Presentation on theme: "Market Research Licensed under Creative Commons"— Presentation transcript:
1 Market Research Licensed under Creative Commons Attribution – ShareAlike 4.0 International
2 Discover what your customers want Business is lousy – I wonder if it’s my pricing model?
3 Discover what your customers want Customer valuesPersonal and professional goalsPain pointsPurchasing decisionsCustomer profileAge rangeJob statusEducationLocationMarket sizeWhat geographic area are you selling in?How many people in this area fit your customer profile?If you were to reach 1% of this group, how many potential customers is that?Primary research: Talk directly with customersSecondary research: Collect data from existing sources
4 Understand your competition Colin could see that his competitor had obviously done his market research.
5 Understand your competition Consider both direct and indirect competition.Direct competitionOrganizations offering the same product or service to the same customer baseExample: Nike vs. AdidasIndirect competitionOrganizations that produce similar products and fulfill similar needsExample: McDonald’s and a local sushi restaurant
6 Understand your competition Google it!SEARCH……for the key words that you use to describe your idea.E.g., “Travel app for seniors”RECORD……a summary of other organizations that are offering a similar product or service.IDENTIFY……the key features that distinguish your idea from what is already out there.E.g., price, functions, ease of use
7 Understand your competition Search start-up databases to find companies doing similar work:CrunchBaseTechvibes
8 Your primary competition Build a competition matrixValue 1Value 2Value 3Value 4Your companyCompetitor 1Competitor 2Competitor 3The essential values your customers look for (discovered through primary research)Your primary competition(both direct and indirect)
9 Example: Travel booking app PriceAvailable on iPhone, Android and BBIncludes suggested local activitiesConnects to social mediaYour company$0.99YesSuper Trip$1.99NoBooking Smart$2.99Your Trip, Your Way
10 How do I identify competitors? Additional resourceMaRS LibraryHow do I identify competitors?