Market Research & Competitive Intelligence
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Transcript of Market Research & Competitive Intelligence
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Market Research & Competitive Intelligence
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Market Research
• Find potential customers.• Launch products.• Open new location.• Deepen relationships.• Wake up dormant relationships.• Find growth opportunities.
Any organized effort to gather information about markets or customers in order to identify and analyze market need, market size, and competition.
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Types of Research
Quantitative Vs. QualitativeInternal Vs. External
Pre and Post Advertising
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Types of Data
DemographicsSocioeconomics
FirmographicsPeer/Aspirant
Psychographics
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Questions to Ask: External
How many customers could I have? (market size)
How many customers am I missing? (market penetration)
Is there a need for this product or service? (market need)
Where’s the best place to locate my business? (market concentration)
Who else is selling a similar product or service? (competition)
What are different types of customers? (segmentation)
What is the decision process for a buying customer? (motivation)
Where is my industry going? (trend)
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Data SourcesExternal
Primary: Surveys, Focus GroupsSecondary:• Census Data or Google Public Data• Berry Market Research Guide• James J. Hill Business Library
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Data SourcesExternal
Commercial:American Marketing Association
Advertising AgeInc Magazine
Harvard Business ReviewHoovers
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Data SourcesExternal
Social• Twitter• LinkedIn• Company.com• SocialMention• Technorati
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Data Sources
As It Happens• Google Alert• SocialMention Alert• RSS Feeds
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Questions to Ask: Internal
• Who are my customers? Where do they live? What do they do? • Who are my best customers? Worst?• How often do they buy? How much do they typically spend?• How loyal are they to my product/service?• What is their main motivation for buying?• How have my customers changed?• What else are they looking for?• Why do they leave?
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Data SourcesInternal Market
web analyticssurveys
post purchase questionnairesfocus groupscase studies
mystery shopperscatered lunch questionnaires
top five best/worst interviews
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Marketing Research
• Increase return on investment.• Get more customers.• Increase exposure.• Improve communications.
Any organized effort to gather information about methodologies, processes, campaigns to reach your market.
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Marketing ResearchPost Advertising
• What is the best way to talk about my product/service?
• What defines success in a campaign? (volume vs. quality)
• What channels should I choose?• Which channels were most successful? • What was my return on investment?
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Data SourcesPost Advertising
• A/B Testing• Advertising Tracking• Goal Funneling
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Gather data because you want to do something with what you find.
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Listen. Plan. Implement. Repeat.
Marketing 2.0
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