market research, an introduction
DESCRIPTION
This is a quick introduction to the basics of Market Research for the Entrepreneur.TRANSCRIPT
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Market ResearchMarket Research
Finding the Answers to what you don't know.Finding the Answers to what you don't know.
And don't know that you don't know
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Common ProcessCommon Process
Idea → Product Development → Marketing/SalesIdea → Product Development → Marketing/Sales
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How this process fails...
• Started a blog
– Zero Money
• Learned and added SEO and other Techniques
– Achieved top 5 rank on Google
– Zero Money
– “I'm my own #1 fan!”
• Finally did Market Research on my product
– Global market of 500 people.
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Better ProcessBetter Process
Idea → Market Research → Product Development → $Idea → Market Research → Product Development → $
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The First Question
What is my market?
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PB&J Inc
“ We make and sell peanut butter and jelly sandwiches to hungry people needing lunch in a hurry with no time
to make it themselves and who don't want a big selection menu. We have pre-packaged brown bag meals ready to go, with out any waiting. And we
deliver.”
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PB&J Inc
Sandwich, Hungry People, Hurry, Small Selection, Pre-Packaged,
Brown Bag, Deliver
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PB&J Inc
SandwichSandwich
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The Second Question
How big is the market?
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The Third Question
Are people Spending Money in this Market?
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Summing it up
• After we answer the 20 questions, we need to make our go/no-go decision.
• Repeating our Market Research process periodically helps us keep track of our market and the competion.
• Be creative and tailoring your aproach to your market.
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If you want a copy of these slides, and some other market research
information…
TheIntegrationEngineer.com/MarketResearchOr
Email to: [email protected]