Webinar how do I Research my Market - February 2022

1. How do I research
my market?
Neil Infield – Manager
Business & IP Centre
neil.infield@bl.uk
www.inoutfield.com/

2. http://www.slideshare.net/infield/

3. The British Library is for anyone who wants to do
research - academic, personal or commercial
http://www.bl.uk

4. What I will cover today
• Why you need to do Market Research
• Desk Research
• Different sources of information
• Field Research
• Testing the market

5. To start a business you need to… Be Prepared!

6. Finding the right information is complicated

7. Finding the right information is complicated
But important - as many businesses fail
due to poor research

8. Your customers are out there…

9. Your customers are out there…
just waiting for you to find them…

10. Let me help you untangle the picture
with Lean Startup
•What is the demand for your product
or service?
•Who are your customers and what are
their attitudes?
•Who are your competitors and what is
their market share?
•Know about your market sector now
•And where it is going

11. Is your market growing?
Global ??? capacity

12. Is your market growing?
Global Solar photovoltaic (PV) capacity

13. Or is your market shrinking?
Total number of ??? in the UK
1982 to 2019
40000
45000
50000
55000
60000
65000
70000

14. https://beerandpub.com/statistics/pub-numbers/
40000
45000
50000
55000
60000
65000
70000
Total number of pubs in the UK
1982 to 2019

15. Wetherspoon's was founded by Tim Martin in 1979.
He took the surname from a teacher at school who
had told him he would never amount to anything.
J.D. Wetherspoon

16. Where can you find your customers…
And what do they think about you?

17. Who are your competitors…
And what do their customers think about them?
Is there an opportunity for you?

18. What is
happening
now?

19. And
what is
going to
happen
Next?

20. And
what is
going to
happen
Next?
Mr Tezgel
said people
kept asking
for organic
halloumi
salads –
something
had to
change.

21. You need to do:
Desk Research
…

22. You need to do:
Desk Research
and
Field Research

23. This is where you do your
Desk Research

24. 24
And don’t forget to ask
for help…we don’t bite!

26. £50+ million
pounds worth of
information for
free!


27. With your free
Reader Pass

28. But…
You have to be in
a Business & IP
Centre

29. And…
Terms and
Conditions apply


32. But all is not lost thanks to our friend Google search

33. Let’s research
coffee shops

35. There
are
plenty
of
others
to
choose
from…

39. www.bl.uk 39

41. The NPD Group has warned coffee shop
owners that they must ensure their shop
"stands out" if they wish to compete with other
coffee shops, as well as other types of
foodservice business.

47. Key Success Factors
IBISWorld identifies 250 Key Success Factors for a business.
Establishment of brand names: Brand names are especially important in
this industry and can generate significant customer loyalty if marketed
correctly.
Supply contracts in place for key inputs: Businesses in this industry are
more likely to succeed if they have secure contracts for key inputs,
particularly coffee beans.
Attractive product presentation: Products in the industry attract discerning
customers that expect well-presented products and shop layouts.
Accessibility to consumers/users: The best business locations are those
that have a large potential market around them or where a high proportion of
people pass through regularly.
Ensuring pricing policy is appropriate: Appropriate pricing policy may
depend on the branding of the business, the amount of competition or the
average income in the local area.

54. …39% of Britons agree that coffee shops should
serve health drinks (eg kombucha, kefir)…

55. Free
market
research
data and
analysis

56. Free
market
research
data and
analysis

57. Free
market
research
data and
analysis

58. Statistics

59. Company information
via the
Fame database

60. Company
information
via
free sources

61. Company
information
via
free sources

63. As well as
why…
You need
to know
where…

64. As well as
why…
You need
to know
where…

71. But all is not lost thanks to our friend Google search

73. Last year

74. This year

76. Let’s get
more up
to date
with
Factiva

77. Let’s get
more up
to date
with
Factiva

78. www.bl.uk 78

88. Lets find out
about
Border Collies

90. Start broad…

91. and then narrow
down your
sources

92. Further

93. And further
Border Collie World is the magazine
for the Border Collie enthusiast and
the official newsletter of the Border
Collie Trust GB.
BCW is produced four times a year
and brings a selection of interesting,
entertaining and informative articles
centered around this most intelligent
breed of dog.

94. And in
different
places

95. And in
different
places

96. Information on COVID-19

97. Field Research
•Questionnaires
• Face to face
• Email
• Social Media
•Walking the streets
•Stalking your competitors

98. Walking the walk
Simon Duffy co-founder Bulldog Skincare for Men

99. Look for opportunities on
supermarket shelves

100. A different approach
•Botanical extracts
•Kind to teeth and gums
•Vegan friendly
•Endlessly recyclable

104. https://www.clearvoice.com/blog/head-to-head-review-google-forms-vs-surveymonkey-vs-typeform/

112. Some rules for questionnaire design
•Be clear about your objectives
•Be aware of Primacy Effect – respondents tend to
pick the first choice
•Avoid long and complicated questions and
questionnaires – because your customers will
•Ensure your questions are clear and unambiguous
(check with friends).

113. Some more rules for questionnaire design
•Use Radio button and checkboxes where possible
•Avoid technical terms and jargon
•Avoid double-barrelled questions
•Answer options should anticipate all possibilities
•Avoid questions using leading, emotional or
evocative language.

114. Start simple…
Are you?
o 12 years or under
o 13 to 17
o 18 to 24
o 25 to 34
o 34 to 44
o 45 to 54
o 55 or over

115. Which industries do you work in?
 Accountancy
 Advertising
 Information technology
 Marketing / market research
 …

116. How often do you visit coffee shops?
o Most days
o At least once a week
o At least once a month
o At least once every six months
o Less often

117. Which of these coffee shops have you tried?
 Café Nero
 Pret
 Starbucks
 …
 Other (please enter) [ ]
 Can’t remember / Don’t know

118. It is all too
easy to ask
the wrong
questions…
And get the
wrong
answers

119. Three rules of
the Mom Test:
1. Talk about their life
instead of your idea
2. Ask about specifics
in the past, instead
of generics or
opinions about the
future.
3. Talk less and listen
more

120. Good or Bad?
•How are you dealing with it now?
 You can find out how much they are spending on
solving the problem now. Gives you a price bottom.
•What would your dream product do?
X People know what their problems are,
but not how to solve them.
•Do you think it’s a good idea?
X Opinions are worthless. Only an industry expert can
attempt to answer this.

121. Good or Bad?
•Who else should I talk to?
 The more people you talk to, the better. This
could help generate ‘warm’ contacts
•How much would you pay for X?
X People will tell you what you want to hear
•What else have you tried?
 What are they using now? Cost and benefits.
Worth switching to something better?

122. The correct
answers…

123. Testing your market – 1. Market Stall
“Don’t give up the day job”… or… “Go for it!”

124. Testing your market – 2. Social Media
Hello everyone!! Hope you are
all having a great week!!! :)
I am writing here to ask ALL
THE WOMEN who CYCLE, for a
really big favour as I am trying to
collect some information for a
beautiful project!!!
It is a very short questionnaire
that will give me all the courage
that I need to make this project
happen!...See more

125. Testing your market – 2. Social Media
Hello everyone!! Hope you are
all having a great week!!! :)
I am writing here to ask ALL
THE WOMEN who CYCLE, for a
really big favour as I am trying to
collect some information for a
beautiful project!!!
It is a very short questionnaire
that will give me all the courage
that I need to make this project
happen!...See more
Marianne Chua Love the idea I've always
wanted to do touring on bikes but most of
my friends who do it are men and I'm not a
strong cyclist so I can't keep up.
(this is not me saying women cyclists can't
keep up with men... My mates just happen
to be faster than the average guy and I'm
just a beginner lol)

126. Testing your market – 3. Trade Shows

127. Testing your market – 4. Crowdfunding

128. Crowdfunding tips
https://blogs.bl.uk/business/2019/07/how-to-
successfully-crowdfund.html
There are four critical points
which ensured we hit our target:
• Traction
• Preparation
• Raising funds privately
• Social Media

129. http://www.slideshare.net/infield/

130. Please fill in your forms –
we really need them!

132. Crowdfunding testing