Market Research Licensed under Creative Commons Attribution Share

Market Research Licensed under Creative Commons Attribution – Share. Alike 4. 0 International

Discover what your customers want Business is lousy – I wonder if it’s my pricing model?

Discover what your customers want Customer values • Personal and professional goals • Pain points • Purchasing decisions Customer profile • • Age range Job status Education Location Primary research: Talk directly with customers Market size • What geographic area are you selling in? • How many people in this area fit your customer profile? • If you were to reach 1% of this group, how many potential customers is that? Secondary research: Collect data from existing sources

Understand your competition Colin could see that his competitor had obviously done his market research.

Understand your competition Consider both direct and indirect competition. Direct competition Indirect competition Organizations offering the same product or service to the same customer base Organizations that produce similar products and fulfill similar needs Example: Nike vs. Adidas Example: Mc. Donald’s and a local sushi restaurant

Understand your competition Google it! SEARCH… RECORD… IDENTIFY… …for the key words that you use to describe your idea. …a summary of other organizations that are offering a similar product or service. …the key features that distinguish your idea from what is already out there. E. g. , “Travel app for seniors” E. g. , price, functions, ease of use

Understand your competition Search start-up databases to find companies doing similar work: Crunch. Base www. crunchbase. com/search Techvibes www. techvibes. com/company-directory/global

Build a competition matrix Value 1 Value 2 Value 3 Your company Value 4 The essential values your customers look for Competitor 1 (discovered through primary research) Competitor 2 Competitor 3 Your primary competition (both direct and indirect)

Example: Travel booking app Price Available on i. Phone, Android and BB Includes suggested local activities Connects to social media Your company $0. 99 Yes Yes Super Trip $1. 99 Yes No No Booking Smart $2. 99 No No Yes Your Trip, Your Way $2. 99 No No No

Additional resource Ma. RS Library How do I identify competitors? www. marsdd. com/mars-library/identify-competitors/