Market Research & Competitive Intelligence

Market Research & Competitive Intelligence

Market Research

• Find potential customers.• Launch products.• Open new location.• Deepen relationships.• Wake up dormant relationships.• Find growth opportunities.

Any organized effort to gather information about markets or customers in order to identify and analyze market need, market size, and competition.

Types of Research

Quantitative Vs. QualitativeInternal Vs. External

Pre and Post Advertising

Types of Data

DemographicsSocioeconomics

FirmographicsPeer/Aspirant

Psychographics

Questions to Ask: External

How many customers could I have? (market size)

How many customers am I missing? (market penetration)

Is there a need for this product or service? (market need)

Where’s the best place to locate my business? (market concentration)

Who else is selling a similar product or service? (competition)

What are different types of customers? (segmentation)

What is the decision process for a buying customer? (motivation)

Where is my industry going? (trend)

Data SourcesExternal

Primary: Surveys, Focus GroupsSecondary:• Census Data or Google Public Data• Berry Market Research Guide• James J. Hill Business Library

Data SourcesExternal

Commercial:American Marketing Association

Advertising AgeInc Magazine

Harvard Business ReviewHoovers

Data SourcesExternal

Social• Twitter• LinkedIn• Company.com• SocialMention• Technorati

Data Sources

As It Happens• Google Alert• SocialMention Alert• RSS Feeds

Questions to Ask: Internal

• Who are my customers? Where do they live? What do they do? • Who are my best customers? Worst?• How often do they buy? How much do they typically spend?• How loyal are they to my product/service?• What is their main motivation for buying?• How have my customers changed?• What else are they looking for?• Why do they leave?

Data SourcesInternal Market

web analyticssurveys

post purchase questionnairesfocus groupscase studies

mystery shopperscatered lunch questionnaires

top five best/worst interviews

Marketing Research

• Increase return on investment.• Get more customers.• Increase exposure.• Improve communications.

Any organized effort to gather information about methodologies, processes, campaigns to reach your market.

Marketing ResearchPost Advertising

• What is the best way to talk about my product/service?

• What defines success in a campaign? (volume vs. quality)

• What channels should I choose?• Which channels were most successful? • What was my return on investment?

Data SourcesPost Advertising

• A/B Testing• Advertising Tracking• Goal Funneling

Gather data because you want to do something with what you find.

Listen. Plan. Implement. Repeat.

Marketing 2.0

SAIDigital

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