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Market Research, An Introduction

This is a quick introduction to the basics of Market Research for the Entrepreneur.

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Market Research, An Introduction

  1. 1. Market Research Finding the Answers to what you don't know. And don't know that you don't know
  2. 2. Common Process Idea -> Product Development -> Marketing/Sales
  3. 3. How this process fails... <ul><li>Started a blog </li></ul><ul><ul><li>Zero Money </li></ul></ul><ul><li>Learned and added SEO and other Techniques </li></ul><ul><ul><li>Achieved top 5 rank on Google </li></ul></ul><ul><ul><li>Zero Money </li></ul></ul><ul><ul><li>“ I'm my own #1 fan!” </li></ul></ul><ul><li>Finally did Market Research on my product </li></ul><ul><ul><li>Global market of 500 people. </li></ul></ul>
  4. 4. Better Process Idea -> Market Research -> Product Development -> $
  5. 5. The First Question What is my market?
  6. 6. PB&J Inc “ We make and sell peanut butter and jelly sandwiches to hungry people needing lunch in a hurry with no time to make it themselves and who don't want a big selection menu. We have pre-packaged brown bag meals ready to go, with out any waiting. And we deliver.”
  7. 7. PB&J Inc Sandwich, Hungry People, Hurry, Small Selection, Pre-Packaged, Brown Bag, Deliver
  8. 8. PB&J Inc Sandwich
  9. 9. The Second Question How big is the market?
  10. 11. The Third Question Are people Spending Money in this Market?
  11. 13. Summing it up <ul><li>After we answer the 20 questions, we need to make our go/no-go decision. </li></ul><ul><li>Repeating our Market Research process periodically helps us keep track of our market and the competion. </li></ul><ul><li>Be creative and tailoring your aproach to your market. </li></ul>
  12. 14. If you want a copy of these slides, and some other market research information… TheIntegrationEngineer.com/MarketResearch Or Email to: [email_address]