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© 2005 Ewing Marion Kauffman Foundation
Fast
Trac
® T
echV
entu
retm
FastTrac® TechVenturetm
• Review elevator pitch• Target market discovery
3_A
© 2005 Ewing Marion Kauffman Foundation
Fast
Trac
® T
echV
entu
retm
Market Research can be simple….
If you don’t know your customer, then you don’t know your business.
You won’t know how to respond if you see sales changes.
And because it’s so hard to hang on customers you don’t know intimately, you will forever be chasing new ones.
© 2005 Ewing Marion Kauffman Foundation
Fast
Trac
® T
echV
entu
retm
Primary vs. Secondary Research
• Secondary: Data already collected and available.– You have identified your target market, demographics,
lifestyles, and customer needs.
• Primary: From the source, based on your specific needs, collected by you.
– Understand
– Observe
– Synthesize
– Realize
– Prototype
– Measure
3_B
© 2005 Ewing Marion Kauffman Foundation
Fast
Trac
® T
echV
entu
retm
Primary Research Tools
• Interviews– One-on-one structured or semi-structured conversations
with potential buyers or industry experts
• Focus Groups– Small structured group meeting consisting of 5 to 20
participants from a target market segment .
• Surveys– Instrument to test attitudes and perceptions on current or
future product offerings.
• Observation– In store or at point of sale of customer using or
considering the purchase of a product.
© 2005 Ewing Marion Kauffman Foundation
Fast
Trac
® T
echV
entu
retm
Leveraging Market Research
Using data from research to confirm concept feasibility:
•Guide product development based on customer analysis•Estimate market share to ensure adequate revenue potential•Use the data!•The “aha” moment - find it and implement.
3_C
© 2005 Ewing Marion Kauffman Foundation
Fast
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® T
echV
entu
retm
Sales Projections
• Based on estimated market share• Market research a must• Crucial component of Financial Plan• Investors will expect to know facts andassumptions projections are based on
3_D
© 2005 Ewing Marion Kauffman Foundation
Fast
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® T
echV
entu
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Value Proposition
• Defines the benefits your company’s products and services offer to the customer
• Differentiates your company from the competition
• Compels the customer to buy
• Is it relevant?????
3_E
© 2005 Ewing Marion Kauffman Foundation
Fast
Trac
® T
echV
entu
retm
