market research for startups: understand customers and reduce risks

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Market research for startups: understand your customers and reduce your risks

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Slides for the seminar on market research for startups and small businesses. Outline of DIY and full service market research tools which are either free or affordable for startups and SMEs. Todos and howtos for understanding customers and reducing business risks.

TRANSCRIPT

Page 1: Market research for startups: understand customers and reduce risks

Market research for startups: understand your customers and reduce your risks

Page 2: Market research for startups: understand customers and reduce risks

The big ones spend enormous budgets to research the marketplace US $ 31.2 billion worldwide

US $ 3.2 billion in the UK

US $ 9.9 billion in the USA

Page 3: Market research for startups: understand customers and reduce risks

Those guys never develop or market a product until they reduced their risk to a minimum

Page 4: Market research for startups: understand customers and reduce risks

40%  

26%  

22%  

12%  

How do they spend those 31bln? To understand their customers and reduce their risks

Understanding: U&A, qual, CRM

Risk reduction: pre-tests, modeling

Ad tracking

Other

Page 5: Market research for startups: understand customers and reduce risks

Understand •  What do customers need? •  Are they ready to pay? •  What colors they like? •  What messages are relevant

to them? •  What services they expect? •  What and why they would tell

their friends?

Reduce risks •  What’s size of my market? •  Who will pay my price? •  Which design will sell better? •  What they understand

from my ads? •  Is free delivery necessary? •  Who will recommend me?

Page 6: Market research for startups: understand customers and reduce risks

Well, maybe you wouldn’t mind to understand and reduce risks too?

Page 7: Market research for startups: understand customers and reduce risks

Why startups and SMEs are not in the game?

It used to be expensive! It used to take months!

Page 8: Market research for startups: understand customers and reduce risks

This used to be true…

Page 9: Market research for startups: understand customers and reduce risks

Nowadays most research studies are just copy-pasted by thousands of managers.

Expensive managers hours in expensive offices.

Page 10: Market research for startups: understand customers and reduce risks

DIY research was a breakthrough in 2000s

Page 11: Market research for startups: understand customers and reduce risks

SurveyMonkey: do it yourself!

Page 12: Market research for startups: understand customers and reduce risks

850 000 surveys per months!

Belong to paid accounts

47%

250-300 thousands paid surveys!

Page 13: Market research for startups: understand customers and reduce risks

SurveyMonkey: write q’re

Write your questionnaire Max 10 questions for free No logic & complex questions for free

Page 14: Market research for startups: understand customers and reduce risks

Distribute link for your survey Max 100 responses for free Still those are YOUR responses, you have to find them

SurveyMonkey: find responses

Page 15: Market research for startups: understand customers and reduce risks

See summarized and raw responses Pre-defined charts and tables on per question basis No export for free No analysis at all

SurveyMonkey: analyze data

Page 16: Market research for startups: understand customers and reduce risks

SurveyMonkey is a great tool, still some challenges do persist

Page 17: Market research for startups: understand customers and reduce risks

What questions to ask?

—  It just seems easy to ask questions

— But usually takes a little more time than you expected — Not only your questions – introduction, profile, branch logic — Question types are confusing

— SurveyMonkey questionnaire designer is for professionals, which is great if that’s who you are

— Results are quite sensitive to questionnaire wording, presentation and a lot of other little things

— Bottom line: you have to learn new things to design your own questionnaire

Page 18: Market research for startups: understand customers and reduce risks

How to find responses?

— You’ve launched your survey, now what?

Data collection takes surprisingly a lot of time, even if you have an active customer base. 1.5-2 weeks is average! And what if you don’t?

Page 19: Market research for startups: understand customers and reduce risks

How to interpret results?

For any non-trivial questions answers and percentages itself are meaningless. You need action standards and benchmarks. Both are usually a byproduct of previous research experience.

Page 20: Market research for startups: understand customers and reduce risks

Next-gen research tools are here to help

Page 21: Market research for startups: understand customers and reduce risks

Write questions

Find respondents

Get results

Analyse results

Select target

Write questions

Get analysed results

Select target

Get analysed results

Select target

Get analysed results

Up to 24 hours

$0.10 - $3.50 per respondent

£7 - £40 per respondent

£1.70 per respondent

Page 22: Market research for startups: understand customers and reduce risks

GCS: select target

Page 23: Market research for startups: understand customers and reduce risks

GCS: build questionnaire

Page 24: Market research for startups: understand customers and reduce risks

GCS: summary of results

Page 25: Market research for startups: understand customers and reduce risks

Google Consumer Surveys is good for …

Measuring market size Do you own a dog?

Understanding customers Which quality do you look for most when purchasing a dog toy?

Timely questions Which of the following messages do you like most for a dog toy company?

Page 26: Market research for startups: understand customers and reduce risks

ZappiStore: buy product

Page 27: Market research for startups: understand customers and reduce risks

ZappiStore brings SMBs expertise of global MR companies

TNS Conversion Model helps you identify and size growth opportunities for your brand

MillwardBrown eStatic helps you select the best creative for your brand

Mmr Impackt helps you to optimize your packaging design

Page 28: Market research for startups: understand customers and reduce risks

ZappiStore: set-up and launch

Page 29: Market research for startups: understand customers and reduce risks

ZappiStore is good for…

All situations when you have to show your results to any outside parties

— You buy research product endorsed by recognized analytics brand

— Still it costs thousands of pounds, though much cheaper than the same products bought directly from traditional agencies

Page 30: Market research for startups: understand customers and reduce risks

Proved.co is about testing ideas

Start-up ideas

Product ideas

App ideas

Product features

Promo ideas

Product claims

Price points

— Get feedback from potential customers

— Benchmark your ideas against thousands of others

— 2 hours to get the resuts

— £ 35 – 170 per idea

Page 31: Market research for startups: understand customers and reduce risks

Proved.co: set-up

Pick your plan, narrow your target group

Page 32: Market research for startups: understand customers and reduce risks

Type in your idea, and click Launch!

Page 33: Market research for startups: understand customers and reduce risks

Proved.co: first feedback in minutes

Page 34: Market research for startups: understand customers and reduce risks

Proved.co: your idea analysed and scored against thousands of others

Page 35: Market research for startups: understand customers and reduce risks

Proved.co is good for

— Validation of any business-related ideas — New business / new product

— New marketing campaign / new promotion

— New price strategy / price promotion

— Quick choice between two and more — Directions, concepts, ideas, messages, etc

— Investment opportunities, etc.

Page 36: Market research for startups: understand customers and reduce risks

Final thoughts

Page 37: Market research for startups: understand customers and reduce risks

— Whatever you do, it’s investment – of your money, your time, your passion

— It’s time to understand your customers and reduce your risks, like big guys do, because your investments are much more precious and risks are much more disastrous

— Research your market, test your ideas.

— You can do it yourself and learn a couple of new things in the process.

— Or use a new generation of research tools: easy-to-use, fast, accurate and cost-effective.

Page 38: Market research for startups: understand customers and reduce risks

Questions? Comments?

Alex Lomizov Co-founder @Proved

E-mail: [email protected]

Web: http://proved.co

Twitter: @proved_co

Facebook: proved.co

LinkedIn: alomizov