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.

Outlines

00:00

🚀 Launching a Product: The Importance of Market Research

The speaker introduces the topic of market research for business owners, whether they are launching a new product or have an existing business. The importance of understanding customer needs and the potential for product failure, even for large companies like Tata with its Nano car, is emphasized. The video offers insights into how to increase the chances of success through market research, suggesting that viewers check out a previous video on the Non-Violent Product (NVP) process. The speaker encourages identifying the core need that the product will satisfy and checking if there is a market demand for it, recommending competitor analysis and review of customer feedback as starting points.

05:00

🔍 Analyzing Competitors and Utilizing SWOT Analysis

In this paragraph, the focus shifts to analyzing competitors to understand market needs and opportunities. The speaker advises looking at competitor reviews on platforms like Google and Facebook to gauge customer sentiment. A SWOT analysis is recommended, where one should identify personal or company strengths and weaknesses, and understand opportunities and threats from the market and competitors. For businesses with an online presence, the speaker suggests using tools like Google Analytics to track user behavior and search queries, providing insights into customer interest and potential product demand.

10:01

📈 Conducting Surveys and Leveraging Secondary Market Data

The speaker discusses the importance of conducting surveys to gather direct feedback from potential customers, emphasizing the need for a sizable sample to ensure meaningful data. They suggest targeting specific audiences based on segmentation and targeting strategies, and highlight the value of understanding customer behavior through secondary market data. The speaker also shares an example of their own data collection through a survey for a show called 'Founder Talk', illustrating how to gather information on customer problems and preferences.

15:03

📝 Collecting and Analyzing Feedback for Business Growth

The final paragraph emphasizes the importance of collecting feedback through various channels, such as chat boxes, IVR services, and direct calls to customers. The speaker explains how analyzing this feedback can lead to actionable insights for business improvement. They introduce a matrix for analyzing the relationship between price and demand, suggesting that understanding this dynamic can help businesses identify their 'Golden Goose' products or areas that need adjustment. The speaker concludes by encouraging viewers to apply the concepts discussed in the video to their own businesses.

Keywords

💡Market Research

Market research is the process of gathering, analyzing, and interpreting information about a market, customers, and competitors. In the video, it is presented as a crucial step for businesses, whether new or existing, to understand customer needs, preferences, and the competitive landscape. The script mentions that market research can increase the chances of business success by identifying opportunities and threats, and it is integral to the theme of product development and launch.

💡Product Launch

A product launch refers to the process of introducing a new product to the market. The video emphasizes the importance of market research before launching a product to minimize the risk of failure. It is a key concept in the script as it discusses strategies for evaluating whether a product idea will be successful in the market, using examples like Tata Nano's unsuccessful launch.

💡Data

Data in this context refers to the information collected through various means, such as customer feedback, website analytics, and surveys, which can be used to understand customer behavior and preferences. The video script highlights the value of data for both new and existing businesses, explaining how it can inform decisions about product development and marketing strategies.

💡SWOT Analysis

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It is a strategic planning tool used to identify and analyze the internal and external factors related to business functions. In the video, SWOT analysis is recommended for understanding a business's position in the market and for identifying areas of improvement and potential risks.

💡Customer Feedback

Customer feedback refers to the opinions and suggestions provided by customers regarding a product or service. The script discusses the importance of seeking customer feedback through reviews and surveys to gain insights into customer satisfaction and areas for product improvement, which is vital for the success of any product launch.

💡Google Analytics

Google Analytics is a web analytics service that tracks and reports website traffic, providing insights into user behavior. In the video, it is mentioned as a tool that existing businesses can use to analyze user flow on their websites, understand customer preferences, and make informed decisions about product offerings.

💡Hypothesis

A hypothesis in a business context is an educated guess or proposal about how a product or strategy might perform in the market. The video script encourages businesses to create hypotheses about their product's potential success and to test these hypotheses through market research before full-scale product launches.

💡Survey

A survey is a research method used to collect data from a sample of individuals to gain insights into their opinions, behaviors, or needs. The video emphasizes the importance of conducting surveys to gather data on customer demand and preferences, which can inform product development and marketing strategies.

💡4 Ps

The 4 Ps refer to the marketing mix model, which includes Product, Price, Place, and Promotion. The video mentions the 4 Ps in the context of product development, indicating that businesses should consider these elements when planning their product's market entry and marketing strategy.

💡Net Promoter Score (NPS)

Net Promoter Score is a metric used to measure customer experience and predict business growth by asking customers how likely they are to recommend a company's product or service. The script discusses NPS as a method for collecting customer feedback and understanding customer satisfaction levels.

💡Price and Demand Matrix

The Price and Demand Matrix is a tool used to visualize the relationship between the price of a product and its market demand. The video script introduces a matrix with different quadrants representing various combinations of price and demand levels, helping businesses to strategize their pricing and understand market dynamics.

Highlights

Importance of market research for business success and product launch.

How to increase chances of success through effective market research methods.

Utilizing existing business data for market research advantages.

Challenges faced by new businesses lacking data for product testing.

Case study of Tata Nano's failure due to market research weaknesses.

Hypothetical checking of product-market fit before launch.

NVP (New Venture Planning) process for starting a business from scratch.

Identifying customers' problems as the first step in product development.

Assessing product demand and profitability through customer feedback.

Analyzing competitors' reviews for strength, weakness, opportunity, and threat (SWOT).

Internal assessment of a business's strengths and weaknesses.

External factors influencing opportunities and threats in the market.

Use of Google Analytics for understanding user behavior on a website.

Example of McDonald's testing new products in specific locations.

Importance of collecting customer characteristics for targeted marketing.

Conducting surveys to gauge customer demand and preferences.

Incorporating the 4 Ps or 7 Ps marketing mix in product planning.

Using Net Promoter Score (NPS) for measuring customer satisfaction.

Analyzing negative and positive reviews to improve the product.

Collecting data through chat boxes and IVR services for business insights.

Direct customer feedback through calls for understanding app usage.

Matrix analysis of price and demand for strategic business decisions.

Executing actionable decisions based on collected market research data.

Transcripts

So you do a business, you have to come out with a product of your own.

Or are you planning to launch a product in the market?

So today's video is for you, today I am going to tell you about market research.

I will share a very good way how you can do market research.

And you can increase your chances

that you will be successful, I am going to tell you those ways.

what big companies do

And many times the company would have done it with you too.

Let's Suppose you have an idea in your mind.

Or you have a product in your mind, you want to work on it

I assume that you are existing business, may be running both ways,

whether you are an existing business or you are a new

trying to get the product launch

So if you are an existing business owner then you are going to have a lot of data.

Which I will share next, you are going to get a lot of help about that data.

If you are a new guy and want to launch a new product in the market.

So You Have a Little Disadvantage

You don't have a lot of data

to test your product

But the chances of failure are for both

We saw Tata's case, Tata got the Nano but it could not work

A big company could not run its product in the existing market

Because market research has some weakness left

So whenever you first launched your product in the market

So check it hypothetically to see if it will work or not.

So I made a video long time ago on NVP

I will recommend you go and watch that video

In that I told the whole process of making NVP that

How You Can Build Your Own Product From Scratch

This is for those people who are starting a company from scratch.

And those who have existing data, understand how they can

What is the first thing

you need to identify your customer's problem

This may be talking for both the people

When you are making a product, the first thing you have to think about is for

whom you are making that product.

Whatever your product is, what is it going to be for?

Whereas I feel that when the product is made, it must have been made by thinking for someone.

And the product you are making will have

some core need which you are satisfying.

So like I told in the beginning of the video series - Inside Need, Want, Demand

that you are thirsty

And there is a product that is quenching thirst

So in the same way you are doing business to satisfy someone's need.

so what do you have to check

whether it is in demand in the market or not

People may need the product you are making

Okay

But is that level needed to make

it a profitable business, scale it?

can live life

Or are you going to start a charity business?

So see what is the first way to know the need of the customer

This is for both those who are starting a new business and those who are existing.

You go and search your competitors on top of the internet

If they have a mobile app, go to it and see the reviews

If there is google reviews then go and see if there is facebook reviews

They are posting videos on YouTube, their comments and

if you are putting ads anywhere, read their comments everywhere.

So there you will get customer feedback

whether the customers are speaking well or are speaking negative,

consider those who are speaking well in good terms.

This is their strength and I have to break it

Or I have to match it and where the customers are doing bad things,

that's a huge opportunity.

what you can work on

Ok so one is SWOT analysis

so you have to make a box

First of all, you have to make a box in one area,

where you have to write, what is your strength

Weakness is to be written in another, what is your weakness

Well, these things are internal, you should know yourself, if you do not know then

Sorry! You may find it difficult to reseach

So you have to know your strength and weakness yourself, if you don't know then

so try it is very important thing

you have to know Your Strengths and Weakness Anytime you want to do business

ok, lets give some examples that might be your strength

your knowledge is good, you have skill set

you have a good team

Weakness may be you don't have funds

You don't have a good team, you don't have the skills

OK, now what's Opportunity and Threat

Now Opportunity and Threat is coming from external mean

From your competitors,

the positive things written in the reviews of your competitors

that's the threat

And the negatives that are written are an opportunity.

So go fill it, first of all it is necessary to fill it

SWOT analysis box

Well, this will give you an understanding about yourself too

And you will also get an understanding about your competitors.

I am speaking for both of these

Now some things that already have existing business

These are

additional things for them that can use

So what do you have to do if you have a website and Google Analytics is installed in it?

So look at the flow of your users, try to understand it

Where do they go, from where do they run away from

Which page spends more time on

Try to Create a Hypothesis on why they Spend

or what they search

For example, you have an e-commerce website

OK, and you're currently doing a pretty good business.

Now you thought that you have to sell a soap on your website

now you have to check

Does anyone search soap inside your website or not?

Or his query comes? If the query does not come

So you are getting a factor that the customer may not want that product from you.

Many big companies

make decisions based on the data that comes in search result

If you have your own website

So you have to track these things, if you do not have the technology,

then I recommend developing this technology for yourself.

This is a very important thing

So let me give you an example. In the offline world, you go to McDonald's

OK, McDonald's Will Launch a Specialty Burger

with a specific flavor, within a specific location

And it will be found at the same time, it will run for some time and then it will stop after that.

You will say that this offer was out, it was out

Many people will say that we have not even heard about it

And after some time it will be closed, and you will say that where is the offer?

That's basically. What happened

So they have their product because it is a big company, so they can test it in the market.

because they had funds for this thing

What would they do? they made a "Punjabi Tadka"

Butter Chicken Masala Burger

And they put that out on one of their specific outlets where they think they might run

This is only the hypothesis of those people who want to check

or unhone bahut sari marketing bhi kari hai mai maan kar chalta hu

ok so you

go and order that burger because you like it

You order directly, they ask you sir what is your number

Oh good Suresh is your name Your entry is done, you have ordered a burger whose name is Suresh

now they will track you

When you are repeating for 14 days,

are you ordering the same burger or not?

Maybe a SMS reached you that

how did you like the order you had made?

Big companies test this way

bring offer for you and will see

that this boy

It make order over discount or takes non-discounted products

If it takes discounted products then I know

that it has to show offers for discounted items

So you went to ShopperStop to do your shopping

you submitted your mobile number

After doing that, it came to them

whether to get their discounted products or non-discounted ones.

So what is your characteristics

Store it separately and keep it that this guy runs after discount

Then you will start getting messages

there is 20% off offer running

We are running one on one free, our go to meal offer is running

come come come come

they're pushing, that's why they are able to do that

Okay

The example I have given now is a little different.

We will understand this further in detail in the next part.

Now we have to understand that

How smart is the company doing

market research with you people

Now I am not saying

that you are a small business-minded or you are a small startup.

you start doing such things

but you can do other things

A lot of data is also available in the secondary market.

You will also get data of user behavior

because you will search on Google.

What I just told you SWOT Analysis

Apart from that you also get data of user behavior

Ok so now you have got the basic sketch that

what is the customer demand coming in which direction it is coming

And you are mapping it and seeing it with your product.

Customer is doing this wrong thing

about this company

Is this my product whatever I am thinking new

Will it satisfy him or not?

Product is not decided yet then you are lucky

because you are watching

You will get to know this data from here and you will get the idea

What features do you have to put in the product you have made?

Now what to do now this is a little hard work

Now there is no option to do it

You have to take a survey from

one of your audience and take that have to take

I would say there is no option

Maybe your sample size is small, sample size means

On how many people do you want to do this survey?

May be you keep it small, small in the sense

I am not advising that you have launched the product by asking your 4 friends.

I am talking take a sample set of 200 or 500 people

stand outside the temple stand outside the metro station

Or I'm not saying that you necessarily have to

Again I explained inside segmentation

You have to think about your audience

Explained inside targeting

where do you want to find those people

Well, if you have targeted your college student

So take surveys outside the college because that is your target audience.

You are doing a geographic segmentation of a location

If you want to target in a location, then take a survey from its people.

Cause you can get the idea

ok, so take survey atleast 200

500 people, the more people you survey, the more data you will get

Try to get an understanding of the reason whether

the demand for your product will be created or not.

If there is a product to try here,

then there are 4 Ps to be included.

If there is service then to include 7ps

I am being explained in the video behind and I have an appeal please,

if you are watching videos from the middle then it is good, if you understand then

If you don't understand then please follow this series from start

as this series is very one of the kind

And in this series I am explaining to you practical, actionable things.

In the coming time, as this series is completed, you will become a very good marketer.

this is my guarantee and I will teach you everything

Now let me give you an example

Ok, where do I get my data set from today?

I am still conducting the survey today

Recently we made an announcement

that we're starting a show

It's name is Founder Talk, where the small business-minded

Whose annual revenue is up to 20 lakh rupees

They can come on our channel

And they have to learn a topic in which they have expertise.

ok, or we will give the topic or anything we can do

So we kept a small criteria and opened it in the market.

Now in the form that we asked him,

we asked him what do you do, what is your business

And inside that we put a very important question

that was "what is your biggest problem"

If you try to understand this question, then this question was our survey.

People have filled that form, on its behalf we are also shortlisting it

And we are getting to know their problem, we are finding out

that we can make content on what else.

In the beginning of this series, it was told that my target audience is that

who is doing business, wants to do business

ok, and i'm reaching out to those same people

What a good thing it would be if the same people told me the content

So we did a survey

We have a news app, if you back up inside the news app

So on there we put the option of direct survey

where you can give us a review on how you like the features.

What's the feature like?

That gives us more input about you.

So if we go on talking in a technical way, then we call it NPS

Net Promoter Score, So Here

Overall rating comes from which we know in which direction

our customer segment is going

If we talk above 5 scale or above 10 scale

If we're getting to 9, 9.5 or 8 then all is going well

If we are going below 5 then everything is going bad, we have to see what is happening

So pay attention to those who give negative, why are those people giving negative

is there a demand for that thing, can you fill them?

And the one who is giving positive

try to make sure

Talking about SWOT analysis, you can also include them in it.

I would like to tell one thing that negative reviews

It's not always that you have to carry the negative as bad

It might not be the right audience

A lot of people get scared and give up on their product.

Because negative reviews start coming in starting

But you understand whether that review is

That's why it's negative

You have done something wrong or it has

an illogical demand, like we made a news app.

If someone is giving 1 star for the news app and saying

that brother i don't like your name

Brother I found your idea useless

Brother, the news that you posted yesterday, I did not find it relevant.

You gave wrong about this news, you did something like this

So is that relevant audience, probably not for me

their 1 star doesn't matter to me

But if someone is saying that there is a bug inside your app

does not open, closes as soon as it is opened

or your content is not good

That one star is very important for me so that I can improve my product

So when you visit our website we have put that chat box which asks you some questions

and you can walk on top of that flow

Some time ago we had put IVR service on our phone

After the holiday or office is over, our phone goes on IVR service of the phone itself

and what happens on there that

Press 1 for Services, Press 2 for Courses, Press 3 for Consultations, Press 4 for anything else

You press 1, you press 2, you press 3, that's where all the data is being collected with us.

same with our website

On our website you inquire for service, for which service do you inquire?

what do you inquire about

That data is coming to us, so we are coming to know that

most of the users who are coming to us are coming who have to run

If we are not getting as many users from the website, then we

Can move our focus higher above the Ads service and take ourselves back from the website service

I am just giving you an example however it is not happening

Ok, so from here also you get a lot of ideas about yourself.

I would like to mention one more thing here.

What we did that we decided to call our customers

So by giving an example let me show that our news app is

Within his login we are asking for the mobile number, we have the mobile number of all those who are registering.

So we did what the top users were

Called them and asked "why are you using the app, what do you like"

And the users who were not active, we called them again and asked them

Did you use your app? If not, why didn't you do it?

We get a lot of feedback from that too.

Ok so when you're building NVP,

you're scaling your startup from scratch to start.

So all these things play a very important role.

Now the most important thing is the last step

That is to collect all the data and analyze it

and take an actionable decision on it.

Now the data is coming to you from everywhere, now all the data is written in one place.

try to understand them

And after that execute something on what you understand,

if there is any change needed in your product then bring it

If you want to bring change inside your ideas, then bring

So here's a little matrix I'd like to show you, here's what we did

It's a matter of price and demand,

so as you

This happens in a lot of messy products, as the price increases, the demand decreases.

And as the price decreases, the demand increases

And it may also happen that the demand for your product may not change above the price.

Whether you increase or decrease the price, the demand will remain the same.

Meaning people don't even need it, or as many people need it

No matter how much money you take from them or how little you take

they will still buy the product

If you have just started your business

10 men take your product

If you keep a price of Rs 100 or a price of Rs 1000 or a price of Rs 10,000

Or you keep the price of 1 rupee, even then the same number of people are coming.

So this number is too small so close the business

If this number is big and you keep increasing the price and it doesn't matter, then you have

power over your customer so here you can charge well

So simply draw your plan in this matrix which is the matrix

If you have multiple products, you can also have multiple products.

what is their demand, what is their price section

Now it is to be linked with the competitors that if the price is high

So it is more than other competitor

i-phone apple's price is high how much is it

When we look at our competitors, then we get to know

That is high, so high is not the same way high it's always comparative

So you have to compete with your own competitor that your product is high.

And you should know yourself how is the demand for your product.

If you are launching your product within the market

or want to test

So from the survey you have done, you will also get an idea whether the demand is high or not.

ok, so write this over matrix and inside the matrix we have made 4 columns

First of all if your price is also high and demand is also high

That's why we call it Golden Goose

The chicken that lays golden eggs is a very good business

scale it, enjoy it, live life

You have cracked your business life

iPhone Apple I would say falls under this category

And if I start talking that

There is no demand for you at all and you are not even earning money, then brother, stop running the business, why are you running?

One means the labor of love

Are you ready to work for the welfare of the world?

Now if we assume that your price is high and demand is low

So maybe your high-end product

It is risky if you look carefully at this thing

Gucci, Armani they work for high-end products, if we start talking,

then they come out with limited products, no matter what the demand is

They eat everything in price

And there should be some demand that it should not be that there is a demand for one product or two products.

And if your demand is high, price is also low then you are approaching mass market.

It is a very good business but there is no golden goose in comparison,

but you will have to work hard and you can achieve a lot of numbers.

Now after plotting, you have come to the all understanding.

I think it's time to execute, You

Have seen a lot of videos now start working

Ok so with this today's video ends.

The assignments I am giving will also be solving, tell me in the comment below.

Bye good night, shabba khair, khuda hafiz, good morning, good afternoon whenever you are watching this video