Nvtc mt fall2012 mkt research
-
Upload
emily-summers -
Category
Business
-
view
81 -
download
3
Transcript of Nvtc mt fall2012 mkt research
NVTC Entrepreneur Center
Market Research in a Data Rich World
Emily Summers
Tuesday, September 25, 2012
Goals from the Kauffman Center
•
•
•
•
•
September 25, 2012
Today’s Agenda
• The World of Research
• Market Research Today
• Defining and Analyzing Your Target Market
– Looking at Your Competitors
– Analyzing the Market
– Confirming Your Market
• Research Organizational Models
• Leveraging Research for Positioning
• Product Versus Technology
• Investor Perspectives
• Investment Requirements
• Wrap-up
September 25, 2012
The World of Research
September 25, 2012
Competition
Market Needs/Gaps
Market Perceptions
Qualifications
Talent
Product/ Service Position
External
Factors
Internal
Factors
Research has a world of applications. Today’s focus is on market research
but all of these are valuable to your business growth.
Projected Image
To help refine these
(can control these)
Measure these
(can’t control them)
Market Research Today
•
•
•
If you’re smart about it, it doesn’t have to cost you an arm and a leg,
but doing it WILL help you understand how to ensure your
products and services are relevant.
September 25, 2012
Defining and Analyzing
Your Target Market
1. Look at Your Competitors – know who’s doing what.
2. Analyze Your Market – know the market size.
3. Confirm you market – validate people will pay.
For entrepreneurs…time is money. Here are three simple steps.
September 25, 2012
Defining and Analyzing Your Target Market
Looking At Your Competitors
1. Look at your competitors
– Who offers similar services? How do yours differ?
– Where are your competitors weak?
– Where is there a little white space?
If you are on a team, this exercise is a great one to do with them. Each of
you review your top 3-5 competitors. Which are the same ones listed over
and over? This will help you focus your efforts on analyzing the top ones.
September 25, 2012
Defining and Analyzing Your Target Market
Analyze Your Market
• Determine the market size. Learn as much as you can
through publicly available sources. For example, if you’re
launching an app targeting entrepreneurs, know how many
entrepreneurs there are nationally, internationally, etc.
• Segment the markets. Segment the groups into different
segments and compare the market sizes.
• Define who you want to target. Prioritize the market
based on strengths and capabilities. For example, you
launch the entrepreneur app in English and have a sales
force you can readily deploy in the U.S., so you focus on
that market first.
September 25, 2012
Defining and Analyzing Your Target Market (continued)
Analyze Your Market―Resources
• Edgar - http://www.sec.gov/edgar.shtml
• U.S. Census Bureau - http://factfinder2.census.gov/faces/nav/jsf/pages/index.xhtml
http://www.census.gov/econ/ (look under businesses/industry)
• Local libraries (Fairfax County/Arlington County) - log in with your library card –
look for business databases – this varies county to county so ask the reference
librarian what you are seeking.
• B2C & demographic information (zip code lookup) -
http://www.claritas.com/MyBestSegments/Default.jsp
• Government contractors – GSA Schedules & procurement forecasts
http://www.gsaelibrary.gsa.gov/ElibMain/home.do
• Counties and states – many economic development authorities have information
that you can look at (example: http://www.fairfaxcountyeda.org/demographics) ; also
http://quickfacts.census.gov/qfd/states/00000.html
• Google and LinkedIn – mining through data
• Trade associations/research houses like Gartner – looking at research reports; a
lot has already been conducted
September 25, 2012
Defining and Analyzing Your Target Market (continued)
Confirm Your Market―Overview
September 25, 2012
3. Conducting primary market research
– Nothing in your secondary research will tell you how
customers and prospects will actually RESPOND to
your products/services.
– Test your idea with primary research:
• Traditional market research (focus groups, IDIs, surveys)
• New technologies and methodologies (1-2 questions on
websites, meetup groups, community forums, Facebook
pages, LinkedIN questions, etc.)
• Friends and personal contacts
Defining and Analyzing Your Target Market (continued)
Confirm Your Market―Core Methods
Core primary research methodologies:
• Surveys – good for analyzing info from large numbers
• Focus groups – good for in-depth discussions, rich info.
• Online panels – similar to focus groups but virtual
• In-Depth Interviews – good for hard to get to people
• Social media – good for general listening
September 25, 2012
Defining and Analyzing Your Target Market (continued)
Confirm Your Market―Interviews
Tips for conducting your own interviews:
• Do your homework. Learn as much about the market in
advance as it can. Research the company for 20-30
minutes before your meeting so that you can easily
establish rapport.
• Be very familiar with your questions. Inevitably the
conversation will take on a life of its own. The better you
know your questions the easier it will be to weave them in.
• Wrap up the conversation. Ask if you can follow up with
them after you have gathered all of the information. This
may help you connect with mentors/advisors later.
September 25, 2012
Defining and Analyzing Your Target Market (continued)
Confirm Your Market―Online Tools
• Launchrock – collect user interest, monitor insights
• Centercode – beta user testing
• KISSinsights – post 1-2 questions on your website
• GoogleAlerts – trends, keyword searches
• Survey Monkey – online surveys, white label, logic, etc.
• GetSatisfied – community forum
• Google Analytics – look at interests, etc.
September 25, 2012
Defining and Analyzing Your Target Market (continued)
Confirm Your Market―
Social Media Tools
• Facebook – monitor people’s interests in your offerings
and/or for you to see comments; pages similar to yours that
have higher saturation may provide a lot of insight
• LinkedIn – let’s you post questions to your site; allows for
great secondary research into competitors and their people
• Twitter – let’s you “listen” and monitor competitors, industry
trends, etc.
September 25, 2012
Research Organizational Models
September 25, 2012
Cost Pros Cons Resources Required
In-House/Self $ Can be quick, inexpensive hard costs
Best results if you understand how to
leverage market research
Self, survey tool(s), plan/outlet for
recruiting participants
Student/Intern $ Inexpensive; digital natives are quick with
survey and other technologies
May require a lot of hand holding; check quality stringently
Student/intern; in-house person to direct
and manage effort closely
Consultant $$ Know the right questions, how to structure a study;
including timing and recruiting, objective
Slightly more expensive than
students – require an investment of generally $5k+
Consultant, in-house leadership
Specialized Research Firm/Marketing Firm
$$$$ Highly seasoned professionals run
studies; very thorough; large
bandwidth to get things done quickly
Requires a large investment. May have
other offerings they want to push
In-house leadership
Leveraging Research for Positioning
September 25, 2012
Competition
Market
Needs/Gaps
Market
Perceptions
Qualifications
Talent
Product/
Service
Position
External
Factors
Internal
Factors
Gathering external market research helps you optimize your
product’s position and services and refine your product offerings
Projected
Image
To help refine these
(can control these)
Measure these
(can’t control them)
Product Versus Technology
September 25, 2012
Use research to help you inform your product/service offerings
features and to help articulate their real benefits.
Product Features/
Attributes Benefits
Tell what the features are.
Research benefits:
Users tell you what they
should be/what they would
like them to be.
How do the features help customers.
Research benefits:
Users tell you how your
product/service is actually benefitting
them – these may be things you never
would have thought of yourself.
Investor Perspectives
September 25, 2012
The core issue is always how big really is the market for a particular product, and how
expensive will it be to reach that market. Big markets are better than small ones, but they
come with other issues. The key is to get the cost of reaching the market in proportion to how
expensive it will be to reach it. I always like to know the pain that the product is addressing
as well.
—April Young, Managing Director, Hercules Technology Growth Capital
Market size is the most important. In addition, I look for:
1. A good understanding of the competition
2. Differentiation from the competition
3. Is the industry mature or growing
4. Is the industry receptive to change
—Kathleen Crow, Managing Director, The McLean Group
Investment Requirements
• In-house = time + money
• Independent consultant = 5-10k
• Mid-size company = 20 - 20k
• Established, large research house = 20k+
September 25, 2012
Wrap-Up
•
•
•
September 25, 2012
Questions?
September 25, 2012
Thank you
Emily Summers
Market Torque
(703) 869-2538
www.Facebook.com/markettorque
September 25, 2012