Researching Your Target Market - Lean Start Up Hong Kong
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Transcript of Researching Your Target Market - Lean Start Up Hong Kong
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Researching Your Target MarketLean Startup Series #2
Image source: surveyshack.com, whicheb5.com
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About Me
Art Lee is a seasoned digital marketer with extensive experience in leading and managing technical projects across APAC and U.S. He has both extensive technology and business skills which are both required to effectively manage any digital marketing campaign and to ensure business objectives are met. The skills that are most valued by clients is his ability to listen and to create solutions.
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Session #1 - Idea generationComing up with your own ideas
Image source: brainzooming.com
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Helping business owners to build their own businesses on a lean(er) budget
To educate business owners to make informed decisions (simple and effective)
Accommodate lowest common denominator - semi-seasoned business owners
Encourage audience participation
Image: hymnindia.com
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Where to start
How to approach your target market research
Where to start your search
How to apply it to your product/service
Image: marlijnenoordink.blogspot.hk
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Multi-pronged Approach
BehavioralDemographicGeographicSocialgraphicPsychographic
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Behavioral
Observing behaviors How are people using
What conditions a person Normal reactions
How to reinforce a behavior Serving a specific
behaviorImage: danieleizans.com
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Demographics
Statistical characteristics of a population.
age
income
education
employment
locationImage: blogs.oregonstate.edu
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Geographic
Population, industries, etc., of a region or regions.
Image: userinterfaced.com
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Psychographics
Study of personality, values, attitudes, interests, and lifestyles.
activity
opinion
attitudes
behavior
needs
Image: socialfresh.com
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Sociographics
Integration of Demographics & Psychographics. Listen to the needs, values, and behavior of the influential.
personal needs
personal profile
personal attitudes
social graphs/friends
personal passions
Image: forresto.com
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Not a Debate of Analysis
Demographics
Psychographics
Webographics
Relationship with the business
Specific Goals / Needs
Context of Usage
Interaction of Usage
Information of Usage
Emotional Goals of usage
Sensory / Immersive character of usage
Accessibility issues
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Integrated Research & Analysis
Analyze
Website
Social Media, Mobile
Print, Advertising, TV
Feedback
Data Analysis Report
Customers
Competitors
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Where you want to be (viability)
Image source: pearanalytics.com
High Value
Not Useful
Low Value
Very Useful
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Caffé Habitu Promotion
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A Society Slow to Change
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Some Things Don’t Change
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Case Study:Need more FB
Likes
All Likes do not equate to real conversion It expands total eyes from
extended networks
Likes from anywhere? The more the better
Worried about fake profiles? My boss just wants me to
get more likes than competitors
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Exercise
iPhone (IOS) Samsung Galaxy (Android)
BehavioralDemographicGeographicSocial graphicPsychographic
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How and where to researchDefining the Goals and Purpose of Your Campaign
Image source: drpop.org
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Look for Promoting Brand Advocacy
Product or Service Experiences
worth advocating, sharing
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Discover Hit the Heart & Mind
AdityaKedia.com - Emersense
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Identify Social Segments
Tools Locating Culture, Discovery, Real Time
Data, etc. People look for other people
like themselves, which is called group affinity.
Locate new Micro-Communities (offline/online)
Listen to customers & influencers
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Using Facebook
Research Groups based on keywords
Ads based on profiles
Competitor ads
What is being shared
Engage in group
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Using Twitter & Tools
Search hastags # (keyword: topic, industry, product)
Find people (influencers), Observe who follows
Observer news people engage with most
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Using Linkedin
Keywords for people and groups
Engage with groups, share your idea
Find what motivates, what people want
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Using Blogs
Track buzz, what’s going on
Comment on blogs
Share your idea
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Use Discussion Boards/Forums
Track buzz, what’s going on
Comment on blogs
Share your idea
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In-Person
Networking Events
Organizations
Coffee Meetings
Meet competitors
Meet industryrelated companies
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Exercise 2
Phone Case Come up with phone case idea that serves a specific
customer based on your research. For example (30s, female, smartphone size, colors,
lifestyle, usage, etc.)
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Digital Marketer
Many companies offer direct solutions (FB Marketing, list building, mobile apps, social media)
What people really needed was a strategy and justification of approach, that fits their budget
Serve underlying need to increase sales leads Part time and small sized businesses Growing businesses
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Research Points
Understand what people want (can be unrelated to you), what they need (PAIN)
Understand what drives competitor businesses
Compare what you have to offer
Further define the characteristics of ideal client
Image: freemarketingmadeeasy.com
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Good Luck!Come talk to me if you have any questions.
Get Busy Doingor
Get Busy Losing