An overview on common qualitative and quantitative primary market research techniques to support new product development. This lecture is geared towards startups, but the principles and examples apply to large companies as well.
Text of Primary Market Research - An overview on qualitative and quantitative research techniques
1. 2014 ConceptSpring Elaine Chen September 2014 Primary Market Research Methodologies Overview
2. Why do research? 3. You are not your customer 4. A few tenets 5. Not a sales pitch 6. Keep your eyes and ears open 7. Be open minded 8. Sausage Making 9. 2 classes of research Problem Research To understand who the buyers and users are To understand the problem statement To understand the context in which the product will be used To understand use cases Solution Research To understand the usability and utility of the product To help prioritize the feature set To understand pricing elasticity To understand customer satisfaction 10. The anatomy of a research program Clearly articulate a hypothesis to be tested (aka research goals and objectives) Define the market segment to do research in Develop subject recruitment criteria according to the definition of the chosen segment Pick a methodology Run the research program Crunch the data Take steps based on findings 11. Example recruitment questionnaire (Segment: people with sleep issues) What is your age, gender and profession? (terminate once age/gender quota has been filled for the matching segment) What is your household income? (terminate if