Practical market research - desk research - Neil Infield
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Practical market research - desk research - Neil Infield
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Practical market research - desk research - Neil Infield
- 1. Essential Market Research: Desk Research Neil Infield – Manager Business & IP Centre - [email_address]
- 4. Starting Out The key is to structure your research around questions
- 9. Where does your product or service fit?
- 11. Where would you open your café?
- 15. Questions about you – Anita or Gordon?
- 16. Questions about you – Anita or Gordon?
- 18. What about the wider context? 24 October 2009
- 19. What about the wider context? ? ?
- 20. What about the wider context? World Annual Photovoltaic Production 1993-2009 UK Gross Domestic Product
- 21. Carrying out your own research: some tips Do not jump to conclusions based on single pieces of information Be prepared to challenge your assumptions Always try and view things from a customer perspective Look to the future; consider ‘what if’ scenarios Information is not where the true value lies; it is the conclusions you draw from the information
- 22. Information search strategies – start broad and narrow down Fruit Juice Pomegranate
- 24. Published market research – why? Convenient ‘ Off the shelf’ solution Good source of information on other sources Expensive A single report may not provide all the answers
- 25. Published market research – where?
- 26. Trade and business journals + directories – why? Current industry news Product news Company news Identifying key issues Contacts Variable quality Hard data can be limited Commentaries Competitors Suppliers Surveys
- 28. Trade and business journals + directories – examples
- 29. Newspapers – why? Broad subject coverage Good coverage of culture/lifestyle Good local coverage Lack of detailed market research Hard to find
- 36. Industry Guides
Hinweis der Redaktion
- 10.00-10.30 General Introduction 10.30-11.30 Desk Research 11.30-12.45 Field Research and Case Study 12.45-1.30 Lunch – room cover 1.30-2.30 Field Research – room cover 2.30-3.00 Round Table discussion
- What we are looking at first of all is desk research. I will look at some principles to apply when carrying out desk research Cover the main types of information source. Give some examples of how these can be used to look a specific business sectors. An informal session.
- What we are looking at first of all is desk research. I will look at some principles to apply when carrying out desk research Cover the main types of information source. Give some examples of how these can be used to look a specific business sectors. An informal session.
- Adam Pritchard pomegranate juice. Use of designs for business ideas.
- So haw do you start researching the market for your business idea? It is always difficult knowing where and how to start. It is always advisable to plan you research and the easiest way is to base this research around finding answers to questions. Here are some generic examples
- First questions about your customers What groups would buy my product or service? Are there any defined groups of customers you are aiming at If I have an idea of my target customer (or customers) what characteristics will they have.
- This could include things like demographic characteristics, work they do, where they live etc. If you have identified different groups or profiles, what are they most likely to find attractive in whet you offer. These things may not be the same for all those groups, for example some may be more price sensitive , in other cases ethical considerations may be important How well placed are you to deliver to these groups. Some of the types of information we can find through published sources to find this information
- This could include things like demographic characteristics, work they do, where they live etc. If you have identified different groups or profiles, what are they most likely to find attractive in whet you offer. These things may not be the same for all those groups, for example some may be more price sensitive , in other cases ethical considerations may be important How well placed are you to deliver to these groups. Some of the types of information we can find through published sources to find this information
- Now focus on the product itself. Through considering customers you may already be some way to answering these questions. These questions involve looking at what other products are out there and getting an understanding of the potential of the product. Maybe small adjustments might make it more attractive and possibly quite different. Why will your customers buy? Do you have a USP? Are there other markets you could tap into? These involve looking at trends in technology and whether your product can evolve with those changes. Lastly there is something which we will only touch on briefly today and that is that of intellectual property. Patents, trade marks & designs. These can offer the potential to protect your idea from competition but also may prevent you from commercialising your idea
- I’ve found three very different market drivers for the simplest of products, water – Bling – Purity - Ethical Bling h2o – a US product selling for around $50 a bottle - justifies its price tag by putting some Swarovski crystals on the bottle and making Paris Hilton Its Patron Saint! Purity – Tasmanian Rain Water - uniquely pure water is captured as rainwater on the pristine island of Tasmania Ethical – Number one according to Ethical Consumer magazine - Belu donates 100% of net profits to Wateraid, which distributes it to clean water projects across Africa and Asia.
- Linked to this is the question of competition and this may not always come from the obvious places. Example… It may seem obvious, but if you know who the companies are who are operating in the industry, it is worth seeing how they are performing , particularly financially.
- Location is key for a bricks and mortar business. Google map of the Kings Cross area showing cafes and sandwich bars.
- These are often overlooked by entrepreneurs. Have you got the qualifications you need for this sector? Have you got the right contacts, do you know where or how to find them? Maybe harder to research but are you the right sort of person. To use a crude example, if you are offering a technology-based service you will need to be strong on customer service, having the technological expertise may not be enough. Cobra reports are great here.
- Are you Anita or Gordon Roddick?
- These are often overlooked by entrepreneurs. Have you got the qualifications you need for this sector? Have you got the right contacts, do you know where or how to find them? Maybe harder to research but are you the right sort of person. To use a crude example, if you are offering a technology-based service you will need to be strong on customer service, having the technological expertise may not be enough. Cobra reports are great here.
- Are you Anita or Gordon Roddick?
- The wider context. Particularly important during a recession (or boom come to that). I doubt that there is as much angst over carbon footprints in the bars in Canary Wharf now as there was 18 months ago.
- The wider context. Particularly important during a recession (or boom come to that). I doubt that there is as much angst over carbon footprints in the bars in Canary Wharf now as there was 18 months ago.
- The wider context. Particularly important during a recession (or boom come to that). I doubt that there is as much angst over carbon footprints in the bars in Canary Wharf now as there was 18 months ago.
- Many people come into the Business & IP Centre and head straight for published market research when researching a business idea. My main message is that you have to look a lot more widely and use a much wider range of sources to piece together your understanding of the market you are planning to enter. To summarize here are some tips. I would like to emphasize that the important thing is what you conclude from the information that is the most important thing.
- Explain need to start broad and narrow – vice versa
- Here are the main categories Covered in more detail in the Knowing Your Market workshop. I will run through these individually. The important thing is to use a combination of these and not to jump to many conclusions from only a limited number of sources
- Often a starting place
- Search our business catalogue for printed reports. Review Online Databases sheet for content and use.
- You need to become an industry insider. Be able to separate trends from temporary market phenomenon. Can be a good source of market research e.g. annual surveys. Contacts Case studies Mood of an industry Products Technical developments Competitors Suppliers Surveys
- Databases only available in BL Precise searching, vocabulary BSC: 11,000 worldwide Factiva: 10,000 + news services Busin: 1,000 ABI Inform: 2,700 mgmt
- Databases only available in BL Precise searching, vocabulary BSC: 11,000 worldwide Factiva: 10,000 + news services Busin: 1,000 ABI Inform: 2,700 mgmt
- More up to date than anything else. Good at predicting new markets and trends – journalists seeking out the latest gadgets and services.
- BL newspaper collections for browsing only. Local public libraries for browsing only. Searchable via Factiva and Newsbank.
- BL newspaper collections for browsing only. Local public libraries for browsing only. Searchable via Factiva and Newsbank.
- Some sites here: RBA portal Portal: Market Research.com over 600 publishers Example of Yak milk
- Statistics portals Ways of navigating official and unofficial statistics
- Keynote Quick Search: greeting cards 2006 GMID Greeting cards 2002, 2004
- COBRA: reference source and checklist with great links Note use of term cybercafes, may be worth looking under this Emarketer Internet café: Adult Internet Users by location 2006 Note the WIFI is on the increase, that could be the competion. Think of mobile web access Advanced search: Internet latop UK Mobile phone 3G Think St Pancras: Laptop internet France EBSCO: internet cafes cybercafes SU
- Key message again. Don’t rely on one source, use a combination of several.