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NVTC Entrepreneur Center
Market Research in a Data Rich World


Emily Summers
Tuesday, September 25, 2012
Goals from the Kauffman Center


       •
       •
       •
       •
       •




September 25, 2012
Today’s Agenda

       • The World of Research
       • Market Research Today
       • Defining and Analyzing Your Target Market
              – Looking at Your Competitors
              – Analyzing the Market
              – Confirming Your Market
       •    Research Organizational Models
       •    Leveraging Research for Positioning
       •    Product Versus Technology
       •    Investor Perspectives
       •    Investment Requirements
       •    Wrap-up



September 25, 2012
The World of Research

  Measure these                                                     To help refine these
(can’t control them)                                                 (can control these)
    External                                                                  Internal
                                                             Projected
    Factors                Competition
                                                               Image
                                                                              Factors

             Market                      Product/
           Needs/Gaps                     Service                Qualifications
                                         Position


                         Market                                Talent
                       Perceptions



             Research has a world of applications. Today’s focus is on market research
                       but all of these are valuable to your business growth.




  September 25, 2012
Market Research Today


       •

       •

       •



               If you’re smart about it, it doesn’t have to cost you an arm and a leg,
               but doing it WILL help you understand how to ensure your
               products and services are relevant.




September 25, 2012
Defining and Analyzing
 Your Target Market


          For entrepreneurs…time is money. Here are three simple steps.


       1. Look at Your Competitors – know who’s doing what.

       2. Analyze Your Market – know the market size.

       3. Confirm you market – validate people will pay.




September 25, 2012
Defining and Analyzing Your Target Market
 Looking At Your Competitors


       1. Look at your competitors
          – Who offers similar services? How do yours differ?
          – Where are your competitors weak?
          – Where is there a little white space?


               If you are on a team, this exercise is a great one to do with them. Each of
               you review your top 3-5 competitors. Which are the same ones listed over
               and over? This will help you focus your efforts on analyzing the top ones.




September 25, 2012
Defining and Analyzing Your Target Market
 Analyze Your Market


       • Determine the market size. Learn as much as you can
         through publicly available sources. For example, if you’re
         launching an app targeting entrepreneurs, know how many
         entrepreneurs there are nationally, internationally, etc.

       • Segment the markets. Segment the groups into different
         segments and compare the market sizes.

       • Define who you want to target. Prioritize the market
         based on strengths and capabilities. For example, you
         launch the entrepreneur app in English and have a sales
         force you can readily deploy in the U.S., so you focus on
         that market first.


September 25, 2012
Defining and Analyzing Your Target Market (continued)
 Analyze Your Market―Resources


       •    Edgar - http://www.sec.gov/edgar.shtml
       •    U.S. Census Bureau - http://factfinder2.census.gov/faces/nav/jsf/pages/index.xhtml
            http://www.census.gov/econ/ (look under businesses/industry)
       •    Local libraries (Fairfax County/Arlington County) - log in with your library card –
            look for business databases – this varies county to county so ask the reference
            librarian what you are seeking.
       •    B2C & demographic information (zip code lookup) -
            http://www.claritas.com/MyBestSegments/Default.jsp
       •    Government contractors – GSA Schedules & procurement forecasts
            http://www.gsaelibrary.gsa.gov/ElibMain/home.do
       •    Counties and states – many economic development authorities have information
            that you can look at (example: http://www.fairfaxcountyeda.org/demographics) ; also
            http://quickfacts.census.gov/qfd/states/00000.html
       •    Google and LinkedIn – mining through data
       •    Trade associations/research houses like Gartner – looking at research reports; a
            lot has already been conducted




September 25, 2012
Defining and Analyzing Your Target Market (continued)
 Confirm Your Market―Overview


       3. Conducting primary market research
          – Nothing in your secondary research will tell you how
            customers and prospects will actually RESPOND to
            your products/services.
          – Test your idea with primary research:
                     • Traditional market research (focus groups, IDIs, surveys)
                     • New technologies and methodologies (1-2 questions on
                       websites, meetup groups, community forums, Facebook
                       pages, LinkedIN questions, etc.)
                     • Friends and personal contacts




September 25, 2012
Defining and Analyzing Your Target Market (continued)
 Confirm Your Market―Core Methods

       Core primary research methodologies:

       • Surveys – good for analyzing info from large numbers
       • Focus groups – good for in-depth discussions, rich info.
       • Online panels – similar to focus groups but virtual
       • In-Depth Interviews – good for hard to get to people
       • Social media – good for general listening




September 25, 2012
Defining and Analyzing Your Target Market (continued)
 Confirm Your Market―Interviews

       Tips for conducting your own interviews:

       • Do your homework. Learn as much about the market in
         advance as it can. Research the company for 20-30
         minutes before your meeting so that you can easily
         establish rapport.
       • Be very familiar with your questions. Inevitably the
         conversation will take on a life of its own. The better you
         know your questions the easier it will be to weave them in.
       • Wrap up the conversation. Ask if you can follow up with
         them after you have gathered all of the information. This
         may help you connect with mentors/advisors later.



September 25, 2012
Defining and Analyzing Your Target Market (continued)
 Confirm Your Market―Online Tools


       •    Launchrock – collect user interest, monitor insights
       •    Centercode – beta user testing
       •    KISSinsights – post 1-2 questions on your website
       •    GoogleAlerts – trends, keyword searches
       •    Survey Monkey – online surveys, white label, logic, etc.
       •    GetSatisfied – community forum
       •    Google Analytics – look at interests, etc.




September 25, 2012
Defining and Analyzing Your Target Market (continued)
 Confirm Your Market―
 Social Media Tools


       • Facebook – monitor people’s interests in your offerings
         and/or for you to see comments; pages similar to yours that
         have higher saturation may provide a lot of insight
       • LinkedIn – let’s you post questions to your site; allows for
         great secondary research into competitors and their people
       • Twitter – let’s you “listen” and monitor competitors, industry
         trends, etc.




September 25, 2012
Research Organizational Models

                         Cost           Pros                    Cons                 Resources
                                                                                     Required
  In-House/Self           $         Can be quick,         Best results if you       Self, survey tool(s),
                                inexpensive hard costs    understand how to           plan/outlet for
                                                           leverage market        recruiting participants
                                                               research
  Student/Intern          $      Inexpensive; digital     May require a lot of      Student/intern; in-
                                natives are quick with    hand holding; check     house person to direct
                                  survey and other         quality stringently      and manage effort
                                     technologies                                        closely
  Consultant              $$         Know the right           Slightly more       Consultant, in-house
                                  questions, how to         expensive than            leadership
                                   structure a study;    students – require an
                                 including timing and        investment of
                                 recruiting, objective      generally $5k+
  Specialized Research   $$$$      Highly seasoned           Requires a large      In-house leadership
  Firm/Marketing Firm             professionals run      investment. May have
                                     studies; very         other offerings they
                                   thorough; large            want to push
                                  bandwidth to get
                                 things done quickly




September 25, 2012
Leveraging Research for Positioning

  Measure these                                                       To help refine these
(can’t control them)                                                   (can control these)
    External                                                                  Internal
                                                               Projected
    Factors            Competition
                                                                Image
                                                                              Factors

            Market                         Product/
          Needs/Gaps                       Service                   Qualifications
                                           Position


                     Market                                      Talent
                   Perceptions



                             Gathering external market research helps you optimize your
                           product’s position and services and refine your product offerings




  September 25, 2012
Product Versus Technology


                            Features/
   Product                                                       Benefits
                            Attributes



                     Tell what the features are.   How do the features help customers.

                        Research benefits:              Research benefits:
                      Users tell you what they        Users tell you how your
                     should be/what they would product/service is actually benefitting
                          like them to be.     them – these may be things you never
                                                  would have thought of yourself.


                     Use research to help you inform your product/service offerings
                            features and to help articulate their real benefits.




September 25, 2012
Investor Perspectives


 The core issue is always how big really is the market for a particular product, and how
 expensive will it be to reach that market. Big markets are better than small ones, but they
 come with other issues. The key is to get the cost of reaching the market in proportion to how
 expensive it will be to reach it. I always like to know the pain that the product is addressing
 as well.

              —April Young, Managing Director, Hercules Technology Growth Capital

 Market size is the most important. In addition, I look for:

 1. A good understanding of the competition
 2. Differentiation from the competition
 3. Is the industry mature or growing
 4. Is the industry receptive to change

              —Kathleen Crow, Managing Director, The McLean Group



September 25, 2012
Investment Requirements



       •    In-house = time + money
       •    Independent consultant = 5-10k
       •    Mid-size company = 20 - 20k
       •    Established, large research house = 20k+




September 25, 2012
Wrap-Up



       •
       •
       •




September 25, 2012
Questions?




September 25, 2012
Thank you


            Emily Summers
            Market Torque
            esummers@markettorque.com
            (703) 869-2538

            www.Facebook.com/markettorque

September 25, 2012

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Nvtc mt fall2012 mkt research

  • 1. NVTC Entrepreneur Center Market Research in a Data Rich World Emily Summers Tuesday, September 25, 2012
  • 2. Goals from the Kauffman Center • • • • • September 25, 2012
  • 3. Today’s Agenda • The World of Research • Market Research Today • Defining and Analyzing Your Target Market – Looking at Your Competitors – Analyzing the Market – Confirming Your Market • Research Organizational Models • Leveraging Research for Positioning • Product Versus Technology • Investor Perspectives • Investment Requirements • Wrap-up September 25, 2012
  • 4. The World of Research Measure these To help refine these (can’t control them) (can control these) External Internal Projected Factors Competition Image Factors Market Product/ Needs/Gaps Service Qualifications Position Market Talent Perceptions Research has a world of applications. Today’s focus is on market research but all of these are valuable to your business growth. September 25, 2012
  • 5. Market Research Today • • • If you’re smart about it, it doesn’t have to cost you an arm and a leg, but doing it WILL help you understand how to ensure your products and services are relevant. September 25, 2012
  • 6. Defining and Analyzing Your Target Market For entrepreneurs…time is money. Here are three simple steps. 1. Look at Your Competitors – know who’s doing what. 2. Analyze Your Market – know the market size. 3. Confirm you market – validate people will pay. September 25, 2012
  • 7. Defining and Analyzing Your Target Market Looking At Your Competitors 1. Look at your competitors – Who offers similar services? How do yours differ? – Where are your competitors weak? – Where is there a little white space? If you are on a team, this exercise is a great one to do with them. Each of you review your top 3-5 competitors. Which are the same ones listed over and over? This will help you focus your efforts on analyzing the top ones. September 25, 2012
  • 8. Defining and Analyzing Your Target Market Analyze Your Market • Determine the market size. Learn as much as you can through publicly available sources. For example, if you’re launching an app targeting entrepreneurs, know how many entrepreneurs there are nationally, internationally, etc. • Segment the markets. Segment the groups into different segments and compare the market sizes. • Define who you want to target. Prioritize the market based on strengths and capabilities. For example, you launch the entrepreneur app in English and have a sales force you can readily deploy in the U.S., so you focus on that market first. September 25, 2012
  • 9. Defining and Analyzing Your Target Market (continued) Analyze Your Market―Resources • Edgar - http://www.sec.gov/edgar.shtml • U.S. Census Bureau - http://factfinder2.census.gov/faces/nav/jsf/pages/index.xhtml http://www.census.gov/econ/ (look under businesses/industry) • Local libraries (Fairfax County/Arlington County) - log in with your library card – look for business databases – this varies county to county so ask the reference librarian what you are seeking. • B2C & demographic information (zip code lookup) - http://www.claritas.com/MyBestSegments/Default.jsp • Government contractors – GSA Schedules & procurement forecasts http://www.gsaelibrary.gsa.gov/ElibMain/home.do • Counties and states – many economic development authorities have information that you can look at (example: http://www.fairfaxcountyeda.org/demographics) ; also http://quickfacts.census.gov/qfd/states/00000.html • Google and LinkedIn – mining through data • Trade associations/research houses like Gartner – looking at research reports; a lot has already been conducted September 25, 2012
  • 10. Defining and Analyzing Your Target Market (continued) Confirm Your Market―Overview 3. Conducting primary market research – Nothing in your secondary research will tell you how customers and prospects will actually RESPOND to your products/services. – Test your idea with primary research: • Traditional market research (focus groups, IDIs, surveys) • New technologies and methodologies (1-2 questions on websites, meetup groups, community forums, Facebook pages, LinkedIN questions, etc.) • Friends and personal contacts September 25, 2012
  • 11. Defining and Analyzing Your Target Market (continued) Confirm Your Market―Core Methods Core primary research methodologies: • Surveys – good for analyzing info from large numbers • Focus groups – good for in-depth discussions, rich info. • Online panels – similar to focus groups but virtual • In-Depth Interviews – good for hard to get to people • Social media – good for general listening September 25, 2012
  • 12. Defining and Analyzing Your Target Market (continued) Confirm Your Market―Interviews Tips for conducting your own interviews: • Do your homework. Learn as much about the market in advance as it can. Research the company for 20-30 minutes before your meeting so that you can easily establish rapport. • Be very familiar with your questions. Inevitably the conversation will take on a life of its own. The better you know your questions the easier it will be to weave them in. • Wrap up the conversation. Ask if you can follow up with them after you have gathered all of the information. This may help you connect with mentors/advisors later. September 25, 2012
  • 13. Defining and Analyzing Your Target Market (continued) Confirm Your Market―Online Tools • Launchrock – collect user interest, monitor insights • Centercode – beta user testing • KISSinsights – post 1-2 questions on your website • GoogleAlerts – trends, keyword searches • Survey Monkey – online surveys, white label, logic, etc. • GetSatisfied – community forum • Google Analytics – look at interests, etc. September 25, 2012
  • 14. Defining and Analyzing Your Target Market (continued) Confirm Your Market― Social Media Tools • Facebook – monitor people’s interests in your offerings and/or for you to see comments; pages similar to yours that have higher saturation may provide a lot of insight • LinkedIn – let’s you post questions to your site; allows for great secondary research into competitors and their people • Twitter – let’s you “listen” and monitor competitors, industry trends, etc. September 25, 2012
  • 15. Research Organizational Models Cost Pros Cons Resources Required In-House/Self $ Can be quick, Best results if you Self, survey tool(s), inexpensive hard costs understand how to plan/outlet for leverage market recruiting participants research Student/Intern $ Inexpensive; digital May require a lot of Student/intern; in- natives are quick with hand holding; check house person to direct survey and other quality stringently and manage effort technologies closely Consultant $$ Know the right Slightly more Consultant, in-house questions, how to expensive than leadership structure a study; students – require an including timing and investment of recruiting, objective generally $5k+ Specialized Research $$$$ Highly seasoned Requires a large In-house leadership Firm/Marketing Firm professionals run investment. May have studies; very other offerings they thorough; large want to push bandwidth to get things done quickly September 25, 2012
  • 16. Leveraging Research for Positioning Measure these To help refine these (can’t control them) (can control these) External Internal Projected Factors Competition Image Factors Market Product/ Needs/Gaps Service Qualifications Position Market Talent Perceptions Gathering external market research helps you optimize your product’s position and services and refine your product offerings September 25, 2012
  • 17. Product Versus Technology Features/ Product Benefits Attributes Tell what the features are. How do the features help customers. Research benefits: Research benefits: Users tell you what they Users tell you how your should be/what they would product/service is actually benefitting like them to be. them – these may be things you never would have thought of yourself. Use research to help you inform your product/service offerings features and to help articulate their real benefits. September 25, 2012
  • 18. Investor Perspectives The core issue is always how big really is the market for a particular product, and how expensive will it be to reach that market. Big markets are better than small ones, but they come with other issues. The key is to get the cost of reaching the market in proportion to how expensive it will be to reach it. I always like to know the pain that the product is addressing as well. —April Young, Managing Director, Hercules Technology Growth Capital Market size is the most important. In addition, I look for: 1. A good understanding of the competition 2. Differentiation from the competition 3. Is the industry mature or growing 4. Is the industry receptive to change —Kathleen Crow, Managing Director, The McLean Group September 25, 2012
  • 19. Investment Requirements • In-house = time + money • Independent consultant = 5-10k • Mid-size company = 20 - 20k • Established, large research house = 20k+ September 25, 2012
  • 20. Wrap-Up • • • September 25, 2012
  • 22. Thank you Emily Summers Market Torque esummers@markettorque.com (703) 869-2538 www.Facebook.com/markettorque September 25, 2012