Become More Profitable While Gaining A Competitive Edge - Market Research 3.0 Techniques

Discussion Topics / Take-Aways
 What Is Market Research?
 Why Conduct Market Research?
 How To Conduct Simple Market Research.
 Where To Find Sources for Market Research
Projects.
 Introduction to Market Research 3.0

www.xavierassociates.ca

What Is Market Research?
 Definition –
 The collection and analysis of information about
consumers, competitors and the effectiveness of
marketing programs.

 The process of gathering, analyzing and interpreting
information about a market, about a product or service
to be offered for sale in that market, and about the past,
present and potential customers for the product or
service.


Why Conduct Market Research?

 Understand the Market Environment
 Understand the Competitive Landscape
 Become familiar with the Target Market
 Essential with Planning a New Business (Business
Plan)
 Developing a Marketing Strategy for a new or
existing product
 Launching a New Product to Market


Why Conduct Market Research?
 Establish a new Positioning Strategy
 Examine and Solve Business Problems
 Low Sales due to lack of Brand Awareness
 Set Corporate Goals and Targets
 Project Future Growth
 Financial Projections

 Increase the likelihood for Success

“8 out of 10”
Startups Fail
With 1st Year

Types of Market Research?
 Types of Market Research -
 Primary Market Research
 Research collected from primary sources or users.
 The collection process involves various techniques
such as interviews, surveys, discussions or focus
group sessions.
 Secondary Market Research
 Research collected from a summary, or collection, of
existing research. (Research reports, newspaper,
magazine and journal content, and government
statistics.)


Process Steps of Market Research?
Stage 1 –
 Secondary Market Research Problem Definition

 Process Steps –
Stage 2 -
1. Define Problem or Need Research Design Developed
2. Set Objectives and Goals
3. Select Research Methodology Stage 3 –
4. Collect Data Data Collection

5. Organize and Analyze Data
Stage 4 –
6. Generate Report and Presentation Data Analysis

Stage 5 –
Report Representation


Sources for Market Research
 Data Collection Sources –
1. Government Sources
 Government departments, business departments of
public libraries, etc.
 Mostly outdated information
 Examples –
 Statistics Canada (Canada) (www.statcan.gc.ca)
 U.S. Census Bureau (www.census.gov)
 National Bureau of Statistics China
(www.stats.gov.cn)
 Full List (www.bls.gov/bls/other.htm)


2. Commercial Sources
 Very Valuable and Timely
 Usually involve cost factors such as subscription and
association fees.
 Include research and trade associations
 Examples –
 Dun & Brad Street (www.dnb.ca)

 Conference Board of Canada
(www.conferenceboard.ca)
 Xavier & Associates(www.xavierassociates .ca)

 Forrester Research (www.forrester.com)

www.xavierassociates.ca  eMarketer (www.emarketer.com)

3. Company Annual Reports
 Examples –
 SEC EDGAR Filings (http://www.sec.gov)

 Yahoo Finance (http://biz.yahoo.com/r/)

 Independent Corporate Website –

 BMO – (www.bmo.com)
 BC Hydro (www.bchydro.com)
 Air Canada (www.aircanada.com)


4. Press Releases (An official statement issued to the media
giving information on a particular matter.) Simultaneous
delivery of news releases and multimedia to news media,
financial and online audiences.
 Free and Timely
 Unlimited Research Information
 Examples –
 CNW Group (www.newswire.ca)

 MarketWire (www.marketwire.com)

 PRWeb (www.prweb.com)

 CPWire Network – (www.thecanadianpress.com)


5. Search Engines / Social Media
 Free and Timely
 Unlimited Research Information
 Examples –
 Google (www.google.ca)

 Bing (www.bing.com)

 Yahoo (www.yahoo.com)

 Twitter – (www.twitter.com)

 Facebook (www.facebook.com)

 LinkedIn (www.linkedin.com)


What is Market Research 3.0?
 Definition: The use of online tools and
resources to capture up-to-date and timely
information.
 Online Tools & Resources –
 Google
 Twitter
 Linkedin
 RSS Feeds
 Infographics


Market Research 3.0 – Google Search Engine
 Google Search Engine
 Founded in 1998 by Stanford University
graduate students Larry Page and Sergei Brin.
 Ranked #1 Search Engine Worldwide
 (900,000,000 unique monthly visitors)


Market Research 3.0 – Google Search Tools
 Google Search Engine -
 Search Operators


Market Research 3.0 – Google Search
 Search Operators –
(http://www.googleguide.com/advanced_operators.html)
 Example – allintext / allintitle / inurl / filetype: / include/exclude
1. allintext: [allintext: iphone sales 2011]
 Returns pages with the words, “iphone”, “sales”, “2011”
 For better results – “iPhone sales” 2011
 Returns pages with phrased words “iPhone sales”
2. allintitle: [allintitle: iphone sales 2011]
 Returns pages with the title words, “iphone”, “sales”,
“2011”
 For better results – “iPhone sales” 2011
 Returns pages with phrased words “iPhone sales”

 Example: [allintitle: “iphone sales” 2011]


3. filetype: [filetype: pdf iphone sales 2011]
 Returns PDF documents with the words, “iphone”,
“sales”, “2011”
 For better results – [allintext:“iPhone sales” 2011
filetype:pdf]
 Returns PDF documents with phrased words
“iPhone sales” 2011
 Usually completed research reports or analysis
completed on the specific search string


 Example: [allintext:“iPhone sales” 2011] filetype:pdf]


4. Include / Exclude Parameters
 AND (Caps) or + [Iphone Sales AND Canada]
 - Minus Sign [Iphone Sales -US]
 ~ (Tilde) takes the word immediately following it and
searches both for that specific word and for the word’s
synonyms. [~inexpensive ] matches “inexpensive,”
“cheap,” “affordable,” and “low cost”
 OR (Caps) [Tahiti or Hawaii]
 .. (Double Dot) [Iphone 4 $200..$300]
 * (Star) [ “Google * my life“ ] Finds pages containing a
phrase that starts with “Google” followed by one or more
words, followed by “my life.” ie. “Google changed my life,”
“Google runs my life,” and “Google is my life.”

 Example: [intitle:iphone sales AND android OR windows]


 Side Bar Search Tools –
• Allows the ability to conduct the following searches –
• Pages from the Web or Canada
• Specified Time (Past Hour, Past 24 Hours, Past Week, Past
Month, Past Year, Custom Year)
• Type of Results –
• Sites with images
• Visited Sites
• Not Yet Visited
• Reading Level


10 Minute Break


Market Research 3.0 - Twitter
 Social Media Research -
 Twitter (www.twitter.com)
 Statistics –
 Active users in 2011 – 100 million
 # of tweets in per day (October 2011) 250 million

 Benefits –
 Broad audience

 Find the latest buzz on particular topics

 Can conduct short surveys instantly (e.g. favourite ice cream)

 Act while the market is “hot.”


 Twitter Search Example -


 Due to the mass of information that passes through
the “Twittersphere”, a number of Advanced Twitter
Research Tools are available -
 Topsy (www.topsy.com)
 Twellow (www.twellow.com)
 WeFollow (www.wefollow.com)


 Topsy (www.topsy.com)
 Topsy is a real-time search engine for the web that also provides
nice information about what’s trending in real-time.


 Twellow
(www.twellow.com)
 Twellow is the so-called Twitter
Yellow Pages.
 Twellow provides a good venue
for finding followers if you are
starting out on Twitter or for
finding followers if you are
looking to study a certain
aspect of the market.
 With the popularity of Twitter,
it is inevitable to be plagued by
spam and to be overloaded
with information.


 WeFollow (www.wefollow.com)
 A simple and clean interface, allowing the ability to find Twitter
users with similar interests or in similar industries.
 It lists users based on the number of followers they have.


Market Research 3.0 - LinkedIn
 Social Media Research -
 LinkedIn (www.linkedin.com)
 Statistics –
 January 2012 – 135 million members worldwide
 Over 2 billion searches (2010)

 Benefits –
 Access to a very intellectual community

 Ability to connect with customers, vendors, etc.

 Ask questions regarding a certain topic

 View comments on a wide variety of topics and subjects.


 Benefits of LinkedIn -
 Provides the ability gather in-depth information
or knowledge around a specific subject.
 There are tons of topics that people discuss via this
platform.
 By listening attentively, you’ll be able to identify
those issues that your customers are struggling
with.
 If you want to broaden your knowledge base or
want to know more about a specific subject,
LinkedIn Answers is just the place to be.


 LinkedIn Question / Answers –


Market Research 3.0 - Infographics
 Infographics –
 Visual representations of information, data or
knowledge. (Wikipedia)
 Used where complex or a whole lot of information needs
to be explained quickly and clearly
 Benefits –
 Explain large amounts of information in a concise manner.

 Provides a quick way to understand data quickly.

 Provides an engaging experience.

 Infographic sites –
 Daily Infographic (www.dailyinfographic.com)

 Fast Company (http://www.fastcompany.com/infographics)


Market Research 3.0 – RSS Feeds
 RSS Feeds-
 (Rich Site Summary) is a format for
delivering regularly changing web content
 Benefits -
 Latest updates on any topic / site / blog

 Saves time surfing

 Can be integrated into MSOutlook

 Free to subscribe to thousands of sites

 Finding RSS Feeds is easy –

 Research Search Engine
(http://www.rsssearchhub.com/)


Market Research 3.0
 RSS Feed Example (http://feeds.mediapost.com/research-brief?format=xml-)


Market Research 3.0
 Twitter RSS Feed Example
(http://search.twitter.com/search.rss?q=iphone sales 2015)


Market Research 3.0 – Google Alerts
(http://www.google.com/alerts)
 Emails sent to you when Google finds new results —
such as web pages, newspaper articles, or blogs —
that match your search term.
 Benefits -
 Free Service

 Can be specifically tailored to suit a company’s needs.

 Latest information available at it happens

 Ability to monitor an industry, product group, or
competitor.


 Google Alert:
 [allintitle: china “internet population”]

myemail@mycompany.com


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