Learn how to research a market. This deck covers the basics of how to conduct market research, including qualitative research methods, research questions, project planning and execution framework, and how to get started on your own. Taught by Natalie Nathanson of Magnetude Consulting

1. presents
Market Research
for Startup Leaders
NATALIE NATHANSON
Magnetude Consulting

2. Market
research
for
start-­‐ups
is
essen2al.
Understanding
the
needs
and
wants
of
your
target
market
can
be
the
difference
between
success
and
failure.

3. Agenda
• Market
research
101
• Qualita5ve
startup
market
research
• Project
framework
• Ge?ng
started
on
your
own

4. WHAT
IS
MARKET
RESEARCH?

5. Process
of
systema2cally
inves2ga2ng
the
market
for
a
given
product
or
service,
gathering
and
analyzing
data
regarding
the
number
and
loca5on
of
customers;
customers’
interests,
preferences,
and
buying
habits;
and
pricing
and
price
sensi5vity
of
demand.
…For
the
purpose
of
gaining
insight
about
a
market
to
help
a
company
formulate
its
business
and
marke5ng
strategy.
SOURCE:
h*p://www.startups.co/informa:on/go-­‐big-­‐dic:onary/market-­‐research-­‐defini:on

6. Categories
of
Market
Research
In
a
Startup
Environment…
Primarily
QUANTITATIVE
Primarily
QUALITATIVE
Behavioral
research
In-­‐person
surveys
Secondary
Research
1:1
interviewsFocus
group
Web
or
social
surveys

7. Categories
of
Market
Research
In
a
Startup
Environment…
Primarily
QUANTITATIVE
Primarily
QUALITATIVE
Behavioral
research
In-­‐person
surveys
Secondary
Research
1:1
interviewsFocus
group
Web
or
social
surveys

8. QUALITATIVE
STARTUP
MARKET
RESEARCH

9. When
and
where
is
it
used?
Concept
Alpha
Beta
MVP
Launch
Scale
Break-­‐even
Exit
Lifecycle
of
a
Startup
Revenue/
A
few
examples
above…

10. When
and
where
is
it
used?
Concept
Alpha
Beta
MVP
Launch
Scale
Break-­‐even
Exit
Market
validaKon
Market
segmentaKon
Price
analysis CompeKKve
analysis
Customer
resonance
Revisit
from
concept
for
target
market
expansion
Lifecycle
of
a
Startup
Revenue/
A
few
examples
above…

11. • Market
validaKon
• Market
segmentaKon
• Pain
point
arKculaKon
• Target
market
prioriKzaKon
• MarkeKng
planning
• CompeKKve
analysis
• Price
analysis
• Customer
resonance
• Product
development
• Trend
idenKficaKon
• Influencer
&
media
landscape
What
can
market
research
help
your
startup
determine?

12. PROJECT
PLANNING
&
EXECUTION
FRAMEWORK

13. PHASE
I
Planning
PHASE
II
ImplementaKon
PreparaKon
PHASE
III
Fieldwork
PHASE
IV
Analysis
PHASE
V
AcKon
Plan
Iden5fy
goals
2ndary
research
Develop
interview
ques5ons
Recruit
interviewees
Conduct
interviews
Collect
&
summarize
data
Review
findings
Develop
conclusions
Decide
what
to
do
differently
Implement!
5
Steps
to
Conduct
Qualita5ve
Market
Research

14. Research
Differences:
B2B
vs.
B2C
Category Consumers
(B2C) Business
Users
(B2B)
User
Type Responder
is
an
end-­‐user Responder
is
engaging
as
part
of
profession
PopulaKon Larger
sample
populaKon
(generally)
More
defined
targets
Decision-­‐making Approvals
come
from
self
(or
spouse?)
Approvals
come
from
mulKple
stakeholders
Interview
language Simple,
everyday
language
is
used
during
the
interviews.
Knowledge
of
industry
terms
may
be
needed

15. Step
1:
Planning
Confirm
the
ques7ons
we
are
trying
to
answer,
flesh
out
methodology,
approach,
and
desired
outcome.
AcKviKes
include:
q Secondary
research
(online
&
founder
insights)
q Select
target
audience
&
qualificaKon
criteria
q PrioriKze
your
goals,
quesKons
to
answer

16. Step
2:
Implementa5on
Prepara5on
Create
all
needed
materials
for
the
primary
research,
build
&
test
list
of
ques7ons
(discussion
guide).
AcKviKes
include:
q Build
and
test
discussion
guide
q Build
target
interviewee
list
q Schedule
interviews

17. Discussion
Guide
Ques5on
Types
Warm
Up
QuesKons
E.g.
Tell
me
about
your
background
Best
for:
StarKng
an
interview!
Example
Use:
General
market
knowledge
Example
QuesKons
E.g.
Give
me
an
example
of…
Best
for:
ComplexiKes
-­‐
Leading
quesKons,
disrupKve
technologies,
etc.
Example
Use:
Purchase
decisions,
product
development
Direct
QuesKons
E.g.
Where
do
you
go
for…
Best
for:
Factual
quesKons
and/or
you
need
a
very
concrete
answer
Example
Use:
CompeKKve
analysis,
influencer
idenKficaKon
Indirect
QuesKons
E.g.
What
are
the
biggest
challenges
you
face
around…
Best
for:
Need
to
understand
their
world,
want
to
see
language
they
use
Example
Use:
Pain
point
arKculaKon,
target
market
prioriKzaKon

18. Step
3:
Fieldwork
AcKviKes
include:
qConduct
interviews
(record,
record,
record)
qReview
early
insights
midstream
qSummarize
interviews
This
is
where
the
rubber
hits
the
road—conduct
interviews!

19. Step
4:
Analysis
AcKviKes
include:
qAnalysis
summary
qBring
in
broader
group
qReview
analysis
&
implicaKons
qDevelop
implicaKons
on
‘quesKons
to
answer’
Aggregate
data
into
findings,
review
paPerns
in
the
data,
glean
insights.

20. Step
5:
Build
Ac5on
Plan
AcKviKes
include:
qDecide
what
new
hypotheses
&
realizaKons
you
have
qAgree
on
what
to
do
differently
qImplement!
Don’t
sit
on
the
insights—do
something
about
it!

21. GETTING
STARTED
ON
YOUR
OWN

22. What
to
Remember
1. Record
the
conversa7on.
Don’t
transcribe
into
your
own
words.
2. Interviews
won’t
go
as
planned.
Each
interview
will
be
different.
3. Recruitment
isn’t
easy.
Give
yourself
enough
Kme,
prepare.
4. Don’t
forget
your
original
goals...
It’s
easy
to
get
caught
up
in
the
conversaKon.
5. …but
be
open
minded
to
new
insights.
Take
everything
in,
but
don’t
jump
to
conclusions.

23. Where
to
go
from
here
Approach Pro’s Con’s
Do-­‐it-­‐yourself Least
$
expenditure
Your
Kme
is
precious
Responses
will
be
more
biased
Custom
educaKonal
workshop*
Expert
guidance
More
confidence
in
results
Learn
to
do
it
SKll
have
responder
bias
SKll
takes
Kme
Targeted
support*
Get
help
where
you
need
in
most
Beware
of
disconnects
Full
outsourcing* Proven
methodology,
objecKvity
Spend
your
Kme
wisely
Most
costly
in
terms
of
hard
$’s
• Always
be
talking
to
customers
(and
documenKng
it!)
• Determine
your
highest
priority
goals
• A
few
ways
to
get
started…
*Services
offered
by
Magnetude
Consul:ng

24. How
do
we
break
down
our
marke:ng
services?

25. What’s
YOUR
next
step?

26. natalie@magnetudeconsulting.com
@_Magnetude
www.magnetudeconsulting.com

27. Course Title
Course Title
INSTRUCTOR NAME