1. Innolevation
Market Research

2. Feature vs Benefit
Features are surface statements: what can do, dimensions, specs, etc.
Benefits are end result of what a product can do as end result of Feature.
Advantages are intermediary between Features and Benefits.

3. Who is the customer?
Is your product “Candy”, “Painkiller” or a “Vitamin”?
Is your customer a person or a company?
If we have candy, then are we offering something that gives people real pleasure? Does it make them feel good? Will they lose track of time?
If we’re offering a vitamin, then can we see how that could become a painkiller down the road?
How addictive is our offering? Will people want to keep using what we’re offering? How frequently will they use it?
Are we focusing on the right group of customers? A vitamin for one person could be a painkiller for another.
How much urgency do people have for using our offering? Do they want it now or does it seem like a ‘nice to have’ someday?

4. Market Research = Customer Research
Who is the customer…..
Consumer
Single decision maker
Voice of the customer
Explores attitudes, needs, motivations, and behaviors as it relates to the product or service
Made up of demographic, psychographic, cultural and behavioral characteristics
Industrial
Multiple decision makers: users, gatekeepers, influencers, deciders, and buyers
Define the market and segments as completely as possible
Market Tree your industry and target segments by quantifiable characteristics, defining qualifiers and compatibility with existing industry standards

6. Market Share & Competitors
Hoovers Academic
Trade/Industry Buyers Guides
B-to-B marketplaces
Market Share & Size
IBISWorld
Trade/Industry Buyers Guides and Statistics
Industrial Heating
Beverage Industry
Guesstimation? Concentration Ratios

7. Sizing Industries

8. Market Research Databases
IBISWorld
BCC Research
Gartner Higher Education Reference
Mintel
SMA: Sports Market Analytics
WGSN
Business Source Complete
Seeking Alpha

9. Demographics – Specific Industry
Medical
Center for Disease Control
Food & Drug Administration
Food
Consumer Expenditure Survey
U.S. Department of Agriculture
Aviation
Office of Travel & Tourism Industries
Federal Aviation Administration

10. Customer Research Serves as the Voice of the Consumer
Customer Attributes
Customer Research Serves as the Voice of the Consumer
(exploring customer attitudes, needs, motivations, and behavior as it relates to a product or service)
Buying Habits
Income
Special Interests
Occupation
Physical Handicaps
Sex
Own or Rent a Home
Age
Eating Habits
Race
Do-It-Yourself Type
Education
Home Ownership •
Leisure Time Activities
Area of Residence
Vacation Activities
Hobbies
Age and Type of Car
Skills
Household Pets
Religion
Marital Status
Number of Children
Age of Home
Health
Electronics use

11. Industrial Customers Industrial (buy your product for production)
Reseller (buy your product to resell for profit)
Demographic
Geographic location
Size of Company
Annual revenue
Number of Branches
Number of Employees
Industry
Age of Company
Product
Costs
Part Tradeoff
Where Manufactured
Service vs. Reliability
Psychographic
Business Style
Industry Leader/Laggard
Business Stage
Innovative/ Conservative
Employee Relations
Political
Trade Associations
Socially Responsible
Business Products/Stable of Products
Services Used
Publication Subscriptions
Workforce Type
Management Style

12. Customer Segmentation Matrix
title of customer segments
variables
Segmentation
notes/sources
Geographic
Demographic
Geo-Demographics/GeoClusters
Psychographics
Behavioral
Contextual/Situational
Geographic
Physical Location or Region of Base
Neighborhood, City or Town Size, Region, Country, Population Density, Climate Zone
US, South, Urban, Small Town Under 10,000, Tropical Zone
Demographics (B2C)
Quantifiable Population Characteristics
Age, Gender, Income, Education, Socio-Economic Status Quintiles, Occupation, Marital Status, Family Size or Situation, Home Ownership, Ethnicity, Religion (difficult)
e.g. Young, Upwardly-mobile, Prosperous, Professionals (YUPPY); Double Income No Kids (DINKS);
Quantifiable Business Population Characteristics
company size, industry, role, time working for the company
Geo-Demographics or GeoClusters
Combination of Geographic & Demographic Variables
(see above)
Combined into Geo-Demographic Picture: Rural farmers, Urban professionals, 'sea-changers', 'tree-hugger’
Psychographics
Lifestyle, Social or Personality Characteristics (typically includes basic demographic descriptors)
Activities (work, hobbies, social events, vacation, etc.); Interests (family, home, job, community, recreation, food, fashion, etc.) Opinions (themselves, social issues, politics, business, economics, education, future, culture, etc.)
Enablers, Limiters, Business Travelers, Leisure Travelers, Outdoor Hobbyists 
Behavioral
Dividing consumers into groups based on their purchasing, consumption or usage behavior. (e.g. needs-based, benefit-sought, usage occasion, purchase frequency, customer loyalty, buyer readiness)
Purchase/Usage Occasion (gift-giving, etc.), Benefit-Sought (economy), User Status, Usage Rate/Purchase Frequency, Loyalty Status, Buyer Readiness intention to buy), Attitude to Product or Service (enthusiast, hostile, price/quality conscious), Adopter Status
Tech-Savvy (aka tech-heads); Heavy Users, Enthusiasts; Early Adopters, Opinion Leaders, Luxury-Seekers, Price-Conscious, Quality-Conscious, Time-poor
Contextual and situational
The Same Consumer Changes in Their Attractiveness to Marketers Based on Context and Situation
Actively Shopping, Just Entering Into a Life Change Event, Being Physically in a Certain Location or at a Particular Retailer Which Is Known From GPS Data Via Smart Phones
Generational Segments (Baby Boomers, Gen X, Gen Y/Millennials, Gen Z/Centennials) Cultural Segments (cultural origin: name analysis, genetic data) Online Segmentation (simplifiers, surfers, bargainers, connectors, routiners, sportsters)

13. Demographics - Consumer
Census
American FactFinder
Proquest Statistical Insight – (US Statistical Abstract )
DemographicsNow
CEX
Mosaic Household/Population Comparison
Simmons

14. Segmentation Research: Psychographics
DemographicsNow
University Reporter
Nielsen PRIZM ZIP Code Look-up Tool
ESRI Tapestry Segmentation
Additional Resources to Keep Your Eyes Open For
GMID
SimplyMap
ArcGIS

15. Demographics – Industrial
American FactFinder
Economic Census
Hoover’s Academic
Census Business Builder
Fed’s Beige Book – (Summary of Commentary on Current Economic Conditions)

16. Demographics – Local Data
Census Data: Tallahassee city, Florida QuickLinks
Florida Legislature - Office of Economic & Demographic Research
Florida Trend's Economic Yearbook
City of Tallahassee Office of Economic Vitality Statistical Data
Tallahassee Democrat Data
UrbanTallahassee
850 Magazine
University Office of Institutional Research
FSU - Office of Institutional Research  
FAMU - Office of Institutional Research  
TCC - Office of Institutional Research and Planning 

17. Templates Marketing Plan Outline
Gathering Market Research (Edward Lowe Foundation)
How to Identify a Target Market and Prepare a Customer Profile (Edward Lowe Foundation)
Defining & Serving a Market (Edward Lowe Foundation)
SWOT (Strengths, Weaknesses, Opportunities, Threats) Template
PEST (Political, Economic, Social and Technological) Template
Porter’s Five Forces review