Market Research, An Introduction

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

Common ProcessCommon Process

Idea → Product Development → Marketing/SalesIdea → Product Development → Marketing/Sales

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.

Better ProcessBetter Process

Idea → Market Research → Product Development → $Idea → Market Research → Product Development → $

The First Question

What is my market?

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.”

PB&J Inc

Sandwich, Hungry People, Hurry, Small Selection, Pre-Packaged,

Brown Bag, Deliver

PB&J Inc

SandwichSandwich

The Second Question

How big is the market?

The Third Question

Are people Spending Money in this Market?

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.

If you want a copy of these slides, and some other market research

information…

TheIntegrationEngineer.com/MarketResearchOr

Email to: [email protected]