Organic Market Research By Feargal Byrne Organic Market Research is a key component in the future success of your business. It’s the fast and flexible way to get your business up and running while completing appropriate market research. Picture: http://www.flickr.com/photos/itzafineday/161495332/
Organic Market Research
May 18, 2015
Organic Market Research is essential for most successful start-ups. This presentation looks at both Organic and Scientific Market Research from a start-up's perspective.
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Organic Market Research
By Feargal Byrne
Organic Market Research is a key component in the future success of your business. It’s the fast and flexible way to get your business up and running while completing appropriate market research. Picture: http://www.flickr.com/photos/itzafineday/161495332/
Which will you choose?
Or
Organic
There are two main approaches that you can take regarding market research when you start a new business. A) The Scientific Approach and B) The Organic Approach. The question is - which one should you use?Picture Scientific: http://www.flickr.com/photos/brittanyg/1806829922/Picture Organic: http://www.flickr.com/photos/jdickert/263469928/
The problem with
“Scientific Market
Research” is...
Before you decide, look at it from this perspective. The problem with “Scientific Market Research” is...Picture: http://www.flickr.com/photos/cushinglibrary/3865404430/
...it costs too much for a cash strapped start-up. Picture: http://www.flickr.com/photos/amagill/3366720659/
AND...
And...
...it takes too long. You personally can only survive for a limited time without money coming in from your business. Believe me, “Scientific Market Research” is a process that will take a number of months if your are to do it correctly. http://www.flickr.com/photos/aidanmorgan/2331754875/
Sub-optimal for Start-ups
As a result, it is sub-optimal for start-ups.
The Great thing about
“Organic Market
Research” is...
The great thing about “Organic Market Resarch” is..Picture: http://www.flickr.com/photos/26303453@N03/3318685107/
Speed
...speed. Picture: http://www.flickr.com/photos/8628950@N06/1332225362/
Also...
Also...
It provides
“Real World” results
...it provides real world results. Picture: http://www.flickr.com/photos/wwworks/2222523486/
Releasing a Beta + Finding Early Adopters + Listening + Improving +
Testing & Measuring = Organic Market
Research
Releasing a Beta + Finding Early Adopters + Listening + Improving + Testing & Measuring = Organic Market Research. You know when it works when it goes viral.
Climb the Traction Ladder Faster
During this process, you are climbing the Traction Ladder.Picture: http://www.flickr.com/photos/29233640@N07/2829173159/
Better Hand
Investor NegotiationsYou deal yourself a better hand when negotiating with potential investors. Picture: http://www.flickr.com/photos/mawel/2115190646/
You can pay your bills and stay in the game longer
You give yourself more time in the game. And therefore, a chance to apply what you have learned from your mistakes. Picture: http://www.flickr.com/photos/restlessglobetrotter/3378489363/
You’re in good company if you go down the Organic Market Research route
et al.
Remember, if you decide to follow the “Organic Market Research” path you are in good company.
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Check out LostJobStartBusiness.com for more hints, tips, templates and ebooks.
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