDarshan Hiranandani (Son of Niranjan Hiranandani).pdf
Darshan Hiranandani (Son of Niranjan Hiranandani).pdfShashank Mehta
 
Types of Cyberattacks - ASG I.T. Consulting.pdf
Types of Cyberattacks - ASG I.T. Consulting.pdfTypes of Cyberattacks - ASG I.T. Consulting.pdf
Types of Cyberattacks - ASG I.T. Consulting.pdfASGITConsulting
 
Fundamentals Welcome and Inclusive DEIB
Fundamentals Welcome and  Inclusive DEIBFundamentals Welcome and  Inclusive DEIB
Fundamentals Welcome and Inclusive DEIBGregory DeShields
 
Introducing the Analogic framework for business planning applications
Introducing the Analogic framework for business planning applicationsIntroducing the Analogic framework for business planning applications
Introducing the Analogic framework for business planning applicationsKnowledgeSeed
 
MEP Plans in Construction of Building and Industrial Projects 2024
MEP Plans in Construction of Building and Industrial Projects 2024MEP Plans in Construction of Building and Industrial Projects 2024
MEP Plans in Construction of Building and Industrial Projects 2024Chandresh Chudasama
 
digital marketing , introduction of digital marketing
digital marketing , introduction of digital marketingdigital marketing , introduction of digital marketing
digital marketing , introduction of digital marketingrajputmeenakshi733
 
How To Simplify Your Scheduling with AI Calendarfly The Hassle-Free Online Bo...
How To Simplify Your Scheduling with AI Calendarfly The Hassle-Free Online Bo...How To Simplify Your Scheduling with AI Calendarfly The Hassle-Free Online Bo...
How To Simplify Your Scheduling with AI Calendarfly The Hassle-Free Online Bo...SOFTTECHHUB
 
WSMM Technology February.March Newsletter_vF.pdf
WSMM Technology February.March Newsletter_vF.pdfWSMM Technology February.March Newsletter_vF.pdf
WSMM Technology February.March Newsletter_vF.pdfJamesConcepcion7
 
Interoperability and ecosystems: Assembling the industrial metaverse
Interoperability and ecosystems:  Assembling the industrial metaverseInteroperability and ecosystems:  Assembling the industrial metaverse
Interoperability and ecosystems: Assembling the industrial metaverseSiemens
 
Data Analytics Strategy Toolkit and Templates
Data Analytics Strategy Toolkit and TemplatesData Analytics Strategy Toolkit and Templates
Data Analytics Strategy Toolkit and TemplatesAurelien Domont, MBA
 
Welding Electrode Making Machine By Deccan Dynamics
Welding Electrode Making Machine By Deccan DynamicsWelding Electrode Making Machine By Deccan Dynamics
Welding Electrode Making Machine By Deccan DynamicsIndiaMART InterMESH Limited
 
Neha Jhalani Hiranandani: A Guide to Her Life and Career
Neha Jhalani Hiranandani: A Guide to Her Life and CareerNeha Jhalani Hiranandani: A Guide to Her Life and Career
Neha Jhalani Hiranandani: A Guide to Her Life and Careerr98588472
 
1911 Gold Corporate Presentation Apr 2024.pdf
1911 Gold Corporate Presentation Apr 2024.pdf1911 Gold Corporate Presentation Apr 2024.pdf
1911 Gold Corporate Presentation Apr 2024.pdfShaun Heinrichs
 
Customizable Contents Restoration Training
Customizable Contents Restoration TrainingCustomizable Contents Restoration Training
Customizable Contents Restoration TrainingCalvinarnold843
 

Recently uploaded (20)

Driving Business Impact for PMs with Jon Harmer
Driving Business Impact for PMs with Jon HarmerDriving Business Impact for PMs with Jon Harmer
Driving Business Impact for PMs with Jon Harmer
 
The McKinsey 7S Framework: A Holistic Approach to Harmonizing All Parts of th...
The McKinsey 7S Framework: A Holistic Approach to Harmonizing All Parts of th...The McKinsey 7S Framework: A Holistic Approach to Harmonizing All Parts of th...
The McKinsey 7S Framework: A Holistic Approach to Harmonizing All Parts of th...
 
The Bizz Quiz-E-Summit-E-Cell-IITPatna.pptx
The Bizz Quiz-E-Summit-E-Cell-IITPatna.pptxThe Bizz Quiz-E-Summit-E-Cell-IITPatna.pptx
The Bizz Quiz-E-Summit-E-Cell-IITPatna.pptx
 
trending-flavors-and-ingredients-in-salty-snacks-us-2024_Redacted-V2.pdf
trending-flavors-and-ingredients-in-salty-snacks-us-2024_Redacted-V2.pdftrending-flavors-and-ingredients-in-salty-snacks-us-2024_Redacted-V2.pdf
trending-flavors-and-ingredients-in-salty-snacks-us-2024_Redacted-V2.pdf
 
Jewish Resources in the Family Resource Centre
Jewish Resources in the Family Resource CentreJewish Resources in the Family Resource Centre
Jewish Resources in the Family Resource Centre
 
Darshan Hiranandani (Son of Niranjan Hiranandani).pdf
Darshan Hiranandani (Son of Niranjan Hiranandani).pdfDarshan Hiranandani (Son of Niranjan Hiranandani).pdf
Darshan Hiranandani (Son of Niranjan Hiranandani).pdf
 
Types of Cyberattacks - ASG I.T. Consulting.pdf
Types of Cyberattacks - ASG I.T. Consulting.pdfTypes of Cyberattacks - ASG I.T. Consulting.pdf
Types of Cyberattacks - ASG I.T. Consulting.pdf
 
Fundamentals Welcome and Inclusive DEIB
Fundamentals Welcome and  Inclusive DEIBFundamentals Welcome and  Inclusive DEIB
Fundamentals Welcome and Inclusive DEIB
 
Introducing the Analogic framework for business planning applications
Introducing the Analogic framework for business planning applicationsIntroducing the Analogic framework for business planning applications
Introducing the Analogic framework for business planning applications
 
Toyota and Seven Parts Storage Techniques
Toyota and Seven Parts Storage TechniquesToyota and Seven Parts Storage Techniques
Toyota and Seven Parts Storage Techniques
 
MEP Plans in Construction of Building and Industrial Projects 2024
MEP Plans in Construction of Building and Industrial Projects 2024MEP Plans in Construction of Building and Industrial Projects 2024
MEP Plans in Construction of Building and Industrial Projects 2024
 
digital marketing , introduction of digital marketing
digital marketing , introduction of digital marketingdigital marketing , introduction of digital marketing
digital marketing , introduction of digital marketing
 
How To Simplify Your Scheduling with AI Calendarfly The Hassle-Free Online Bo...
How To Simplify Your Scheduling with AI Calendarfly The Hassle-Free Online Bo...How To Simplify Your Scheduling with AI Calendarfly The Hassle-Free Online Bo...
How To Simplify Your Scheduling with AI Calendarfly The Hassle-Free Online Bo...
 
WSMM Technology February.March Newsletter_vF.pdf
WSMM Technology February.March Newsletter_vF.pdfWSMM Technology February.March Newsletter_vF.pdf
WSMM Technology February.March Newsletter_vF.pdf
 
Interoperability and ecosystems: Assembling the industrial metaverse
Interoperability and ecosystems:  Assembling the industrial metaverseInteroperability and ecosystems:  Assembling the industrial metaverse
Interoperability and ecosystems: Assembling the industrial metaverse
 
Data Analytics Strategy Toolkit and Templates
Data Analytics Strategy Toolkit and TemplatesData Analytics Strategy Toolkit and Templates
Data Analytics Strategy Toolkit and Templates
 
Welding Electrode Making Machine By Deccan Dynamics
Welding Electrode Making Machine By Deccan DynamicsWelding Electrode Making Machine By Deccan Dynamics
Welding Electrode Making Machine By Deccan Dynamics
 
Neha Jhalani Hiranandani: A Guide to Her Life and Career
Neha Jhalani Hiranandani: A Guide to Her Life and CareerNeha Jhalani Hiranandani: A Guide to Her Life and Career
Neha Jhalani Hiranandani: A Guide to Her Life and Career
 
1911 Gold Corporate Presentation Apr 2024.pdf
1911 Gold Corporate Presentation Apr 2024.pdf1911 Gold Corporate Presentation Apr 2024.pdf
1911 Gold Corporate Presentation Apr 2024.pdf
 
Customizable Contents Restoration Training
Customizable Contents Restoration TrainingCustomizable Contents Restoration Training
Customizable Contents Restoration Training
 

Session 2 - Market Test Ideas

  • 1.
  • 2.
  • 3. During this session we will work on this part of the canvas
  • 4. WHAT WE WILL COVER & WHAT ACTIONS/ INSIGHTS YOU’LL LEAVE WITH WHO: Know your customer! Identify current & future target market/ customer segments for your business, and create a customer persona WHAT: Gain an understanding of different market research techniques & tools HOW: Know how to do market research (ask questions to your current/ future customers) and use the research to make informed decisions FEEL: Consider how you might respond to negative feedback or insights gained through market research that make you question your business idea WHY: Know why market research is important in understanding your customers needs, and the pitfalls of not doing it
  • 5. ACTIVITY INSTRUCTIONS: Everyone, take a sheet of A4 paper Decorate your sheet, then make yourself a paper plane! 2 minutes…Go! Next: Form small groups of 3-4 people – from the same start line, fly your planes. As a group, decide which plane design 1. flies the furthest 2. looks the best 3. you think you can replicate perfectly
  • 6. Now… As a team, you must make 20 of the selected plane design Remember, your plane needs to follow these rules: • Be identical to the selected, agreed upon design • The design or any other features cannot be changed after you start production. Ready, set…GO! The team that finishes first, with 20 identical planes, that can fly & look the best, will win! Now let’s de-brief on what we have learnt from this activity.
  • 8. What are the different types of marketplaces, or market opportunities, for your business? You can have multiple marketplaces and they can change over time.
  • 9. What market opportunities can you identify for your idea? Will they change over time? © Global Sisters 2018 Use the post-it notes to put market opportunities into your canvas
  • 10. Let's check-in on where your business is right now… • Have you made a choice on the business idea you are pursuing? • Are you creating something from ‘scratch’ on your own? • Are you improving on an idea that is already in the market?
  • 11. In this picture of a girl and her mother picking out a toy: • Who pays? (ie who is the customer?) • Who is the user? • Are they the same or different? • What might be some of the characteristics of the customer?
  • 12. HEAR SEE SAYDO THINK/ FEEL NAME: _________ INSTRUCTONS: Use the diagram in your Resource Booklet. Draw your customer, give her a name & describe what she hears, sees, does, says & thinks/ feels.
  • 13. By creating a customer persona, you now know who your ideal, target customer is. Now its time to see if you can “segment“ them further: • Are there differences between your CURRENT and FUTURE/ POTENTIAL customers? • What are some of the sub-categories or segments of your target customer? GROUP DISCUSSION: Lets look together at an example of a business in the room today or the Facilitator's business.
  • 14. 1. How old are they? 2. Where do they live? 3. Are they mostly men or women? 4. How will you reach them? 5. Where do they get their information from? 6. What type of content works best? 7. How do they make purchase/ spending decisions? INDIVIDUAL CANVAS WORK: • Answer the questions above • Can you think of any other questions to work out more details about your target customers? • Spend some time refining your customer segments on your canvas Your customer segments
  • 15. © Global Sisters 2018 Use the post-it notes to write down your target customer and customer segments here
  • 16. Not sure… Have you checked your buzz words? Knowledge is everything. The more you know about the NEEDS, DESIRES, EXPECTATIONS, ASPIRATIONS, TASTES, SPENDING HABITS of your target customers - the more successful you are likely to be!
  • 17. Together as a whole group, or in your table groups, do the quiz. If you are doing market research you are... ❑ Typing questions you need to into Google to get the answers ❑ Standing in the shopping centre asking people what their favourite ice cream flavour is ❑ Gathering information about what your target customer likes and dislikes ❑ Researching what customers want at the library An assumption is ❑ Always true ❑ Something that we automatically think is fact ❑ A type of graph ❑ Always false Young people who play sport, listen to pop music and use social media could all be placed in the same customer segment? ❑ True ❑ False
  • 18. Knowing your target audience is critical! Your business idea simply won’t work if it doesn’t appeal to what your potential customers want or need. CASE STUDY: Let’s look at the example of Modibodi period underwear. Kirsty (the founder) had a business idea- to create high tech underwear to empower women and girls everywhere manage their periods and bladder leaks. If her product is for ALL women & girls, why did she need to do market research?
  • 19. Once we have determined WHO we want to ask (our target customer) and designed the specific questions we want to ask (coming next), we need to decide on HOW and WHAT tools or method we will use to do the market research. You can simply ask friends and family, or create surveys/ questionnaires, and ask people in your target group to answer them.
  • 20. There are also lots of FREE technology that help you not only conduct the survey but reach people in your customer target market that you don’t personally know. Have you heard of or used any of these? Let’s have a look at a few of them in a bit more detail… But remember, don’t get overwhelmed by the technology- they are just tools that could help you connect with customers and potential customers. Talking face-to-face directly to customers and potential customers is equally if not more important.
  • 21. Great for quick polls, real-time feedback from your personal or business network.
  • 23. https://www.quicktapsurvey.com/ Great for mobile phone or tablet face-to-face surveys
  • 24. Great for email surveys or when embedded in a social media post, text message or website
  • 25. Now that you have identified your customer, your objective is to verify your business idea & reach (and sell) to your ideal customer. Does your offering address what “matters“ to your customer? Here are a few ways you can get started… 1. COMPARE AND LEARN Google It! Does it already exist? What can you learn from those businesses? Take 5 minutes to do that right now if you have access to the internet. Don’t be discouraged if you see something similar- its critical you know your competition and will help you refine your offering. 2. TEST YOUR ASSUMPTIONS- ASK QUESTIONS Test your assumptions about the need for your product/ service with your target customer by asking them questions. 3. GETTING YOUR FIRST CUSTOMER/ USER? Use market research results to refine your business offering and work out how you will get your 1st, 5th and 20th customer?
  • 26. ACTIVITY: Your challenge is to create 3 questions on your idea and its desirability. You want honest, critical feedback. Ask your target customer about: 1. What they think of your product/service 2. Whether your offering meets their needs 3. How to reach/ sell to them! Question prompts… • What would make it easier for you to do…. • What occasions would you normally (buy/do)…. • What is your biggest barrier to…. • Does the existing solution in the market (add in brand name(s) meet your needs? Take 5 mins to write down your 3 questions.
  • 27. INSTRUCTIONS: Do a face-to-face survey with anyone in the room or venue who you think might be a potential customer OR Create a Facebook Poll to 3 potential customers (either on the Sister School Facebook group or to your network by tagging specific people). ACTIVITY: Spend 10 minutes conducting your survey/ poll. DISCUSS: What did you learn? How can you use this information to make informed decisions in your business? REMEMBER: When looking at the results make sure you analyse it by their key demographics (gender, age, location, income, relationship status, language etc) and by characteristics from your customer persona.
  • 28. • Market research isn’t just a once off activity- its continuous. Your business won’t work if it doesn’t appeal to what your potential customers want or need. • Taking the time to know your target audience’s actions, thinking, feeling, experience and opportunities are critical to your overall business success. • Knowing your customer experience is key to refining and improving your offering and keeping them as customers (repeat business and advocates of your business). • Keep doing market research as you grow your business so you can take advantage of opportunities to better meet the needs of your customers. CASE STUDY: Pod & Parcel coffee capsules market research
  • 29. Complete the 10-1-15 Challenge in preparation for the next session: - Build at least 10 questions (you’ve already started this!) - Use a digital platform (such as Google Survey, Facebook Poll or Survey Monkey) to create your questions. - Survey or interview at least 15 people! Enlist help from your family and friends. Feel free to share it in the Sister School Facebook group too.
  • 30. Think about how you will FEEL and RESPOND if you: • get feedback you don’t like? • realise you have chosen the wrong target group? • find out that already many business like yours out there? • can’t find anyone to do your survey? • are not confident learning how to use new technology (e.g. Survey Monkey)? • realise you have to change something about my idea? Your objective is to verify if your business idea really does address what 'matters' to customers. Using that information not as a de-motivator or set back but as an opportunity to refine or change your idea is the key to building a viable business. …
  • 31. Check out the BOOKET & BUZZ WORDS used in Session 2, and get a sneak look at the BUZZ WORDS we will be using in Session 3. © Global Sisters 2018