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Market Research for StartupLeadersNatalie NathansonMay 2013Developed for a course at:
Market research for start-ups is essential.Understanding the needs and wants ofyour target market can be the differencebet...
Agenda• Market research 101• Qualitative startup market research• Project framework• Getting started on your own
WHAT IS MARKETRESEARCH?
Process of systematically investigating themarket for a given product or service,gathering and analyzing data regarding th...
Categories of Market ResearchIn a Startup Environment…PrimarilyQUANTITATIVEPrimarilyQUALITATIVEBehavioral researchIn-perso...
QUALITATIVE STARTUPMARKET RESEARCH
When and where is it used?Concept Alpha Beta MVP Launch Scale Break-even ExitMarketvalidationMarketsegmentationPrice analy...
• Market validation• Market segmentation• Pain point articulation• Target market prioritization• Marketing planning• Compe...
PROJECT PLANNING &EXECUTION FRAMEWORK
PHASE IPlanningPHASE IIImplementationPreparationPHASE IIIFieldworkPHASE IVAnalysisPHASE VActionPlanIdentifygoals2ndaryrese...
Research Differences: B2B vs. B2CCategory Consumers (B2C) Business Users (B2B)User Type Responder is an end-user Responder...
Step 1: PlanningConfirm the questions we aretrying to answer, flesh outmethodology, approach, anddesired outcome.Activitie...
Step 2: Implementation PreparationCreate all needed materials for theprimary research, build & test list ofquestions (disc...
Discussion Guide Question TypesWarm UpQuestionsE.g. Tell me about your backgroundBest for: Starting an interview!Example U...
Step 3: FieldworkActivities include:Conduct interviews (record, record, record)Review early insights midstreamSummarize...
Step 4: AnalysisActivities include:Analysis summaryBring in broader groupReview analysis & implicationsDevelop implica...
Step 5: Build Action PlanActivities include:Decide what new hypotheses & realizations you haveAgree on what to do differ...
GETTING STARTED ONYOUR OWN
What to Remember1. Record the conversation. Don’t transcribe intoyour own words.2. Interviews won’t go as planned. Each in...
Where to go from hereApproach Pro’s Con’sDo-it-yourself Least $ expenditure Your time is preciousResponses will be morebia...
How do we break down our marketing services?
What’s YOUR next step?
natalie@magnetudeconsulting.com@_Magnetudewww.magnetudeconsulting.com
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Market Research for Startups

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Magnetude Consulting teaches startups how to conduct qualitative market research through interviews.

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Market Research for Startups

  1. 1. Market Research for StartupLeadersNatalie NathansonMay 2013Developed for a course at:
  2. 2. Market research for start-ups is essential.Understanding the needs and wants ofyour target market can be the differencebetween success and failure.
  3. 3. Agenda• Market research 101• Qualitative startup market research• Project framework• Getting started on your own
  4. 4. WHAT IS MARKETRESEARCH?
  5. 5. Process of systematically investigating themarket for a given product or service,gathering and analyzing data regarding thenumber and location of customers;customers’ interests, preferences, andbuying habits; and pricing and pricesensitivity of demand.…For the purpose of gaining insight about amarket to help a company formulate itsbusiness and marketing strategy.SOURCE: http://www.startups.co/information/go-big-dictionary/market-research-definition
  6. 6. Categories of Market ResearchIn a Startup Environment…PrimarilyQUANTITATIVEPrimarilyQUALITATIVEBehavioral researchIn-personsurveysSecondaryResearch1:1 interviewsFocus groupWeb or socialsurveys
  7. 7. QUALITATIVE STARTUPMARKET RESEARCH
  8. 8. When and where is it used?Concept Alpha Beta MVP Launch Scale Break-even ExitMarketvalidationMarketsegmentationPrice analysis CompetitiveanalysisCustomerresonanceRevisit from conceptfor target marketexpansionLifecycle of a StartupRevenue/A few examples above…
  9. 9. • Market validation• Market segmentation• Pain point articulation• Target market prioritization• Marketing planning• Competitive analysis• Price analysis• Customer resonance• Product development• Trend identification• Influencer & media landscapeWhat can market research help your startup determine?
  10. 10. PROJECT PLANNING &EXECUTION FRAMEWORK
  11. 11. PHASE IPlanningPHASE IIImplementationPreparationPHASE IIIFieldworkPHASE IVAnalysisPHASE VActionPlanIdentifygoals2ndaryresearchDevelop interviewquestionsRecruitintervieweesConductinterviewsCollect &summarizedataReviewfindingsDevelopconclusionsDecidewhat to dodifferentlyImplement!5 Steps to Conduct Qualitative Market Research
  12. 12. Research Differences: B2B vs. B2CCategory Consumers (B2C) Business Users (B2B)User Type Responder is an end-user Responder is engaging aspart of professionPopulation Larger sample population(generally)More defined targetsDecision-making Approvals come from self(or spouse?)Approvals come frommultiple stakeholdersInterview language Simple, everydaylanguage is used duringthe interviews.Knowledge of industryterms may be needed
  13. 13. Step 1: PlanningConfirm the questions we aretrying to answer, flesh outmethodology, approach, anddesired outcome.Activities include: Secondary research (online & founder insights) Select target audience & qualification criteria Prioritize your goals, questions to answer
  14. 14. Step 2: Implementation PreparationCreate all needed materials for theprimary research, build & test list ofquestions (discussion guide).Activities include: Build and test discussion guide Build target interviewee list Schedule interviews
  15. 15. Discussion Guide Question TypesWarm UpQuestionsE.g. Tell me about your backgroundBest for: Starting an interview!Example Use: General market knowledgeExampleQuestionsE.g. Give me an example of…Best for: Complexities - Leading questions, disruptive technologies, etc.Example Use: Purchase decisions, product developmentDirectQuestionsE.g. Where do you go for…Best for: Factual questions and/or you need a very concrete answerExample Use: Competitive analysis, influencer identificationIndirectQuestionsE.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 articulation, target market prioritization
  16. 16. Step 3: FieldworkActivities include:Conduct interviews (record, record, record)Review early insights midstreamSummarize interviewsThis is where the rubber hits theroad—conduct interviews!
  17. 17. Step 4: AnalysisActivities include:Analysis summaryBring in broader groupReview analysis & implicationsDevelop implications on ‘questions to answer’Aggregate data into findings,review patterns in the data,glean insights.
  18. 18. Step 5: Build Action PlanActivities include:Decide what new hypotheses & realizations you haveAgree on what to do differentlyImplement!Don’t sit on the insights—dosomething about it!
  19. 19. GETTING STARTED ONYOUR OWN
  20. 20. What to Remember1. Record the conversation. Don’t transcribe intoyour own words.2. Interviews won’t go as planned. Each interviewwill be different.3. Recruitment isn’t easy. Give yourself enough time,prepare.4. Don’t forget your original goals... It’s easy to getcaught up in the conversation.5. …but be open minded to new insights. Takeeverything in, but don’t jump to conclusions.
  21. 21. Where to go from hereApproach Pro’s Con’sDo-it-yourself Least $ expenditure Your time is preciousResponses will be morebiasedCustomeducationalworkshop*Expert guidanceMore confidence inresultsLearn to do itStill have responder biasStill takes timeTargetedsupport*Get help where youneed in mostBeware of disconnectsFulloutsourcing*Proven methodology,objectivitySpend your time wiselyMost costly in terms ofhard $’s• Always be talking tocustomers (anddocumenting it!)• Determine your highestpriority goals• A few ways to getstarted…*Services offered by Magnetude Consulting
  22. 22. How do we break down our marketing services?
  23. 23. What’s YOUR next step?
  24. 24. natalie@magnetudeconsulting.com@_Magnetudewww.magnetudeconsulting.com

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