Market research! your action plan vancouver start up

Market Research!

Your Action Plan

Delivered by: Mark Eversfield

Market Research Topics

• Why Market Research?

• Process for Tech Market Research

• Resources for Market Research

• Search Tips and Techniques

• Industry Trend Resources

Why Research Your Market?

Accessing Your Market Potential

• Define products & services you are offering

• What are the benefits from your idea?

• How do prospective clients value your idea?

• What alternative options are there for your target?

• What evidence is there to

support your value

proposition?

A Strategy for Your Market Research

• Identify your information needs - You don’t know

what you don’t know (bplans.com)

• Breakdown your information needs into

categories and subcategories to make it more

manageable

• Define your research needs as specifically as

possible

• Formulate hypotheses or assumptions.

Ideas that you will test during

the course of your research

Market Research Sources

Answers to market research questions come from

primary and secondary sources:

• Secondary Data: information that already exists

from various sources ie: StatsCan & BC Stats.

• Primary Data: firsthand information

that you gather by

conducting focus groups,

interviews, or surveys.

Types of Market Research Answers

There are two general types of data:

• Quantitative data: quantities, percentages, or

numbers that results from closed questions. (What!)

• Qualitative data: information about people’s feelings,

perceptions, opinions, behaviors, beliefs, attitudes, and

observations. It’s great for insights into your customers

motivations. (Why!)

Market Research Plan

Primary Research

• Create a primary research plan

• Conduct primary research

Secondary Research

• Conduct secondary research on your target

market, competition, and industry.

Compile information for your viability decision

• Decide to pursue or postpone

Process for Tech Primary Research

• Opportunity identification: interviews, focus

groups, and surveys

• Product concept generation research:

develop products and features to meet needs

• Concept Testing: determining market size,

customers willingness to pay, determining

highest value products and features,

effective marketing techniques

Process for Tech Primary Research

• Marketing strategy development: product,

price, promotion, and place achieved through

surveys

• Test market research phase: have customers

experience the product and take feedback

including attitudes

• Product launch: feedback,

monitoring to avoid pitfalls,

looking for additional

opportunities

Tips for Tech Primary Research

• Involve the potential customer in developing

the concept

• Invite potential customers to experience the

solution

• Use focus groups

for idea generation

and screening

Tools for Tech Primary Research

• Online survey apps

• Mobile market research

• Online focus group applications

Secondary Research & Demographic Info

• Demographic information includes

characteristics about your target market such

as age, gender, income, marital status, and

occupation

• Try to keep the list of important

characteristics to a minimum (3)

• BC Stats & bizmapbc.com

Psychographic Information

• More subtle and describes values, lifestyle,

leisure, attitudes, self image

• There are 66 Canadian psychographic groups

• Identify your demographic groups first (easier

access) and then use psychographics to find

out what makes them tick!

• The most effective marketing strategies use

psychographics to reach the target market

Secondary Resources

Take advantage of free sources of data:

• Small Business BC

• SBBC/Libraries (on-line databases)

• Government Sources (Stats Can, BC Stats,

Data BC, Small Business Accelerator)

• Sedar, the database of publically traded

companies. Edger in the U.S.

Secondary Resources

• Twitter/Google Alerts

• Licensed Databases

• Internet Accessible (unlicensed) Databases

• Industry or Trade Associations

• City Hall

Market Research Search Strategy

• Set up tools that will work for you while you

take care of business

• These tools can work for all aspects of your

market research: target market, competition,

and industry trends

• creating effective search

strings

Effective Search Techniques

• Combine “phrases” (double quotes) and key

words to get the best results

• Use funnel approach to your searches

• Beware of industry jargon and special terms

that identify your business type

Periodical Indexes (licensed database)

• Periodical indexes are expensive databases

that you can access through Small Business

BC or your local college, university, library for

free

• They are an important resource for

secondary information about your target

market, competition, and industry trends

Other Proprietory Databases

• Euromonitor’s Passport Database.

• IBIS World database

• First Research (US only)

• Marketresearch.com (US only)

IBIS World

BC Stats for Age Projections

• Population Projections by Age Groups

• Male/Female counts

• Local Health areas are used for Geography

• Use 5 year window for what the future may hold.

Google Alerts

• Google Alerts is an automated search tool

that looks for your search strings every day.

• It will keep you current on the latest trends.

• Get information on your target market,

competition, and industry trends.

• You can have as many search strings as you

like.

• Delivers Alerts to

your email daily.

Secondary Information on Your Competition

• Use automated tools to monitor your competition’s marketing strategy

• You can use Twitter to “follow” your competition’s tweets (use lists)

• Check if the company has a Facebook or Pinterest page to gather ideas for your marketing

• Create a Google Alerts on selected competitors and stay connected

• Use Google Maps “My Places” to map your competition.

Your Unique Selling Proposition

What is your advantage?

What do you offer consumers?

• What pain does your product or service address?

• What time does it save?

• Does it increase productivity?

• Is it easy to understand?

• Link for more info:

http://onforb.es/1pAYmy6

Questions About Your Industry Trends

• Is your industry new, leading edge, growing,

peaking, stagnating or declining?

• What are your current industry trends?

• What are the opportunities/threats?

• What is the outlook for your industry?

• What regulatory issues will you face?

Secondary Info on Your Industry Trends

Find key industry trends and projected growth by:

• Setting up a Google Alert/Twitter accounts

• Using licensed databases to search for information

on your industry. (IBIS World)

• Subscribing to springwise.com & trendhunter.com

• Small Business Accelerator

Upcoming Event: INSPIRE 2015

30% off Coupon Code:

VanStartupCity

13th Annual Small Business BC Awards

Categories 1. Premier’s People’s Choice

2. Best Apprentice Training

3. Best Community Impact

4. Best Company

5. Best Concept

6. Best Emerging Entrepreneur

7. Best Employer

8. Best International Trade

9. Best Online Marketer

10.Best Workplace

Nominations Open on Oct 1st!

QUESTIONS?

Contact Information:

W: www.smallbusinessbc.ca

E: eversfield.mark@smallbusinessbc.ca

Twitter: @sbbcinsights LinkedIn

Blog: Market Research Around BC

P: 604-775-5699 | 1-800-667-2272

A: 54 - 601 West Cordova Street, Vancouver, BC

THANK YOU!

@smallbusinessbc

www.facebook.com/smallbusinessbc

Join our Small Business BC Group

Sign-up today at www.smallbusinessbc.ca/community