Assessing the Market for your Product...On a Budget!

1. ASSESSING THE
MARKET FOR YOUR
PRODUCT....
On a
BUDGET!

2. Defining Your Product Concept
When

3. Identify revenue opportunities, potential
Maximize pricing, unit sales, profits
Get to market more quickly
Keep upfront costs low
Build something of quality
WHY: Define the Product

4. WHEN: BEFORE Building
We don’t know what the customer wants
We don’t know the features really needed
A concept allows us to dialog with customers
Trial/error easier, less costly with a concept
This is true for:
 New enterprises
 New/expanding product lines
 Potential reworks of existing products/lines

5. WHO: The Product Manager
The “CEO of the product” (Ben Horowitz)
Knows the market
Defines the right product at the right time
Revenue-, margin-, quality-, value-focused
Builds, tells the product “story”
In a small company the PM could be YOU!

6. WHAT: The Concept
The problem or opportunity to be addressed
The product/service description
The advantage versus current alternatives
The ideal customer
The total cost to buy/maintain: money, time
Potential barriers to entry

7. INDUSTRY STANDARDS BARRIERS

8. REGULATORY BARRIERS
Privacy Acts
Import/export of encrypted software
Children’s TV programming rules, CAN-SPAM Act
Clinical trials, food safety

9. INTELLECTUAL PROPERTY BARRIERS
For new, useful, nonobvious idea/design/plant
Non-infringement analysis
Freedom-to-operate analysis
Protect an original expression of an idea
Avoid access, similarity to copyrighted work
Online availability ≠ “public domain”
Associate good/service with a source
Clearance analysis

10. WHERE: Assessing the Market
Market Research Goals
Getting to know the market
Completing an industry profile
Compiling a competitive analysis
Sources:
Primary
Direct from the source (e.g. Potential
customers)
Secondary
Statistics, reports, and studies

11. SOURCES & RESOURCES

12. PRIMARY SOURCES FEEDBACK
Employees
Comment Cards
Focus Groups
Surveys
Digital Activity
Mystery Shopping
Customer Advisory Groups
Customer Letters
Field Feedback
Rating Websites
Social Media
Purchase Behavior

13. ThomasNet
Harris InfoSource
U.S. Statistical Abstract
SBA.gov
FedStats.gov
U.S. Census
Associations
D&B
KnowThis.com
Bizminers.com
MarketResearch.com
American Factfinder
Yahoo! Finance
SECONDARY SOURCES FREE/LOW COST

14. UNDERSTANDING YOUR BRAND

15. FROM MARKET RESEARCH
TO ACTION PLAN
Determine key performance indicators
Get free online traffic
Improve SEO
Buy online ads (Google AdWords, Facebook ads)
Master social media marketing

16. Attend trade shows and conventions
Print flyers, brochures or catalogs
Email current customers
Launch a public relations campaign
Go mobile with app development
FROM MARKET RESEARCH
TO ACTION PLAN

17. ASSESS THE MARKET FOR YOUR
PRODUCT EARLY AND OFTEN!
“...NO BUSINESS PLAN
SURVIVES FIRST
CONTACT WITH
CUSTOMERS.”
-STEVE BLANK AND BOB DORF, THE STARTUP
OWNER’S MANUAL

18. Karen Herman
Gustie Creative LLC
TEAM MEMBERS
Alison Tanner
Florida Institute
Andrew Burki
Life of Purpose
Treatment Centers
Stephen Chakoff
CHS Pharma Inc.
Matthew Kim
Vigilant Biosciences, Inc.