market research for startups · 2020-05-20 · dr preet deep singh market research for startups....
TRANSCRIPT
Market Research for StartupsSession 2
Dr Preet Deep Singh
May 18, 2020
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Basics
What is Market Research?
Who will buy your product?
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Basics
When do we do Market Research?
ALL THE TIME
People ChangePreferences ChangeCompetitors Emerge
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Basics
When do we do Market Research?
ALL THE TIMEPeople ChangePreferences ChangeCompetitors Emerge
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Knowing the Pyramid Technique
How to do it?
Total Population
Those who can payThose who can affordThose you can reachOther factors
LoyaltyTrendLaw
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Knowing the Pyramid Technique
How to do it?
Total PopulationThose who can pay
Those who can affordThose you can reachOther factors
LoyaltyTrendLaw
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Knowing the Pyramid Technique
How to do it?
Total PopulationThose who can payThose who can afford
Those you can reachOther factors
LoyaltyTrendLaw
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Knowing the Pyramid Technique
How to do it?
Total PopulationThose who can payThose who can affordThose you can reach
Other factorsLoyaltyTrendLaw
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Knowing the Pyramid Technique
How to do it?
Total PopulationThose who can payThose who can affordThose you can reachOther factors
LoyaltyTrendLaw
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Knowing the Pyramid Technique
How to do it?
Total PopulationThose who can payThose who can affordThose you can reachOther factors
LoyaltyTrendLaw
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
STP
Segment Target Position
1 Segmentation:
Divide the population into parts2 Target: Decide on which part is relevant for you3 Position: What your product should convey
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
STP
Segment Target Position
1 Segmentation: Divide the population into parts2 Target:
Decide on which part is relevant for you3 Position: What your product should convey
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
STP
Segment Target Position
1 Segmentation: Divide the population into parts2 Target: Decide on which part is relevant for you3 Position:
What your product should convey
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
STP
Segment Target Position
1 Segmentation: Divide the population into parts2 Target: Decide on which part is relevant for you3 Position: What your product should convey
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Estimating the Number of Intelligent Civilizations in the Universe
Revisiting Drake’s Equation
Figure: Visual representation of Drake’s equation to calculate theprobability of coming across Extra-Terrestrial Life from SETIInstitute.
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Estimating the Number of Intelligent Civilizations in the Universe
Revisiting Drake’s Equation
Figure: Visual representation of Drake’s equation to calculate theprobability of coming across Extra-Terrestrial Life from SETIInstitute.
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Estimating the Number of Intelligent Civilizations in the Universe
Using this in Market Sizing
Size = Population∗PPay ∗PReach∗PInterest ∗POtherFactorsWhat proportion of the population can pay for thisservice?
What proportion of population might be interested? This depends on SegmentationWhat percentage you can reach with yourgeographic spread? Other factors include: trendsand other barriers(dependent upon product)
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Estimating the Number of Intelligent Civilizations in the Universe
Using this in Market Sizing
Size = Population∗PPay ∗PReach∗PInterest ∗POtherFactorsWhat proportion of the population can pay for thisservice?What proportion of population might be interested?
This depends on SegmentationWhat percentage you can reach with yourgeographic spread? Other factors include: trendsand other barriers(dependent upon product)
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Estimating the Number of Intelligent Civilizations in the Universe
Using this in Market Sizing
Size = Population∗PPay ∗PReach∗PInterest ∗POtherFactorsWhat proportion of the population can pay for thisservice?What proportion of population might be interested? This depends on Segmentation
What percentage you can reach with yourgeographic spread? Other factors include: trendsand other barriers(dependent upon product)
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Estimating the Number of Intelligent Civilizations in the Universe
Using this in Market Sizing
Size = Population∗PPay ∗PReach∗PInterest ∗POtherFactorsWhat proportion of the population can pay for thisservice?What proportion of population might be interested? This depends on SegmentationWhat percentage you can reach with yourgeographic spread?
Other factors include: trendsand other barriers(dependent upon product)
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Estimating the Number of Intelligent Civilizations in the Universe
Using this in Market Sizing
Size = Population∗PPay ∗PReach∗PInterest ∗POtherFactorsWhat proportion of the population can pay for thisservice?What proportion of population might be interested? This depends on SegmentationWhat percentage you can reach with yourgeographic spread? Other factors include: trendsand other barriers(dependent upon product)
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Understanding the Process
Where do we Start?
1 Get clarity on the product
2 Get a plan3 Identify Resources4 Loop Back
Understand that this process is iterative.
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Understanding the Process
Where do we Start?
1 Get clarity on the product2 Get a plan
3 Identify Resources4 Loop Back
Understand that this process is iterative.
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Understanding the Process
Where do we Start?
1 Get clarity on the product2 Get a plan3 Identify Resources
4 Loop BackUnderstand that this process is iterative.
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Understanding the Process
Where do we Start?
1 Get clarity on the product2 Get a plan3 Identify Resources4 Loop Back
Understand that this process is iterative.
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Understanding the Process
Where do we Start?
1 Get clarity on the product2 Get a plan3 Identify Resources4 Loop Back
Understand that this process is iterative.
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Understanding the Process
Clarity on the Product
What is the price point?
2k? 3k? 4k? 10k? 15k?What is the utility? convenience? durability?What is the innovation? new feature? new design?What is the cost to produce?
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Understanding the Process
Clarity on the Product
What is the price point? 2k? 3k? 4k? 10k? 15k?
What is the utility? convenience? durability?What is the innovation? new feature? new design?What is the cost to produce?
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Understanding the Process
Clarity on the Product
What is the price point? 2k? 3k? 4k? 10k? 15k?What is the utility?
convenience? durability?What is the innovation? new feature? new design?What is the cost to produce?
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Understanding the Process
Clarity on the Product
What is the price point? 2k? 3k? 4k? 10k? 15k?What is the utility? convenience? durability?
What is the innovation? new feature? new design?What is the cost to produce?
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Understanding the Process
Clarity on the Product
What is the price point? 2k? 3k? 4k? 10k? 15k?What is the utility? convenience? durability?What is the innovation?
new feature? new design?What is the cost to produce?
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Understanding the Process
Clarity on the Product
What is the price point? 2k? 3k? 4k? 10k? 15k?What is the utility? convenience? durability?What is the innovation? new feature? new design?
What is the cost to produce?
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Understanding the Process
Clarity on the Product
What is the price point? 2k? 3k? 4k? 10k? 15k?What is the utility? convenience? durability?What is the innovation? new feature? new design?What is the cost to produce?
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Understanding the Process
Clarity on the Product
What is the price point? 2k? 3k? 4k? 10k? 15k?What is the utility? convenience? durability?What is the innovation? new feature? new design?What is the cost to produce?
Dr Preet Deep SinghMarket Research for Startups
Set of Options
Price Point High Medium LowPositioning Reliability / Con-
venienceAvailability /Freebies / Colorsetc.
Affordability
Utility Flexibility, Brand Quick Fix, Dis-tribution
Does asPromised
Innovation Needs Brand, lit-tle innovation
Needs MediumInnovation
Needs High inno-vation
Durability Complete for 1kid or longer
2 kids 1 kid, multi-use
Segment Rich with kids Middle Class Lower MiddleClass
But... KidsUpper Middleand Above
Avg Middle class Lower MiddleClass
Set of Options
Price Point High Medium LowPositioning Reliability / Con-
venienceAvailability /Freebies / Colorsetc.
Affordability
Utility Flexibility, Brand Quick Fix, Dis-tribution
Does asPromised
Innovation Needs Brand, lit-tle innovation
Needs MediumInnovation
Needs High inno-vation
Durability Complete for 1kid or longer
2 kids 1 kid, multi-use
Segment Rich with kids Middle Class Lower MiddleClass
But... KidsUpper Middleand Above
Avg Middle class Lower MiddleClass
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Using Price
Using Price to Narrow Down population
Make an Assumption: What percentage of their monthlyincome would parents spend on a stroller?
At 5% assumption and price point of 25k, we wantsomeone with an income of 25000 ∗ 100/5 = 500000How many people earn INR 500k per month ? Now wherecan we get this data? Think of a proxy...
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Using Price
Using Price to Narrow Down population
Make an Assumption: What percentage of their monthlyincome would parents spend on a stroller?At 5% assumption and price point of 25k, we wantsomeone with an income of 25000 ∗ 100/5 = 500000
How many people earn INR 500k per month ? Now wherecan we get this data? Think of a proxy...
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Using Price
Using Price to Narrow Down population
Make an Assumption: What percentage of their monthlyincome would parents spend on a stroller?At 5% assumption and price point of 25k, we wantsomeone with an income of 25000 ∗ 100/5 = 500000How many people earn INR 500k per month ?
Now wherecan we get this data? Think of a proxy...
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Using Price
Using Price to Narrow Down population
Make an Assumption: What percentage of their monthlyincome would parents spend on a stroller?At 5% assumption and price point of 25k, we wantsomeone with an income of 25000 ∗ 100/5 = 500000How many people earn INR 500k per month ? Now wherecan we get this data?
Think of a proxy...
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Using Price
Using Price to Narrow Down population
Make an Assumption: What percentage of their monthlyincome would parents spend on a stroller?At 5% assumption and price point of 25k, we wantsomeone with an income of 25000 ∗ 100/5 = 500000How many people earn INR 500k per month ? Now wherecan we get this data? Think of a proxy...
Dr Preet Deep SinghMarket Research for Startups
Data from Income Tax
Figure: Google search result
Answers at LiveMint.com
Figure: Google search result
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Using Price
Where are we?
There are 1.2 lakh people who earn in our salary range
These are only individuals You must know that IncomeTax Department have SEVEN types of personsCompanies are also included But can a stroller be shownas a Corporate Expenditure? NO. At least you can’t saythat in front of your investors.So this number is broadly fine
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Using Price
Where are we?
There are 1.2 lakh people who earn in our salary rangeThese are only individuals
You must know that IncomeTax Department have SEVEN types of personsCompanies are also included But can a stroller be shownas a Corporate Expenditure? NO. At least you can’t saythat in front of your investors.So this number is broadly fine
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Using Price
Where are we?
There are 1.2 lakh people who earn in our salary rangeThese are only individuals You must know that IncomeTax Department have SEVEN types of personsCompanies are also included
But can a stroller be shownas a Corporate Expenditure? NO. At least you can’t saythat in front of your investors.So this number is broadly fine
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Using Price
Where are we?
There are 1.2 lakh people who earn in our salary rangeThese are only individuals You must know that IncomeTax Department have SEVEN types of personsCompanies are also included But can a stroller be shownas a Corporate Expenditure?
NO. At least you can’t saythat in front of your investors.So this number is broadly fine
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Using Price
Where are we?
There are 1.2 lakh people who earn in our salary rangeThese are only individuals You must know that IncomeTax Department have SEVEN types of personsCompanies are also included But can a stroller be shownas a Corporate Expenditure? NO.
At least you can’t saythat in front of your investors.So this number is broadly fine
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Using Price
Where are we?
There are 1.2 lakh people who earn in our salary rangeThese are only individuals You must know that IncomeTax Department have SEVEN types of personsCompanies are also included But can a stroller be shownas a Corporate Expenditure? NO. At least you can’t saythat in front of your investors.So this number is broadly fine
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Critical Thinking
Questions you should ask your team
Are these people in 1.2 lakh households?
Would these people have babies ? But their kids mightand this could be a personal giftWhere do they buy strollers?What are they looking for ? Are they looking for yourinnovation?Which cities are these people in?
What this does is, it takes you back to the drawing board.
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Critical Thinking
Questions you should ask your team
Are these people in 1.2 lakh households?Would these people have babies ?
But their kids mightand this could be a personal giftWhere do they buy strollers?What are they looking for ? Are they looking for yourinnovation?Which cities are these people in?
What this does is, it takes you back to the drawing board.
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Critical Thinking
Questions you should ask your team
Are these people in 1.2 lakh households?Would these people have babies ? But their kids might
and this could be a personal giftWhere do they buy strollers?What are they looking for ? Are they looking for yourinnovation?Which cities are these people in?
What this does is, it takes you back to the drawing board.
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Critical Thinking
Questions you should ask your team
Are these people in 1.2 lakh households?Would these people have babies ? But their kids mightand this could be a personal giftWhere do they buy strollers?
What are they looking for ? Are they looking for yourinnovation?Which cities are these people in?
What this does is, it takes you back to the drawing board.
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Critical Thinking
Questions you should ask your team
Are these people in 1.2 lakh households?Would these people have babies ? But their kids mightand this could be a personal giftWhere do they buy strollers?What are they looking for ?
Are they looking for yourinnovation?Which cities are these people in?
What this does is, it takes you back to the drawing board.
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Critical Thinking
Questions you should ask your team
Are these people in 1.2 lakh households?Would these people have babies ? But their kids mightand this could be a personal giftWhere do they buy strollers?What are they looking for ? Are they looking for yourinnovation?
Which cities are these people in?What this does is, it takes you back to the drawing board.
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Critical Thinking
Questions you should ask your team
Are these people in 1.2 lakh households?Would these people have babies ? But their kids mightand this could be a personal giftWhere do they buy strollers?What are they looking for ? Are they looking for yourinnovation?Which cities are these people in?
What this does is, it takes you back to the drawing board.
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Critical Thinking
Questions you should ask your team
Are these people in 1.2 lakh households?Would these people have babies ? But their kids mightand this could be a personal giftWhere do they buy strollers?What are they looking for ? Are they looking for yourinnovation?Which cities are these people in?
What this does is, it takes you back to the drawing board.
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Just for Closure
What Size did we arrive at?
Size = Population ∗ PPay ∗ PReach ∗ PInterest ∗ POtherFactorsPopulation * Pay = 1.2 lakhYour Reach could be 0.5 or 50 of the entire marketThe proportion of customers you can break away fromcompetitors = 0.25? or 0.3?Bringing us toSize =: 1.2 ∗ 0.5 ∗ 0.3Size = 0.18lakh18000 is your serviceable market
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Just for Closure
What Size did we arrive at?
Size = Population ∗ PPay ∗ PReach ∗ PInterest ∗ POtherFactors
Population * Pay = 1.2 lakhYour Reach could be 0.5 or 50 of the entire marketThe proportion of customers you can break away fromcompetitors = 0.25? or 0.3?Bringing us toSize =: 1.2 ∗ 0.5 ∗ 0.3Size = 0.18lakh18000 is your serviceable market
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Just for Closure
What Size did we arrive at?
Size = Population ∗ PPay ∗ PReach ∗ PInterest ∗ POtherFactorsPopulation * Pay =
1.2 lakhYour Reach could be 0.5 or 50 of the entire marketThe proportion of customers you can break away fromcompetitors = 0.25? or 0.3?Bringing us toSize =: 1.2 ∗ 0.5 ∗ 0.3Size = 0.18lakh18000 is your serviceable market
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Just for Closure
What Size did we arrive at?
Size = Population ∗ PPay ∗ PReach ∗ PInterest ∗ POtherFactorsPopulation * Pay = 1.2 lakhYour Reach could be 0.5 or 50 of the entire market
The proportion of customers you can break away fromcompetitors = 0.25? or 0.3?Bringing us toSize =: 1.2 ∗ 0.5 ∗ 0.3Size = 0.18lakh18000 is your serviceable market
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Just for Closure
What Size did we arrive at?
Size = Population ∗ PPay ∗ PReach ∗ PInterest ∗ POtherFactorsPopulation * Pay = 1.2 lakhYour Reach could be 0.5 or 50 of the entire marketThe proportion of customers you can break away fromcompetitors =
0.25? or 0.3?Bringing us toSize =: 1.2 ∗ 0.5 ∗ 0.3Size = 0.18lakh18000 is your serviceable market
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Just for Closure
What Size did we arrive at?
Size = Population ∗ PPay ∗ PReach ∗ PInterest ∗ POtherFactorsPopulation * Pay = 1.2 lakhYour Reach could be 0.5 or 50 of the entire marketThe proportion of customers you can break away fromcompetitors = 0.25? or 0.3?Bringing us toSize =: 1.2 ∗ 0.5 ∗ 0.3Size = 0.18lakh18000 is your serviceable market
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Just for Closure
Value of Assumptions
Our Market could be 30 times ofthis if we change our assumption
We assumed 5% of monthly income for stroller. If we assume 2%of annual income, then our base size goes toPopulation * Pay = 41 lakhBringing us toSize =: 41 ∗ 0.5 ∗ 0.3Size = 6.15lakh6.15 lakh
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Just for Closure
Value of Assumptions
Our Market could be 30 times ofthis if we change our assumptionWe assumed 5% of monthly income for stroller. If we assume 2%of annual income, then our base size goes to
Population * Pay = 41 lakhBringing us toSize =: 41 ∗ 0.5 ∗ 0.3Size = 6.15lakh6.15 lakh
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Just for Closure
Value of Assumptions
Our Market could be 30 times ofthis if we change our assumptionWe assumed 5% of monthly income for stroller. If we assume 2%of annual income, then our base size goes toPopulation * Pay =
41 lakhBringing us toSize =: 41 ∗ 0.5 ∗ 0.3Size = 6.15lakh6.15 lakh
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Just for Closure
Value of Assumptions
Our Market could be 30 times ofthis if we change our assumptionWe assumed 5% of monthly income for stroller. If we assume 2%of annual income, then our base size goes toPopulation * Pay = 41 lakh
Bringing us toSize =: 41 ∗ 0.5 ∗ 0.3Size = 6.15lakh6.15 lakh
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Just for Closure
Value of Assumptions
Our Market could be 30 times ofthis if we change our assumptionWe assumed 5% of monthly income for stroller. If we assume 2%of annual income, then our base size goes toPopulation * Pay = 41 lakhBringing us to
Size =: 41 ∗ 0.5 ∗ 0.3Size = 6.15lakh6.15 lakh
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Just for Closure
Value of Assumptions
Our Market could be 30 times ofthis if we change our assumptionWe assumed 5% of monthly income for stroller. If we assume 2%of annual income, then our base size goes toPopulation * Pay = 41 lakhBringing us toSize =: 41 ∗ 0.5 ∗ 0.3
Size = 6.15lakh6.15 lakh
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Just for Closure
Value of Assumptions
Our Market could be 30 times ofthis if we change our assumptionWe assumed 5% of monthly income for stroller. If we assume 2%of annual income, then our base size goes toPopulation * Pay = 41 lakhBringing us toSize =: 41 ∗ 0.5 ∗ 0.3Size = 6.15lakh
6.15 lakh
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Just for Closure
Value of Assumptions
Our Market could be 30 times ofthis if we change our assumptionWe assumed 5% of monthly income for stroller. If we assume 2%of annual income, then our base size goes toPopulation * Pay = 41 lakhBringing us toSize =: 41 ∗ 0.5 ∗ 0.3Size = 6.15lakh6.15 lakh
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Tools you can GoogleIf you Google Market Research it will give you a set ofresources:
R, SPSS, Python, TableauGoogle Analytics, Data website, Site ProfilerSurvey Monkey, MailChimp
These are forPrimary DataSecondary DataVisualization/Presentation of Data
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Tools you can GoogleIf you Google Market Research it will give you a set ofresources:
R, SPSS, Python, Tableau
Google Analytics, Data website, Site ProfilerSurvey Monkey, MailChimp
These are forPrimary DataSecondary DataVisualization/Presentation of Data
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Tools you can GoogleIf you Google Market Research it will give you a set ofresources:
R, SPSS, Python, TableauGoogle Analytics, Data website, Site Profiler
Survey Monkey, MailChimpThese are for
Primary DataSecondary DataVisualization/Presentation of Data
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Tools you can GoogleIf you Google Market Research it will give you a set ofresources:
R, SPSS, Python, TableauGoogle Analytics, Data website, Site ProfilerSurvey Monkey, MailChimp
These are forPrimary DataSecondary DataVisualization/Presentation of Data
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Tools you can GoogleIf you Google Market Research it will give you a set ofresources:
R, SPSS, Python, TableauGoogle Analytics, Data website, Site ProfilerSurvey Monkey, MailChimp
These are forPrimary DataSecondary DataVisualization/Presentation of Data
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
Helpful Skills
Desk ResearchWeb crawlingKnowing where to get whatLogical thinkingGuesstimates
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
D I Y
Look up people and products
Do this exercise for some known productsPing me in case of any issues @DrPreetDeepThe book on Amazon: Starting Up in India...is Free fortoday
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
D I Y
Look up people and productsDo this exercise for some known products
Ping me in case of any issues @DrPreetDeepThe book on Amazon: Starting Up in India...is Free fortoday
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
D I Y
Look up people and productsDo this exercise for some known productsPing me in case of any issues @DrPreetDeep
The book on Amazon: Starting Up in India...is Free fortoday
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
D I Y
Look up people and productsDo this exercise for some known productsPing me in case of any issues @DrPreetDeepThe book on Amazon: Starting Up in India...
is Free fortoday
Dr Preet Deep SinghMarket Research for Startups
Recap Drake’s Equation Doing a Live Case: Baby Product, Stroller Way Forward
D I Y
Look up people and productsDo this exercise for some known productsPing me in case of any issues @DrPreetDeepThe book on Amazon: Starting Up in India...is Free fortoday
Dr Preet Deep SinghMarket Research for Startups