Market research
Quantifying a potential market
and define a viable business model.
What are the characteristics and profiles of your future customers?
Where are your customers located and what are their means of access?
Understand their motivations for buying and their criteria for choice.
What to look for?
Through monitoring and surveys:
Statistical research, surveys, specialised press
Catchment area, quantification, access time, loading capacity, Internet facilities if virtual
Typically physical or internet choice, frequency of purchase, business model
Image of the products and services, ranges present and customers concerned
Lessons
To model the project economically:
Manner to provide the service to the customers (approach INNOVATION)
Strengths of the product or service, features to sale
Price level acceptable to the customer
Modes of adapted distribution
Communication Strategy
Useful data
The study must answer these questions:
What are the targets/what are the needs
Value proposition
Business model
Number of customers / Average basket
Turnover / Competitors
Challenges identified in the model
Product Market Fit: le Graal
PMF is a start-up concept that seeks to find the most relevant version of a product or concept by re-testing with potential buyers.
IIt completes the notion of MVP (minimal viable product, which is the relevant minimalist version of the product):
“To be present in the right market with a product capable of satisfying that market”
Direct understanding, in one sentence, of the product’s usefulness and benefits
The conversion rate: prospects turn into customers, users, subscribers. 40%++
Interest in the product: the launch provokes many reactions (positive or negative)
The word-of-mouth phenomenon: satisfied users recommend it to their friends and family, thus creating the most effective form of marketing.
Marc Andreessen: “You can always feel product/market fit when it’s happening”
Your market research will also look at the communication phase:
Define the different profiles of your customers
Knowing what types of content to produce to attract them
Know when to publish your content
Know the sensitive issues to be addressed
Define the right keywords (SEO)
Knowing the problems of your prospects and therefore the topics to address in your content
Know their information sources and the influencers they follow for a content delivery plan adapted to their behaviour
Basic marketing elements
Targeting and segmentation
4 P (the 4 Ps: Place, product, price, promotion)
Persona (qualitative identification of customers)
PMF (Produt Market Fit) and MVP (Minimal Viable Product)
Blue Ocean (disruptive innovation)
Business model, optimisation, growth