by Elif ARIK & Mehmet AKALIN

1. MARKET RESEARCH FOR
STARTUPS
Elif ARIK & Mehmet AKALIN

2. INVESTMENTSTAGES
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3. WHATISMARKETRESEARCH?
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MARKET RESEARCH
is an inevitable stage for a
startup to identify the market
of a product innovated for
solving customers' problem,
find out the boundaries of the
new business and gather
insights to target the right
market.

4. HOWISMARKETRESEARCHDONE?
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• Identify the product and the business model
• Search target customer
• Analyze market trends
• Define market size
• Examine competitors
• Find out advantages and disadvantages
Finally startup starts to grow with the realistic
targets set by the market research.

5. TYPEOFRESEARCH
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Primary Research:
Information is gathered directly from the
customer
• Focus Groups: A group of potential customers
are asked about their opinions, beliefs and
perceptions about a product, service etc.
• Customer Surveys: A quantitative survey
allows you to gather vast amounts of data in a
short time

6. FACEBOOKSURVEY
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7. DROPBOX DROPBOX CASE
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BUILD
•Got people to sign up with a 90 second video before launching the
product, describing its services
•Signed 5000 subscribers before it had a product to offer.
MEASURE
•They allowed users to make comments on Votebox to state what
they do or don’t like
LEARN
•Dropbox realized that the importance of references was greater
than online marketing.
•In 15 months, Dropbox went from 100.000 registered users to 4
million largely by word of mouth referrals

8. LEANSTARTUP-ERICRIES
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9. SECONDARYRESERCH
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Secondary Research:
•Information is gathered through
statistics, reports, studies etc.
•Useful resources for conducting
secondary research: Industrial trade
groups, business magazines,
academic institutions, government
agencies

10. PRODUCTANDBUSINESSMODEL
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Examine the product;
check the existing
revenue model
or build a new one

11. BUSINESSMODEL
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It is an online
platform to track
students’ progress
during YGS & LYS
preparation and it
offers a
measurement
system and
detailed reports
for students’
performances.
Education
institutions can
follow their
students through
lala and give
assignments if
needed.

12. REVENUEMODEL
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13. TARGETCUSTOMERS
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Set your target
customers,
segmentify them and
use research
results/statistics

14. MARKETTRENDS
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Find out the market
trends, customer
tendencies and make
assumptions

15. Usıngtools
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Google Trends
Keyword Check: Influencer Marketing

16. MARKETSIZE
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Measure the target
market size and your
share to extract from
it using research
results

17. MARKETANALYSIS
E-commerce Market
Size 18BnTL*
E-commerce
Fashion Market
Size
3,24BnTL**
Accessible
E-commerce
Fashion
Market Size
14.6MnTL***
Turkey Market Size
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18. TECHNOLOGY ADOPTION LIFECYCLE
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19. COMPETITORS
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Find out your global
and local competitors
and make
comparisons in terms
of product and the
market share

20. COMPETITION

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24. PROSANDCONS
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Check the results
with advantages and
disadvantages

25. CONCLUSION
Conclusion/ Pros & Cons
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• Big market
• A new developing market
• High potential SMEs customers
• Low competition
• No mature product
PROs
CONs
• High number of international
competitors
• Dependency on big e-commerce
companies

26. WHYDOESMARKETRESEARCHMATTER?
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• Identify potential customers
• Verify your financial insight
• Understand existing customers
• Develop effective strategies
• Examine and solve business problems
• Prepare for business expansion
• Set realistic targets in terms of financials and
market requirements

27. REFERENCES
• https://www.smallbusiness.wa.gov.au/business-topics/marketing/market-research/step-1-why-do-market-
research/
• http://essay.utwente.nl/65327/1/Henne_BA_MB.pdf
• http://webrazzi.com/2016/03/02/hasan-aslanoba-tazedirekti-neden-kapattigini-anlatti/
• http://www.sinaafra.com/digital-bosphorus-the-state-of-the-turkish-ecommerce-2013/
• http://www.slideshare.net/Intelligent_ly/market-research-for-startups-20884001
• http://www.slideshare.net/Frankichamaki/design-thinking-with-persona
• http://123writing.com/sample_description.php?sample_id=17
• http://www.forbes.com/sites/groupthink/2013/11/25/how-an-exploding-freelance-economy-will-drive-
change-in-2014/
• https://www.similarweb.com/website/bionluk.com#overview
• https://www.crunchbase.com/organization/airbnb#/entity
• http://www.alexa.com/
• http://www.marketingprofs.com/opinions/2013/23874/five-reasons-why-market-research-matters-and-
five-tips-for-using-it
• www.entrepreneur.com/article/217388
• https://www.linkedin.com/pulse/market-research-startups-important-patrick-henry
• http://www.business.com/starting-a-business/how-to-utilize-the-lean-startup-methodoly/
• http://www.stragon.com/new-technologies-sustainable-competitive-advantage/
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28. www.bicangels.com
facebook.com/BICAngelInvestments
twitter.com/bicangels
linkedin.com/company/bic-angel-investments
Mehmet Akalın
INVESTMENT DIRECTOR
E-Mail: m.akalin@bicangels.com
Elif Arık
MARKETING&BRAND
MANAGER
E-Mail: e.arik@bicangels.com