Market Research Discussion for the "Unfounders", April 16, 2013

1. Innovation & Technology Solutions, LLC
MARKET
RESEARCH
For
“The
Unfounders”
Kirk
Burton
April
16,
2013

2. AssumpEons
• You
have
an
idea
(or
two)
• You
have
a
vision
• Your
passionate
about
achieving
your
vision
• You
are
willing
to
modify
your
vision
based
on
reality
Innovation & Technology Solutions, LLC

3. Market
Research
• SubstanEate
your
idea
• Refine
you
assumpEons
• Defines
your
focus
• Minimize
risk
• IdenEfy
the
need
to
change
direcEon
before
invesEng
a
lot
of
energy/$$
Innovation & Technology Solutions, LLC

4. The
Basic
QuesEons
• What
market
am
I
in?
OR...
What
am
I
doing
for
the
customer?
• Will
people
pay
for
what
I
am
offering?
• WHY?
Innovation & Technology Solutions, LLC

5. Define
Your
market
• Business
or
Consumer
• What
does
your
customer
look
like?
• What
is
your
niche
or
submarket?
• How
big
is
the
market?
• How
much
of
the
market
can
I
reasonably
expect
to
capture?
• Who
else
is
in
the
market
space?
Innovation & Technology Solutions, LLC

6. Who
is
my
Customer
• Age
• Personality
• LocaEon
• A`tudes
• Gender
• Values
• Income
• Interests/
• EducaEon
hobbies
• OccupaEon
• Lifestyle
• Ethnicity
• Behavior
• Marital
Status
• Desires
Innovation & Technology Solutions, LLC

7. Drilling
Down
• What
is
the
total
market
size?
(Total
Available
Market
or
TAM)
• Is
it
growing?
Shrinking?
Stagnant?
• What
market
segment
are
you
going
to
serve?
– What
are
the
characterisEcs
of
the
market
segment?
– What
problem
are
you
solving?
– Who
specifically
has
the
problem?
• Who/what
am
I
compeEng
against
Innovation & Technology Solutions, LLC

8. Resources
for
Market
Size
&
Growth
Innovation & Technology Solutions, LLC

9. Tools
for
the
startup
Innovation & Technology Solutions, LLC

10. Exercise
1. You
are
a
customer
–
describe
the
value
proposiEon
from
your
point
of
view.
2. You
are
a
customer
who
has
made
a
purchase
–
JusEfy
the
decision
to
a
skepEc.
3. Ask
a
disinterested
party
to
idenEfy
the
value
proposiEon.
Innovation & Technology Solutions, LLC

11. Resources
• Nichecra(:
Using
Your
Specialness
to
Focus
Your
Business,
Corner
Your
Market
&
Make
Customers
Seek
You
out.
Lynda
Falkenstein
Innovation & Technology Solutions, LLC

12. Contact
Info
Kirk
Burton
PMP,
CSM
(727)
631-­‐3033
kirk@innova<ontechsolu<ons.com
Innovation & Technology Solutions, LLC