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Website analytics, social media, online research tools, and secondary resources
Citation preview
Kelli S. Burns, Ph.D.
September 23, 2014
USF CONNECT
Slides available on Slideshare.net (search under users: ksburns71)
© Showface | Dreamstime Stock Photos
© Rob Bouwman | Dreamstime Stock Photos
Define the Market Size, structure, growth prospects, trends, and sales potential
Define your Target Market Geographic, customer attributes, or product-oriented
Delineate your Feasible Market Look for product segmentation factors that produce gaps within
the market.
Project Market Share Consider industry growth and conversion of users from total
feasible market
Determine your Positioning1. How are your competitors positioning themselves?
2. What’s your unique selling proposition?
3. What customer needs does your product fulfill?
Determine your Pricing
Select Method for Distribution
Research Ways to Best Promote
Estimate your Sales Potential Source: http://www.entrepreneur.com/article/25754
Database Research
Audience Research
Product Research
Packaging/Logo Research
Brand Analysis
Customer Satisfaction Studies
Pricing Studies
Messaging Research
Source:
http://hbr.org/2011/04/wh
y-most-product-launches-
fail/ar/1
“Who will
buy this
and at
what
price?”hat price?”
“If consumers can’t
quickly grasp how
to use your product,
it’s toast.””
“Test the product to
make sure its
differences will
sway buyers.”
Secondary Resources
Social Media Research
Online Research Tools
Web Analytics
Available through the USF Library
IBISWorld: the largest provider of industry information in the U.S.
MarketLineAdvantage: Profiles all major companies, industries and geographies, one of the most prolific publishers of business information today.
LexisNexis: search patents, company profiles Can also search patents on
google.com/patents
MarketResearch.com: reports are $$$
Freedonia: Product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Within ABI/Inform Complete,
search Freedonia Group and keyword
Business Insights: Essentials
ReferenceUSA U.S. Consumers/Lifestyles Database
ABI/Inform Complete
Business Source Premier (EBSCO)
Business Insights: Essentials (Gale)
For Listening and Seeking Feedback
Connect with potential customers through your social media profiles
Monitor discussion about your product/service, industry, trends, etc.May spot opportunities for growth
Crowdsource to test product specifications or collect feedback on products
Identify influencers who can help you with PR
Vine
YouTube
Free Options
Social Mention
Addict-o-matic
Google Alerts
Wildfire App by Google
Measures your own profiles and those of others
Sprout's Smart Inbox combines every message, alert and action from all your profiles into a single, filterable stream.
Discover what people on social media are saying about you, your business, your products, or any topic in real-time.
Search for brand mentions not directly linked to your accounts, find potential followers with similar interests, monitor competitors & stay up to date on industry news.
Pricing: $59/$99 per month
Tap the power of your network
Use “crowdsourcing” for ideas
Ask questions and get feedback
Doubletree asked on Twitter: “What are the little things that enhance your travel experience? #LittleThings”
Sites like Quirky use “open innovation” to shape and launch a product
Inventor loses IP rights and receives a “lion’s share of royalties.”
Indiegogo and Kickstarter are excellent forums for testing product concepts
Use the product preview option before launching your campaign
Source: http://www.entrepreneur.com/article/235201
Post-launch
user
feedback
revealed
watch
looked
cheap and
scratched
easily. Fixed
problems in
new
version.
Pulled UP smartband
when users said the
band didn’t hold up
to daily life.
Jawbone recalled,
refunded, and
retooled.
Use your network to locate volunteers willing to test and review your product/service Facebook poll
Free products for volunteers
Advice/Suggestions Be open to change
Engage through sneak peeks
Manage expectations
Not every idea will be incorporated
Source: http://socialfresh.com/social-media-testing-marketing/
Start with a seed list of 10-20 influencers using sites like Klout, Kred, and PeerIndex,Linkedin Groups or Facebook Pages to locate influencers.
Use a tool like HootSuite to organize the influencers into a single stream.
Monitor and communicate with them.
Continue to refine and build relationships with your influencers.
Source: http://www.socialmediaexaminer.com/industry-
influencers/
Product Feedback Surveys: https://www.surveymonkey.com/mp/product-feedback-surveys/
New products
Adjusting features
Mid-production
Manufacturing quality
Usability testing
New market for product
Pricing
Minimize the use of open ended questions
Use scales so you can get gradations of response
Likert (agree-disagree)
Consider using importance and performance measures
How important is this feature to you?
How well did the product perform on that feature?
Look at the areas where importance exceeded performance
Keep it short!
25 questions max
Online Focus Groups
Need web conferencing software
Online Panels
Customer Panelshttp://www.inc.com/articles/2003/03/25254.html
Use a cell phone or tablet to have people take online surveys
Record video/audio or take photos with the mobile device
Can easily capture data in real time on the scene
Search your product name as well as keywords that people would use to search for your product/service
Consider the need the product/service fills
Who else providing a similar product/service?
Use Paid Search to have your result closer to the top
Write SEO-friendly web content using these keywords
Finding a unicorn,
Sasquatch and the
Loch Ness monster or
keyword phrases
your competition
hasn’t already found?
http://www.marcensign.com/
why-keyword-research-is-a-
waste-of-time/
Do not base your keyword strategy around what Google thinks.
Likely to have a high bounce rate because content not as relevant.
Use “People Research,” not “Keyword Research.” What are their problems that need solving?
How can you meet their expectations?
What words are they searching?
Three steps:1. Make a list of ideal clients
2. Learn more about your ideal clients (demos, challenges, questions, what’s important)
3. Tell their story, then keywords will start to become more obvious
Free download of Search Engine Humanization: http://www.marcensign.com/search-
engine-humanization/
Google Analytics: generates detailed statistics about a website's traffic and traffic sources and measures conversions and sales.
Basic is free and premium is a fee
Crazy Egg
Pricing ranges from $9-$99/month
Inc. Market Research Guides
http://www.inc.com/guides/marketing/24018.html
Entrepreneur’s Articles on
Market Research
http://www.entrepreneur.com/topic/market-research
THANK YOU!
Kelli S. Burns, Ph.D.
kburns@usf.edu
@KelliSBurns
linkedin.com/in/kelliburns
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