Define the Market
Size, structure, growth prospects, trends, and sales potential
Define your Target Market
Geographic, customer attributes, or product-oriented
Delineate your Feasible Market
Look for product segmentation factors that produce gaps within the market.
Project Market Share
Consider industry growth and conversion of users from total feasible market
Determine your Positioning
1. How are your competitors positioning themselves?
2. What’s your unique selling proposition?
3. What customer needs does your product fulfill?
Determine your Pricing
Select Method for Distribution
Research Ways to Best Promote
Estimate your Sales Potential
Customer Satisfaction Studies
IBISWorld:the largest provider of industry information in the U.S.
MarketLineAdvantage: Profiles all major companies, industries and geographies, one of the most prolific publishers of business information today.
LexisNexis:search patents, company profiles
Can also search patents on google.com/patents
MarketResearch.com: reports are $$$
Freedonia:Product and market analyses and forecasts, in- depth discussions of important industry trends, market share information and profiles of the leading industry players.
Within ABI/Inform Complete, search FreedoniaGroup and keyword
Business Insights: Essentials
Connect with potential customers through your social media profiles
Monitor discussion about your product/service, industry, trends, etc.
May spot opportunities for growth
Crowdsourceto test product specifications or collect feedback on products
Identify influencers who can help you with PR
Wildfire App by Google
Measures your own profiles and those of others
Sprout's Smart Inbox combines every message, alert and action from all your profiles into a single, filterable stream.
Discover what people on social media are saying about you, your business, your products, or any topic in real-time.
Search for brand mentions not directly linked to your accounts, find potential followers with similar interests, monitor competitors & stay up to date on industry news.
Pricing: $59/$99 per month
Tap the power of your network
Use “crowdsourcing” for ideas
Ask questions and get feedback
Doubletree asked on Twitter: “What are the little things that enhance your travel experience? #LittleThings”
Sites like Quirky use “open innovation” to shape and launch a product
Inventor loses IP rights and receives a “lion’s share of royalties.”
Indiegogoand Kickstarter are excellent forums for testing product concepts
Use the product preview option before launching your campaign
Post-launch user feedback revealed watch looked cheap and scratched easily. Fixed problems in new version.
Pulled UP smartbandwhen users said the band didn’t hold up to daily life.
Jawbone recalled, refunded, and retooled.
Use your network to locate volunteers willing to test and review your product/service
Free products for volunteers
Be open to change
Engage through sneak peeks
Not every idea will be incorporated
Start with a seed list of 10-20 influencers using sites like Klout, Kred, and PeerIndex, LinkedinGroups or Facebook Pages to locate influencers.
Use a tool like HootSuiteto organize the influencers into a single stream.
Monitor and communicate with them.
Continue to refine and build relationships with your influencers.
Source: http://www.socialmediaexaminer.com/industry- influencers/
Product Feedback Surveys: https://www.surveymonkey.com/mp/ product-feedback-surveys/
New market for product
Minimize the use of open ended questions
Use scales so you can get gradations of response
Consider using importance and performance measures
How important is this feature to you?
How well did the product perform on that feature?
Look at the areas where importance exceeded performance
Keep it short!
25 questions max
Online Focus Groups
Need web conferencing software
Use a cell phone or tablet to have people take online surveys
Record video/audio or take photos with the mobile device
Can easily capture data in real time on the scene
Search your product name as well as keywords that people would use to search for your product/service
Consider the need the product/service fills
Who else providing a similar product/service?
Use Paid Search to have your result closer to the top
Write SEO-friendly web content using these keywords
Finding a unicorn, Sasquatch and the Loch Ness monster or keyword phrases your competition hasn’t already found? http://www.marcensign.com/ why-keyword-research-is-a- waste-of-time/
Do not base your keyword strategy around what Google thinks.
Likely to have a high bounce rate because content not as relevant.
Use “People Research,” not “Keyword Research.”
What are their problems that need solving?
How can you meet their expectations?
What words are they searching?
1.Make a list of ideal clients
2.Learn more about your ideal clients (demos, challenges, questions, what’s important)
3.Tell their story, then keywords will start to become more obvious
Free download of Search Engine Humanization: http://www.marcensign.com/search- engine-humanization/
Google Analytics: generates detailed statisticsabout a website's traffic and traffic sources and measures conversions and sales.
Basic is free and premium is a fee
Pricing ranges from $9-$99/month
Inc. Market Research Guides
Entrepreneur’s Articles on Market Research
Kelli S. Burns, Ph.D.