4. Why do you need to do it
•To make sure that you invest in the right product, segment,
strategy
5. When do you need to do a market
research
•When you are looking for the new opportunity, to understand
how big the opportunity is
•When you are operating in the market, to understand how you
need to adjust your product and strategy to keep up being
successful
•When do you want to expand to the new markets, to set the
priorities and find out how to adjust the product/market fit
strategy
6. Before we go any further…
•You need to know:
• What is your product
• What is the problem you are solving
• Who is your customer
•Don’t you know?
•Set a hypothesis and validate it with the market
research/adjust it based on the market research results
7. The market for unicorns
serving coffee is huge!
I dreamt about it last night,
so it must be true
8. It is a great idea!
But is there a market for it?
10. Framework
What is the product: The core of your solution
Who can be your customer: Who currently solves/cares about
the problem you are solving with
your product.
What is the size of the market: Current value of the purchases in
the similar area/nr of perspective
customers
What are the enablers: External factors for must have
What are the supporting factors External factors that supports you
What are the barriers: External factors that limits you
TotaladdressablemarketCompetitionCustomers
11. Retail e-commerce CEE total addressable
market
What is the product: Anything that can be sold online
Who can be your customer: Anybody that does a retail
purchase
167M inhabitants
What is the size of the market: Current value of the retail 86B euro in the industries RC
operates /4,6B euro in online
What are the enablers: Internet connection 75% in CEE
What are the supporting factors n/a n/a
What are the barriers: Education on using an online
purchase channel
Current online purchase
penetration varies among the
categories between 0,3% to 23%
What are the barriers and
how they can be removed?
What is the max. penetration
online can get?
Benchmarking, deep
customer understanding
TotaladdressablemarketCompetitionCustomers
12. Storyous: total addresable market
What is the product: POS for restaurants
Who can be your customer: Anybody with a
bar/cafe/restaurant
What is the size of the market: Current number of restaurants
What are the enablers: n/a
What are the supporting factors Legal obligations to own EEP
What are the barriers: Switching costs from other
providers
TotaladdressablemarketCompetitionCustomers
13. Storyous: total addresable market by the
total number of restaurants
Source: TripAdvisor, retrieved 16.2.2015, only in cities with 200K inhabitants and more
Sweden Countries with cash register law
Top 10
countries
TotaladdressablemarketCompetitionCustomers
14. Eating a sandwich HIMYM style
TotaladdressablemarketCompetitionCustomers
15. Company building: total addresable
market
TotaladdressablemarketCompetitionCustomers
What is the product: Financing of the „sandwich“.
Who can be your customer: Anybody who currently purchases
the „sandwich“ either new or
second hand – stats from the trade
association.
What is the size of the market: Number of new and second hand
„sandwiches“ sales.
What are the enablers: n/a
What are the supporting factors Competition invests in education
of the market.
What are the barriers: Requires change of the customer
mindset.
16. Over to you:
How do you think about your market?
TotaladdressablemarketCompetitionCustomers
17. Data sources to determine the total
addresable market
No universal magic
Just a couple of tips
TotaladdressablemarketCompetitionCustomers
23. If you have an mobile app: AppAnnie,
xyo.net
TotaladdressablemarketCompetitionCustomers
24. Key word planner and related
TotaladdressablemarketCompetitionCustomers
Google Trends
25. Sometimes you just need to talk to
somebody
TotaladdressablemarketCompetitionCustomers
•Agencies with the industry analysts
•Natalia in Poland
•How can we leverage the network better?
29. How could you proceed
• Which countries are the biggest?
• Find out what drives the growth: which category is good for
investment
• What will be the adaptation of various categories among the
countries
• Find out which categories are already strong: proxy for learned
customer behaviour
• Find out which companies are strong and growing: find out what
their business model is, how big share of the market do they control
31. Who is your competitor
•You know what is the problem you are trying to solve…
•What are the other solutions that the customers do have to
solve the problem you are trying to solve?
1. Sit down to write down your hypothesis
2. Desk research: Quora and LinkedIn groups can be a good source of
info
3. Understand the size, power and the product of your competition
TotaladdressablemarketCompetitionCustomers
32. Goals of competetive research
•To understand who are the incumbents in the industry and
new entrants
•To understand which business models works and which do
not work – leverage what works and not repeat the same
mistake
•Understand how you can differentiate –
price/performance/service
TotaladdressablemarketCompetitionCustomers
33. How to understand the size and power
of your competiton?
•Market penetration: number of customers, generated value
•Growth
•Revenue
•Number of customers
•Number of employees
•Brand awareness
TotaladdressablemarketCompetitionCustomers
35. How to understand your product
competitive landscape
TotaladdressablemarketCompetitionCustomers
How they see
themselves
How their
customers
sees them
36. What the competitors believe are their
strengths?
How
they see
themsel
ves
TotaladdressablemarketCompetitionCustomers
•What do they present as their unique selling proposition?
•What services/features do they offer?
•What is their pricing and how do they structure the price?
37. Price mapping
License fee
* NCR does not require any entry license fee, in price is only for software compatible
with iOS devices. As well NCR charge $0,10 per transaction.
TotaladdressablemarketCompetitionCustomers
38. How the customers do perceive them
•Sentiment analysis of online resources: for mobile apps Google
Play reviews
•Net Promoter Score monitoring
•Satisfaction surveys
•Competitive user testing/in-depth interviews
How
their
custome
rs sees
them
TotaladdressablemarketCompetitionCustomers
39. Shall I adopt features that my competitor
has?
Tricky question.
Depends on the deep understanding of the customer.
How do you approach this?
TotaladdressablemarketCompetitionCustomers
44. LinkedIn: source of info on the markets presence,
sizes of targetable B2B audience, future hiring
TotaladdressablemarketCompetitionCustomers
45. I got it, I need to understand my
customer – but how?
46. Own product/campaign analytics
•Feedback of your sales representatives/customer care.
•How do the customers use your product
• Which features do they use most frequently?
• How much time do they spend with them?
•How do they react to your campaigns: which messaging and
proposition works the best?
TotaladdressablemarketCompetitionCustomers
47. Own primary quantitative research
• Deals with the agencies to run the
internet research – starts from
15K CZK for CZ, goes up for the
other geos
• For the B2B business, phone
research possible, starts on 50K
CZK
• Natalia doing door-to-door
interviews for restaurants in
Warsawa –
quantitative/qualitative
• Vision: to have somebody like
Natalia in each of the target
countries
TotaladdressablemarketCompetitionCustomers
48. Own primary qualitative research
• Jan Habich can help:
• In-depth interviews with customers/focus groups (cheaper) –
online/offline
• Ethographic studies – on how they generally solve the problem
• Competetive studies – let them explore your product versus the
competitors product and comment on it
• A/B testing of variants of your own product
TotaladdressablemarketCompetitionCustomers
49. Secondary researches
•MML-TGI – standardized questionnaire on consumption
habits: both purchases of goods and media consumptions
TotaladdressablemarketCompetitionCustomers
50. Continuous monitoring
•Set up KPIs that you want to monitor: those that drive your
business results
• Examples:
• Number of users
• Revenue
• Retention/Churn
• Action of competitors
• User behaviour
•Layers:
• KPI Monitoring – to notify you if something goes wrong
• Drivers of the KPIs
TotaladdressablemarketCompetitionCustomers
51. Over to you:
How do you get understanding of your
customers?
TotaladdressablemarketCompetitionCustomers
52. Summary
•Use market research to decide on investments and further
developments.
•Use competetive research to understand which role the
competition will play in the market and how can you leverage
their successes/weaknesses.
•Use user research to get a deep understanding of your
customers to make sure you are prioritizing tasks that will have
a true impact.
