Presentation to entrepreneurs in Cambodia demonstrating how to use Market Research tools and techniques to create an effective company strategy and business plan.
10. Why Use Market Research?
“Marketing without data is like
driving with your eyes
closed.”
Dan Zarrella, social media scientist and
author
11. Practical Approach to Market Research
Market research improves your chance of success by
helping you understand
Who is going to use your product or service or web app
How will they use it
What will drive them to get it
What will they pay for it
How can you get answers without spending a lot of money?
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12. Research can be qualitative or quantitative
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Quantitative research includes a large sample and collects
numbers – you learn a little about many people
Qualitative can be a small sample and based on discussion –
you learn a lot about a few people
13. Research should be part of the process of
developing your product and strategy
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Stages of new product development:
Fuzzy Front End – idea generation
Concept Development
Business Analysis
Market Strategy and Testing
Implementation/Roll-out
14. The Beginning: Develop the Idea
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Getting started
What is the opportunity?
What can I offer?
Fuzzy Front End
Fuzziness, ambiguity, uncertainty
Can’t be quantified
Define:
Customer needs
Details of concept
Business plan
Research needs:
Online research
Exploratory qualitative research
15. Research Need: Exploration
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Objective: Understanding
Who are the people/audiences in this
market
How do they behave
Why? What drives that behavior?
What are the alternatives to your
idea?
Who else is talking to them and what
are they saying?
16. Start lots of conversations
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Talk about your ideas
It’s early stage – have lots of
conversations
Explore who your target could be
Find out how people are currently
solving their problems
Look for gaps
Look for relevant online communities
Start a blog – get reactions, not just to
your product, but to your area, your
niche
Develop a voice
Find out what people respond to
17. Online research is the starting point
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Search for information online
Reports, discussions, reviews
Social listening
Websites of your competitors
Then get out!
Shop for products in your category
Visit your competitors’ locations
Use “secret shoppers” to understand the experience
18. What digital data do you have?
What digital data can you get?
Internal (your own) data
Website logs
Facebook
Twitter
External data to inform your planning
Social listening
Hashtag and keyword search
Google and Facebook tools
19. Check out these free tools
Social listening / data:
Social Bakers
Social Mention
Twazzup
TwitterAudit
SimilarWeb
Hashtags, Headlines, and
Keywords:
RiteTag
Hashtag.org
Coschedule Headline Analyzer
Ad buying:
Facebook Audience Insights
Google AdWords / Keyword
Planner
Hootsuite
20. Define your target
Persona Development
For example, the person most likely to buy my product or use my
app is:
Female
Age 18-34
Spends lots of time online
Interested in fashion
Lives in Phnom Penh
21. Testing Concepts with Research
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Identify key issues and avoid expensive mistakes
Find out which idea has the most potential
Determine key factors that matter to customers – know
what to focus on
Find out what customers will be willing to pay
Refine product designs and plans
Assess product design, packaging, names
22. Research Questions: Coffee Shop Example
Market research improves your marketing success
by helping you understand:
Who are your potential customers – will they look
like your current customers? Or do you need to find
a new target?
What food and beverages should you offer?
How will you create awareness of your coffee shop –
what media can you use to reach your target
customer?
What can you offer that will convince them to try
you? Encourage them to return?
What is the competition doing and who is
successful?
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23. Define what you need to know to be successful
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Learn everything you can about your
Category – is out of home food consumption growing?
Competitors – who else is in the market?
Target Consumers – who will come to your coffee shop?
Their Attitudes – what kind of experience are they seeking?
How can you get the information you
need?
26. You Can Buy Industry Overviews
Syndicated Reports are available for many industries – less
expensive than doing your own custom research
Cambodia and Laos Autos Report Q1 2016: published by: BMI
Research
The Insurance Industry in Cambodia, Key Trends and Opportunities to
2019: published by: Timetric
The Future of Cambodia Telecommunications Market to 2025 - Analysis
and Outlook of Cambodia Mobile, Fixed Line and Broadband Sectors:
OG Analysis
Emerging Opportunities in the Credit Card Market in Cambodia: Market
Size, Industry Drivers and Consumer Trends: Timetric
27. Understand the Mind of Your Consumer
Syndicated reports are a good way to gain insights into your
target audience
You can buy a report and also buy custom analyses
28. Do you have enough information?
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Marketplace
Environment
Trends
Competitors
Consumer
Demographics
Attitudes
Beliefs
Unmet needs
Behavior
Segments
Product
Awareness
Perceptions
Attitudes
towards
Reactions to
Review what you know and what you need to know to make
business decisions
Identify knowledge gaps and fill them with custom research
29. How does research get done?
Most research is designed, fielded, and
analyzed by research vendors
They have expertise, experience, and
tools
Big companies often rely on research
vendors who have lots of experience in a
particular type of research, such as A&U
tracking or product testing
They can offer norms that show how
your results stack up to others
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30. In Cambodia we need to reach people in-
person
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In Cambodia, in-person research is
preferred for both qualitative and
quantitative research because it is
difficult to reach people online or by
telephone
Online Cambodians tend to use
Facebook and other apps, and are not
reachable to ask questions
There are no good lists of phone
numbers
The exception is if you have a list of
customers and their contact
information
31. Do It Yourself vs. Hire a Researcher
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Be honest with yourself – you
are not objective
Be aware of your biases
If you want more objective
feedback, use a researcher
Hire a researcher to design
and analyze your quantitative
research
If possible, do the real thing for
qualitative research – use a
one-way mirror facility or camera
so you can watch and find out
what your target really thinks
But if you don’t have the
budget, do it yourself!
32. Conclusion: Do your market research!
Ask the tough questions
Get answers
Be successful!