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Market Research for Startups


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by Elif ARIK & Mehmet AKALIN

Published in: Business
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Market Research for Startups

  2. 2. INVESTMENTSTAGES 27/01/2017 2BIC Angel Investments
  3. 3. WHATISMARKETRESEARCH? 27/01/2017 3BIC Angel Investments MARKET RESEARCH is an inevitable stage for a startup to identify the market of a product innovated for solving customers' problem, find out the boundaries of the new business and gather insights to target the right market.
  4. 4. HOWISMARKETRESEARCHDONE? 27/01/2017 4BIC Angel Investments • Identify the product and the business model • Search target customer • Analyze market trends • Define market size • Examine competitors • Find out advantages and disadvantages Finally startup starts to grow with the realistic targets set by the market research.
  5. 5. TYPEOFRESEARCH 27/01/2017 5BIC Angels Primary Research: Information is gathered directly from the customer • Focus Groups: A group of potential customers are asked about their opinions, beliefs and perceptions about a product, service etc. • Customer Surveys: A quantitative survey allows you to gather vast amounts of data in a short time
  6. 6. FACEBOOKSURVEY 2/10/2017 6BIC Angels
  7. 7. DROPBOX DROPBOX CASE 2/10/2017 7BIC Angels BUILD •Got people to sign up with a 90 second video before launching the product, describing its services •Signed 5000 subscribers before it had a product to offer. MEASURE •They allowed users to make comments on Votebox to state what they do or don’t like LEARN •Dropbox realized that the importance of references was greater than online marketing. •In 15 months, Dropbox went from 100.000 registered users to 4 million largely by word of mouth referrals
  8. 8. LEANSTARTUP-ERICRIES 2/10/2017 8BIC Angels
  9. 9. SECONDARYRESERCH 27/01/2017 9BIC Angels Secondary Research: •Information is gathered through statistics, reports, studies etc. •Useful resources for conducting secondary research: Industrial trade groups, business magazines, academic institutions, government agencies
  10. 10. PRODUCTANDBUSINESSMODEL 27/01/2017 10BIC Angel Investments Examine the product; check the existing revenue model or build a new one
  11. 11. BUSINESSMODEL 2/10/2017 11BIC Angels It is an online platform to track students’ progress during YGS & LYS preparation and it offers a measurement system and detailed reports for students’ performances. Education institutions can follow their students through lala and give assignments if needed.
  12. 12. REVENUEMODEL 27/01/2017 12BIC Angels
  13. 13. TARGETCUSTOMERS 27/01/2017 13BIC Angel Investments Set your target customers, segmentify them and use research results/statistics
  14. 14. MARKETTRENDS 27/01/2017 14BIC Angel Investments Find out the market trends, customer tendencies and make assumptions
  15. 15. Usıngtools 2/10/2017 15BIC Angels Google Trends Keyword Check: Influencer Marketing
  16. 16. MARKETSIZE 27/01/2017 16BIC Angel Investments Measure the target market size and your share to extract from it using research results
  17. 17. MARKETANALYSIS E-commerce Market Size 18BnTL* E-commerce Fashion Market Size 3,24BnTL** Accessible E-commerce Fashion Market Size 14.6MnTL*** Turkey Market Size 17
  18. 18. TECHNOLOGY ADOPTION LIFECYCLE 2/10/2017 18BIC Angels
  19. 19. COMPETITORS 27/01/2017 19BIC Angel Investments Find out your global and local competitors and make comparisons in terms of product and the market share
  21. 21. 2/10/2017 21BIC Angels
  22. 22. 2/10/2017 22BIC Angels
  23. 23. 2/10/2017 23BIC Angels
  24. 24. PROSANDCONS 27/01/2017 24BIC Angel Investments Check the results with advantages and disadvantages
  25. 25. CONCLUSION Conclusion/ Pros & Cons 25 • Big market • A new developing market • High potential SMEs customers • Low competition • No mature product PROs CONs • High number of international competitors • Dependency on big e-commerce companies
  26. 26. WHYDOESMARKETRESEARCHMATTER? 27/01/2017 26BIC Angel Investments • Identify potential customers • Verify your financial insight • Understand existing customers • Develop effective strategies • Examine and solve business problems • Prepare for business expansion • Set realistic targets in terms of financials and market requirements
  27. 27. REFERENCES • research/ • • • • • • • change-in-2014/ • • • • five-tips-for-using-it • • • • 27/01/2017 27BIC Angels