Introductions

Don’t shoot with closed eyesUppps

Market research workshop

Why do you need to do it

•To make sure that you invest in the right product, segment, strategy

When do you need to do a market research

•When you are looking for the new opportunity, to understand how big the opportunity is

•When you are operating in the market, to understand how you need to adjust your product and strategy to keep up being successful

•When do you want to expand to the new markets, to set the priorities and find out how to adjust the product/market fit strategy

Before we go any further…

•You need to know:• What is your product• What is the problem you are solving• Who is your customer

•Don’t you know?

•Set a hypothesis and validate it with the market research/adjust it based on the market research results

The market for unicorns serving coffee is huge!

I dreamt about it last night, so it must be true

It is a great idea!

But is there a market for it?

How to find out the total addressable market

Framework

What is the product: The core of your solution

Who can be your customer: Who currently solves/cares about the problem you are solving with your product.

What is the size of the market: Current value of the purchases in the similar area/nr of perspective customers

What are the enablers: External factors for must have

What are the supporting factors External factors that supports you

What are the barriers: External factors that limits you

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Retail e-commerce CEE total addressable market

What is the product: Anything that can be sold online

Who can be your customer: Anybody that does a retail purchase

167M inhabitants

What is the size of the market: Current value of the retail 86B euro in the industries RC operates /4,6B euro in online

What are the enablers: Internet connection 75% in CEE

What are the supporting factors n/a n/a

What are the barriers: Education on using an online purchase channel

Current online purchase penetration varies among the categories between 0,3% to 23%

What are the barriers and how they can be removed?What is the max. penetration online can get? Benchmarking, deep customer understanding

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Storyous: total addresable market

What is the product: POS for restaurants

Who can be your customer: Anybody with a bar/cafe/restaurant

What is the size of the market: Current number of restaurants

What are the enablers: n/a

What are the supporting factors Legal obligations to own EEP

What are the barriers: Switching costs from other providers

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Storyous: total addresable market by the total number of restaurants

Source: TripAdvisor, retrieved 16.2.2015, only in cities with 200K inhabitants and more

Sweden Countries with cash register law

Top 10 countries

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Eating a sandwich HIMYM style

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Company building: total addresable market

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What is the product: Financing of the „sandwich“.

Who can be your customer: Anybody who currently purchases the „sandwich“ either new or second hand – stats from the trade association.

What is the size of the market: Number of new and second hand „sandwiches“ sales.

What are the enablers: n/a

What are the supporting factors Competition invests in education of the market.

What are the barriers: Requires change of the customer mindset.

Over to you:

How do you think about your market?

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Data sources to determine the total addresable market

No universal magic

Just a couple of tips

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Mr. Google

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Eurostat: consolidation of the european stats

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Google Public data

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Statista

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National stat offices, trade associations

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If you have an mobile app: AppAnnie, xyo.net

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Key word planner and related

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Google Trends

Sometimes you just need to talk to somebody

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•Agencies with the industry analysts

•Natalia in Poland

•How can we leverage the network better?

Euromonitor

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Do you want to play a game?

From data to insights

10

How could you proceed

•Which countries are the biggest?

• Find out what drives the growth: which category is good for investment

•What will be the adaptation of various categories among the countries

• Find out which categories are already strong: proxy for learned customer behaviour

• Find out which companies are strong and growing: find out what their business model is, how big share of the market do they control

So, you have as well competition?

Great.

Who is your competitor

•You know what is the problem you are trying to solve…

•What are the other solutions that the customers do have to solve the problem you are trying to solve?

1. Sit down to write down your hypothesis2. Desk research: Quora and LinkedIn groups can be a good source of

info3. Understand the size, power and the product of your competition

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Goals of competetive research

•To understand who are the incumbents in the industry and new entrants

•To understand which business models works and which do not work – leverage what works and not repeat the same mistake

•Understand how you can differentiate – price/performance/service

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How to understand the size and power of your competiton?

•Market penetration: number of customers, generated value

•Growth

•Revenue

•Number of customers

•Number of employees

•Brand awareness

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Market penetration use case

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How to understand your product competitive landscape

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How they see themselves

How their customers sees them

What the competitors believe are their strengths?

How they see themsel

ves

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•What do they present as their unique selling proposition?

•What services/features do they offer?

•What is their pricing and how do they structure the price?

Price mapping

License fee

* NCR does not require any entry license fee, in price is only for software compatible with iOS devices. As well NCR charge $0,10 per transaction.

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How the customers do perceive them

•Sentiment analysis of online resources: for mobile apps Google Play reviews

•Net Promoter Score monitoring

•Satisfaction surveys

•Competitive user testing/in-depth interviews

How their

customers sees them

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Shall I adopt features that my competitor has?

Tricky question.

Depends on the deep understanding of the customer.

How do you approach this?

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Sec.gov aka Justice.cz

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Statista/eMarketer

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NetMonitor/Aimmonitor

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Alexa.com

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LinkedIn: source of info on the markets presence, sizes of targetable B2B audience, future hiring

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I got it, I need to understand my customer – but how?

Own product/campaign analytics

•Feedback of your sales representatives/customer care.

•How do the customers use your product• Which features do they use most frequently?• How much time do they spend with them?

•How do they react to your campaigns: which messaging and proposition works the best?

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Own primary quantitative research

• Deals with the agencies to run the internet research – starts from 15K CZK for CZ, goes up for the other geos

• For the B2B business, phone research possible, starts on 50K CZK

• Natalia doing door-to-door interviews for restaurants in Warsawa – quantitative/qualitative

• Vision: to have somebody like Natalia in each of the target countries

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Own primary qualitative research

• Jan Habich can help:

• In-depth interviews with customers/focus groups (cheaper) – online/offline• Ethographic studies – on how they generally solve the problem•Competetive studies – let them explore your product versus the

competitors product and comment on it•A/B testing of variants of your own product

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Secondary researches

•MML-TGI – standardized questionnaire on consumption habits: both purchases of goods and media consumptions

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Continuous monitoring

•Set up KPIs that you want to monitor: those that drive your business results• Examples:

• Number of users• Revenue• Retention/Churn• Action of competitors• User behaviour

•Layers:• KPI Monitoring – to notify you if something goes wrong• Drivers of the KPIs

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Over to you:

How do you get understanding of your customers?

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Summary

•Use market research to decide on investments and further developments.

•Use competetive research to understand which role the competition will play in the market and how can you leverage their successes/weaknesses.

•Use user research to get a deep understanding of your customers to make sure you are prioritizing tasks that will have a true impact.

The End