practical market research - desk research - neil infield

Essential Market Research: Desk Research

Neil Infield – Manager Business & IP Centre - [email protected]

2Practical Market Research – Desk Research – 21/7/10 – Neil Infield – Manager Business & IP Centre

By the end of this session…

Basic principles for desk research

Key sources, inside and outside the British Library

How these can be applied to specific examples


Success Stories – who have used our Market Research

“The Market Research Resources at the centre helped us put together our first business plan, with which we were able to convince NESTA to award us a £35,000 grant.”Richard WoodsCo-founder of DIY Kyoto

“I had no background in food and drink, so I spent six months in the Library researching the market..”

Adam PritchardFounder & MD, RJA Foods Ltd


Starting Out

The key is to structure your research around questions


Questions about your customers

Who are they?

Profile of target customer - persona

Differing value propositions – price - ethical

Can you deliver?

Role of Desk Research

Sales trends by age, region or demographics

Stories and examples which indicate consumer spending and lifestyle trends

Statistics


Customer Personas


Customer Personas

Name: Tasmina Bose - Age: 29

Has worked in London for 10 years in the catering business, for Justin de Blank and Compass.

Wants to return to her home town of Chorlton in Lancashire, and set up her own business, catering for local businesses and social events & parties.

Has done some investigation into the catering market in Chorlton, but needs to really find out more to check if this is a feasible plan.

Initially found many commercial organisations offered advice and courses at very expensive prices.

Read about the British Library in the press, and was amazed by what the BIPC offers.

Went to a Business & IP Information clinic, and has attended various workshops & used the ‘Ask an Expert’ service.

Is confident that she’ll soon be armed with the right information, to present a watertight business plan, for financial backing.

Likes the chance to network here, and exchange ideas with fellow entrepreneurs

Would like more time, to see the exhibitions, but feels she is too busy.


Questions about your product or service

Why buy?

Demand predictions

Other opportunities?

Future proof products and services – e.g. Newspapers

Protection


Existing product information

Stories and examples which indicate consumer spending and lifestyle trends

Existing patents or other forms of intellectual property protection


Where does your product or service fit?


Questions about your competition

Who are they?

What about less obvious competitors?

What can I learn from their experiences?

How can I attract their customers?


Existing company information

Market share data

The trade and business press


Where would you open your café?


Questions about you

Appropriate skills and experience?

Access to finance, technology, customers.

Do you have the temperament?


Details of qualifications required

Details of legislation

Case studies


Wheelie Bin Cleaner


Questions about you - Wheelie Bin Cleaner

A wheelie bin cleaner requires up-to-date knowledge of environmental legislation.

An understanding of how to build up a regular client base.

An awareness of health and safety legislation regarding the safe use of chemicals.

Relevant organisations:The Chartered Institute of Environmental Health (CIEH) has a level 2 award in Principles of COSHH (the Control of Substances Hazardous to Health). The Chartered Institution of Wastes Management (CIWM) offers a one-day course entitled 'Introduction to Waste Legislation'. The Cleaning and Support Services Association (CSSA).

Cobra report BOP477


Questions about you – Anita or Gordon?


What about the wider context?

Economic climate

Legal issues

Cultural and ethical trends?


Statistics

Guides to legislation

The trade and business press



24 October 2009



? ?



World Annual Photovoltaic Production 1993-2009

UK Gross Domestic Product


Carrying out your own research: some tips

Do not jump to conclusions based on single pieces of information

Be prepared to challenge your assumptions

Always try and view things from a customer perspective

Look to the future; consider ‘what if’

scenarios

Information is not where the true value

lies; it is the conclusions you draw from the

information


Information search strategies – start broad and narrow down

Fruit Juice

Pomegranate


Information sources that help you understand a market

Published market research Trade and business journals + directories Newspapers World wide web Statistics and demographic data Business guides


Published market research – why?

Convenient‘Off the shelf’

solution

Good source of

information on other sources

Expensive

A single report may not provide

all the answers


Published market research – where?


Trade and business journals + directories – why?

Current industry

news

Product news

Company news

Identifying key issues

Contacts

Variable quality

Hard data can be limited

Commentaries

Competitors

Suppliers

Surveys


Trade and business journals + directories – where?

Thousands of journals (browse or subscribe)

3,500 Directories

Searching our databases Business Source Complete Factiva Business & Industry ABI Inform


Trade and business journals + directories – examples


Newspapers – why?

Broad subject

coverage

Good coverage of culture/lifestyle

Good local coverage

Lack of detailed market

research

Hard to find


Newspapers – where?

British Library newspaper collections at Colindale Local public libraries

Searching our databases Factiva Newsbank


Newspapers – example


Market Information on the Web

Portal RBA Business Information: http://www.rba.co.uk/sources/

Market Research Market Research.com http://www.marketresearch.com/ Market Research Portal http://www.marketresearchworld.net/ Gartner: http://www.gartner.com/ Global Technology Forum: http://www.ebusinessforum.com/ IDC: http://www.idc.com/


Statistics aren’t boring

Free UK National Statistics: http://www.statistics.gov.uk Official Statistics on the web: http://www.offstats.auckland.ac.nz/ Statistical Resources on the web

http://www.lib.umich.edu/govdocs/stats.html Nationmaster: http://www.nationmaster.com/index.php

Searching our databases Datamonitor Economist Intelligence Unit – Country Data Economist Intelligence Unit – EIU.com


Case studies: Greeting cards

Business Guide: Cobra Published market research: Key Note , Global Market Information

Database (GMID) Newspapers: Factiva Trade and business journals:

Business Source Complete (EBSCO) Website:

www.greetingcardassociation.org.uk,www.ga-uk.org


Case studies: Internet Cafe

Business Guide: Cobra Published market research: eMarketer Newspapers: Factiva Trade and business journals:

Business Source Complete (EBSCO) Website: www.cybercafes.com


Industry Guides

practical market research - desk research - neil infield

Business

essential market research

market research resources

desk research key sources

catering market

catering business

business press

business journals

information sources