Best Way to Make Business | Market Research | Marketing 2.0

Summary

This video script offers a comprehensive guide to conducting market research for businesses, both new and established. It emphasizes the importance of understanding customer needs and analyzing data to increase the chances of product success. The speaker suggests examining competitor reviews for insights, performing SWOT analysis, utilizing tools like Google Analytics, and engaging in direct surveys to gather customer feedback. The script also highlights the significance of analyzing data to make informed decisions and suggests a matrix approach to evaluate price and demand, helping businesses identify their 'Golden Goose' products or areas for improvement.

Takeaways

• 🚀 Start with an Idea: Whether you're a new or existing business, begin with a product idea and consider who your target customer is and what core need your product will satisfy.
• 🔍 Understand Market Demand: Assess if there is a market demand for your product by looking at customer feedback on competitor reviews and social media platforms.
• 📊 SWOT Analysis: Conduct a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats. This helps in understanding both your business and the competition.
• 📈 Use Data Wisely: For existing businesses, use data from platforms like Google Analytics to understand user behavior and preferences.
• 🛍️ Test Market Hypotheses: Test your product ideas in the market, as big companies do, to see if they will be successful before full-scale launch.
• 📝 Monitor Search Queries: Keep track of what customers are searching for on your website to gauge interest in potential new products.
• 📢 Listen to Customer Feedback: Actively collect feedback through surveys, reviews, and direct communication to understand customer needs and preferences.
• 📊 Analyze Net Promoter Score (NPS): Use NPS to measure customer satisfaction and identify areas for improvement in your product or service.
• 📈 Create a Demand and Price Matrix: Plot your product's price and demand to understand its market position and potential for profitability.
• 🛠️ Iterate Based on Feedback: Use the collected data to make informed decisions about product development, pricing, and marketing strategies.
• 📋 Take Action: After analyzing all the data, make actionable decisions to improve or adjust your product and business strategy.

Q & A

What is the main purpose of the video?

The main purpose of the video is to explain the concept of market research and provide a method to increase the chances of success for a business launching a new product.

What is the importance of understanding customer needs in product development?

Understanding customer needs is crucial as it ensures that the product being developed addresses a core need or problem of the target audience, which is essential for the product's success in the market.

Why is it important for both new and existing businesses to conduct market research?

Market research is important for both types of businesses because it helps them understand customer demands, identify opportunities and threats, and make informed decisions that can lead to the success of their products or services.

What is NVP and how does it relate to the video's topic?

NVP stands for 'New Value Proposition'. The video mentions a previous video on NVP where the process of building a product from scratch was discussed, which is relevant to the topic of conducting market research for a new product launch.

How can a business utilize competitor reviews for market research?

A business can analyze competitor reviews on platforms like Google, Facebook, and YouTube to gather customer feedback, understand strengths and weaknesses of competitors, and identify opportunities for improvement or differentiation.

What is SWOT analysis and how does it help in market research?

SWOT analysis is a strategic planning tool used to identify and analyze the Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning. It helps in understanding internal capabilities and external factors that can impact the business.

How can existing businesses leverage Google Analytics for market research?

Existing businesses can use Google Analytics to track user behavior on their website, such as understanding where users go, which pages they spend more time on, and where they exit. This data can help in hypothesizing and improving the user experience and product offerings.

Can you explain the concept of 'testing in the market' as mentioned in the video?

Testing in the market involves introducing a product in a limited capacity to gauge customer interest and feedback. The video uses McDonald's as an example, where they test new burger flavors in specific locations to understand customer response before a full-scale launch.

What is the significance of conducting surveys for market research?

Conducting surveys helps gather direct feedback and insights from potential customers. It allows businesses to understand customer preferences, needs, and expectations, which is vital for product development and marketing strategies.

How can a business determine if their product idea is in demand?

A business can determine product demand by analyzing competitor reviews, conducting surveys, and using tools like Google Analytics to see if customers are searching for or showing interest in similar products or solutions.

What is the importance of analyzing negative and positive reviews in market research?

Analyzing reviews helps businesses understand customer satisfaction and dissatisfaction. Positive reviews can highlight strengths and successful aspects of a product, while negative reviews can point out areas for improvement or potential issues that need to be addressed.

What is the role of secondary market data in market research?

Secondary market data provides valuable insights into user behavior, market trends, and competitor activities. It can be used to inform business decisions, understand customer demands, and identify opportunities for growth.

How can a business use the data collected from surveys and other research methods?

Businesses can use collected data to create a matrix that maps price against demand for their product or products. This analysis helps in understanding the potential success of a product and making informed decisions about pricing and marketing strategies.

What is the 'Golden Goose' in the context of the provided matrix?

In the context of the matrix, the 'Golden Goose' refers to a product or business scenario where both the price is high and the demand is also high, indicating a potentially very profitable business model.