Introduction to Primary Market Research
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This document provides an introduction to primary market research. It discusses establishing rapport with interview subjects, asking open-ended questions, interpreting results to adjust hypotheses, and conducting research in a scrappy startup style on a cheap and fast DIY basis. Additional resources on techniques like crowdsourcing research are recommended to help iterate business ideas in real time based on qualitative and quantitative primary market research.
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Introduction to Primary Market Research
- 1. Introduction to Primary Market Research October 10, 2018 Elaine Chen
- 6. “Is there a there there?”
- 7. Primary Market Research Problem Solution Problem-solution fit Customer Solution Money!
- 8. Problem Solution Problem-solution fit PROBLEM SOLUTION PURCHASE INTENT Customer Solution Money!
- 9. START HERE Problem Solution Problem-solution fit Customer Solution Money!
- 13. PROBLEM 200+ interviews on 2 continents
- 14. SOLUTION 1 3 4 5 6 72 8 10 11 12 13 149 15 17 18 19 20 2116 22 24 25 26 27 2823 29 3130 1 2 3 4 Calendar November S T W T F SM Missed Pill! Use backup contraception19 Missed Pill! Use backup contraception20 Pick up your refill21 24 Period start 25 You may experience a headache! WeekDay Month Calendar Summary Insights Settings +20 Calendar Calendar Summary Insights Settings +20 1 3 4 5 6 72 8 10 11 12 13 149 15 17 18 19 20 2116 22 24 25 26 27 2823 29 3130 1 2 3 4 November S T W T F SM WeekDay Month Calendar Calendar Summary Insights Settings +20 Symptoms More Cramps Headache Sad StressedIrritable Clear Selection < > < > 1 3 4 5 6 72 8 10 11 12 13 149 15 17 18 19 20 2116 22 24 25 26 27 2823 29 3130 1 2 3 4 November S T W T F SM Missed Pill! Use backup contraception19 Missed Pill! Use backup contraception20 Pick up your refill21 WeekDay Month < > Headache Clear Selection 24 Period start Notes Panel 1 On the calendar tab, the monthly view is the default. Panel 2 User can click “ symptom” button to select symptoms to display. ” Favorite” symptoms are displayed first “ More” button brings up extended menu (p. 2 of this doc) Symptoms are displayed with a dot Panel 3 User can click ” symptom” button to hide menu Mini menu with ” clear selection” option remains Questions for Team: • Symbol for symptoms button? • Are “ favorite” symptoms top used or selected by user?
- 15. PURCHASE INTENT
- 16. 98% would recommend Sold out initial prototypes Pre-Beta NOW: Beta Sold out beta v6
- 17. GET OUT OF THE BUILDING!
- 22. Technique cheat sheet • Establish rapport before you begin • Be 100% present. Don’t multitask. • Listen and observe. Pay attention to body language. • Don’t follow a script line by line. Let the subject lead. • Ask short, open ended questions – and practice active listening. • ”Tell me about the last time…” • “Tell me about how you…” • ”You said XXX. Tell me more?” • “Why?” | “Why not?” • …
- 23. Simulation ”Tell me about the last time…” “Tell me about how you…” ”Tell me the story of…” ”You said XXX. Tell me more?” “Why?” | “Why not?” … TALK LESS, LISTEN MORE
- 24. Simulation: Pretend you want to solve the luggage problem for frequent flyers 24 • ”Tell me about the last time…” • “Tell me about how you…” • ”Tell me the story of…” • ”You said XXX. Tell me more?” • “Why?” | “Why not?” • … • TALK LESS, LISTEN MORE Sharing!
- 25. PMR, startup style • Cheap • Fast • DIY. NOT rocket science. You can do it. => Scrappy, but helps you iterate in real time!
- 26. Step by step • Articulate 3-5 hypotheses to be tested • Define characteristics of research subjects • Make a list of 10 people to call • Ask for 10-15 minutes of their time • Face to face if possible, video chat/phone if not • Interpret results, adjust hypotheses • Rinse and repeat
- 27. Learning More
- 28. Additional Resources • “How Entrepreneurs can conduct Primary Market Research” – Bill Aulet, Entrepreneur.com • “3 Go-to techniques for Primary Market Research” – Elaine Chen, Huffington Post • “Scaling customer development: Crowdsourcing the research” - Elaine Chen, Huffington Post • “How startups can run better landing page tests” – Elaine Chen, Xconomy • “Talking to Humans” E-book - Giff Constable
- 29. GET OUT OF THE BUILDING!
Editor's Notes
- 2012 – Husband and wife team began investigating a startup to design, manufacture and sell luxury bed linens. Primary market research with 500 people shopping at big box stores. 2014 – Raised $236,888 on Kickstarter (Goal: $50,000). Started shipping products by end of year. 2015 – $750,000 revenue, hires first employee 2016 – $6M revenue to date, tracking to close the year at $10M 2017 – Raised $10M