Market Research & Competitive Intelligence

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From Small Business Action Council, Greater Rome Chamber of Commerce

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  • Boolean terms: quotes, +, AND, OR, NOT
  • Twitter: landscaping search turns up not just information but key blog (gardeningafterfive.com)
  • Boolean terms: quotes, +, AND, OR, NOT
  • Boolean terms: quotes, +, AND, OR, NOT
  • Market Research & Competitive Intelligence

    1. 1. Market Research & Competitive Intelligence<br />
    2. 2. Market Research <br />Any organized effort to gather information about markets or customers in order to identify and analyze market need, market size, and competition. <br /><ul><li>Find potential customers.
    3. 3. Launch products.
    4. 4. Open new location.
    5. 5. Deepen relationships.
    6. 6. Wake up dormant relationships.
    7. 7. Find growth opportunities.</li></li></ul><li>Types of Research <br />Quantitative Vs. QualitativeInternal Vs. External<br />Pre and Post Advertising<br />
    8. 8. Types of Data<br />Demographics<br />Socioeconomics<br />Firmographics<br />Peer/Aspirant<br />Psychographics<br />
    9. 9. Questions to Ask: External<br />How many customers could I have? (market size)<br />How many customers am I missing? (market penetration)<br />Is there a need for this product or service? (market need)<br />Where’s the best place to locate my business? (market concentration)<br />Who else is selling a similar product or service? (competition)<br />What are different types of customers? (segmentation)<br />What is the decision process for a buying customer? (motivation)<br />Where is my industry going? (trend)<br />
    10. 10. Data SourcesExternal<br />Primary: Surveys, Focus Groups<br />Secondary:<br /><ul><li>Census Data or Google Public Data
    11. 11. Berry Market Research Guide
    12. 12. James J. Hill Business Library</li></li></ul><li>Data SourcesExternal<br />Commercial:<br />American Marketing Association<br />Advertising Age<br />Inc MagazineHarvard Business Review<br />Hoovers<br />
    13. 13. Data SourcesExternal<br />Social<br />Twitter<br />LinkedIn<br />Company.com<br />SocialMention<br />Technorati<br />
    14. 14. Data Sources<br />As It Happens<br />Google Alert<br />SocialMention Alert<br />RSS Feeds<br />
    15. 15. Questions to Ask: Internal<br />Who are my customers? Where do they live? What do they do? <br />Who are my best customers? Worst?<br />How often do they buy? How much do they typically spend?<br />How loyal are they to my product/service?<br />What is their main motivation for buying?<br />How have my customers changed?<br />What else are they looking for?<br />Why do they leave?<br />
    16. 16. Data SourcesInternal Market<br />web analytics<br />surveys<br />post purchase questionnaires<br />focus groups<br />case studies<br />mystery shoppers<br />catered lunch questionnaires<br />top five best/worst interviews<br />
    17. 17. Marketing Research <br />Any organized effort to gather information about methodologies, processes, campaigns to reach your market. <br /><ul><li>Increase return on investment.
    18. 18. Get more customers.
    19. 19. Increase exposure.
    20. 20. Improve communications.</li></li></ul><li>Marketing ResearchPost Advertising<br />What is the best way to talk about my product/service?<br />What defines success in a campaign? (volume vs. quality)<br />What channels should I choose?<br />Which channels were most successful? <br />What was my return on investment?<br />
    21. 21. Data SourcesPost Advertising<br />A/B Testing<br />Advertising Tracking<br />Goal Funneling<br />
    22. 22. Gather data because you want to do something with what you find.<br />
    23. 23. Listen. Plan. Implement. <br />Repeat.<br />Marketing 2.0<br />
    24. 24. SAIDigital<br />http://www.saidigital.co<br />Resources: about-us/workshops<br />Twitter: @sai_digital<br />706.622.4545<br />

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