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Customer Discovery and Market Intelligence - Entrepreneurship 101 (2013/14)


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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.

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Customer Discovery and Market Intelligence - Entrepreneurship 101 (2013/14)

  1. 1. Usha  Srinivasan  Ph.D,  VP  –  Learning  and  Insights  
  2. 2. How  many  of  you  are  working  on  a  Startup  right  now   or  thinking  of  star@ng  one    ?     How  many  of  you  have  been  speaking  with   customers  ?   How  many  of  you  have  spoken  with  10  or  more   customers  ?   CONGRATULATIONS  !!!  You  have  truly  embarked  on   your  market  and  customer  discovery  journey    
  3. 3. Market  and  Customer  Discovery   What  does  it  all  mean  ?    
  4. 4. Market  and  customer   intelligence  can  help   you  de-­‐risk  and   translate  your   assump@ons  to  facts  !!!     …with  unclear   Clear  Pathways   direc@ons  
  5. 5. Quan@ta@ve   Secondary 60%   Qualita@ve   Primary 40%   Pg 7
  6. 6. Is  this  journey  worth  it  ?  a.k.a   Is  this  Market  BIG  enough  ?     FIND  OUT  by  -­‐  Effec@ve  use  of   Secondary  published  sources   Or  Do  it  yourself    
  7. 7.   1.  Consult  market  reports  from  mul@ple  vendors     2.  Be  clear  about  the  “defini@on”  used   3.  Sizing  the  market  in  publicly  traded  space  can  be   easier  than  with  privately  held  companies:     a.  Bodom  up  method  –    Based  on  Revenues  or   Unit  price  and  volume  of  sale     b.  Sizing  based  on  poten@al  buyers  –  e.g.,  no.  of   hospitals,  no.  of  people  viewing  a  par@cular   website,  no.  of  u@li@es  etc.-­‐  Stats  Canada   c.  Look  at  annual  reports,  tax  filings,  press   releases,  Tech  blogs,  product  brochures  etc.     d.  Quick  and  Dirty  -­‐  Set  up  a  website  or  Share   and  adver@se  it   4.  Market  sizing  at  regional  levels  is  more  logical    –   NA,  EU,  Asia,  Middle  East   5.  Ul@mately  make  realis@c  assump@ons!!    
  8. 8. Has  someone  already  been   on  this  journey  ?  a.k.a   Which  Market  Type  do  I  fit   into  ?     Exis@ng   Re-­‐segmented  (low  cost/ specific  need)   New     Clone      
  9. 9. Who  else  am  I  going  to  bump   into  –  a.k.a   Who  am  I  compe@ng  with  ?     Knowing  your  market  type  is  key   to  understand  your  compe@tors  
  10. 10.     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.  Iden@fy  and  monitor  relevant  news  sources   (e.g.,  MobiHealth  News)  –  search   keywords,  set  up  alerts   4.  MaRS  Startup  Library’s  “How  do  I  iden@fy   compe@tors?”  –  CrunchBase,  Techvibes,   Startup  north,  Industry  Canada  etc.   5.  Syndicated  research  by  Frost  &  Sullivan,   Gartner,  BCC  research  etc.  that  publish   compe@tor  informa@on  
  11. 11. Is  the  map  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  !!!  
  12. 12. -­‐Geographic  informa@on  (Regula@ons,  Partners,   Poli@cal)   -­‐Demographic  informa@on  (age,  income,  occupa@on,   etc.)   -­‐Psychographic  informa@on  (personality,  values,   interests,  lifestyle,  etc.)   -­‐Industry  informa@on  (Regula@ons,  investments,     needs)     1.  Use  already  published  primary  research  data  by   marke@ng  research  firms  -­‐  Omnibus  studies  –   Forrester,  ComScore,  IMSHealth,  JD  Power,  ACNeilsen,   Frost  &  Sullivan   2.  Industry  Associa@ons  are  a  great  source     3.  Tap  into  Canadian  Trade  Commissioners  office  (DFAIT)   in  other  countries  –  understanding  local  dynamics/ connec@ons   4.  In  house  primary  research  –  Online  and  direct   interviews  
  13. 13. Online   tools     Direct   Interviews   •  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  plaqorms   •  Leverage  Friends  and  Family   •  Low  cost  Focus  groups  –  your  sport   team,  associa@on  members   •  Telephone  interviews   •  Face  to  Face  interviews  
  14. 14. Nothing is better than a face to face interviews to get the best customer insight. Top 10 things to remember: 1.  2.  3.  4.  5.  6.  7.  8.  9.  Understand your customer persona Always ask for a referral Set up a time and expectation for the interview Prepare your questions & use a template to record PAUSE after every question Record the answers right after the interview Respect their time Ask for other referrals Score your qualitative responses to quantify & evaluate the insights 10. Refine your questions and try again !!
  15. 15. Understand  customer  needs   Solu@on  to  solve  it   Channel  to  reach  them   Business  model  to  make  money   CONGRATULATIONS  !!!    You  used  Market  &  Customer   Intelligence  to  find  a  viable  business   opportunity    
  16. 16. Usha Srinivasan PhD Vice President Learning and Insights MaRS Discovery District T 416-673-8144 E W pg 20