The document provides tips and resources for conducting customer and market research when developing a new business or product idea. It recommends investigating industry reports, understanding competitors both direct and indirect, gathering information from competitors by calling and buying from them, attending conferences, growing an email list through giveaways and paid ads, conducting surveys, leveraging online tools like Google alerts and trends, understanding barriers to entry, conducting financial modeling, choosing the right market, validating ideas with an MVP, and iterating based on feedback in order to prepare for next steps.

1. Research & Customer
Development
The Founder Institute
Presented by: Nestor Villalobos

2. Invest in Your Education
• Audible vs. iTunes
• Kindle vs. Facebook
• Udemy vs. YouTube
Are You Ready to Make the Sacrifice?

3. Research Industry Reports
• IBIS, Hoovers, Dun &
Bradstreet
• Universities have Access
• Ask Other Businesses

4. Understand the Landscape
“I don’t have any competition”

5. Know Your Competitors
Direct Competitors Indirect Competitors

6. Gather Information
• Call Your Competition
• Gather Information
• Don’t Underestimate
how much you will learn!
• Buy From Them

7. Attend Conferences

8. Grow Your Email List
• Understand your Demographics
• Give Something Away
(www.gleam.io)
• Leverage Ads on Facebook,
Instagram & Twitter
• Leverage Google AdWords

9. Conduct Surveys

10. Leverage Online Tools
• Google Alerts (www.google.com/alerts)
• Google Trends
(www.google.com/trends)
• TalkWalker (www.talkwalker.com)
• Mention (www.mention.com)
• Alexa Rank (www.alexa.com)
• SpyFu (www.spyfu.com)
• All Other Social Media (Twitter, FB, IG)

11. Understand the Barriers to Entry

12. Conduct Financial Modeling

13. Financial Modeling (Con’t)
• Separate Key Assumptions Page
• Conservative Market Penetration Numbers
• 5 Year Projection Calculated Monthly
• Income Statement, Balance Sheet, Cash Flow
• Break Even Analysis

14. Choose the Right Market

15. Design a Purple Cow

16. Validate Your Idea
Image Courtesy of Friendly Human

17. Rinse & Repeat
• Knock on Doors
• Show/Sell the MVP*
• Get Feedback
• Iterate the Product
* Ensure IP is Protected

18. Prepare for Next Steps

19. Contact Information
Nestor Villalobos
nes@nestorv.com
www.nestorv.com (LinkedIn)
www.nestorvillalobos.com (Blog)