For a business or company to be truly successful, it must be market-driven. Market research involves observing, engaging with and listening to the market, which validates and informs planning, strategy, product and marketing. To make the critical decisions associated with building a new business, entrepreneurs require a solid understanding of the market and customer needs. This lecture will outline the effective use of existing information intelligence, and explain how to solicit and leverage customer input to make better business decisions.

2. Usha
Srinivasan
Ph.D,
VP
–
Learning
and
Insights

5. Understand
the
“problem”
-­‐
Why
do
their
school
mates
like
their
comic?
Understand
the
customers
buying
power
-­‐
Will
the
school
mates
pay
for
this
one
page
of
giggles
and
how
much?
Understand
the
compeGGon
-­‐
What
other
comics
were
they
reading?
Understand
customer
preferences
-­‐
Did
girls
also
like
their
jokes
and
comics
as
much
as
the
boys?

6. Market
and
Customer
Discovery
What
does
it
all
mean
?

7. …with
unclear
direcGons
Market
and
customer
intelligence
can
help
you
de-­‐risk
and
translate
your
assumpGons
to
facts!!!
Clear
Pathways

8. Pg 8
PrimarySecondary
60%
40%
QuanGtaGve
QualitaGve

9. Type of data Example of source
Statistics Economic statistics
Customs databases
Government statistics
Industry data Industry associations
Market research reports
Investor reports
Product data Product brochures
Product reviews
News Free public aggregators (incl. Google)
Fee-based news aggregators
Patent Literature Delphion (International)
USPTO – Patents (US)
CIPO – Patents (Canada)
Espacenet (Europe)
Company & Financial
data
Public company directories
Securities exchanges (S.E.C., SEDAR)
Global company financials databases
Local company financials databases
Adapted from Global Intelligence Alliance, 2012

10. UofT Libraries
http://guides.library.utoronto.ca/
techentrepreneurship
Startup Library
http://marsdd.it/1khP6hs
MaRS Market Intelligence
http://www.marsdd.com/
market-intelligence
The objective of the study was to collect the information listed below for 6 jurisdictions (Canada, US,
Japan, Singapore, Germany, & S. Korea) in order to set up a world-class patent registration office in the U.A.E.
Types of information that have been gathered include:
All procedures needed to complete and process patent applications, legal verification,
technical examination, and all other required procedures to grant patent approval.
Identification of the number of services to be carried out by the Center, number and
specific departments and administrative units required, number of employees needed
and job descriptions for each employee.
Types and number of proposed examiners, technical and legal experts.
All required equipment, computers, software programs and systems needed.
Amount of proposed fees for services to be provided.
1
2
3
4
5
Overall Objectives
The objective of the study was to collect the information listed below for 6 jurisdictions (Canada, US,
Japan, Singapore, Germany, & S. Korea) in order to set up a world-class patent registration office in the U.A.E.
Types of information that have been gathered include:
All procedures needed to complete and process patent applications, legal verification,
technical examination, and all other required procedures to grant patent approval.
Identification of the number of services to be carried out by the Center, number and
specific departments and administrative units required, number of employees needed
and job descriptions for each employee.
Types and number of proposed examiners, technical and legal experts.
All required equipment, computers, software programs and systems needed.
Amount of proposed fees for services to be provided.
1
2
3
4
5
Overall Objectives
The objective of the study was to collect the information listed below for 6 jurisdictions (Canada, US,
Japan, Singapore, Germany, & S. Korea) in order to set up a world-class patent registration office in the U.A.E.
Types of information that have been gathered include:
All procedures needed to complete and process patent applications, legal verification,
technical examination, and all other required procedures to grant patent approval.
Identification of the number of services to be carried out by the Center, number and
specific departments and administrative units required, number of employees needed
and job descriptions for each employee.
Types and number of proposed examiners, technical and legal experts.
All required equipment, computers, software programs and systems needed.
Amount of proposed fees for services to be provided.
1
2
3
4
5

11. DataOwn
Employees
Own supply-
chain
Own
customers
Industry
experts
Analysts
Associations
Academia
Adapted from Global Intelligence Alliance, 2012

12. Is
this
journey
worth
it?
a.k.a
Is
this
Market
BIG
enough?
FIND
OUT
by
–
EffecGvely
extracGng
informaGon
from
Secondary
published
sources

13. S
Total AddressablePerfect World
Scenario
No competitors
All the financing
available to
grow
Adapted from Blank & Dorf, 2012

14. S
Total Addressable
Sales Addressable
Real World
Constraints
Geography
Competition
Sales channels
Adapted from Blank & Dorf, 2012

15. S
Total Addressable
Sales Addressable
Target
Priority
Scenario
Most desirable
Most feasible
Adapted from Blank & Dorf, 2012

16. Top-down
Top-down estimates approach the true
value from above, by starting with broad
indicators which are narrowed down using
assumptions.
Pro Often a quicker and easier way to size
a market
Con Tends to give too high estimates
Bottom-up
Bottom-up estimates approach the true value
from below, by summing up known supply
data from market participants.
Pro Often considered more conservative
(accounts for capacity limitations of the
industry).
Con Usually requires primary research,
therefore often expensive to do.
Statistic
Data point
Total market size
Assumption Statistic
Data point
Assumption
Supplier 1
Segment total
Total market size
Supplier 2 Supplier 3
Segment total
Supplier 4
Source: Global Intelligence Alliance, 2012

17. Has
someone
already
been
on
this
journey?
a.k.a
Which
Market
Type
do
I
fit
into?
ExisGng
Re-­‐segmented
(low
cost/
specific
need)
New
Clone

18. Who
else
am
I
going
to
bump
into
–
a.k.a
Who
am
I
compeGng
with?
Knowing
your
market
type
is
key
to
understand
your
compeGtors
Inexpensive Expensive
High Quality
Low Quality
Competitor A
Competitor C
You
Competitor B

19.
1. Consider
patent
or
prior
art
searches
–
Public
databases
like
USPTO
or
WIPO,
or
paid
databases
like
Delphion
or
Total
Patents
2. Compare
product/technology
capability/
claims:
use
product
brochures
from
trade
shows
or
product
claims
from
websites
3. IdenGfy
and
monitor
relevant
news
sources
(e.g.,
MobiHealth
News)
–
search
keywords,
set
up
alerts
4. MaRS
Startup
Library’s
“How
do
I
idenGfy
compeGtors?”
–
CrunchBase,
Techvibes,
Startup
North,
Industry
Canada
etc.
5. Syndicated
research
by
Frost
&
Sullivan,
Gartner,
BCC
research
etc.
that
publish
compeGtor
informaGon

22. Is
the
roadmap
you
have
enough
to
get
to
point
B?
i.e.,
To
get
to
a
place
to
understand
your
customers
needs?
You
need
to
GET
OUT
OF
THE
CAR!!!

23.
Decision
Maker
$$$$$
Economic
Buyer
$$$
Recommenders
Influencers
End
Users

24. -­‐Geographic
informaGon
(RegulaGons,
Partners,
PoliGcal)
-­‐Demographic
informaGon
(age,
income,
occupaGon,
etc.)
-­‐Psychographic
informaGon
(personality,
values,
interests,
lifestyle,
etc.)
-­‐Industry
informaGon
(RegulaGons,
investments,
needs)
1. Use
already
published
primary
research
data
by
markeGng
research
firms
-­‐
Omnibus
studies
–
Forrester,
ComScore,
IMSHealth,
JD
Power,
ACNeilsen,
Frost
&
Sullivan
2. Industry
AssociaGons
are
a
great
source
3. Tap
into
Canadian
Trade
Commissioners
office
(DFATD)
in
other
countries
–
understanding
local
dynamics/
connecGons
4. In
house
primary
research
–
Online
and
direct
interviews

25. • Mock
website
–
Google
site/Weebly
• Surveys
-­‐
Beware
of
respondent
quality
-­‐
Examples
sites
–
Survey
Monkey,
Google
consumer
survey,
Addpoll,
Fluidsurveys
etc.
• Listservs
&
Specific
interest
groups
• Social
media
• Crowdfunding
plaoorms
Online
tools
• Leverage
Friends
and
Family
• Low
cost
Focus
groups
–
your
sport
team,
associaGon
members
• Telephone
interviews
• Face
to
Face
interviews
Direct
Interviews

28. Nothing
is
be=er
than
a
face
to
face
interview
to
get
the
best
customer
insight.
Top
10
things
to
remember:
1. Understand
your
customer
persona
2. Always
ask
for
a
referral
3. Set
up
a
Gme
and
expectaGon
for
the
interview
4. Prepare
your
quesGons
&
use
a
template
to
record
5. PAUSE
aper
every
quesGon.
LISTEN
to
your
customers
6. Record
the
answers
right
aper
the
interview
7. Respect
their
Gme
8. Ask
for
other
referrals
9. Score
your
qualitaGve
responses
to
quanGfy
&
evaluate
the
insights
10. Refine
your
quesGons
and
try
again!!

29. Understand
customer
needs
SoluGon
to
solve
it
Channel
to
reach
them
Business
model
to
make
money
CONGRATULATIONS!!!
You
used
Market
&
Customer
Intelligence
to
find
a
viable
business
opportunity

30. pg 30
Usha Srinivasan PhD
Vice President
Learning and Insights
MaRS Discovery District
T 416-673-8144
E usrinivasan@marsdd.com
W www.marsdd.com