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Market research (take laptop for example) - Coggle Diagram
Market research
(take laptop for example)
Step1
Industry overview
to learn about all business like yours
aspects
trend: going up/flat/down
projected growth
Size
Sources
US census
Statista (charges)
Step2
Target market
to learn about your customers
why?
customer value
content personalization
customer retention
content optimization
how?
segment your audience
demographic traits
preferred engagement chanel
who are the most valuable?
RFM analysis
(recency/frequency/monetary value)
https://blog.hubspot.com/service/rfm-analysis?hubs_signup-url=blog.hubspot.com%2Fmarketing%2Fmarket-research-buyers-journey-guide&hubs_signup-cta=null
calculate CLTV (customer lifetime value)
https://blog.hubspot.com/service/how-to-calculate-customer-lifetime-value?hubs_signup-url=blog.hubspot.com%2Fmarketing%2Fmarket-research-buyers-journey-guide&hubs_signup-cta=null
identify the key benefit for each group
allocate quantitative data
compare your quantitative and qualitative data
apply your analysis to the campaign
analyze the result
tools
Trifacta
Vertica
Hubspot
type by source
primary research
Ideal customer identification:
define buyer personas
factors influencing customers
behavioral: the process of the purchase, a.k.a how your customer buy your product/service
Hawkins Stern Impulse Buying Theory: Impulse purchases occur when people buy products based on external stimuli instead of much thoughts
location: e.g. country/region/state/city/county...
personal
demographic: e.g. age/gender/edu./income/interests/hobbies...
psychographics: e.g. mindset/needs/reaction/likes n dislikes/life style/personality...
psychoanalytic theory:consumers make purchasing decisions based on their feelings, hopes, aspirations, and fears.
Reasoned Action Theory: make purchases when they expect a specific result
Maslow's Motivation-Need Theory: people buy things to fulfill needs: psychological (survival), safety, love, esteem, and self-actualization
perception/attitude/background
social
Veblenian Social-Psychological Theory: make purchases based on societal and cultural norms
other people's thoughts and opinions before buying a product.
answer these questions
How do your customers feel about certain brands or products?
Why do they select one product over another?
What's their research process like?
Do they prefer to shop online?
How important are reviews to their purchasing decisions?
refine personas by talking
find them
who recently made a purchase/done a research then decided not to buy
shoot 10 people per persona
whose experience is still fresh, say within 6 month or 1 year
aim for a mix of participant: those who bought your product/who bought your competitor's product/who didn't buy anything
call for participants on social media/leverage your own network/provide incentives
collect their opinion by
focus group
online survey
individual phone interview
prepare questions
!!! all questions should be open-ended
background
know about your buyer in a specific way
fun question to warm them up, e.g. first concert attended, favorite restaurant in town...
demographic stuff
scenario related to your product
venue and object that is around
people who's around
how they're doing a given task
painpoint
awareness
how they notice the problem that needs to be solved
think back about the moment you realize you need a product type (not yours specifically)
what was challenging you
how did you know the product type can help
how familiar were you with different options on the market
consideration
how the buyer researched for potential solutions
what did you do first to research and how well the source was?
where the else did you go find more info?
if they don't come up organically, ask about search engine/website visited...
how did you find that source
how did you use the vendor's website
what key word did you use when searching/ how helpful it was and how could you make better
who provide the best info and how did it look like
how's your experience with the sales person from the vendor
decision
which source above is the most influential in driving your decision?
what (if any) criteria did you establish to compare alternatives?
who else was involved in the final decision? what role did each of the people play?
what factor ultimately influence your final purchasing decision?
closing
ask them about the ideal process of purchase would be like and how would it differ from what they experienced
allow time for them to have their questions
confirm their address for thank-you note or incentive
vertical/horizontal
specific research
dive into issues or opportunities the business has already identified as important
take a smaller or more precise segment of their audience and ask questions aimed at solving a suspected problem
exploratory research
done before specific research
done by open-minded interview with small group of people
less about numbers and more about direction to look further
means
holding focus group
surveying your customers
means
Survey Monkeys
Qualaroo
assessing competition
competitive matrix
one on one interviews
secondary research
commercial sources
(usually with costs)
Gartner
Forrester
Pew
internal sources
public sources
U.S. census
Bureau of Labor & Statistics
Size: potential customers
SAM (serviceable available market): the number you can serve based on current business model
service obtainable market: the number you can serve considered the practical limits
TAM (total addressable market): total demand of a product/service in a given market
Step3
Competition
aspects
how you're different: e.g. location, hours, options,
direct competition: very similar product/service
barrier to entry
indirect competition: alternative solution to the same problem
means
keyword research
ppc ad results
high: stiff competition
low: immature market or need more research on key words
google 3-4 groups of keyword you want to be searched for and see the result
competition matrix
industry research and benchmarks
SWOT analysis
online reviews
Amazon
Yelp
financial info
from industry association/publication/media coverage/marketing materials/website
competitive positioning
identify industry competitors
Start high-level, using terms like education, construction, media & entertainment... and find the industry you identify yourself with
create a list of companies that also belongs to this industry
review your industry quadrant on G2 crwod
download a market report
Forrester/Gartner
search using social media. e.g. linkedin
identify content company
google it
run a search on Google for the industry terms that describe your company. You might find a mix of product developers, blogs, magazines, and more
against persona
Use it to examine how likely a publication you found through Google could steal website traffic from you. If the content the website publishes seems like the stuff your buyer persona would want to see, it's a potential competitor, and should be added to your list of competitors
learn from the leader
Examine the first two or three results pages for each search you conducted. These websites are clearly respected for the content they create in your industry, and should be watched carefully as you build your own library of videos, reports, web pages, and blog posts.
Step4
pricing and forecast
Summarize and compose a report
Awareness. Describe the common triggers that lead someone to enter into an evaluation. Note: Quotes can be very powerful.
Consideration. Provide the main themes you uncovered, as well as the detailed sources buyers use when conducting their evaluation.
Executive Summary. What were the most interesting things you learned? What do you plan to do about it?
Participants. Who you talked to. A table works well so you can break groups down by persona and customer/prospect.
Decision. Paint the picture of how a decision is really made by including the people at the center of influence and any product features or information that can make or break a deal.
background: your goals and why you conducted this study
Action Plan. Your analysis probably uncovered a few campaigns you can run to get your brand in front of buyers earlier and/or more effectively. Provide your list of priorities, a timeline, and the impact it will have on your business.