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Arizona Technology Council January 29, 2014 Jan Knight
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Bancroft Information Services – Since 2001
“Partnering with Entrepreneurs”
Research, Analysis, Writing.
Bus Development, Bus Plans, Marketing Strategies
Strategic partners: Incubators & Companies
Previous Lives: Marketing, advertising, publishing, website organization, strategy & usability testing
Education: BA-Univ. of California, Berkeley; MA - Univ. of Arizona
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Market Research: ◦ “Primary” versus “Secondary”
Primary – Who? Why? When? How?
Secondary - Strategies & Tips
Don’t Just “Google it!”
Additional Tools
Social Media Research
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Gathering, recording and analyzing information
about your business. Information and analysis that can provide INSIGHT.
Customers. Clients. Prospects. “Information for the Competitive Edge”
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Product Development. Business Plans, Marketing Plans. Looking for Funding!
Industry information: key players, segmentation, statistics, trends, regulatory issues, what drives the industry
Competitors: services & products, sales methods, marketing, distribution
Market analysis: target market, market size, forecasts, statistics, demographics, market drivers, market barriers.
Customer preferences & habits Client prospecting. Presentations to Potential Clients.
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“We introduced a new product into the marketplace about 2 years ago and are introducing another one within the next 2 years.
In the first case we found that we didn’t do enough initial market research and may have improperly placed ourselves in relation to the established competition within the marketplace.
We are attempting to correct this for the product that we released 2 years ago as well as attempt to avoid the mistake with our newest introduction.”
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Data collected from original source
Collected for a specific purpose
Quantitative (Surveys) Hard facts or opinions representative or larger group.
Qualitative (Focus Groups, Interviews) Opinions not projectable to larger group.
Traditional or with Emerging Technologies: Mobile Phones,
Web Surveys, Online Focus groups
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Homogeneous group, spontaneous input, can be redirected, stimulate new ideas, needs good moderator to stimulate interaction, can show items and people can hold them.
Recruiting issues, small sample
Cannot generalize to larger population, thus
validity considerations.
Example – Medical Device Prototype
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Mail – Can show photos, ask more questions but low response rate.
Telephone – Can probe answers but can’t show pictures, and have limited time.
Personal Interviews/IDI’s (In depth interviews) Can probe, but expensive and time consuming.
Web/online – can push them back to website, ask & show questions.
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Accessing of information & data previously collected
Often for different purpose Good precursor to Primary research
(Articles, Studies, Newspapers, Company & Industry
Databases, Social Media, Presentations, Video)
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$ or $$ or $$$ $$$ or $$$$ or $$$$
Secondary Mature industries = more
information New and niche = not
studied as much = less information
Less expensive than Primary Research BUT robust data requires $
Fee based information. Turnaround time.
Primary Focus groups – locations, # Incentives Interviews – locations, #
Surveys - # of questions &
respondents Writing of questions Type of analysis, tabulations
& reporting needed
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1. Assess potential availability of information. 2. Is it likely it actually exists in some form? Something close? 3. Who else would have commissioned a study on what you
want to know? Other companies. Associations. 4. Where might it have been published? Journals. Magazines. 5. What trade shows or conferences would focus on the topic? 6. Who might be writing about a topic? Experts. Analysts.
Academics. Students. Think about your own industry & specific sources.
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Examples of Subscription Fee-Based online databases Data aggregators ($$$$) ◦ Hoovers: www.hoovers.com (hybrid)
◦ Statista: www.statista.com (hybrid)
◦ IBISWorld www.ibisworld.com
◦ Lexis Nexis: www.lexisnexis.com
◦ Profound/MR: www.MarketResearch.com
Thousands of databases, information on companies, industries, demographics, national & international.
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1. Create source list 2. Review key words &
phrases 3. Keep good notes on
sources & keywords used.
4. Note reason for saving the URL.
5. Start again with new topic.
6. KNOW WHEN TO STOP
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Don’t Just Google ™ It!
But when you do…..
◦ Use advanced search capabilities
Boolean Logic (AND, NOT, OR)
File types (PDF, PPTX etc.)
Domain types (.com, org etc.)
“Similar to”
◦ Be specific rather than general
◦ Be creative – think like a search engine!
◦ Be aware of the Invisible Web!
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TIP: Be specific and use Boolean logic. Use ADVANCED
SEARCH (find at bottom of page after initial search)
Market size personal care products = 120 million "personal care" AND products AND "US market size" =
1.5 million "personal care" AND products AND “US market size AND
organic -Global = 8 results
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Market share Market trends
Market analysis Market size
Industry profile Industry outlook
Best practices Go to market strategy
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Consumer Preferences Competitive Landscape
Growth Trends Studies or Polls
White Papers Surveys
Lessons Learned Demand determinants
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Demographics
Statistics
Customer demographics Commercialization
Benchmarking Key ratios
Operating Conditions Industry Outlook
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The computer being used makes a difference.
Check what you get versus what others get
Word Order ◦ Dell market share
◦ Market share Dell
◦ Dell “market share”
Different number of results & actual results
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Use “autocomplete” as a research tool to show competition, linkages, connections
Start typing….. “Dell versus”
Autocomplete options include:
HP, Acer, Lenovo, Gateway
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Remember:
Other countries have search engines.
Some countries (UK) spell words differently. ◦ Flavor vs flavour
◦ Specialty vs speciality
◦ Aluminum vs aluminium
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www.wikipedia.org
Anyone can edit – caution – even you!
Use only as primer
Go to bottom of page & review resources/citations & follow those sources
Corroborate with other sources
Don’t cite Wikipedia in a business plan or to investors
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Wikinvest – www.wikinvest.com ◦ Investment portal. Founded 2007.
◦ Two categories:
1. Companies – financial & business analysis on individual corporations.
2. Concepts – trends in broader economic issues and industries
Many other Wiki related sources.
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Use Tools or Search Engines made for your industry
MSDS (Material Safety Data Sheets) – www.msds.com
ThomasNet – www.thomasnet.com (GREEN BOOKS)
KOMPASS – B2B search tool http://us.kompass.com
Science search engines – e.g. www.SciSeek.com
Non Profits - GuideStar – www.guidestar.org
……many, many more
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Looking for news in all the right places!
Look for local stories on competitors, potential vendors, potential clients
“Big Fish” versus “Small Fish”
Austin Business Journal versus New York Times
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Used to be Yahoo Groups, Message Boards, Listservs ® within companies or Forums.
Sign up & LURK
Take note of discussions on trends & products
Locate titles & experts from signatures
Examples: GE Healthcare - Microbiology network (discussion of articles and products)
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Find a Google Search that is successful, save as alert.
When result appears in top 10 or 20, you receive email
http://www.google.com/alerts
TIP: Set up Alerts on competitors, industry, partners, yourself.
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Membership of professionals in a field Local, Regional, National, International Often commission studies of interest to members Specific member benefits may include access to
member lists, data on members Check for their Trade Journal TIP: Do your target markets belong to a trade association? Do you?
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Authoritative
Timely
Free
Federal, State, City, County
A tangent…….
Have you considered the government as a client?
View competitors prices & contracts.
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www.census.gov
State, County, Zip Code, Census Tract, Block
Income levels
Education level
Commute time
House size, # of people in house, children
Employment status
Population of an area – with projections
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http://www.census.gov/eos/www/naics/
NAICS – North American Industry Classification System) old term was SIC
County Business Patterns
Economic Census
OTHER SOURCES:
Ref USA Database @ some public libraries
Commercial real estate property sheets show demographics
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Potential competitor, collaborator, partner, client PPT (PowerPoint presentations) Press Releases Annual Reports Biographical Info on executives History of Company – review their growth Social Media links and messages Caution – tell you what they want you to know!
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Look at online program
◦ Exhibitors
◦ Sponsors
◦ Speakers & Experts?
◦ Topic tracks - discern trends and topical issues
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Fee based – sometimes very expensive
General or industry focus
Occasionally provide samples or abstracts
Variations in data based on differences in methodology
Occasionally purchase by “the slice” – e.g. page, chapter, table, section
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TIP:
“reverse link look up”
Find out who and what other companies or organizations are linking to a website.
link: commercial-real-estate-tucson.com
Useful for: identifying partnerships, memberships, buyers’ guides showing more of the same type of company etc.)
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TIP: “Way Back Machine”
www.archive.org
Provides archives of websites
Useful for: product line growth, executive changes, changes in marketing strategy, corporate branding
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Search for information on Blogs and Social Media Caution on who is posting & why.
“Only 4 percent of unhappy customers will provide feedback on a survey while 52 percent of buyers will post a product review on a blog.” …Quirks Market Research.
Solid customer feedback can be found. Social Media – postings, images, customers, vendors
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Personal profiles
◦ Look for connections, companies, executives, history, what groups they belong to
Company pages/profiles
◦ Advanced Search: keywords, names, company, school, location
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Industry research Funding Start-ups Company/partner Competition – some
companies sponsor their own groups
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www.slideshare.com
Provides copies of presentations people have given and uploaded.
Sometimes share really interesting facts. ◦ Target markets
◦ Growth figures
◦ Trends
◦ Manufacturing details
NOTE: Can also let you search Videos & Infographics
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www.youtube.com
Example:
Pumps –pump market research
Uploaded on Mar 4, 2011 (8 mins)
Mcilvaine Company's Pumps World Market Report. Continually updated analyses and forecasts of the world pump industry. Over 500 individual pump companies identified and analyzed. Products, financial info and advertising.
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Business pages
Personal pages
Useful for determining ALL kinds of things
Execs: hobbies, sports teams, political leanings, family, travel, mutual friends, colleagues
Companies: view what they’re promoting, news, what people are saying about them etc.
Bancroft Information Services (C)2014
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There are opportunities to “listen in”
Described as a “sentiment machine”
Discern “trending topics”
Follow industry experts, writers, analysts
Follow company execs
http://search.twitter.com ◦ Use Advanced Search and review Operators
◦ Can search people, places, attitudes
◦ Search for tweets “Mentioning These Accounts”
Bancroft Information Services (C)2014
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Bancroft Information Services (C)2014
Jan Knight
www.bancroftinfo.com
520-731-9300
linkedin.com/in/bancroftinfo
@BritGalJan