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Market Research
Presented by Jan Knight
Bancroft Information Services, LLC
Prepared for Arizona Center for Innovation 2011, P2
Jan Knight,
Bancroft Information Services, LLC
Jan Knight is an independent business/market researcher whose
research often helps to shape business plans, marketing plans
and business development. Her clients range from start-ups to
established companies in a variety of industries.
www.bancroftinfo.com
jan@bancroftinfo.com
520-731-9300
About the Presenter
Prepared for Arizona Center for Innovation 2011, P3
Objectives – What We’ll Cover
• Market Research
• “Primary” vs “Secondary”
• Market Research Planning & Strategies
• Primary Research
• Secondary Market Research
• Strategies
• Sources
• Tips for research
Prepared for Arizona Center for Innovation 2011, P4
Gathering, recording and analyzing information about
your business.
Make “better informed” decisions. Research Matters!
• Business Plans, Marketing Plans, Product
Development, Looking for Funding.
• Industry information: key players, segmentation,
statistics, trends
• Competitors: services & products, sales methods,
marketing, distribution
• Market potential: statistics, demographics, market
drivers
• Executive and company searching.
Market Research
Prepared for Arizona Center for Innovation 2011, P5
• Data collected from original source
• Collected for a specific purpose – i.e. determine if
current customers are happy with a service.
• Qualitative (Focus Groups, Interviews) Not based on
measurable input. Opinions are not projectable to
larger population
• Quantitative (Surveys) Hard facts or opinions
representative & projectable to larger population
Traditional or with Emerging Technologies: Mobile
Phones, Web Surveys, Online Focus groups
Primary Research
Prepared for Arizona Center for Innovation 2011, P6
• Pros -Homogeneous group, spontaneous input, can
be redirected, stimulate new ideas, need a good
moderator to stimulate interaction
• Cons - Recruiting issues, small sample, cannot
generalize to larger population, validity
considerations, incentives.
• Example Story – Medical Device Prototype
It would have been too big for nurses’ hands had
they not conducted a focus group.
Primary Research: Focus Groups
Prepared for Arizona Center for Innovation 2011, P7
• Mail Surveys: affords longer, complicated questions,
show product in picture
• Phone Surveys: can control sample (respondents)
• Email Surveys: quick turnaround, less expensive
• NOW…web and mobile surveys
BUT on all surveys….
• Response rate can be low & slow
• Need good list to select from
• Often cannot show product
• Little control over who responds
Primary Research: Surveys
Prepared for Arizona Center for Innovation 2011, P8
• Also known as “desk” research – UK & Europe
• Accessing of information & data previously collected
• Often for different purpose
• Good precursor to Primary research
• Provides a “picture” of what’s happening nationally
or internationally
• Identifies trends & provides context
(Articles, Studies, newspapers, company databases)
Secondary Research
Prepared for Arizona Center for Innovation 2011, P9
Secondary:
• Mature industries have more information
• New & niche industries not studied as much = less
information
• Less expensive than Primary Research
• BUT robust data requires $ usually – fee based databases
• Turnaround time
Primary
• Focus groups - # of groups & locations
• Cost of incentives for focus group participants
• Interviews - # and location of in depth personal interviews
(IDI’s)
• Surveys - # of questions & respondents
• Writing of questions
• Type of analysis, tabulations & reporting needed
Factors Determining Costs
Prepared for Arizona Center for Innovation 2011, P10
Assess potential availability of information
• Who else would have commissioned a study on what you
want to know?
• Who has money to pay for such studies?
• Where would articles or results have been published?
• What conferences would focus on the topic?
• Who are the experts on the subject/industry who might write
about, and cite the research - Industry analysts, authors,
journalists.
Think about your own industry & specific sources!
Search Strategies: Secondary Research
Prepared for Arizona Center for Innovation 2011, P11
Subscription fee-based online databases ($$$$)
• Lexis Nexis: www.lexisnexis.com
• Factiva: www.factiva.com
• Dialog: www.dialog.com
• Hoovers: www.hoovers.com (hybrid–some free, some $)
• IBISWorld: www.ibisworld.com
• Plunkett: www.plunkettresearch.com
• And many more used by information professionals and
librarians
• Thousands of sources, information on companies, industries,
demographics, national & international.
Sources: Subscription Databases
Prepared for Arizona Center for Innovation 2011, P12
• What do you know already?
• Know your goal – what info gaps do you need to fill?
• Create source list – “Don’t just Google it!”
• Use “tools” not just “search engines”
• Review key words and phrases
• Document sources & keywords used
• Talk to experts
• Know when to stop!
Search Strategies – Internet & more
Prepared for Arizona Center for Innovation 2011, P13
• Market Share
• Market Data
• Industry Profile
• Industry Trends
• Best Practices
• Market Trends
• Customer Demographics
• Benchmarking
• Best Practices
• Consumer Preferences
• Growth Trends
• Lessons Learned
• Competitive Landscape
• Commercialization
• Go to Market Strategy
• White Papers
• Polls, Studies, Surveys
• Statistics
Try These Phrases
Market Research reports often have common headings:
Prepared for Arizona Center for Innovation 2011, P14
• Fee based – often expensive
• Some companies are generalists – others focus on an
industry
• Occasionally provide free sample abstracts
• Variations in data based on differences in
methodology
• Some companies sell pieces “by the slice”
Finding Market Research Reports:
• MarketResearch.com: www.marketresearch.com (aggregator)
• Gartner Research: www.gartner.com
• Forrester Research: www.forrester.com
• AC Nielsen: www.acnielsen.com
• Frost & Sullivan: www.frost.com
Sources: Market Research Reports
Prepared for Arizona Center for Innovation 2011, P15
• Look for local stories on competitors, potential
vendors, potential clients. People open up when
being featured in the news.
• “big fish in little pond” vs “little fish in big pond.”
Phoenix Business Journal versus New York Times.
• Small private companies likely to get local attention.
Finding Newspapers & News:
• Online Newspapers: www.onlinenewspapers.com/
• Business Journals: http://www.bizjournals.com/
• Google News: http://news.google.com/
Sources: Newspapers & Business Mags
Prepared for Arizona Center for Innovation 2011, P16
• Membership of professionals in a field
• Often commission studies & share/sell results
• Specific member benefits may include access to member lists,
data on members, ability to email members a survey
• Do they have a Trade Journal?
• Do your target markets belong to associations?
• Do you belong to a trade association?
Finding Trade Associations:
• Internet public Library -Associations: www.ipl.org
• Marketing Source: www.marketingsource.com/associations/
Sources: Industry & Trade Associations
Prepared for Arizona Center for Innovation 2011, P17
• Look at online program
• Who is speaking – experts?
• Look at Topics – can you discern trends or issues of
importance?
• Review Exhibitor & Sponsor lists
• “Hang out where your (clients, customers, competitors,
partners, collaborators, etc. ) hang out!”
Finding Trade Shows:
• Trade Show News Network: www.tsnn.com (search by topic,
city, industry, dates)
Sources: Trade Shows/Conferences
Prepared for Arizona Center for Innovation 2011, P18
• Blogs, FaceBook, Twitter, LinkedIn
• Caution – who is posting & why? Real reviews?
– “Only 4% of unhappy customers will provide feedback on a survey,
while 52% of buyers will likely post a product review on a blog or online
forum.” …Quirks Market Research.
– Can include good, solid customer feedback
– Look for business pages or connections on FaceBook and LinkedIn
Finding Blogs:
• Google Blog Search: www.google.com/blogsearch
• Technorati: www.technorati.com
• Blog Search Engine: http://www.blogsearchengine.com/
Sources: Blogs & Social Media
Prepared for Arizona Center for Innovation 2011, P19
• Authoritative
• Timely
• Robust data –sometimes have to dig (Census)
• Examples of data: Census, people/economic, Trade,
demographics, labor statistics, international trade
Finding Government Information:
• Bureau of Labor Statistics: www.bls.gov
• First Gov: www.firstgov.gov
• Department of the US Census: www.census.gov
• Google Gov sites: www.google.com/unclesam
Sources: Government websites
Prepared for Arizona Center for Innovation 2011, P20
Q. Can you really trust Wikipedia?
A. Not really, but you can use it wisely.
• Community based - anyone can edit
• Use only as primer & starting point
• Review resources/citations
• Corroborate with other sources
• Would NOT cite as source (especially to VCs or funders)
Sources: Wikipedia
www.wikipedia.org
Prepared for Arizona Center for Innovation 2011, P21
Why do you need?
• Potential clients or customers
• Potential collaborators/partners/funders
• Competitors
Public (easier to find information)
– Full disclosure
– SEC (Securities & Exchange Commission) filings
– Annual Reports, Quarterly Reports
– Agreements with employees/vendors
Private (harder to find information, but for fee can often)
– Not forced to disclose anything – other than to IRS
Company Information
Prepared for Arizona Center for Innovation 2011, P22
• Search for PPT (PowerPoint presentations)
• Press Releases
• Annual Reports
• Biographical Info on executives
• History of Company - Product Development
• Branding/Differentiation
• Look at employment opportunities – shows plans for future
• Marketing strategies
• Sales/distribution channels
Caution – tell you what they want you to know!
Company Websites
Prepared for Arizona Center for Innovation 2011, P23
Use Advanced Search on search engines.
Use more than one search engine – not all overlap.
Be specific and use Boolean logic
• alternative energy = 51,600,000
• “alternative energy” = 9,940,000
• E.g. “alternative energy” AND wind NOT solar = 639,000
TIP: Use Advanced Search
Prepared for Arizona Center for Innovation 2011, P24
Advanced Search= more pertinent results
Prepared for Arizona Center for Innovation 2011, P25
• Google Alerts
• Find a successful Google Search
• Save as an “Alert”
• Will be “pushed” to your email when result of that search
appears in top 10 or 20 results
• Set up Alerts for:
– Competitors
– Industry
– Key customers/clients
– YOU!
www.google.com/alerts
TIP: Google Alerts
Prepared for Arizona Center for Innovation 2011, P26
The “Way Back Machine”
Provides archives of websites (some sites, some months!)
www.archive.org (in top middle of the page)
Or new Beta version: http://wayback.archive.org/web/
Example: SBA (Small Business Administration) website in 2011
versus 2006.
Useful for:
Reviewing product line growth, executive changes, changes in
marketing strategy, corporate branding.
TIP: Website Archive WayBack Machine
Prepared for Arizona Center for Innovation 2011, P27
SBA Website – Current 2011
Prepared for Arizona Center for Innovation 2011, P28
WayBack Machine
Prepared for Arizona Center for Innovation 2011, P29
WayBack Machine Results Page
Prepared for Arizona Center for Innovation 2011, P30
SBA Website - 2006
Prepared for Arizona Center for Innovation 2011, P31
Reverse Link Look Up
Find out who is linking to a website
Type the website address into a search engine – preceded by the
word link:
Example:
link: http://azinnovation.com/
Useful for:
Identifying partnerships, memberships, buyers’ guides, clients,
etc.
TIP: Reverse Link Look Up
Prepared for Arizona Center for Innovation 2011, P32
Example:
link: http://azinnovation.com/
TIP: Reverse Link Look Up
Prepared for Arizona Center for Innovation 2011, P33
Research Matters because you need to know….
• WHO your market really is.
• HOW big your potential market is.
• HOW to reach customers.
• DOES your product/service solve a problem they have.
• WHO your competitors are, what they offer & to whom.
• WHAT are the differentiators of your competitors.
• WHAT is your own differentiation?
• Investors expect you to know.
• Sometimes you’re confirming what you know already!
Research Matters!
Prepared for Arizona Center for Innovation 2011, P34
• What “gaps” do you have that research can help with?
• Who might have studied & researched pertinent information?
• Where might it have been published?
• Find trade associations and conferences that are pertinent to
your product, your market, your competitors.
• Do you know who your market is & how to reach/find them?
• Identify your competition & determine what their
differentiation is.
• Identify your own differentiation?
• What are the trends in your industry? What are growth
areas? Market drivers? Who are the key players?
Assignment

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Market Reserach for Technology and Science-based Startups

  • 1. Market Research Presented by Jan Knight Bancroft Information Services, LLC
  • 2. Prepared for Arizona Center for Innovation 2011, P2 Jan Knight, Bancroft Information Services, LLC Jan Knight is an independent business/market researcher whose research often helps to shape business plans, marketing plans and business development. Her clients range from start-ups to established companies in a variety of industries. www.bancroftinfo.com jan@bancroftinfo.com 520-731-9300 About the Presenter
  • 3. Prepared for Arizona Center for Innovation 2011, P3 Objectives – What We’ll Cover • Market Research • “Primary” vs “Secondary” • Market Research Planning & Strategies • Primary Research • Secondary Market Research • Strategies • Sources • Tips for research
  • 4. Prepared for Arizona Center for Innovation 2011, P4 Gathering, recording and analyzing information about your business. Make “better informed” decisions. Research Matters! • Business Plans, Marketing Plans, Product Development, Looking for Funding. • Industry information: key players, segmentation, statistics, trends • Competitors: services & products, sales methods, marketing, distribution • Market potential: statistics, demographics, market drivers • Executive and company searching. Market Research
  • 5. Prepared for Arizona Center for Innovation 2011, P5 • Data collected from original source • Collected for a specific purpose – i.e. determine if current customers are happy with a service. • Qualitative (Focus Groups, Interviews) Not based on measurable input. Opinions are not projectable to larger population • Quantitative (Surveys) Hard facts or opinions representative & projectable to larger population Traditional or with Emerging Technologies: Mobile Phones, Web Surveys, Online Focus groups Primary Research
  • 6. Prepared for Arizona Center for Innovation 2011, P6 • Pros -Homogeneous group, spontaneous input, can be redirected, stimulate new ideas, need a good moderator to stimulate interaction • Cons - Recruiting issues, small sample, cannot generalize to larger population, validity considerations, incentives. • Example Story – Medical Device Prototype It would have been too big for nurses’ hands had they not conducted a focus group. Primary Research: Focus Groups
  • 7. Prepared for Arizona Center for Innovation 2011, P7 • Mail Surveys: affords longer, complicated questions, show product in picture • Phone Surveys: can control sample (respondents) • Email Surveys: quick turnaround, less expensive • NOW…web and mobile surveys BUT on all surveys…. • Response rate can be low & slow • Need good list to select from • Often cannot show product • Little control over who responds Primary Research: Surveys
  • 8. Prepared for Arizona Center for Innovation 2011, P8 • Also known as “desk” research – UK & Europe • Accessing of information & data previously collected • Often for different purpose • Good precursor to Primary research • Provides a “picture” of what’s happening nationally or internationally • Identifies trends & provides context (Articles, Studies, newspapers, company databases) Secondary Research
  • 9. Prepared for Arizona Center for Innovation 2011, P9 Secondary: • Mature industries have more information • New & niche industries not studied as much = less information • Less expensive than Primary Research • BUT robust data requires $ usually – fee based databases • Turnaround time Primary • Focus groups - # of groups & locations • Cost of incentives for focus group participants • Interviews - # and location of in depth personal interviews (IDI’s) • Surveys - # of questions & respondents • Writing of questions • Type of analysis, tabulations & reporting needed Factors Determining Costs
  • 10. Prepared for Arizona Center for Innovation 2011, P10 Assess potential availability of information • Who else would have commissioned a study on what you want to know? • Who has money to pay for such studies? • Where would articles or results have been published? • What conferences would focus on the topic? • Who are the experts on the subject/industry who might write about, and cite the research - Industry analysts, authors, journalists. Think about your own industry & specific sources! Search Strategies: Secondary Research
  • 11. Prepared for Arizona Center for Innovation 2011, P11 Subscription fee-based online databases ($$$$) • Lexis Nexis: www.lexisnexis.com • Factiva: www.factiva.com • Dialog: www.dialog.com • Hoovers: www.hoovers.com (hybrid–some free, some $) • IBISWorld: www.ibisworld.com • Plunkett: www.plunkettresearch.com • And many more used by information professionals and librarians • Thousands of sources, information on companies, industries, demographics, national & international. Sources: Subscription Databases
  • 12. Prepared for Arizona Center for Innovation 2011, P12 • What do you know already? • Know your goal – what info gaps do you need to fill? • Create source list – “Don’t just Google it!” • Use “tools” not just “search engines” • Review key words and phrases • Document sources & keywords used • Talk to experts • Know when to stop! Search Strategies – Internet & more
  • 13. Prepared for Arizona Center for Innovation 2011, P13 • Market Share • Market Data • Industry Profile • Industry Trends • Best Practices • Market Trends • Customer Demographics • Benchmarking • Best Practices • Consumer Preferences • Growth Trends • Lessons Learned • Competitive Landscape • Commercialization • Go to Market Strategy • White Papers • Polls, Studies, Surveys • Statistics Try These Phrases Market Research reports often have common headings:
  • 14. Prepared for Arizona Center for Innovation 2011, P14 • Fee based – often expensive • Some companies are generalists – others focus on an industry • Occasionally provide free sample abstracts • Variations in data based on differences in methodology • Some companies sell pieces “by the slice” Finding Market Research Reports: • MarketResearch.com: www.marketresearch.com (aggregator) • Gartner Research: www.gartner.com • Forrester Research: www.forrester.com • AC Nielsen: www.acnielsen.com • Frost & Sullivan: www.frost.com Sources: Market Research Reports
  • 15. Prepared for Arizona Center for Innovation 2011, P15 • Look for local stories on competitors, potential vendors, potential clients. People open up when being featured in the news. • “big fish in little pond” vs “little fish in big pond.” Phoenix Business Journal versus New York Times. • Small private companies likely to get local attention. Finding Newspapers & News: • Online Newspapers: www.onlinenewspapers.com/ • Business Journals: http://www.bizjournals.com/ • Google News: http://news.google.com/ Sources: Newspapers & Business Mags
  • 16. Prepared for Arizona Center for Innovation 2011, P16 • Membership of professionals in a field • Often commission studies & share/sell results • Specific member benefits may include access to member lists, data on members, ability to email members a survey • Do they have a Trade Journal? • Do your target markets belong to associations? • Do you belong to a trade association? Finding Trade Associations: • Internet public Library -Associations: www.ipl.org • Marketing Source: www.marketingsource.com/associations/ Sources: Industry & Trade Associations
  • 17. Prepared for Arizona Center for Innovation 2011, P17 • Look at online program • Who is speaking – experts? • Look at Topics – can you discern trends or issues of importance? • Review Exhibitor & Sponsor lists • “Hang out where your (clients, customers, competitors, partners, collaborators, etc. ) hang out!” Finding Trade Shows: • Trade Show News Network: www.tsnn.com (search by topic, city, industry, dates) Sources: Trade Shows/Conferences
  • 18. Prepared for Arizona Center for Innovation 2011, P18 • Blogs, FaceBook, Twitter, LinkedIn • Caution – who is posting & why? Real reviews? – “Only 4% of unhappy customers will provide feedback on a survey, while 52% of buyers will likely post a product review on a blog or online forum.” …Quirks Market Research. – Can include good, solid customer feedback – Look for business pages or connections on FaceBook and LinkedIn Finding Blogs: • Google Blog Search: www.google.com/blogsearch • Technorati: www.technorati.com • Blog Search Engine: http://www.blogsearchengine.com/ Sources: Blogs & Social Media
  • 19. Prepared for Arizona Center for Innovation 2011, P19 • Authoritative • Timely • Robust data –sometimes have to dig (Census) • Examples of data: Census, people/economic, Trade, demographics, labor statistics, international trade Finding Government Information: • Bureau of Labor Statistics: www.bls.gov • First Gov: www.firstgov.gov • Department of the US Census: www.census.gov • Google Gov sites: www.google.com/unclesam Sources: Government websites
  • 20. Prepared for Arizona Center for Innovation 2011, P20 Q. Can you really trust Wikipedia? A. Not really, but you can use it wisely. • Community based - anyone can edit • Use only as primer & starting point • Review resources/citations • Corroborate with other sources • Would NOT cite as source (especially to VCs or funders) Sources: Wikipedia www.wikipedia.org
  • 21. Prepared for Arizona Center for Innovation 2011, P21 Why do you need? • Potential clients or customers • Potential collaborators/partners/funders • Competitors Public (easier to find information) – Full disclosure – SEC (Securities & Exchange Commission) filings – Annual Reports, Quarterly Reports – Agreements with employees/vendors Private (harder to find information, but for fee can often) – Not forced to disclose anything – other than to IRS Company Information
  • 22. Prepared for Arizona Center for Innovation 2011, P22 • Search for PPT (PowerPoint presentations) • Press Releases • Annual Reports • Biographical Info on executives • History of Company - Product Development • Branding/Differentiation • Look at employment opportunities – shows plans for future • Marketing strategies • Sales/distribution channels Caution – tell you what they want you to know! Company Websites
  • 23. Prepared for Arizona Center for Innovation 2011, P23 Use Advanced Search on search engines. Use more than one search engine – not all overlap. Be specific and use Boolean logic • alternative energy = 51,600,000 • “alternative energy” = 9,940,000 • E.g. “alternative energy” AND wind NOT solar = 639,000 TIP: Use Advanced Search
  • 24. Prepared for Arizona Center for Innovation 2011, P24 Advanced Search= more pertinent results
  • 25. Prepared for Arizona Center for Innovation 2011, P25 • Google Alerts • Find a successful Google Search • Save as an “Alert” • Will be “pushed” to your email when result of that search appears in top 10 or 20 results • Set up Alerts for: – Competitors – Industry – Key customers/clients – YOU! www.google.com/alerts TIP: Google Alerts
  • 26. Prepared for Arizona Center for Innovation 2011, P26 The “Way Back Machine” Provides archives of websites (some sites, some months!) www.archive.org (in top middle of the page) Or new Beta version: http://wayback.archive.org/web/ Example: SBA (Small Business Administration) website in 2011 versus 2006. Useful for: Reviewing product line growth, executive changes, changes in marketing strategy, corporate branding. TIP: Website Archive WayBack Machine
  • 27. Prepared for Arizona Center for Innovation 2011, P27 SBA Website – Current 2011
  • 28. Prepared for Arizona Center for Innovation 2011, P28 WayBack Machine
  • 29. Prepared for Arizona Center for Innovation 2011, P29 WayBack Machine Results Page
  • 30. Prepared for Arizona Center for Innovation 2011, P30 SBA Website - 2006
  • 31. Prepared for Arizona Center for Innovation 2011, P31 Reverse Link Look Up Find out who is linking to a website Type the website address into a search engine – preceded by the word link: Example: link: http://azinnovation.com/ Useful for: Identifying partnerships, memberships, buyers’ guides, clients, etc. TIP: Reverse Link Look Up
  • 32. Prepared for Arizona Center for Innovation 2011, P32 Example: link: http://azinnovation.com/ TIP: Reverse Link Look Up
  • 33. Prepared for Arizona Center for Innovation 2011, P33 Research Matters because you need to know…. • WHO your market really is. • HOW big your potential market is. • HOW to reach customers. • DOES your product/service solve a problem they have. • WHO your competitors are, what they offer & to whom. • WHAT are the differentiators of your competitors. • WHAT is your own differentiation? • Investors expect you to know. • Sometimes you’re confirming what you know already! Research Matters!
  • 34. Prepared for Arizona Center for Innovation 2011, P34 • What “gaps” do you have that research can help with? • Who might have studied & researched pertinent information? • Where might it have been published? • Find trade associations and conferences that are pertinent to your product, your market, your competitors. • Do you know who your market is & how to reach/find them? • Identify your competition & determine what their differentiation is. • Identify your own differentiation? • What are the trends in your industry? What are growth areas? Market drivers? Who are the key players? Assignment