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MARKET RESEARCH FOR
STARTUPSElif ARIK & Mehmet AKALIN
INV
ES
TM
EN
T S
TA
GE
S
27/01/2017 2BIC Angel Investments
WH
AT
IS
MA
RK
ET
RE
SE
AR
CH
?
27/01/2017 3BIC Angel Investments
MARKET RESEARCH
is an inevitable stage for a
startup to identify the market
of a product innovated for
solving customers' problem,
find out the boundaries of the
new business and gather
insights to target the right
market.
HO
W IS
MA
RK
ET
RE
SE
AR
CH
DO
NE
?
27/01/2017 4BIC Angel Investments
• Identify the product and the business model
• Search target customer
• Analyze market trends
• Define market size
• Examine competitors
• Find out advantages and disadvantages
Finally startup starts to grow with the realistic
targets set by the market research.
TY
PE
OF
RE
SE
AR
CH
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Primary Research:
Information is gathered directly from the
customer
• Focus Groups: A group of potential customers
are asked about their opinions, beliefs and
perceptions about a product, service etc.
• Customer Surveys: A quantitative survey
allows you to gather vast amounts of data in a
short time
FA
CE
BO
OK
SU
RV
EY
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DR
OP
BO
XDROPBOX CASE
2/10/2017 7BIC Angels
BUILD
•Got people to sign up with a 90 second video before launching the
product, describing its services
•Signed 5000 subscribers before it had a product to offer.
MEASURE
•They allowed users to make comments on Votebox to state what
they do or don’t like
LEARN
•Dropbox realized that the importance of references was greater
than online marketing.
•In 15 months, Dropbox went from 100.000 registered users to 4
million largely by word of mouth referrals
LE
AN
ST
AR
TU
P-E
RIC
RIE
S
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SE
CO
ND
AR
YR
ES
ER
CH
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Secondary Research:
• Information is gathered through
statistics, reports, studies etc.
•Useful resources for conducting
secondary research: Industrial trade
groups, business magazines,
academic institutions, government
agencies
PR
OD
UC
T A
ND
BU
SIN
ES
S M
OD
EL
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Examine the product;
check the existing
revenue model
or build a new one
BU
SIN
ES
S M
OD
EL
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It is an online
platform to track
students’ progress
during YGS & LYS
preparation and it
offers a
measurement
system and
detailed reports
for students’
performances.
Education
institutions can
follow their
students through
lala and give
assignments if
needed.
RE
VE
NU
EM
OD
EL
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TA
RG
ET
CU
ST
OM
ER
S
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Set your target
customers,
segmentify them and
use research
results/statistics
MA
RK
ET
TR
EN
DS
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Find out the market
trends, customer
tendencies and make
assumptions
Usın
g t
oo
ls
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Google Trends
Keyword Check: Influencer Marketing
MA
RK
ET
SIZ
E
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Measure the target
market size and your
share to extract from
it using research
results
MA
RK
ET
AN
AL
YS
IS E-commerce Market Size 18BnTL*
E-commerce Fashion Market
Size
3,24BnTL**
Accessible E-commerce
FashionMarket Size
14.6MnTL***
Turkey Market Size
17
TECHNOLOGY ADOPTION LIFECYCLE
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CO
MP
ET
ITO
RS
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Find out your global
and local competitors
and make
comparisons in terms
of product and the
market share
CO
MP
ET
ITIO
N
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PR
OS
AN
D C
ON
S
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Check the results
with advantages and
disadvantages
CO
NC
LU
SIO
N
Conclusion/ Pros & Cons
25
• Big market
• A new developing market
• High potential SMEs customers
• Low competition
• No mature product
PROsCONs
• High number of international
competitors
• Dependency on big e-commerce
companies
WH
Y D
OE
S M
AR
KE
T R
ES
EA
RC
H M
AT
TE
R?
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• Identify potential customers
• Verify your financial insight
• Understand existing customers
• Develop effective strategies
• Examine and solve business problems
• Prepare for business expansion
• Set realistic targets in terms of financials and
market requirements
REFERENCES• https://www.smallbusiness.wa.gov.au/business-topics/marketing/market-research/step-1-why-do-market-
research/
• http://essay.utwente.nl/65327/1/Henne_BA_MB.pdf
• http://webrazzi.com/2016/03/02/hasan-aslanoba-tazedirekti-neden-kapattigini-anlatti/
• http://www.sinaafra.com/digital-bosphorus-the-state-of-the-turkish-ecommerce-2013/
• http://www.slideshare.net/Intelligent_ly/market-research-for-startups-20884001
• http://www.slideshare.net/Frankichamaki/design-thinking-with-persona
• http://123writing.com/sample_description.php?sample_id=17
• http://www.forbes.com/sites/groupthink/2013/11/25/how-an-exploding-freelance-economy-will-drive-
change-in-2014/
• https://www.similarweb.com/website/bionluk.com#overview
• https://www.crunchbase.com/organization/airbnb#/entity
• http://www.alexa.com/
• http://www.marketingprofs.com/opinions/2013/23874/five-reasons-why-market-research-matters-and-
five-tips-for-using-it
• www.entrepreneur.com/article/217388
• https://www.linkedin.com/pulse/market-research-startups-important-patrick-henry
• http://www.business.com/starting-a-business/how-to-utilize-the-lean-startup-methodoly/
• http://www.stragon.com/new-technologies-sustainable-competitive-advantage/
27/01/2017 27BIC Angels
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Mehmet Akalın
INVESTMENT DIRECTOR
E-Mail: [email protected]
Elif Arık
MARKETING&BRAND
MANAGER
E-Mail: [email protected]
