Aslapr market research for entrepreneurs mg irc presentation 09 22-14

Market Research for Entrepreneurs

Presented September 22, 2014 in Phoenix, AZ by

Mark Goldstein, International Research CenterPO Box 825, Tempe, AZ 85280-0825, Phone: 602-470-0389

markg@researchedge.com, URL: http://www.researchedge.com/

© 2014 - International Research Center

• What is Market Research?• Why Do Market Research?• What Do We Know Already?• What Do We Need to Know and Who Knows It?• Industry Information: Associations, Publications, Market

Research Reports, Statistics, and Government Sources• Market Ecosystem, Market Segmenting and Sizing,

Target Markets, Demographics, Advertising, and Trends• Pulling It All Together, Actionable Intelligence

Market Research and Analysis

Market Research Definition:

The systematic gathering, recording, and analyzing of data about problems relating to the marketing of goods and services.

American Marketing Association (AMA)

Two main types of Market Research:

Primary Research - Company or its representatives are involved in the actual data-gathering process such as distributing questionnaires, telephone or mail surveys, interviews, etc.

Secondary Research - Involves the use of existing data that has already been created and/or compiled by someone else and is available in published form.

What is Market Research?

Start-up Phase Establish key elements of your business and/or marketing plan Identify your target audience Study market characteristics Select the best location for your business Identify branding and marketing opportunities Engage the financial community and potential investors

Expansion Phase Re-evaluate your customers’ changing needs Measure advertising efficiency Identify new markets and new opportunities Stay abreast of new developments and trends in your industry Detect and respond to emerging opportunities and threats

Why Do Market Research?

Market Research Tag Cloud

Source: Digital Research, Inc. (http://www.digitalresearch.com/)

ABUNDANCEINFORMATION

Source: Marketo

http://www.intel.com/content/www/us/en/communications/internet-minute-infographic.html

What happens in an Internet minute? In 2013, four zettabytes of data were created by digital devices. In 2017, it is expected that the number of connected devices will reach three times the number of people on earth.

http://www.kurzweilai.net/ask-ray-the-future-of-moores-law

Source: Line//Shape//Space

Market Research and Business Intelligence are not (just) about what competitors and markets are doing.

Marketing tracks it all the time

Management is well briefed on it

News clipping and monitoring largely serves the need

It’s about what competitors and markets will be doing.

You must predict their likely strategies and moves.

How will customers and end-users evolve and change?

What will competitors be doing to your customers?

What will suppliers be doing to your distribution and value chain?

What will alternative technologies change the rules of the game?

What will new entrants and acquisitions do to your industry.

Source: Dresner Advisory Services, 5/13

Insights in Marketing Collateral and Sales Tools

Business Intelligence User Methodology

Source: GartnerGroup

The Building Blocks of Knowledge

Source: Coveo 2013

Access Needs Vary by User Responsibility

Source: The Yankee Group, September 2001

Categories of Business Information•Open source or public information

•Product, investor and public relations literature•Open (unclassified) electronic information (i.e. Internet & Usenet)•Popular & technical journals (hard copy or database)•“Grey literature” produced in limited quantities for limited purposes

•Open proprietary information

•Legally conducted competitor intelligence

•Reverse engineering of legitimately acquired products

•Closed proprietary information

•Industrial espionage or penetration of regulatory agencies

•Classified information

•Clandestine human or technical intelligence

What Intelligence Can Be Obtained Legally and Ethically?

New New LegislationLegislation

New New MarketsMarkets

Marketplace Marketplace ChangesChanges

CompetitorCompetitorActionsActions

New New TechnologyTechnology

New New CompetitorsCompetitors

80%-90% of all 80%-90% of all information is information is

public knowledgepublic knowledge

Source: SCIP

Sales monitors customer response and competitors in the field

Market research monitors consumer trends and demographics

R&D monitors technology and science

Finance monitors the investment community and M&A activity

Purchasing monitors suppliers’ moves

Everyone follows the company and industry news

Internal Sources Track and Know Pieces of the Puzzle

Comparison of Web-Based Information Resources

Source: DM Review 06/99

Information & Support Resources

for Secondary Market Research

Market Research Analysts and Reports

Press Releases

Industry Trade Magazines

Trade Shows and Conferences

Professional and Trade Associations

Hierarchical Directory Sites

Affinity, Community, and Resource Sites

Topical Mailing Lists and Social Media

2014 - International Research Center

Professional & Industry

Associations

TradePublishers

Regulatory,Compliance,

& MarketTrends

TelecomProviders& Other

Adopters

Publications

Subsc ribers

VerticalPortals

White Papers& Webinars

Standards

Members &Thought Leaders

Source: International Research Center 6/08 (http://www.researchedge.com/)

Conferences

OnlineCommunities Network

Infrastructure& ServicesEnd Users

SocialMedia,Blogs& UGC

NetworkInfrastructure

Vendors

IT/TelecomConsulting

Firms

IT/TelecomAnalystFirms

Publications

Discussion Lists

Conferences

ComponentManufacturers

General &Business

Press

IT BookAuthors &Trainers

The Network Infrastructure Influencer Universe

Source: ESOMAR Global Market Research 2013http://www.esomar.org/web/research_papers/book.php?id=2492

Internet SearchingGrowth in Internet users and sites continues unabated

Even the best search engines index only a modest fraction of the open/free web, multiple search engines a little better

Much content is sequestered from general searching

Stuff just too obscure to find

Content deep within sites, foreign country based

Sites and pages come and go quickly - “link rot”

Content & pages marked for robot exclusion

Dynamically created content and page views

Content behind passwords & gateways for subscribers

Proprietary Intranet and Extranet sources

Mixed-model search engines are arising integrating licensed content with open/free web hits, but learning and using the Invisible Web is essential to good searching strategies.

What Can Be Learned from a Company Web Site

•Product announcements and pre-announcements

•Executive changes

•Facilities openings and closings

•Lawsuits and court rulings

•Job openings

•Suppliers and subcontractors

•Key customers

•Prices and price structure

•Financial results

•Mergers, acquisitions and strategic alliances

•Customer Feedback

•Strategy statements Source: T.W. Powell Co.

Google Advanced Search

http://www.google.com/advanced_search

http://www.pcmag.com/slideshow/story/326078/18-google-search-tips-you-need-to-learn

https://archive.org/

https://archive.org/advancedsearch.php

http://www.zillman.us/white-papers/deep-web-research-and-discovery-resources-2014-llrx-feature-article-and-online-white-paper/

http://deepweb.us/

Magazine & Periodical Sources

Publishers’ sites may allow searching across all of their sources

Niche and vertical portals may carry licensed content streams

Numerous alert services summarize topical stories and point you back to a multitude of sources

Some are topically-based while others allow user profiles

Topical blogs highlight breaking stories and news

Hundreds of Internet resource lists point to online publication sites

Press Releases

Business Wire and PR Newswire still rule

Alternative distribution services are arising

May be an opt-in model with limited coverage

MediaMap & Internet Wire up-and-comers

May primarily reach online or niche publishers

Searching is more difficult unless you know who a target company uses to distribute their releases through.

Check the company’s web site for current and archived releases..

Rely on media searches to gauge reach and impact

http://catalog.phoenixpubliclibrary.org/search/misc/esources.aspx

http://bi.galegroup.com/essentials/?userGroupName=phoenixpl

http://www.referenceusa.com/

http://directory.esomar.org/

http://www.bizjournals.com/

http://www.llrx.com/features/busintellguide2014.htm

http://www.claritas.com/sitereports/demographic-reports.jsp

http://www.greenbookblog.org/2013/09/26/the-honomichl-top-50-esomar-global-25-the-need-to-re-define-market-research/

Source: Coveo 2013

Knowledge Extraction from Enterprise Data

Source: Coveo 2013

Source: Dresner Advisory Services, 5/13

Reasons for Success with Business Intelligence

Source: Dresner Advisory Services, 5/13

Why Business Intelligence Fails

Source: Dresner Advisory Services, 5/13

Social Media Tag Cloud

Source: Green Book Blog (http://www.greenbookblog.org/)

Source: March 12, 2010, “Defining Social Intelligence” Forrester report

Social Intelligence serves many roles

http://socialmediatoday.com/pamdyer/1458746/50-top-tools-social-media-monitoring-analytics-and-management-2013

http://hootsuite.com/

Green BookResearch IndustryTrends Report 2013

http://www.massinvestor.com/rm_vc.htm

http://www.caycon.com/arizona-venture-capital.php

Crowdfunding involves obtaining funds for one’s projects from a multitude of people who pledge or contribute a small amount in order to attain a certain return on their investment, which may be some level of equity in a project. The dilemma right now for equity crowdfunding in the USA is SEC regulation of the entire process and venture capital investors’ potential issues with follow on funding for crowdfunded startups.

You can find an enormous repository of information on all forms of crowdsourcing at http://www.crowdsourcing.org/, including crowdfunding at http://www.crowdsourcing.org/community/crowdfunding/7.

Small Business and Entrepreneurship Council: Crowdfunding & Capital Access - http://www.sbecouncil.org/resources/crowdfunding/

• Kickstarter - http://www.kickstarter.com/

• Indiegogo - http://www.indiegogo.com/

• fundable.com- http://www.fundable.com/

• getfunded.org- http://getfunded.org/

Emerging Technologies Hype Cycle

Source: Gartner 8/13

InternationalInternationalResearch CenterResearch Center

Your Research EdgeYour Research Edge© 2014 - International Research Center

Presented by

Mark Goldstein, International Research CenterPO Box 825, Tempe, AZ 85280-0825, Phone: 602-470-0389,

markg@researchedge.com, URL: http://www.researchedge.com/