Successfully reported this slideshow.

Finders Keepers Market Research training

2,132 views

Published on

A workshop outlining one way for entrepreneurs to do market research

Published in: Business, News & Politics
  • Be the first to comment

Finders Keepers Market Research training

  1. 1. Finders Keepers <ul><li>Market research for small businesses </li></ul><ul><li>22 November 2007 </li></ul>Alison Hornsby & Adrian Carridice-Davids Photo from Andy Hay via flickr.com
  2. 2. What we’ll do today <ul><li>Understand what market you’re in </li></ul><ul><li>Work out how to research your market </li></ul><ul><li>Do a practical market research exercise </li></ul><ul><li>Look at how to analyse your research </li></ul><ul><li>Explore how you might find your niche </li></ul>
  3. 3. Before we begin… <ul><li>What’s your favourite brand? </li></ul><ul><li>Talk to eachother: </li></ul><ul><ul><li>Who you are </li></ul></ul><ul><ul><li>What you do </li></ul></ul><ul><ul><li>Your favourite brand - and why it’s your favourite </li></ul></ul>
  4. 4. Who am I and what have I done? <ul><li>Spanish and French </li></ul><ul><li>Senda Juvenil </li></ul><ul><li>Trade for Change </li></ul><ul><li>Social Enterprise Leeds </li></ul><ul><li>WYSE School </li></ul><ul><li>SBC since 2005 </li></ul>
  5. 5. What do I do? <ul><li>Training - market research, marketing, social business planning </li></ul><ul><li>Consultancy - social enterprise </li></ul><ul><li>Mentoring </li></ul>Photo from Ant Smallwood via flickr.com
  6. 6. Why bother with market research? <ul><li>Starting up can be a risky business </li></ul><ul><li>If you find out about your market, you give yourself a better chance of keeping going </li></ul><ul><li>You need to get a feel of whether there is sufficient need - and demand - for your product or service. </li></ul>
  7. 7. What is a market? <ul><li>A set of all existing and potential buyers of a product or service </li></ul><ul><li>or </li></ul><ul><li>The total value of products or services which satisfy the same customer need </li></ul>
  8. 8. How do I decide what market I’m in? <ul><li>Ask what the customer needs </li></ul><ul><li>With the person next to you - discuss what needs you plan to meet. </li></ul>Photo from flydime via flickr.com
  9. 9. What’s the aim of your research? <ul><li>To become a Zulu in your chosen market </li></ul><ul><li>To find out about </li></ul><ul><ul><li>The market </li></ul></ul><ul><ul><li>Customers </li></ul></ul><ul><ul><li>Competitors and partners </li></ul></ul><ul><li>Ultimately, to make decisions </li></ul>Photo from shtt! via flickr.com
  10. 10. What do you need to find out? <ul><li>You are planning to open “some kind of café or take-away” </li></ul><ul><li>Decide what market you are in </li></ul><ul><li>What do you need to find out about: </li></ul><ul><ul><li>The market you will be part of </li></ul></ul><ul><ul><li>Customers </li></ul></ul><ul><ul><li>Competitors </li></ul></ul><ul><li>Don’t worry about how you’ll find it out yet </li></ul>
  11. 11. How will you find things out? <ul><li>The market - think big and then home in </li></ul><ul><li>For the product/service you’re selling, do some secondary (desk) research: </li></ul><ul><ul><li>Market research reports - from your local business library - Mintel , Keynote etc </li></ul></ul><ul><ul><li>Trade magazines, books by successful entrepreneurs in that sector, “how-to” books </li></ul></ul><ul><ul><li>Internet research - including other countries - can you learn from other markets? </li></ul></ul><ul><ul><li>Other ideas? </li></ul></ul>
  12. 12. How will you find things out? <ul><li>The market - think big and then home in </li></ul><ul><li>For the area you’ll be selling in: </li></ul><ul><ul><li>Information from the Local Authority - regeneration initiatives, business support agencies, local media </li></ul></ul><ul><ul><li>Talk to people who work and live in the area </li></ul></ul><ul><ul><li>Walk around - what kind of businesses are setting up? </li></ul></ul><ul><ul><li>Can you learn from elsewhere - has a similar area changed recently, or are things happening in a neighbouring area? </li></ul></ul><ul><ul><li>Any other ideas? </li></ul></ul>
  13. 13. How will you find things out? <ul><li>Your competitors </li></ul><ul><li>Can you: </li></ul><ul><ul><li>Mystery-shop them? </li></ul></ul><ul><ul><li>Talk to their customers </li></ul></ul><ul><ul><li>Work out what they’re doing well/not doing well </li></ul></ul><ul><ul><li>Find out any public information about them? </li></ul></ul><ul><ul><li>Talk with them? </li></ul></ul>Photo from malias via flickr.com
  14. 14. Competition - good or bad or both? <ul><li>Is it a good thing that you have lots of competitors? </li></ul><ul><li>Could it be a bad sign if you have no competitors? </li></ul><ul><li>Is there any scope for co-operation with you competitors? </li></ul>
  15. 15. How will you find things out? <ul><li>Customers: </li></ul><ul><ul><li>Demographic data, from </li></ul></ul><ul><ul><li>www. neighbourhood .statistics. gov . uk </li></ul></ul><ul><ul><li>Your local authority, eg: </li></ul></ul><ul><ul><li>http://www. oldham . gov .uk/ward-profile-st-marys-2006. pdf </li></ul></ul><ul><ul><li>Neighbourhood profile from </li></ul></ul><ul><ul><li>http://www. upmystreet .com </li></ul></ul>
  16. 17. How will you find things out? <ul><li>Customers: you could do some primary research: </li></ul><ul><ul><li>Talk to people! </li></ul></ul><ul><ul><li>Run a focus group </li></ul></ul><ul><ul><li>Do one-to-one interviews </li></ul></ul><ul><ul><li>Telephone/postal surveys </li></ul></ul><ul><ul><li>Email/internet survey </li></ul></ul><ul><li>Today we’ll look at developing a survey </li></ul>
  17. 18. Café customer questionnaire <ul><li>First of all, decide what you want to find out </li></ul><ul><li>Then, design your questions: </li></ul><ul><ul><li>Start with a couple of easy questions </li></ul></ul><ul><ul><li>Ask one thing at a time - and keep it simple </li></ul></ul><ul><ul><li>Ask yourself - how will we analyse the response to this question? </li></ul></ul><ul><ul><li>Vary the style of questions </li></ul></ul><ul><ul><li>Trial the questionnaire - then review it </li></ul></ul>
  18. 19. A real café questionnaire <ul><li>Designed with free software: </li></ul><ul><li>www. surveymonkey .com </li></ul><ul><li>People can complete surveys online </li></ul><ul><li>You can also manually input written questionnaires, for analysis </li></ul>
  19. 20. Real café questionnaire - analysis <ul><li>What should we note from the responses? </li></ul><ul><li>Can you see any opportunities for the café? </li></ul><ul><li>Can you identify any issues which need addressing/risks that need managing? </li></ul><ul><li>Any other issues? </li></ul>
  20. 21. What will you do with what you’ve found out? <ul><li>Turn your research into intelligence </li></ul><ul><li>Think about: </li></ul><ul><ul><li>Opportunities and threats </li></ul></ul><ul><ul><li>Risks, and how to manage them </li></ul></ul><ul><ul><li>Is there a particular niche/market segment you can serve? </li></ul></ul><ul><ul><li>Can you estimate the size of the opportunity? </li></ul></ul>
  21. 22. Market segmentation <ul><li>Division of a market into different groups of customers who have things in common (particularly similar needs). </li></ul><ul><li>Why is it important to do this? </li></ul>
  22. 23. Because customers are not all the same! <ul><li>Different customers have different needs </li></ul><ul><li>If you understand that, you can tailor your services to meet their needs </li></ul><ul><li>You might also find a niche where you can be the market leader </li></ul>
  23. 24. Who are their customers?
  24. 25. Who are your customers? <ul><li>Some ways you may group customers together include: </li></ul><ul><li>Age, gender, employment status, family status, ethnic origin, income level etc </li></ul><ul><li>How they may buy your product/service - eg Saturday shoppers, local office workers, breakfast buyers, etc </li></ul><ul><li>Can you identify which segments to focus on? </li></ul>
  25. 26. Estimating the size of your market <ul><li>A fictitious example: an organic veg box scheme : </li></ul><ul><li>Our research suggests 5000 people in Leeds are in the market for organic veg boxes </li></ul><ul><li>If each of these people were to buy a £10 monthly box, the market is worth £600,000 (10 x 12months x 5000 people) </li></ul><ul><li>Given the amount of competition, we think we could aim eventually for 20% of the market - approximately £120,000 </li></ul><ul><li>Research suggests the market for organic veg is growing by 30% a year - so we are confident that we can get a share of an expanding market. </li></ul><ul><li>But will more competitors enter the market and reduce our share? </li></ul>
  26. 27. Over to you… <ul><li>Questions… comments? </li></ul>Photo from aymlis via flickr.com
  27. 28. To recap <ul><li>Decide what market you’re in </li></ul><ul><li>Research the market, competitors and customers </li></ul><ul><li>Do some primary research if you can </li></ul><ul><li>Sit down and analyse what you’ve found out - then act upon it </li></ul><ul><li>Try to identify your niche </li></ul>
  28. 29. For lots more information… <ul><li>www.socialbusinessconsulting.co.uk </li></ul>
  29. 30. And finally… <ul><li>Cultivate your instincts </li></ul>
  30. 31. Before we begin… <ul><li>Talk to other people in the room </li></ul><ul><li>Find out the person’s name - and see if you can put their name in one of the boxes </li></ul><ul><li>First to a full house wins a prize! </li></ul>Photo from Tub Gurnard via Flickr.com

×