mkt research apr 16

Innovation & Technology Solutions, LLC

MARKET RESEARCH

For “The Unfounders”

Kirk Burton April 16, 2013


AssumpEons

•  You have an idea (or two) •  You have a vision •  Your passionate about achieving your vision •  You are willing to modify your vision based on reality


Market Research

•  SubstanEate your idea •  Refine you assumpEons •  Defines your focus •  Minimize risk •  IdenEfy the need to change direcEon before invesEng a lot of energy/$$


The Basic QuesEons

•  What market am I in? OR... What am I doing for the customer?

•  Will people pay for what I am offering? •  WHY?


Define Your market

•  Business or Consumer •  What does your customer look like? •  What is your niche or submarket? •  How big is the market? •  How much of the market can I reasonably expect to capture?

•  Who else is in the market space?


Who is my Customer •  Age •  LocaEon •  Gender •  Income •  EducaEon •  OccupaEon •  Ethnicity •  Marital Status

•  Personality •  A`tudes •  Values •  Interests/hobbies

•  Lifestyle •  Behavior •  Desires


Drilling Down •  What is the total market size? (Total Available Market or TAM)

•  Is it growing? Shrinking? Stagnant? •  What market segment are you going to serve? – What are the characterisEcs of the market segment?

– What problem are you solving? – Who specifically has the problem?

•  Who/what am I compeEng against


Resources for Market Size & Growth


Tools for the startup


Exercise

1.  You are a customer – describe the value proposiEon from your point of view.

2.  You are a customer who has made a purchase – JusEfy the decision to a skepEc.

3.  Ask a disinterested party to idenEfy the value proposiEon.


Resources

•  Nichecra(: Using Your Specialness to Focus Your Business, Corner Your Market & Make Customers Seek You out. Lynda Falkenstein


Contact Info

Kirk Burton PMP, CSM (727) 631-‐3033

kirk@innova<ontechsolu<ons.com