Your Market Research Is Flawed. Here's How To Change That.
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Transcript of Your Market Research Is Flawed. Here's How To Change That.
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Your Market Research is Flawed!
Here’s How to Change That!
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What is Market Research?
Market research is any organized effort to gather information about target markets or customers.
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Why is it important?
Understanding the needs and pains of your target market can be the difference between SUCCESS and FAILURE.
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Famous Failure
The disastrous launch of New Coke in 1985!
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Common Mistakes
Researching the wrong group
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Common Mistakes
Asking too many irrelevant questions
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Common Mistakes
Using family and friends as your focus group
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Common Mistakes
Not offering people an incentive
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Common Mistakes
Not using modern research tools
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B2C vs. B2B
Key difference is in the target audience and how to relate to them.
• B2C – Need to relate with consumers• B2B – Need to relate with businesses
General principles are the same
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Research Methods
Primary - Creation of studies to answer specific questions
Secondary - Use of existing research
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Research Tools
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Getting Genuine Feedback
• Get it directly from the source• Ask only relevant questions (use skip
logic) • Make it a painless conversation• Make it a positive experience
The quality of your decisions will be determined by the quality of your information.
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One Question
What are the biggest challenges you face around…
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Thank You!
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