Usha  Srinivasan,  Program  Director  –  Business  Accelera9on  Program  

Consumer  DECISIONS  

Industry  

Market  

Media  

Clothes  

Beauty  

Health  

Home  

Food  &  Drink  

Entertainment  

Transporta9on  

Successful  Launch  

Pg 10!

Who  are  my  customers?  

What    is  the  size  of  my  market?  

Who  am  I    compe9ng    

with?  

What  is  my    business  model?  

A  “Business  objec9ve”  is  very  different  from  the  “Research  objec9ve”  

Original  ques2on  /  Specific  Research  Need      

1.  How  many  hogs  are  slaughtered  in  farms  each  year  because  of  swine  flu  infec9on  ?  /    

Rapid  DNA  tes9ng    

1.  What  is  the  psychology  behind  scratch  and  save  campaigns  driving  people  to  redeem  in  comparison  to  regular  coupons?    /    

Consumer  aCtude  towards  Loyalty  programs  

3.  How  many  people  work  out  at  home?  /    Health  and  fitness  Apps  

 4.  Which  companies  within  Canada  are  u9lizing  digital  health  solu9ons  

for  their  employees?  /    Corporate  wellness  program/space  

 

Pg 12

Primary Secondary

60%   40%  

Secondary  Informa9on  

Internal  

Ready  to  use  Requires  further  

assessment  

External  

Published  Materials  

Print  Sources   Electronic  Sources  

Internet  

Big  Data  

Syndicated  Services  

Reference - Modern Marketing Research step by step 2011 – Chuck Chakrapani and Ken Deal

• Sta9s9c  Canada  and  U.S.  Bureau  of  the  Census  -­‐  Wide  range  of  demographic  and  socio-­‐economic  informa9on  

Government  Sta9s9cal  Agencies  

• Independent  applied  research  organiza9on  –  economic,  management  &  policy  informa9on  

Conference  Board  of  Canada  

• Syndicated  research  from  Large  and  Niche  market  research  firms  that  publish  Industry  &  Consumer  research  –  Frost  &  Sullivan,  Forrester,  ACNeilsen,  ComScore,  IMS  Health  

Industry  and  Marke9ng  Research  Firms  

• Sector  and  Func9on  based  organiza9ons  –  Canadian  Ins9tute  of  Chartered  accountants,  American  water  works  associa9on  etc.    

Various  Professional  Organiza9ons  

• Curated  list  of  public  links  on  various  topics  –    ecommerce,  edutech,  consumer  digital  health  etc.  &  in  depth  look  at  business  ques9ons  

MaRS  Start  up  Library  &  Ent  Tool  kit  

Type  of  Marke9ng  Research  Project  

 Usage  and  Abtude  Studies  Concept  Tests  Tracking  studies  Segmenta9on  studies  Product  Tes9ng  New  Product  Research  Test  Marke9ng  Adver9sing  Research  Name  Tes9ng  Package  Research  Customer  Sa9sfac9on  Brand  Loyalty  Pricing  Research  

 

Field  Methodology    

Focus  Groups  Personal  Interviews  Telephone  Interviews  Mall  Intercepts  Self-­‐administered  Ques9onnaires  Internet  Survey  Panel  Study  Omnibus  Study  

       

Reference - Modern Marketing Research step by step 2011 – Chuck Chakrapani and Ken Deal

• A  low  cost  op9on  • Beware  of  respondent  quality  • Examples  sites  –  Survey  Monkey,  Vovici,  Zoomerang,  Sawtooth,  VOXCO,  DASH  and  Confirmit.  

• Listservs  &  Specific  interest  groups  • Social  media  

Online  Survey  

• Leverage  Friends  and  Family  • Focus  groups  • In  person  interviews  • Cross  sec9onal  and  longitudinal  panels  

Direct  Interviews  

Secondary  Research  

Primary  Research  

Analysis  of  Informa9on  

Go  to  Market  Strategy  

Company/Product  launch  

     Ques2ons  to  ask:  -­‐Is  there  a  similar  patent  out  there  ?  -­‐Who  owns  the  patent  ?    -­‐How  diverse  is  their  porfolio  ?  -­‐What  is  their  status  ?  Funding/team/technology/strategy        

   

How  to  find  the  answers:  1.  Consider  patent  or  prior  art  searches  –  Public  

databases  like  USPTO  or  WIPO,  or  paid  databases  like  Delphion  or  Total  Patents  

2.  Compare  product/technology  capability/claims:  use  product  brochures  from  trade  shows  or  product  claims  from  websites  

3.  Iden9fy  and  monitor  relevant  news  sources  (e.g.,  MobiHealth  News)  –  search  keywords,  set  up  alerts  

4.  MaRS  Startup  Library’s  “How  do  I  iden9fy  compe9tors?”  –  CrunchBase,  Techvibes,  Startup  north,  Industry  Canada  etc.  

5.  Syndicated  research  by  Frost  &  Sullivan,  Gartner,  BCC  research  etc.  that  publish  compe9tor  informa9on  

 

   

       -­‐What  is  my  poten9al  market  vs  addressable  market?    (i.e.  What  you  wish  it  to  be  vs.  what  is  realis9c  ?)  -­‐What  is  my  market  share  among  compe9tors?  -­‐What  is  my  market  share  in  Canada/Ontario?    

 

 

1.  Consult  market  reports  from  mul9ple  vendors    2.  Be  clear  about  the  “defini9on”  used  3.  Sizing  the  market  in  publicly  traded  space  can  be  easier  than  

with  privately  held  companies:    a.  Bonom  up  method  –    Based  on  Revenues  or  Unit  price  

and  volume  of  sale    b.  Sizing  based  on  poten9al  buyers  –  e.g.,  no.  of  

hospitals,  no.  of  people  viewing  a  par9cular  website,  no.  of  u9li9es  etc.-­‐  Stats  Canada  

c.  Look  at  annual  reports,  tax  filings,  press  releases,  Tech  blogs,  product  brochures  etc.    

d.  Quick  and  Dirty  -­‐  Set  up  a  website  or  Share  and  adver9se  it  

4.  Market  sizing  at  regional  levels  is  more  logical    –  NA,  EU,  Asia,  Middle  East  

5.  Ul9mately  make  realis9c  assump9ons!!    

 

-­‐Geographic  informa9on  (Regula9ons,  Partners,  Poli9cal)  -­‐Demographic  informa9on  (age,  income,  occupa9on,  etc.)  -­‐Psychographic  informa9on  (personality,  values,  interests,  lifestyle,  etc.)  -­‐Industry  informa9on  (Regula9ons,  investments,  needs)      1.  Use  already  published  primary  research  data  by  

marke9ng  research  firms  -­‐  Omnibus  studies  –  Forrester,  ComScore,  IMSHealth,  JD  Power,  ACNeilsen,  Frost  &  Sullivan  

2.  Industry  Associa9ons  are  a  great  source    

3.  Tap  into  Canadian  Trade  Commissioners  office  (DFAIT)  in  other  countries  –  understanding  local  dynamics/connec9ons  

4.  In  house  primary  research  –  Online  and  direct  interviews  

 

 

 -­‐Who  has  the  most  innova9ve  business  model  out  there?  i.e.  Can  I  apply  those  best  prac9ces?    -­‐What  is  my  pricing  structure?    -­‐What  is  my  revenue  model?    -­‐Should  I  white  label  or  license?    

   1.  Online  sources  E.g.-­‐  Business  model  innova9on  hub  

–  online  community  where  5000  members  gather  to  discuss  business  models  

2.  Give  considera9on  to  cross  sectoral  business  models    

3.  Use  focus  groups/user  feedback  to  determine  op9mal  features  and  price  points  –  B2B  or  B2C  

4.  Determining  “Price”  is  always  tricky  –  consider  focus  groups  and  mystery  shopping  techniques  

5.   In  Mobile  –  review  compe9tor  products/understand  benefits  and  drawbacks  of  each  mobile  plaform/review  successful  mobile  products  and  their  launch  strategies  

 

   Is  there  really  a  market  need  here?    Whether  the  answer  is  a    “Go”  or  “No  go”  understanding  your  market  /  customer  /  industry  dynamics  will  be  key.        

   Tips  to  be  on  top  of  your  industry  :    1.   Anend  industry  events/trade  shows    2.   Subscribe  to  relevant  industry  journals/newsleners  and  even  contribute  ar9cles  

3.   Track  industry  analysts  –  through  research  publica9ons,  blogs  etc.  

4.   Par9cipate  in  research  industry  events  such  as  MRIA  (Marke9ng  Research  and  Intelligence  Associa9on),  ESOMAR  (European  Society  of  Marke9ng  and  Research);  MRA  (Market  Research  Associa9on).  

   

pg 24

Usha Srinivasan PhD Program Director Business Acceleration Program MaRS Discovery District T 416-673-8144 E usrinivasan@marsdd.com W www.marsdd.com