Does anyone want it? How to find out if there is a market for your product Presented by a marketing expert who has helped to take hundreds of ideas successfully.

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Presentation transcript:

Does anyone want it? How to find out if there is a market for your product Presented by a marketing expert who has helped to take hundreds of ideas successfully to market, this session focuses on what market information is available, where to find it and how to use it. Learn how to ‘plug the gaps’ in your knowledge and use information to drive your idea to success. Presented by Helen Murdoch, H M Marketing Ltd For further information visit Copyright of this presentation belongs to Helen Murdoch, H M Marketing Ltd

What is Marketing? Finding out what people want and selling it to them at a profit. As often as possible! THE CUSTOMER IS ALL IMPORTANT

Bedrock questions 1. Who are our customers? 2. Who are our competitors? 3. Why do customers want what we have? 4. What would make them prefer to buy from us? 5. What is happening around us? Customers Competitors The Market

Bedrock questions 1. Who are our customers? 2. Who are our competitors? 3. Why do customers want what we have? 4. What would make them prefer to buy from us? 5. What is happening around us? Customers Competitors The Market Helen’s Hot Tip Approach your idea as if YOU are a customer Would YOU buy it?

Where to start? Desk or Secondary Research Homework!!! Primary Research Hit the Road!

Libraries The Internet Directories: Business Directories Market Reports: Euromonitor Catalogues Company Annual Reports Newspapers, magazines, periodicals SOURCES OF INFORMATION

Libraries The Internet Directories: Business Directories Market Reports: Euromonitor Catalogues Company Annual Reports Newspapers, magazines, periodicals Helen’s Hot Tip MAKE NOTES and Keep a cuttings file or a scrapbook

More Homework!!! Go Shopping Touch and feel what is already on the market How do people solve the problem now (without your product?)

More Homework!!! Go Shopping Touch and feel what is already on the market How do people solve the problem now (without your product?) Helen’s Hot Tip CREATE A Visual Album

Hit the Road!! - Ask people- Visit competitors - Make phone calls- Meet people FOCUS GROUPS Ask the “unasked questions” QUESTIONNAIRES by post; in person; by telephone FACE-TO-FACE INTERVIEWS In-depth information PANEL DISCUSSIONS “Expert” views

Hit the Road!! - Ask people- Visit competitors - Make phone calls- Meet people FOCUS GROUPS Ask the “unasked questions” QUESTIONNAIRES by post; in person; by telephone FACE-TO-FACE INTERVIEWS In-depth information PANEL DISCUSSIONS “Expert” views Helen’s Hot Tip What EXACTLY do you want to know? WHO do you want to ask? HOW best can you reach them?

What to do with your findings… Use the information you gather Be prepared to adapt your idea Include the results of your market research – show how it shaped your idea Include examples of questionnaires, comments from focus groups and statistics you have used.

What to do with your findings… Use the information you gather Be prepared to adapt your idea Include the results of your market research – show how it shaped your idea Include examples of questionnaires, comments from focus groups and statistics you have used. Helen’s Hot Tip USE YOUR RESEARCH TO STIMULATE YOUR CREATIVITY

Helen’s Hot Tips Approach your idea as if YOU are a customer – Would you buy it? Make notes and keep a cuttings file or a scrapbook Create a visual album Answer these 3 key questions before you jump into your research: What EXACTLY do you want to know? WHO do you want to ask? HOW best can you reach them? Use your research to stimulate your creativity