How to Conduct Market Research?

How to Conduct Market Research?

In this lesson, we will review some techniques to get a better insight into your customers’ jobs, gains and pains.
In order to build a great value proposition, you need to understand your customers in depth. This is where Market Research plays a crucial role in providing you with the relevant information that you need.
[Optional] Conducting Market Research
Read this article to learn more:
Technique 1: data detective
Use existing data. Data has never been so easily accessible.
Some tools you can use:
– Google Trends
– Google Keyword Planner
– Government, World Bank, IMF data
– Research Reports
Example: Google Trends
Social Media

Companies should identify what are the main positive and negative things said about their company on social media.

Customer Support

Companies should identify what are the main requests received by customer support.

Website Tracking

Companies should find out how their customers reach their website, and how they use it.

There are many solutions available, such as:
– Google Analytics
– Kissmetrics
– Mixpanel
Data Mining

Data Mining refers to identifying patterns using data.
Companies should identify common patterns to better understand their customers.

[Optional] Data Mining: The Marketing Research of the Future
Technique 2: journalist
This one is easy to understand but not always easy to perform.

Your task is to talk to your customers to gain relevant information about them.

The process is the following:

1) For a specific customer profile, ask yourself what you want to learn
2) Build your interview
3) Conduct your interview
4) Identify patterns

We will give you some tips for conducting interviews on the next slide.
Here are some rules for conducting your interviews properly:

1) Listen more than you talk
2) Get facts, not opinions
3) Ask “why” to uncover real motivations
4) Don’t mention your solution or prototype too early
5) Ask “Who else should I talk to?”

Remember: Your interview is all about learning, not selling.
[Optional] Market Research Interview Techniques
Technique 3: anthropologist
his technique is about diving into your customers’ world.

You need to observe your customers as closely as possible to understand what they do on a daily basis.

Examples: Try working/living with a customer for some time, observe carefully what they do and what they choose on a daily basis.
Technique 4: impersonator
“Be your customer”

Use your own products and services and try to understand what would make a customer unhappy.

Note: Be careful, you may be biased 😉
Technique 5: Cocreator
Involve your customers in the process of value creation.

Working with them will help you explore and develop new ideas.

Technique 5: Scientist
Build an experiment and try to learn from the outcome.
An experiment is a procedure to validate or invalidate a value proposition or business model hypothesis that produces evidence.
Tips for experiments:

1) Consider cost, data reliability and time required before starting an experiment.

2) What customers say and what they do are two different things.

[Optional] Experimental Research
Read this article to learn more:

You can get more insight on what your customers want by:

– Using data
– Interviewing them
– Observing them
– Using your products yourself
– Building your products with them
– Creating experiments

Jim Rohn Sứ mệnh khởi nghiệp