How do I research my market?

Neil Infield – Manager Business & IP Centre

neil.infield@bl.uk@ninfield (twitter) http://blogs.bl.uk/business/

http://www.slideshare.net/infield/

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The British Library is for anyone who wants to do research - academic, personal or commercial

Work with an entrepreneur from another European country

• For new entrepreneurs who want to experience working in another country

• Or experienced business owners who want to bring new experiences, skills and perspectives to your business

• Funded by the European Union - it organises cross-border exchanges of 1-6 months

http://www.erasmus-entrepreneurs.eu/ or research@bl.uk

“Having an insight into the day-to-day activities of more

experienced entrepreneurs is a true eye-opener”

“We got on so well with the new

entrepreneur that we are now

partners with her company in

Madrid”

A bit about you…

…and your business

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Image by Snak Shak on Flickr

Finding the right information is complicated

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Click to add titleFinding the right information is complicated

But important - as many businesses fail due to poor researchImage by Snak Shak on Flickr

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Your customers are out there…

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Your customers are out there…

just waiting for you to find them…Image by Mike PD on Flickr

Let me help you untangle the picture

And find a route to the information you need

Why Market Research

• What is the demand for your product or service?

• Research your customers

• Find out about your competitors

• Know about your market sector now

• And the future trends and forecasts

Is your market growing?

Is your market growing?

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Is your market growing…

Or shrinking?

Total number of ???? in the UK1982 to 2015

1982 1987 1992 1997 2002 2007 2012 2013 2014 201545000

50000

55000

60000

65000

70000

Is your market growing…

Or shrinking?

Total number of pubs in the UK1982 to 2015

Where can you find your customers…

Where can you find your customers…

And what do they think about you?

Who are your competitors…

And what do their customers think about them?

What is happening now?

And what is going tohappenNext?

You need to do:

Desk Research

and

Field Research

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This is where you do your

Desk Research

Let’s follow the coffee trail

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According to 'Project Café2016 UK', the future of the UK coffee shop market will be shaped by 'increasing consumer participation and desire for premium-quality coffee at any time'

Key Success Factors

IBISWorld identifies 250 Key Success Factors for a business.

Establishment of brand names: Brand names are especially important in this industry and can generate significant customer loyalty if marketed correctly.

Key Success Factors

IBISWorld identifies 250 Key Success Factors for a business.

Establishment of brand names: Brand names are especially important in this industry and can generate significant customer loyalty if marketed correctly.

Supply contracts in place for key inputs: Businesses in this industry are more likely to succeed if they have secure contracts for key inputs, particularly coffee beans.

Key Success Factors

IBISWorld identifies 250 Key Success Factors for a business.

Establishment of brand names: Brand names are especially important in this industry and can generate significant customer loyalty if marketed correctly.

Supply contracts in place for key inputs: Businesses in this industry are more likely to succeed if they have secure contracts for key inputs, particularly coffee beans.

Attractive product presentation: Products in the industry attract discerning customers that expect well-presented products and shop layouts.

Key Success Factors

IBISWorld identifies 250 Key Success Factors for a business.

Establishment of brand names: Brand names are especially important in this industry and can generate significant customer loyalty if marketed correctly.

Supply contracts in place for key inputs: Businesses in this industry are more likely to succeed if they have secure contracts for key inputs, particularly coffee beans.

Attractive product presentation: Products in the industry attract discerning customers that expect well-presented products and shop layouts.

Accessibility to consumers/users: The best business locations are those that have a large potential market around them or where a high proportion of people pass through regularly.

Key Success Factors

IBISWorld identifies 250 Key Success Factors for a business.

Establishment of brand names: Brand names are especially important in this industry and can generate significant customer loyalty if marketed correctly.

Supply contracts in place for key inputs: Businesses in this industry are more likely to succeed if they have secure contracts for key inputs, particularly coffee beans.

Attractive product presentation: Products in the industry attract discerning customers that expect well-presented products and shop layouts.

Accessibility to consumers/users: The best business locations are those that have a large potential market around them or where a high proportion of people pass through regularly.

Ensuring pricing policy is appropriate: Appropriate pricing policy may depend on the branding of the business, the amount of competition or the average income in the local area.

As well as why… You need to know where…

As well as why… You need to know where…

Let’s get more up to date with Factiva

Let’s get more up to date with Factiva

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Lets find out about Border Collies

Start broad…

and then narrow down your sources

Further

And further

And indifferent

places

Exercise:

Choose thebest sources for your business

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Field Research

• Questionnaires• Face to face• Email• Social Media

• Walking the streets

• Stalking your competitors

It is all too easy to ask the wrong questions…

And so get wrong answers

Three rules of the Mom Test:

1. Talk about their life instead of your idea

2. Ask about specifics in the past instead of generics or opinions about the future.

3. Talk less and listen more

Exercise:

Review Good and Bad questions

Workshops to consider

• Get Started - a full day workshop covering the essentials

• How can I protect a business idea? - An introduction to Intellectual Property

• How do I research a business idea? - Develop a research strategy

• Webinar: Introducing Lean Start-up

• Free one-to-one Advice Clinics

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Your hands on session

• Search databases in order of relevance

• Ask me for help