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Practical market research - desk research - Neil Infield


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Practical market research - desk research - Neil Infield

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Practical market research - desk research - Neil Infield

  1. 1. Essential Market Research: Desk Research Neil Infield – Manager Business & IP Centre
  2. 2. My passion
  3. 3. By the end of this session… <ul><li>Basic principles for desk research </li></ul><ul><li>Key sources, inside and outside the British Library </li></ul><ul><li>How these can be applied to specific examples </li></ul>
  4. 4. Success Stories – who have used our Market Research <ul><ul><li>“ The Market Research Resources at the centre helped us put together our first business plan, with which we were able to convince NESTA to award us a £35,000 grant.” </li></ul></ul><ul><ul><li>Richard Woods </li></ul></ul><ul><ul><li>Co-founder of DIY Kyoto </li></ul></ul>“ I had no background in food and drink, so I spent six months in the Library researching the market..” Adam Pritchard Founder & MD, RJA Foods Ltd
  5. 5. Starting Out The key is to structure your research around questions
  6. 6. Questions about your customers <ul><li>Who are they ? </li></ul><ul><li>Profile of target customer - persona </li></ul><ul><li>Differing value propositions – price - ethical </li></ul><ul><li>Can you deliver? </li></ul><ul><li>Role of Desk Research </li></ul><ul><li>Sales trends by age, region or demographics </li></ul><ul><li>Stories and examples which indicate consumer spending and lifestyle trends </li></ul><ul><li>Statistics </li></ul>
  7. 7. Customer Personas
  8. 8. Customer Personas <ul><li>Name: Tasmina Bose - Age: 29 </li></ul><ul><li>Has worked in London for 10 years in the catering business, for Justin de Blank and Compass. </li></ul><ul><li>Wants to return to her home town of Chorlton in Lancashire, and set up her own business, catering for local businesses and social events & parties. </li></ul><ul><li>Has done some investigation into the catering market in Chorlton, but needs to really find out more to check if this is a feasible plan. </li></ul><ul><li>Initially found many commercial organisations offered advice and courses at very expensive prices. </li></ul><ul><li>Read about the British Library in the press, and was amazed by what the BIPC offers. </li></ul><ul><li>Went to a Business & IP Information clinic, and has attended various workshops & used the ‘Ask an Expert’ service. </li></ul><ul><li>Is confident that she’ll soon be armed with the right information, to present a watertight business plan, for financial backing. </li></ul><ul><li>Likes the chance to network here, and exchange ideas with fellow entrepreneurs </li></ul><ul><li>Would like more time, to see the exhibitions, but feels she is too busy. </li></ul>
  9. 9. Questions about your product or service <ul><li>Why buy ? </li></ul><ul><li>Demand predictions </li></ul><ul><li>Other opportunities? </li></ul><ul><li>Future proof products and services – e.g. Newspapers </li></ul><ul><li>Protection </li></ul><ul><li>Role of Desk Research </li></ul><ul><li>Existing product information </li></ul><ul><li>Stories and examples which indicate consumer spending and lifestyle trends </li></ul><ul><li>Existing patents or other forms of intellectual property protection </li></ul>
  10. 10. Where does your product or service fit?
  11. 11. Questions about your competition <ul><li>Who are they ? </li></ul><ul><li>What about less obvious competitors? </li></ul><ul><li>What can I learn from their experiences? </li></ul><ul><li>How can I attract their customers? </li></ul><ul><li>Role of Desk Research </li></ul><ul><li>Existing company information </li></ul><ul><li>Market share data </li></ul><ul><li>The trade and business press </li></ul>
  12. 12. Where would you open your café?
  13. 13. Questions about you <ul><li>Appropriate skills and experience ? </li></ul><ul><li>Access to finance, technology, customers. </li></ul><ul><li>Do you have the temperament? </li></ul><ul><li>Role of Desk Research </li></ul><ul><li>Details of qualifications required </li></ul><ul><li>Details of legislation </li></ul><ul><li>Case studies </li></ul>
  14. 14. Wheelie Bin Cleaner
  15. 15. Questions about you - Wheelie Bin Cleaner <ul><li>A wheelie bin cleaner requires up-to-date knowledge of environmental legislation. </li></ul><ul><li>An understanding of how to build up a regular client base. </li></ul><ul><li>An awareness of health and safety legislation regarding the safe use of chemicals. </li></ul><ul><li>Relevant organisations: </li></ul><ul><ul><li>The Chartered Institute of Environmental Health (CIEH) has a level 2 award in Principles of COSHH (the Control of Substances Hazardous to Health). </li></ul></ul><ul><ul><li>The Chartered Institution of Wastes Management (CIWM) offers a one-day course entitled 'Introduction to Waste Legislation'. </li></ul></ul><ul><ul><li>The Cleaning and Support Services Association (CSSA). </li></ul></ul><ul><ul><li> Cobra report BOP477 </li></ul></ul>
  16. 16. Questions about you – Anita or Gordon?
  17. 17. What about the wider context? <ul><li>Economic climate </li></ul><ul><li>Legal issues </li></ul><ul><li>Cultural and ethical trends? </li></ul><ul><li>Role of Desk Research </li></ul><ul><li>Statistics </li></ul><ul><li>Guides to legislation </li></ul><ul><li>The trade and business press </li></ul>
  18. 18. What about the wider context? 24 October 2009
  19. 19. What about the wider context? ? ?
  20. 20. What about the wider context? World Annual Photovoltaic Production 1975-2007 Gross Domestic Product at Market Prices
  21. 21. Carrying out your own research: some tips Do not jump to conclusions based on single pieces of information Be prepared to challenge your assumptions Always try and view things from a customer perspective Look to the future; consider ‘what if’ scenarios Information is not where the true value lies; it is the conclusions you draw from the information
  22. 22. Information search strategies – start broad and narrow down Fruit Juice Pomegranate
  23. 23. Information sources that help you understand a market <ul><ul><li>Published market research </li></ul></ul><ul><ul><li>Trade and business journals + directories </li></ul></ul><ul><ul><li>Newspapers </li></ul></ul><ul><ul><li>World wide web </li></ul></ul><ul><ul><li>Statistics and demographic data </li></ul></ul><ul><ul><li>Business guides </li></ul></ul>
  24. 24. Published market research – why? Convenient ‘ Off the shelf’ solution Good source of information on other sources Expensive A single report may not provide all the answers
  25. 25. Published market research – where?
  26. 26. Trade and business journals + directories – why? Current industry news Product news Company news Identifying key issues Contacts Variable quality Hard data can be limited Commentaries Competitors Suppliers Surveys
  27. 27. Trade and business journals + directories – where? <ul><ul><ul><li>Thousands of journals (browse or subscribe) </li></ul></ul></ul><ul><ul><ul><li>3,500 Directories </li></ul></ul></ul><ul><ul><li>Searching our databases </li></ul></ul><ul><ul><ul><li>Business Source Complete </li></ul></ul></ul><ul><ul><ul><li>Factiva </li></ul></ul></ul><ul><ul><ul><li>Business & Industry </li></ul></ul></ul><ul><ul><ul><li>ABI Inform </li></ul></ul></ul>
  28. 28. Trade and business journals + directories – examples
  29. 29. Newspapers – why? Broad subject coverage Good coverage of culture/lifestyle Good local coverage Lack of detailed market research Hard to find
  30. 30. Newspapers – where? <ul><ul><li>British Library newspaper collections at Colindale </li></ul></ul><ul><ul><li>Local public libraries </li></ul></ul><ul><ul><li>Searching our databases </li></ul></ul><ul><ul><li>Factiva </li></ul></ul><ul><ul><li>Newsbank </li></ul></ul>
  31. 31. Newspapers – example
  32. 32. Market Information on the Web <ul><ul><li>Portal </li></ul></ul><ul><ul><li>RBA Business Information: </li></ul></ul><ul><ul><li>Market Research </li></ul></ul><ul><ul><li>Market </li></ul></ul><ul><ul><li>Market Research Portal </li></ul></ul><ul><ul><li>Gartner: </li></ul></ul><ul><ul><li>Global Technology Forum: </li></ul></ul><ul><ul><li>IDC: </li></ul></ul>
  33. 33. Statistics aren’t boring <ul><ul><li>Free </li></ul></ul><ul><ul><li>UK National Statistics: </li></ul></ul><ul><ul><li>Official Statistics on the web: </li></ul></ul><ul><ul><li>Statistical Resources on the web </li></ul></ul><ul><ul><li>Nationmaster: </li></ul></ul><ul><ul><li>Searching our databases </li></ul></ul><ul><ul><li>Datamonitor </li></ul></ul><ul><ul><li>Economist Intelligence Unit – Country Data </li></ul></ul><ul><ul><li>Economist Intelligence Unit – </li></ul></ul>
  34. 34. Case studies: Greeting cards <ul><ul><ul><li>Business Guide: Cobra </li></ul></ul></ul><ul><ul><ul><li>Published market research: </li></ul></ul></ul><ul><ul><ul><li>Key Note , Global Market Information Database (GMID) </li></ul></ul></ul><ul><ul><ul><li>Newspapers: Factiva </li></ul></ul></ul><ul><ul><ul><li>Trade and business journals: Business Source Complete (EBSCO) </li></ul></ul></ul><ul><ul><ul><li>Website: , </li></ul></ul></ul>
  35. 35. Case studies: Internet Cafe <ul><ul><ul><li>Business Guide: Cobra </li></ul></ul></ul><ul><ul><ul><li>Published market research: eMarketer </li></ul></ul></ul><ul><ul><ul><li>Newspapers: Factiva </li></ul></ul></ul><ul><ul><ul><li>Trade and business journals: Business Source Complete (EBSCO) </li></ul></ul></ul><ul><ul><ul><li>Website: </li></ul></ul></ul>
  36. 36. Industry Guides