Market Research For Startups
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presents Market Research for Startup Leaders NATALIE NATHANSON Magnetude Consulting
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Learn how to research a market. This deck covers the basics of how to conduct market research, including qualitative research methods, research questions, project planning and execution framework, and how to get started on your own. Taught by Natalie Nathanson of Magnetude Consulting
Transcript of Market Research For Startups
presents
Market Research for Startup Leaders
NATALIE NATHANSONMagnetude Consulting
Market research for start-‐ups is essen2al. Understanding the needs and wants of your target market can be the difference between success and failure.
Agenda
• Market research 101• Qualita5ve startup market research• Project framework• Ge?ng started on your own
WHAT IS MARKET RESEARCH?
Process of systema2cally inves2ga2ng the market for a given product or service, gathering and analyzing data regarding the number and loca5on of customers; customers’ interests, preferences, and buying habits; and pricing and price sensi5vity of demand.
…For the purpose of gaining insight about a market to help a company formulate its business and marke5ng strategy.
SOURCE: h*p://www.startups.co/informa:on/go-‐big-‐dic:onary/market-‐research-‐defini:on
Categories of Market Research
In a Startup Environment…
Prim
arily
QUAN
TITA
TIVE
Prim
arily
QUALITAT
IVE
Behavioral research
In-‐personsurveys
Secondary Research
1:1 interviewsFocus group
Web or social surveys
Categories of Market Research
In a Startup Environment…
Prim
arily
QUAN
TITA
TIVE
Prim
arily
QUALITAT
IVE
Behavioral research
In-‐personsurveys
Secondary Research
1:1 interviewsFocus group
Web or social surveys
QUALITATIVE STARTUP MARKET RESEARCH
When and where is it used?
Concept Alpha Beta MVP Launch Scale Break-‐even Exit
Lifecycle of a StartupRevenue/
A few examples above…
When and where is it used?
Concept Alpha Beta MVP Launch Scale Break-‐even Exit
Market validaKon
MarketsegmentaKon
Price analysis CompeKKve analysis
Customer resonance
Revisit from conceptfor target market expansion
Lifecycle of a StartupRevenue/
A few examples above…
• Market validaKon• Market segmentaKon• Pain point arKculaKon• Target market prioriKzaKon• MarkeKng planning• CompeKKve analysis• Price analysis• Customer resonance • Product development• Trend idenKficaKon• Influencer & media landscape
What can market research help your startup determine?
PROJECT PLANNING & EXECUTION FRAMEWORK
PHASE IPlanning
PHASE IIImplementaKon PreparaKon
PHASE IIIFieldwork
PHASE IVAnalysis
PHASE VAcKon Plan
Iden5fy goals
2ndary research
Develop interview ques5ons
Recruit interviewees
Conduct interviews
Collect & summarize data
Review findings
Develop conclusions
Decide what to do differently
Implement!
5 Steps to Conduct Qualita5ve Market Research
Research Differences: B2B vs. B2C
Category Consumers (B2C) Business Users (B2B)
User Type Responder is an end-‐user Responder is engaging as part of profession
PopulaKon Larger sample populaKon (generally)
More defined targets
Decision-‐making Approvals come from self (or spouse?)
Approvals come from mulKple stakeholders
Interview language Simple, everyday language is used during the interviews.
Knowledge of industry terms may be needed
Step 1: Planning
Confirm the ques7ons we are trying to answer, flesh out methodology, approach, and desired outcome.
AcKviKes include:q Secondary research (online & founder insights)q Select target audience & qualificaKon criteriaq PrioriKze your goals, quesKons to answer
Step 2: Implementa5on Prepara5on
Create all needed materials for the primary research, build & test list of ques7ons (discussion guide).
AcKviKes include:q Build and test discussion guideq Build target interviewee listq Schedule interviews
Discussion Guide Ques5on Types
Warm Up QuesKons
E.g. Tell me about your backgroundBest for: StarKng an interview! Example Use: General market knowledge
Example QuesKons
E.g. Give me an example of…Best for: ComplexiKes -‐ Leading quesKons, disrupKve technologies, etc.Example Use: Purchase decisions, product development
DirectQuesKons
E.g. Where do you go for…Best for: Factual quesKons and/or you need a very concrete answer Example Use: CompeKKve analysis, influencer idenKficaKon
IndirectQuesKons
E.g. What are the biggest challenges you face around…Best for: Need to understand their world, want to see language they useExample Use: Pain point arKculaKon, target market prioriKzaKon
Step 3: Fieldwork
AcKviKes include:qConduct interviews (record, record, record)qReview early insights midstreamqSummarize interviews
This is where the rubber hits the road—conduct interviews!
Step 4: Analysis
AcKviKes include:qAnalysis summaryqBring in broader groupqReview analysis & implicaKonsqDevelop implicaKons on ‘quesKons to answer’
Aggregate data into findings, review paPerns in the data, glean insights.
Step 5: Build Ac5on Plan
AcKviKes include:qDecide what new hypotheses & realizaKons you haveqAgree on what to do differentlyqImplement!
Don’t sit on the insights—do something about it!
GETTING STARTED ON YOUR OWN
What to Remember
1. Record the conversa7on. Don’t transcribe into your own words.
2. Interviews won’t go as planned. Each interview will be different.
3. Recruitment isn’t easy. Give yourself enough Kme, prepare.
4. Don’t forget your original goals... It’s easy to get caught up in the conversaKon.
5. …but be open minded to new insights. Take everything in, but don’t jump to conclusions.
Where to go from here
Approach Pro’s Con’s
Do-‐it-‐yourself Least $ expenditure Your Kme is precious
Responses will be more biased
Custom educaKonal workshop*
Expert guidance
More confidence in results
Learn to do it
SKll have responder bias
SKll takes Kme
Targeted support*
Get help where you need in most
Beware of disconnects
Full outsourcing* Proven methodology, objecKvity
Spend your Kme wisely
Most costly in terms of hard $’s
• Always be talking to customers (and documenKng it!)
• Determine your highest priority goals
• A few ways to get started…
*Services offered by Magnetude Consul:ng
How do we break down our marke:ng services?
What’s YOUR next step?
@_Magnetude
www.magnetudeconsulting.com
