market research workshop for startups making the most of ... · lead, mailing or target lists...

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets

Visit us at marsdd.com

Market Research Workshop for Startups – Making the most of Market Intelligence

J U N E 2 4 , 2 0 1 5

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


What is market research?

The action or activity of gathering information about:

• Consumers’ needs and preferences

• Competitors’ strengths and weaknesses

• General industry trends

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Why Market Research?

Decision-Making Needs

Idea or Concept Validation

Pitching Competitions

Grants

Investments

Intelligence Needs

Market Opportunity

(Size & Growth)

Customer Perceptions &

Pain-points

Competitive Landscape

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Sourcing the Data

Primary Secondary

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


PRIMARY RESEARCH

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Allows you to gather detailed information that is specific to your particular business, market, and set of consumers that you hope to attract.

Why Primary Research?

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Forms of Primary Research

Primary Research

Surveys

Interviews

Focus Groups Field

Observations

Focus Groups

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Example Questions

• Would people in the GTA trust doctors that they discovered online?

• What challenges are miners in northern Ontario facing?

• Do small business owners in Mississauga feel they are paying too much for heating and other utilities?

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Go in with a plan.

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Questions to Consider

• What do I want to learn?• How do new parents in Mississauga find pediatricians?

• What research methodology will serve my needs?• A survey allows for the largest number of respondents

• Who am I going to talk to/survey/observe?• New parents in my community with children who attend school

with my children

• How will I get in contact with these individuals or groups?• Gain permission to use a school mailing list, personal contacts

(snowball effect), social media

• What do I expect to discover?• I expect that most new parents will use recommendations from

friends/family

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Qualitative vs. Quantitative Research

Qualitative Research Quantitative Research

Objective To gain a qualitative understanding of the underlying reasons and motivations

To quantify the data and generalize the results from the sample to the population of interest

Sample Small number of non-representative cases

Large number of representative cases

Data Collection Unstructured Structured

Data Analysis Non-statistical Statistical

Outcome Develop an initial understanding

Recommend a final course of action

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Which Method to Use?

Observation

•Designed with observation in mind – researchers go into the natural settings in which social life takes place and observe what people really do in those settings

Interviews

•To gain in-depth knowledge from a small group

•Thoughts, emotions, conversation driven

Surveys

•Limited amount of information but from a large group

•Gain knowledge on anything, from customer satisfaction to developing new products

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


• Phrase questions as clearly and specifically as possible• Would you recommend Product X to your friends and family?

(Y/N)

• Avoid biased/leading questions• The vast majority of consumers loved Product X, how do you

feel about Product X?

• Range/ranking questions are best • To what extent do you agree with the following statements (1-

totally disagree, 5- totally agree)

• Open-ended questions• Is there anything else you would like to tell us about your

experience with Product X?

• Short and sweet

Online Surveys – Best Practices

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Ethics of Primary Research

Best to consult the Marketing Research & Intelligence Association (MRIA) Code of Conduct:

http://mria-arim.ca/about-mria/standards/code-of-conduct-for-members

1. CONSENT

2. PUBLIC CONFIDENCE

3. PUBLIC’S RIGHT TO PRIVACY

4. ACCURACY

5. ETHICAL PRACTICE

6. CLIENT RIGHTS

7. LAWFULNESS

8. COMPETENCY

9. FAMILIARITY

10. PROFESSIONALISM

10 Core Principles

http://mria-arim.ca/about-mria/standards/code-of-conduct-for-members

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Now What?

• Analyze your results

• Don’t over-generalize

• Open-minded and adaptable

• Don’t be afraid to change

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Primary Research - Discussion

• Have you used any of these practices?

• Did you find them useful?

• What did you use the information for?

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


The Ups and Downs

Ups

• Addresses specific questions/issues

• Can focus on qualitative and quantitative issues

Downs

• Time consuming

• Can be expensive

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Helpful Resources

• Survey Monkey – www.surveymonkey.com

• FluidSurveys – www.fluidsurveys.com

• Google Consumer Surveys -www.google.com/insights/consumersurveys/home

• Rev Transcription – www.rev.com/transcription

http://www.surveymonkey.com

http://www.fluidsurveys.com

http://www.google.com/insights/consumersurveys/home

http://www.rev.com/transcription

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


SECONDARY RESEARCH

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Secondary Sources

Type of data Example of source

Statistics Economic statisticsCustoms databasesGovernment statistics

Industry data Industry associationsMarket research reports *Investor reports

Product data Product brochuresProduct reviews

News Free public aggregators (incl. Google)Fee-based news aggregators

Financial data Global company financials databasesLocal company financials databases

Company data Public company directoriesSecurities exchanges (S.E.C., SEDAR)

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Market Research (Startup Library)

Sourcing the Data: Resource

http://www.marsdd.com/collections/market-research/

http://www.marsdd.com/collections/market-research/

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Proprietary Databases

ICT HEALTH CLEANTECH

http://www.marsdd.com/market-intelligence/

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Market Intelligence LimitationsPrice lists, pricing models

Lead, mailing or target lists

Canadian and US Business Counts

Private Company Revenue and Information

Competitor lists and analysis

Consumer demographics (in-depth)

(Online) advertising spend

Patent searches

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Sample QuestionsNanodiamond drug devices for cancer treatment(BCC Research)

Adoption of social software in the enterprise (Forrester)

Financing raised by cleantech startups(Bloomberg)

How Gen Xers seek information about healthcare and wellness(eMarketer)

SaaS spending by Canadian enterprises (IDC)

Global Mining Industry Top Industry Trends and Evaluation(Frost & Sullivan)

Current drugs on the market & in development for Fabry disease(Global Data Pharma)

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Examples of Secondary Sources

Top methods for app monetization?

e.g., eMarketer

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets



Assistive devices for classroom or instructional purposes, as a percentage of all assistive devices?

e.g., BCC Research

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets



Maturity of Learning Management Systems markets worldwide?

e.g., Frost & Sullivan

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Questions – out of scope

• What percent of people bring Bubba Kegs with them on all-inclusive vacations?

• What kind of gifts do people really want? Were people happy with the gifts they received?

• Where is the nearest emergency exit? (maybe meant: "what is our exit strategy?”)

• How many single people are there in the world, and how many of them are “looking”?

• Names, address, and contacts of plumbing wholesale or distributions business in Canada and Great Lake States

• What would happen to me financially if this moved forward but failed?

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Who is Eligible

24 June 2015

Startups with:

< $1 Million in revenues in that fiscal year

&

< $2 Million in private investments (total raised)

Exclusions:

oAny VC’s, investors or consultants

oAdvisors or EIR’s personal interest projects

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Market Intelligence Request Form

**Please “Enable Macros”

Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Develo

pin

g talent •

Gro

win

g ventu

res •O

pen

ing m

arkets


Thank you!

Christina Kim, [email protected]

Emily MacIntosh, [email protected]

Joe Lee, [email protected]

Lucas Armstrong, [email protected]

market research workshop for startups making the most of ... · lead, mailing or target lists...

Documents