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Magnetude Consulting teaches startups how to conduct qualitative market research through interviews.
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Market Research for Startup Leaders
Natalie Nathanson
May 2013
Developed for a course at:
Market research for start-ups is essential. Understanding the needs and wants of your target market can be the difference between success and failure.
Agenda
• Market research 101
• Qualitative startup market research
• Project framework
• Getting started on your own
WHAT IS MARKET RESEARCH?
Process of systematically investigating the market for a given product or service, gathering and analyzing data regarding the number and location of customers; customers’ interests, preferences, and buying habits; and pricing and price sensitivity of demand. …For the purpose of gaining insight about a market to help a company formulate its business and marketing strategy.
SOURCE: http://www.startups.co/information/go-big-dictionary/market-research-definition
Categories of Market Research
In a Startup Environment…
Pri
mar
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QU
AN
TITA
TIV
E P
rim
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Q
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LITA
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Behavioral research
In-person surveys
Secondary Research
1:1 interviews Focus group
Web or social surveys
QUALITATIVE STARTUP MARKET RESEARCH
When and where is it used?
Concept Alpha Beta MVP Launch Scale Break-even Exit
Market validation
Market segmentation
Price analysis Competitive analysis
Customer resonance
Revisit from concept for target market expansion
Lifecycle of a Startup
Revenue/
A few examples above…
• Market validation • Market segmentation • Pain point articulation • Target market prioritization • Marketing planning • Competitive analysis • Price analysis • Customer resonance • Product development • Trend identification • Influencer & media landscape
What can market research help your startup determine?
PROJECT PLANNING & EXECUTION FRAMEWORK
PHASE I Planning
PHASE II Implementation Preparation
PHASE III Fieldwork
PHASE IV Analysis
PHASE V Action Plan
Identify goals 2ndary research
Develop interview questions Recruit interviewees
Conduct interviews Collect & summarize data
Review findings Develop conclusions
Decide what to do differently Implement!
5 Steps to Conduct Qualitative Market Research
Research Differences: B2B vs. B2C
Category Consumers (B2C) Business Users (B2B)
User Type Responder is an end-user Responder is engaging as part of profession
Population Larger sample population (generally)
More defined targets
Decision-making Approvals come from self (or spouse?)
Approvals come from multiple stakeholders
Interview language Simple, everyday language is used during the interviews.
Knowledge of industry terms may be needed
Step 1: Planning
Confirm the questions we are trying to answer, flesh out methodology, approach, and desired outcome.
Activities include: Secondary research (online & founder insights) Select target audience & qualification criteria Prioritize your goals, questions to answer
Step 2: Implementation Preparation
Create all needed materials for the primary research, build & test list of questions (discussion guide).
Activities include: Build and test discussion guide Build target interviewee list Schedule interviews
Discussion Guide Question Types
Warm Up Questions
E.g. Tell me about your background Best for: Starting an interview! Example Use: General market knowledge
Example Questions
E.g. Give me an example of… Best for: Complexities - Leading questions, disruptive technologies, etc. Example Use: Purchase decisions, product development
Direct Questions
E.g. Where do you go for… Best for: Factual questions and/or you need a very concrete answer Example Use: Competitive analysis, influencer identification
Indirect Questions
E.g. What are the biggest challenges you face around… Best for: Need to understand their world, want to see language they use Example Use: Pain point articulation, target market prioritization
Step 3: Fieldwork
Activities include:
Conduct interviews (record, record, record)
Review early insights midstream
Summarize interviews
This is where the rubber hits the road—conduct interviews!
Step 4: Analysis
Activities include:
Analysis summary
Bring in broader group
Review analysis & implications
Develop implications on ‘questions to answer’
Aggregate data into findings, review patterns in the data, glean insights.
Step 5: Build Action Plan
Activities include:
Decide what new hypotheses & realizations you have
Agree on what to do differently
Implement!
Don’t sit on the insights—do something about it!
GETTING STARTED ON YOUR OWN
What to Remember
1. Record the conversation. Don’t transcribe into your own words.
2. Interviews won’t go as planned. Each interview will be different.
3. Recruitment isn’t easy. Give yourself enough time, prepare.
4. Don’t forget your original goals... It’s easy to get caught up in the conversation.
5. …but be open minded to new insights. Take everything in, but don’t jump to conclusions.
Where to go from here
Approach Pro’s Con’s
Do-it-yourself Least $ expenditure Your time is precious Responses will be more biased
Custom educational workshop*
Expert guidance More confidence in results Learn to do it
Still have responder bias Still takes time
Targeted support*
Get help where you need in most
Beware of disconnects
Full outsourcing*
Proven methodology, objectivity Spend your time wisely
Most costly in terms of hard $’s
• Always be talking to customers (and documenting it!)
• Determine your highest priority goals
• A few ways to get started…
*Services offered by Magnetude Consulting
How do we break down our marketing services?
What’s YOUR next step?