Usha Srinivasan, Program Director – Business Accelera9on Program
Consumer DECISIONS
Industry
Market
Media
Clothes
Beauty
Health
Home
Food & Drink
Entertainment
Transporta9on
Successful Launch
Pg 10!
Who are my customers?
What is the size of my market?
Who am I compe9ng
with?
What is my business model?
A “Business objec9ve” is very different from the “Research objec9ve”
Original ques2on / Specific Research Need
1. How many hogs are slaughtered in farms each year because of swine flu infec9on ? /
Rapid DNA tes9ng
1. What is the psychology behind scratch and save campaigns driving people to redeem in comparison to regular coupons? /
Consumer aCtude towards Loyalty programs
3. How many people work out at home? / Health and fitness Apps
4. Which companies within Canada are u9lizing digital health solu9ons
for their employees? / Corporate wellness program/space
Pg 12
Primary Secondary
60% 40%
Secondary Informa9on
Internal
Ready to use Requires further
assessment
External
Published Materials
Print Sources Electronic Sources
Internet
Big Data
Syndicated Services
Reference - Modern Marketing Research step by step 2011 – Chuck Chakrapani and Ken Deal
• Sta9s9c Canada and U.S. Bureau of the Census -‐ Wide range of demographic and socio-‐economic informa9on
Government Sta9s9cal Agencies
• Independent applied research organiza9on – economic, management & policy informa9on
Conference Board of Canada
• Syndicated research from Large and Niche market research firms that publish Industry & Consumer research – Frost & Sullivan, Forrester, ACNeilsen, ComScore, IMS Health
Industry and Marke9ng Research Firms
• Sector and Func9on based organiza9ons – Canadian Ins9tute of Chartered accountants, American water works associa9on etc.
Various Professional Organiza9ons
• Curated list of public links on various topics – ecommerce, edutech, consumer digital health etc. & in depth look at business ques9ons
MaRS Start up Library & Ent Tool kit
Type of Marke9ng Research Project
Usage and Abtude Studies Concept Tests Tracking studies Segmenta9on studies Product Tes9ng New Product Research Test Marke9ng Adver9sing Research Name Tes9ng Package Research Customer Sa9sfac9on Brand Loyalty Pricing Research
Field Methodology
Focus Groups Personal Interviews Telephone Interviews Mall Intercepts Self-‐administered Ques9onnaires Internet Survey Panel Study Omnibus Study
Reference - Modern Marketing Research step by step 2011 – Chuck Chakrapani and Ken Deal
• A low cost op9on • Beware of respondent quality • Examples sites – Survey Monkey, Vovici, Zoomerang, Sawtooth, VOXCO, DASH and Confirmit.
• Listservs & Specific interest groups • Social media
Online Survey
• Leverage Friends and Family • Focus groups • In person interviews • Cross sec9onal and longitudinal panels
Direct Interviews
Secondary Research
Primary Research
Analysis of Informa9on
Go to Market Strategy
Company/Product launch
Ques2ons to ask: -‐Is there a similar patent out there ? -‐Who owns the patent ? -‐How diverse is their porfolio ? -‐What is their status ? Funding/team/technology/strategy
How to find the answers: 1. Consider patent or prior art searches – Public
databases like USPTO or WIPO, or paid databases like Delphion or Total Patents
2. Compare product/technology capability/claims: use product brochures from trade shows or product claims from websites
3. Iden9fy and monitor relevant news sources (e.g., MobiHealth News) – search keywords, set up alerts
4. MaRS Startup Library’s “How do I iden9fy compe9tors?” – CrunchBase, Techvibes, Startup north, Industry Canada etc.
5. Syndicated research by Frost & Sullivan, Gartner, BCC research etc. that publish compe9tor informa9on
-‐What is my poten9al market vs addressable market? (i.e. What you wish it to be vs. what is realis9c ?) -‐What is my market share among compe9tors? -‐What is my market share in Canada/Ontario?
1. Consult market reports from mul9ple vendors 2. Be clear about the “defini9on” used 3. Sizing the market in publicly traded space can be easier than
with privately held companies: a. Bonom up method – Based on Revenues or Unit price
and volume of sale b. Sizing based on poten9al buyers – e.g., no. of
hospitals, no. of people viewing a par9cular website, no. of u9li9es etc.-‐ Stats Canada
c. Look at annual reports, tax filings, press releases, Tech blogs, product brochures etc.
d. Quick and Dirty -‐ Set up a website or Share and adver9se it
4. Market sizing at regional levels is more logical – NA, EU, Asia, Middle East
5. Ul9mately make realis9c assump9ons!!
-‐Geographic informa9on (Regula9ons, Partners, Poli9cal) -‐Demographic informa9on (age, income, occupa9on, etc.) -‐Psychographic informa9on (personality, values, interests, lifestyle, etc.) -‐Industry informa9on (Regula9ons, investments, needs) 1. Use already published primary research data by
marke9ng research firms -‐ Omnibus studies – Forrester, ComScore, IMSHealth, JD Power, ACNeilsen, Frost & Sullivan
2. Industry Associa9ons are a great source
3. Tap into Canadian Trade Commissioners office (DFAIT) in other countries – understanding local dynamics/connec9ons
4. In house primary research – Online and direct interviews
-‐Who has the most innova9ve business model out there? i.e. Can I apply those best prac9ces? -‐What is my pricing structure? -‐What is my revenue model? -‐Should I white label or license?
1. Online sources E.g.-‐ Business model innova9on hub
– online community where 5000 members gather to discuss business models
2. Give considera9on to cross sectoral business models
3. Use focus groups/user feedback to determine op9mal features and price points – B2B or B2C
4. Determining “Price” is always tricky – consider focus groups and mystery shopping techniques
5. In Mobile – review compe9tor products/understand benefits and drawbacks of each mobile plaform/review successful mobile products and their launch strategies
Is there really a market need here? Whether the answer is a “Go” or “No go” understanding your market / customer / industry dynamics will be key.
Tips to be on top of your industry : 1. Anend industry events/trade shows 2. Subscribe to relevant industry journals/newsleners and even contribute ar9cles
3. Track industry analysts – through research publica9ons, blogs etc.
4. Par9cipate in research industry events such as MRIA (Marke9ng Research and Intelligence Associa9on), ESOMAR (European Society of Marke9ng and Research); MRA (Market Research Associa9on).
pg 24
Usha Srinivasan PhD Program Director Business Acceleration Program MaRS Discovery District T 416-673-8144 E [email protected] W www.marsdd.com
Top Related