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How do I research my market?
Neil Infield – Manager Business & IP Centre
neil.infield@bl.uk@ninfield (twitter) http://blogs.bl.uk/business/
http://www.slideshare.net/infield/
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The British Library is for anyone who wants to do research - academic, personal or commercial
Work with an entrepreneur from another European country
• For new entrepreneurs who want to experience working in another country
• Or experienced business owners who want to bring new experiences, skills and perspectives to your business
• Funded by the European Union - it organises cross-border exchanges of 1-6 months
http://www.erasmus-entrepreneurs.eu/ or research@bl.uk
“Having an insight into the day-to-day activities of more
experienced entrepreneurs is a true eye-opener”
“We got on so well with the new
entrepreneur that we are now
partners with her company in
Madrid”
A bit about you…
…and your business
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Click to add title
Image by Snak Shak on Flickr
Finding the right information is complicated
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Click to add titleFinding the right information is complicated
But important - as many businesses fail due to poor researchImage by Snak Shak on Flickr
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Your customers are out there…
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Your customers are out there…
just waiting for you to find them…Image by Mike PD on Flickr
Let me help you untangle the picture
And find a route to the information you need
Why Market Research
• What is the demand for your product or service?
• Research your customers
• Find out about your competitors
• Know about your market sector now
• And the future trends and forecasts
Is your market growing?
Is your market growing?
1982 1987 1992 1997 2002 2007 2012 2013 2014 201545000
50000
55000
60000
65000
70000
Is your market growing…
Or shrinking?
Total number of ???? in the UK1982 to 2015
1982 1987 1992 1997 2002 2007 2012 2013 2014 201545000
50000
55000
60000
65000
70000
Is your market growing…
Or shrinking?
Total number of pubs in the UK1982 to 2015
Where can you find your customers…
Where can you find your customers…
And what do they think about you?
Who are your competitors…
And what do their customers think about them?
What is happening now?
And what is going tohappenNext?
You need to do:
Desk Research
and
Field Research
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This is where you do your
Desk Research
Let’s follow the coffee trail
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According to 'Project Café2016 UK', the future of the UK coffee shop market will be shaped by 'increasing consumer participation and desire for premium-quality coffee at any time'
Key Success Factors
IBISWorld identifies 250 Key Success Factors for a business.
Establishment of brand names: Brand names are especially important in this industry and can generate significant customer loyalty if marketed correctly.
Key Success Factors
IBISWorld identifies 250 Key Success Factors for a business.
Establishment of brand names: Brand names are especially important in this industry and can generate significant customer loyalty if marketed correctly.
Supply contracts in place for key inputs: Businesses in this industry are more likely to succeed if they have secure contracts for key inputs, particularly coffee beans.
Key Success Factors
IBISWorld identifies 250 Key Success Factors for a business.
Establishment of brand names: Brand names are especially important in this industry and can generate significant customer loyalty if marketed correctly.
Supply contracts in place for key inputs: Businesses in this industry are more likely to succeed if they have secure contracts for key inputs, particularly coffee beans.
Attractive product presentation: Products in the industry attract discerning customers that expect well-presented products and shop layouts.
Key Success Factors
IBISWorld identifies 250 Key Success Factors for a business.
Establishment of brand names: Brand names are especially important in this industry and can generate significant customer loyalty if marketed correctly.
Supply contracts in place for key inputs: Businesses in this industry are more likely to succeed if they have secure contracts for key inputs, particularly coffee beans.
Attractive product presentation: Products in the industry attract discerning customers that expect well-presented products and shop layouts.
Accessibility to consumers/users: The best business locations are those that have a large potential market around them or where a high proportion of people pass through regularly.
Key Success Factors
IBISWorld identifies 250 Key Success Factors for a business.
Establishment of brand names: Brand names are especially important in this industry and can generate significant customer loyalty if marketed correctly.
Supply contracts in place for key inputs: Businesses in this industry are more likely to succeed if they have secure contracts for key inputs, particularly coffee beans.
Attractive product presentation: Products in the industry attract discerning customers that expect well-presented products and shop layouts.
Accessibility to consumers/users: The best business locations are those that have a large potential market around them or where a high proportion of people pass through regularly.
Ensuring pricing policy is appropriate: Appropriate pricing policy may depend on the branding of the business, the amount of competition or the average income in the local area.
As well as why… You need to know where…
As well as why… You need to know where…
Let’s get more up to date with Factiva
Let’s get more up to date with Factiva
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Lets find out about Border Collies
Start broad…
and then narrow down your sources
Further
And further
And indifferent
places
Exercise:
Choose thebest sources for your business
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Field Research
• Questionnaires• Face to face• Email• Social Media
• Walking the streets
• Stalking your competitors
It is all too easy to ask the wrong questions…
And so get wrong answers
Three rules of the Mom Test:
1. Talk about their life instead of your idea
2. Ask about specifics in the past instead of generics or opinions about the future.
3. Talk less and listen more
Exercise:
Review Good and Bad questions
Workshops to consider
• Get Started - a full day workshop covering the essentials
• How can I protect a business idea? - An introduction to Intellectual Property
• How do I research a business idea? - Develop a research strategy
• Webinar: Introducing Lean Start-up
• Free one-to-one Advice Clinics
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Your hands on session
• Search databases in order of relevance
• Ask me for help
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