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

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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

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