Practical market research - desk research - Neil Infield

Essential Market Research: Desk Research

Neil Infield – Manager Business & IP Centre - neil.infield@bl.uk

2Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

By the end of this session…

Basic principles for desk research

Key sources, inside and outside the British Library

How these can be applied to specific examples

3Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Success Stories – who have used our Market Research

“The Market Research Resources at the centre helped us put together our first business plan, with which we were able to convince NESTA to award us a £35,000 grant.”Richard WoodsCo-founder of DIY Kyoto

“I had no background in food and drink, so I spent six months in the Library researching the market..”

Adam PritchardFounder & MD, RJA Foods Ltd

4Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Starting Out

The key is to structure your research around questions

5Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Questions about your customers

Who are they?

Profile of target customer - persona

Differing value propositions – price - ethical

Can you deliver?

Role of Desk Research

Sales trends by age, region or demographics

Stories and examples which indicate consumer spending and lifestyle trends

Statistics

6Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Customer Personas

7Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Customer Personas

Name: Tasmina Bose - Age: 29

Has worked in London for 10 years in the catering business, for Justin de Blank and Compass.

Wants to return to her home town of Chorlton in Lancashire, and set up her own business, catering for local businesses and social events & parties.

Has done some investigation into the catering market in Chorlton, but needs to really find out more to check if this is a feasible plan.

Initially found many commercial organisations offered advice and courses at very expensive prices.

Read about the British Library in the press, and was amazed by what the BIPC offers.

Went to a Business & IP Information clinic, and has attended various workshops & used the ‘Ask an Expert’ service.

Is confident that she’ll soon be armed with the right information, to present a watertight business plan, for financial backing.

Likes the chance to network here, and exchange ideas with fellow entrepreneurs

Would like more time, to see the exhibitions, but feels she is too busy.

8Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Questions about your product or service

Why buy?

Demand predictions

Other opportunities?

Future proof products and services – e.g. Newspapers

Protection

Role of Desk Research

Existing product information

Stories and examples which indicate consumer spending and lifestyle trends

Existing patents or other forms of intellectual property protection

9Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Where does your product or service fit?

10Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Questions about your competition

Who are they?

What about less obvious competitors?

What can I learn from their experiences?

How can I attract their customers?

Role of Desk Research

Existing company information

Market share data

The trade and business press

11Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Where would you open your café?

12Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Questions about you

Appropriate skills and experience?

Access to finance, technology, customers.

Do you have the temperament?

Role of Desk Research

Details of qualifications required

Details of legislation

Case studies

13Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Wheelie Bin Cleaner

14Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Questions about you - Wheelie Bin Cleaner

A wheelie bin cleaner requires up-to-date knowledge of environmental legislation.

An understanding of how to build up a regular client base.

An awareness of health and safety legislation regarding the safe use of chemicals.

Relevant organisations:The Chartered Institute of Environmental Health (CIEH) has a level 2 award in Principles of COSHH (the Control of Substances Hazardous to Health). The Chartered Institution of Wastes Management (CIWM) offers a one-day course entitled 'Introduction to Waste Legislation'. The Cleaning and Support Services Association (CSSA).

Cobra report BOP477

15Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Questions about you – Anita or Gordon?

16Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Questions about you – Anita or Gordon?

17Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

What about the wider context?

Economic climate

Legal issues

Cultural and ethical trends?

Role of Desk Research

Statistics

Guides to legislation

The trade and business press

18Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

What about the wider context?

24 October 2009

19Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

What about the wider context?

? ?

20Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

What about the wider context?

World Annual Photovoltaic Production 1993-2009

UK Gross Domestic Product

21Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Carrying out your own research: some tips

Do not jump to conclusions based on single pieces of information

Be prepared to challenge your assumptions

Always try and view things from a customer perspective

Look to the future; consider ‘what if’

scenarios

Information is not where the true value

lies; it is the conclusions you draw from the

information

22Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Information search strategies – start broad and narrow down

Fruit Juice

Pomegranate

23Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Information sources that help you understand a market

Published market research Trade and business journals + directories Newspapers World wide web Statistics and demographic data Business guides

24Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Published market research – why?

Convenient‘Off the shelf’

solution

Good source of

information on other sources

Expensive

A single report may not provide

all the answers

25Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Published market research – where?

26Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Trade and business journals + directories – why?

Current industry

news

Product news

Company news

Identifying key issues

Contacts

Variable quality

Hard data can be limited

Commentaries

Competitors

Suppliers

Surveys

27Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Trade and business journals + directories – where?

Thousands of journals (browse or subscribe)

3,500 Directories

Searching our databases Business Source Complete Factiva Business & Industry ABI Inform

28Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Trade and business journals + directories – examples

29Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Newspapers – why?

Broad subject

coverage

Good coverage of culture/lifestyle

Good local coverage

Lack of detailed market

research

Hard to find

30Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Newspapers – where?

British Library newspaper collections at Colindale Local public libraries

Searching our databases Factiva Newsbank

31Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Newspapers – example

32Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Market Information on the Web

Portal RBA Business Information: http://www.rba.co.uk/sources/

Market Research Market Research.com http://www.marketresearch.com/ Market Research Portal http://www.marketresearchworld.net/ Gartner: http://www.gartner.com/ Global Technology Forum: http://www.ebusinessforum.com/ IDC: http://www.idc.com/

33Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Statistics aren’t boring

Free UK National Statistics: http://www.statistics.gov.uk Official Statistics on the web: http://www.offstats.auckland.ac.nz/ Statistical Resources on the web

http://www.lib.umich.edu/govdocs/stats.html Nationmaster: http://www.nationmaster.com/index.php

Searching our databases Datamonitor Economist Intelligence Unit – Country Data Economist Intelligence Unit – EIU.com

34Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Case studies: Greeting cards

Business Guide: Cobra Published market research: Key Note , Global Market Information

Database (GMID) Newspapers: Factiva Trade and business journals:

Business Source Complete (EBSCO) Website:

www.greetingcardassociation.org.uk,www.ga-uk.org

35Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Case studies: Internet Cafe

Business Guide: Cobra Published market research: eMarketer Newspapers: Factiva Trade and business journals:

Business Source Complete (EBSCO) Website: www.cybercafes.com

36Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

Industry Guides