Market Research on a Shoestring
Get a Reality Check Before You Leap!
Does Your Big Idea Even Have a Chance to Make it?
eBook shows you how to learn what customers want, determine your target market, and test your company’s viability all on a shoestring budget.
Dear Fellow Entrepreneur:
It’s often been said that success is a journey. That’s true, especially for entrepreneurs. Successful startups don’t magically appear overnight. Success results from an entrepreneur’s willingness to take that “success journey.”
Of course, smart travelers prepare for their journey before they leave. They consult maps. They pack everything they need. They make sure they have a vehicle ready. When everything is set, they set off on their trip with the confidence that they will get where they want to go.
In other words, smart people won’t start on a journey until they are prepared!
It’s no different for entrepreneurs preparing to launch a business. The journey to startup success is a long one. Smart entrepreneurs won’t start that journey until they know where they are going, and how they are going to get there.
Market research is the key element in an entrepreneur’s preparation.
You want to invest some time doing research before you start your journey. But most entrepreneurs find it hard to do market research, or they find it too boring. Entrepreneurs want to leap into action. But may I advise that you spend some time preparing for the journey? You need some crucial pieces of data before you quit your day job or spend all your savings only to discover that you ran down a dead-end.
You need a few pieces of vital information that market research provides you before you launch your business:
• Is there actually a market for my product or service? Successful entrepreneurs know that even if you have a great, revolutionary product, someone has to be willing to buy it. Is there an unmet need and why has it not been met by anyone? That’s what you need to find out!
• Who exactly are my customers? Entrepreneurs usually start with modest budgets. They need to determine who needs their product most. What segment of the entrepreneur’s potential audience should be catered to first and where will the entrepreneur find that audience?
• What do my customers really want? Successful entrepreneurs know that they need to tailor their products to the needs of their customers. Your product will sell when it scratches where your customers itch!
• How will I find these customers? Successful entrepreneurs know where to look for early customers. You must find out where they are, and go to them!
• How big is the market for my product? Successful entrepreneurs know that if only a handful of people want their product or service, it will be difficult to make enough money to succeed!
• Why will customers buy from you, instead of one of your competitors? Successful entrepreneurs explore the differences (both real and perceived) between you and your competition, and know how to use those differences to achieve success!
• How is my business going to make money? Successful entrepreneurs know what their costs are going to be, and how much customers are willing to pay for a product or service. This knowledge about costs and customer’s willingness to pay is something that you want to know before launching headlong into this journey.
Finding the right answers to these questions (and several more) will mean the difference between success and failure for your startup.
Good market research provides you with the roadmap to your startup’s success!
Your guide to conducting effective market research
Of course, when you are embarking on a journey, it’s a smart idea to have someone along who knows the road ahead, someone who understands where you want to go, and who knows how to get there.
I’ve written an eBook called Market Research on a Shoestring: Get a Reality Check on Your Big Idea for Less than $100. It is, quite simply, your roadmap. It is your guide to doing the kind of market research you need. I show you how to get the information you need, simply, cheaply, and quickly. And, just as importantly, I show you how to put the research together in a way that helps you predict the success level of your startup.
I based this book on my two decades worth of experience as an entrepreneur, and a mentor to entrepreneurs. This is no theoretical treatise on market research. It is a nuts-and-bolts, no-frills guide to getting and analyzing the information you need.
My eBook makes market research easier and faster than you thought it could be. Much of the research is free for anyone with an internet connection! This practical, step-by-step guide shows you how to get the answers you need.
Market research is identifying who needs your product more, how to reach them, how will you position and how will you make money!
I know that for many of you, the words “market research” conjure up images of mounds of data—endless reports that you have to sift through in order to get the information you need. It really does seem like finding a needle in a haystack! After all, the amount of information available in today’s world is almost limitless. How can you find the knowledge you need in order for your startup to thrive?
I understand how overwhelming it can be to do research, especially when you aren’t exactly sure what you are looking for. Market Research on a Shoestring takes all the confusion out of market research. I tell you the precise information you need, and the best ways to find it. You won’t have to wonder about what to do—I’ll tell you, and then show you some examples.
In about 128 pages, I teach you exactly how to conduct this research. (And most of it can be done for little or no cost.) Here are some of the things you’ll learn:
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The 5 basic questions that your market research must answer about your customers and your business. You do not want to launch your startup until you have achieved clarity on these questions!
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The 4 diagrams that completely simplify your research. When you are able to accurately draw these 4 diagrams in regard to your startup, your market research is finished. These diagrams are pictorial representations of what you’ve learned. They will be vital to your understanding of your company—and they’ll help investors understand your business!
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The 28 questions you need to ask potential customers before your startup gets off the ground. Once a number of customers have answered these questions for you, you can launch with confidence.
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The kind of information you need to gather. If you don’t know what you are looking for, you’ll never know if you’ve found it. I give you a very specific outline, detailing what you need to know in order to make your startup everything it should be!
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Where to get the information you need. There is an almost infinite supply of information out there. But, frankly, most of it is useless to your business. I will show you how to find the knowledge that gives you a competitive advantage!
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How much market research you really need in order to be successful. Let’s be honest: some entrepreneurs get so bogged down with information that they never actually launch their business. In my book, I tell you when you’re actually done and ready to launch!
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How to evaluate key assumptions about your startup. Every business has key indicators that help you gauge its success. I show you how to find the keys for your business, and then how to validate those assumptions.
Yes, there’s a lot of information in Market Research on a Shoestring. But I have stripped the information down to its most practical, basic form, so that you can use it easily. I explain what you need to do in order to do effective market research. Plus, I show you examples of how to do it, including screen shots that walk you through the information-gathering process.
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I wrote this eBook to be the best, most user-friendly guide to market research available.
With Market Research on a Shoestring: Get a Reality Check on Your Big Idea for Less than $100, you have everything you need to do the research that will get your business off to a solid start!
A lifetime of knowledge, packed into 128 powerful pages
I provide screen shots, precise instructions and examples and tell you what questions to ask in order to ascertain the information that you need. I even tell you how to put all this information into four compelling diagrams that will make your Business Plan look solid.
This is the information that will make your investor believe that you are investment-worthy and fundable.
Why don’t all entrepreneurs do market research?
Market research is one of the most important reasons why some startups succeed, while others don’t. You see, when you conduct the right kind of market research, you get clarity on some of the most basic aspects of your business. You learn the who, what, when, where, how, and why of your customers. And, you learn how to tailor your product or service to meet your customers’ needs!
Market research is vital—but entrepreneurs often overlook it. They may have any one of a number of reasons why they decide not to do an adequate amount of research. Some entrepreneurs may believe one of these myths:
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Myth: Market research is too time-consuming. The time wasted talking to people is time that could be better spent developing a product.
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Fact: Actually, you need to research the market before you even put your product or service together!
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Myth: Market research is unnecessary. After all, if an entrepreneur has a great product, all kinds of people will come around to buy it, right?
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Fact: Many failed entrepreneurs will tell you how untrue this is! Many great products have failed simply because the people behind the products didn’t understand who they were selling to.
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Myth: Market research is too expensive. Most entrepreneurs don’t have thousands of dollars to spend hiring marketing pros.
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Fact: You can do the vast majority of your research yourself, for less than $100!
Maybe you have some of these misconceptions yourself. Or maybe you don’t know where to begin doing market research for your product or service. I wrote this eBook to walk you through, step-by-step and inexpensively, all the market research you will need to do for your business to be successful.
I know from experience how vital it is to know your customers and their needs. The things you find out during the research process can literally mean the difference between success and failure for your startup.
I want your startup to be a success! That’s why I wrote this book. But why should you listen to me? What do I know about being a successful entrepreneur? To answer these questions, let me tell you a bit about myself…
A lifetime of experience
My name is Naeem Zafar. I have spent my adult life as an entrepreneur, and as a teacher and mentor of entrepreneurs. I am on the faculty of the Haas Business School at the University of California, Berkeley. I teach Entrepreneurship and Innovation to MBA students there. I have lectured at UCLA, Brown University, and at schools all over the world, in countries such as China, Pakistan, India, Turkey, Japan, and Singapore.
As part of my academic work, I have had the privilege of mentoring some of the brightest men and women in the world as they begin their entrepreneurial careers. I have helped many of them turn their dreams into a reality. I am also the founder of Concordia Ventures, a company that advises entrepreneurs on all aspects of starting and running a business.
In addition to my teaching and mentoring duties, I am also an entrepreneur myself. I started my first business when I was 26 years old. Since then, I have been involved in 6 other startups. I have also held senior management, marketing, and engineering positions at a number of other companies.
In other words, I know entrepreneurs! I know what it takes to make a startup successful. And I know that market research is a vital part of that success. In Market Research on a Shoestring, I draw on over two decades’ worth of experience to show you how to do this research quickly, accurately, and inexpensively.
I show you what you need to know, and the best ways to get that important information!
Correcting misconceptions about market research
I talk to entrepreneurs nearly every day. I consider it a privilege to be able to work with, and mentor, some of the smartest, hardest-working people in the world. In my mind, the entrepreneurial spirit is what drives much of the advancement and innovation in society.
But I find that even some of the brightest entrepreneurs I talk to have misconceptions about market research. In Market Research on a Shoestring, I debunk those misconceptions. I tell you why they are wrong, and I tell you the truth about these subjects!
Here are some of the common misconceptions I tackle:
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“I need to have a product before I can do market research.” Many entrepreneurs believe that, but it’s not true! The fact is that you need to find out what your customers want before you design your product or service. I teach you exactly how to find out what those customers want, so you can design your product with your customers in mind!
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“If I talk to my customers about my ideas, one of them will steal the idea and take it to market.” This is a common fear, but it’s almost totally unfounded. I explain why you usually don’t need to worry about having your ideas stolen, and the few cases where you do need to protect yourself.
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“I know my industry, so I don’t need to do the kind of research others do.” Big mistake! You may think you know your customers, your competition, and even your product. But what you don’t know may surprise you. It may even mean you losing money! I’ll show you how to find out what you may be missing.
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“Market research is for big, well-funded companies. A small startup like mine can’t afford to do any meaningful research.” That may have been true many years ago. But with the online resources I show you, even entrepreneurs with almost no money can do amazing amounts of profitable research!
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“I’m just going to hire someone to do my research for me. All I need are the results.” It’s true that there are some things you can hire someone to do for you. But there are essential parts of your market research that can only be done correctly by you. I explain to you what you can have someone else handle, and what you must do yourself.
None of these misconceptions should stop you from doing effective market research. With this book, you will know why market research is so important, and you will know how to go about it!
Your guide to getting the information you need
Of course, realizing that you need to do some basic market research is just the beginning. You then need to put together a plan, a strategy for getting the knowledge you need. If you’re like most entrepreneurs, you aren’t sure quite where to start.
I know that feeling. I’ve been in that exact position before. That’s why I wrote this book to be a complete, step-by-step guide. I take all the mystery out of the research you need. I tell you where to go to get information, and I tell you how to get the facts and opinions that you must have in order for your startup to succeed.
In The Market Research on a Shoestring, you will discover:
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Who you should interview about your product. In order for your product or service to be successful, you must talk to potential buyers and users. In some cases, buyers and users may be two different groups.
But, where do you find people to talk to? In the book, I tell you about several places where you can find people who will tell you what they think. Many, if not most, of these people will be glad to give you a small amount of their time, and the things you find out will be invaluable!
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What you should say to these people once you get to speak to them. I know it’s hard for some entrepreneurs to talk to people who are likely to buy and use their product or service. But it’s something you have to do. The hardest part is knowing what to say!
I wrote an entire section in the book, explaining what kind of information you are attempting to get from the people you interview. I give you specific questions to ask, and the order in which you should ask them. I tell you how to get people to give you truthful, honest answers. Once you read this section, you will be ready to interview people who have the knowledge and opinions you want!
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How to find people online who will share their knowledge and opinions with you. At one time, an entrepreneur who wanted to talk to customers had to find people who lived and worked close by. That isn’t true any more! Now you can find people from all over the country, or even all over the world who can help you.
Social networking has changed the way we interact with each other. It’s also made market research much easier. I show you how to use sites like LinkedIn, Plaxo, and even Twitter, to determine potential customers, set up interviews, and discover what’s important to people.
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¬ How to learn from publicly-traded companies. Sometimes we forget that most large, publicly-traded companies were once startups . You can learn a lot just by studying their public filings.
There is a wealth of information on government websites, and other online services. By looking at these other companies, you can learn about how they solved the same kinds of problems you may be facing, creative ways they handled growth, and more information you will need.
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How to get information about your competition. If you want to be successful, you are going to need to know something about your competition. Otherwise, you’ll find yourself reacting to what they do, rather than making positive moves on your own.
I will show you how to use a number of different tools to find out all you need to know about your competitors. You will learn how to find out about their products, their target market , their strengths, and their weaknesses. All this information puts you in position to succeed!
Putting it all together
Of course, getting information is only part of the battle. The other part is putting the information together in a way that is useful—a way that will help you to succeed. In this book, I show you how to analyze the data you collect so that you can achieve clarity on some of the vital issues your startup faces.
I tell you how to do a simple, accurate analysis of the information you have. I concentrate specifically on the foundational areas of your startup. With the kind of analysis I teach you, you will be able:
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To create a solid profile of your customers. You will know what they want, what they fear, and what their priorities are. You will be selling products and services you know the customer wants—because you took the time to ask them!
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To accurately estimate the size of your market. Again, you won’t have to speculate. I’ll show you how to precisely identify a market that you can attack right away. You will also see how big your potential market is now, as well as prospects for growth.
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To determine whether your business model is viable. It isn’t enough to come up with a great product. You must also make money selling that product. With the research you do, you should be able to predict with a fair degree of certainty whether you can make enough to be successful.
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To position yourself in the market. By doing the kind of market research I suggest, you will learn what your customers need. That enables you to position your product or service as the solution to their problems. That in turn gives you an advantage over your competitors!
What does all this mean to you? Simply this: at the end of this process, you will know who your best potential customers are, and how to satisfy their needs. Plus, you will have valuable insight into your market and your competitors. You will be far ahead of your competition, because many of them will simply not do the kind of market research you’ve done!
And that’s the kind of advantage that can mean great success for your startup!
In-depth coaching on online research tools
This bookis a vital resource for any entrepreneur who is getting ready to launch a startup. It contains almost 128 pages of step-by-step guidance that covers everything you need to do market research the right way. Not only do I teach you how to do the research correctly, I teach you how to do it in the least expensive, most effective way possible.
I want you to be able to get as much as possible out of your research. So I show you how to use some of the most important online research tools available. For example:
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I show you the best way to use Google AdWords to conduct market research for less than $50. Many people use AdWords to sell their products or services. But I will explain exactly how to use AdWords for research.
It’s possible for you to structure an ad campaign that enables you to find out many things about your market and your customers. In my AdWords primer, I show you how to set up a campaign that you can use to get information you need. I give you detailed instructions, including screen shots and step-by-step directions, which show you exactly what to do at each step. I make it practically mistake-proof!
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I also explain how to access the filings of publicly traded companies to conduct market research. Publicly held companies are legally required to disclose all kinds of information about their company, their industry, and how they do business. You can learn a lot by seeing how they deal with the same issues you face with your startup.
The good news is that these filings are available online. You can gather a lot of good information about your industry, your competition, and your potential customers through these filings. And you can access the information at little or no cost!
I show you exactly how to find the information you need. I give you step-by-step instructions, screen shots, and examples that help you discover information you can use to get your business off to a good start!
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I give you guidance on how to use the social networking site Twitter to conduct market research. Many people consider Twitter to be a time-waster. But used correctly, it can be a powerful tool.
Yet many entrepreneurs don’t know how to use Twitter effectively. I will change that for you by showing you exactly how to use the service to get the results you need.
I’ve written these sections of the book in a way that will get you started quickly. I give you detailed, step-by-step instructions, including screen shots, so you know exactly what to do. I want you to utilize these tools so that you can get your research off to a good start.
How much does this cost?
Most likely, you’re wondering, “How much does a resource like this cost?” I think you’ll be pleasantly surprised when I tell you the price. I’ve tried to make Market Research on a Shoestring: Get a Reality Check on Your Big Idea for Less than $100 affordable for even the most cash-strapped entrepreneur.
But before I give you the price, I’d like to quickly remind you of what you get when you buy Market Research on a Shoestring. This eBook is your guide as you do your valuable market research. You will save time and money because I tell you what to do, and how to do it.
With Market Research on a Shoestring, you will know how to:
• Identify who your best customers are going to be as you begin your business—and areas in which you can expand later.
• Get your customers to tell you exactly what they want and need in your product or service.
• Determine what kind of information will be most valuable for you to gather during your research.
• Discover how big the market really is for your product.
• Learn ways that you can get an edge on your competition by showing how your product or service is different—and better.
• See how other companies in your industry have solved some of the same problems you are likely to face.
• Use social networking sites such as Plaxo, LinkedIn, and Twitter to find potential customers, connect with knowledgeable people in your industry, and discover what people are thinking about your product or service.
• Plus, there’s much more information, all written in an easy-to-understand, easy-to-follow way.
This is knowledge that will prove to be priceless as you do the market research that will make your startup successful. It will save you countless hours of time by helping you focus on the things you really need to know. It will also save you a ton of aggravation and frustration, because you won’t have to figure everything out for yourself.
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The cost? Only $29!
That’s correct! For far less than what a market research consultant would charge for just an hour of time, you can purchase Market Research on a Shoestring: Get a Reality Check on Your Big Idea for Less than $100 to use over and over again.
In fact, the kind of guidance you’ll get from this eBook could otherwise only be gained by hiring a consultant to work with you through the whole process. That would cost you hundreds, if not thousands of dollars. Market Research on a Shoestring does the same things for you, at a fraction of the cost!
One of the biggest benefits you’ll get from this book is that it will help you know exactly what your customers need. When you can give customers what they need, your business will be more successful.
The extra money you save by going through the research process in this book will mean the book pays for itself many times over!
There’s no reason to wait. Order Market Research on a Shoestring: Get a Reality Check on Your Big Idea for Less than $100 today!
My 100% Money Back Guarantee
I am completely convinced that Market Research on a Shoestring will be a great benefit to you as you begin your startup. I have packed it with everything I’ve learned about market research over the last twenty years, and I know it will prove to be valuable for you.
But I don’t expect you to take my word for it. That’s why I’m making you this guarantee: if you buy Market Research on a Shoestring, read it, and don’t find it to be a valuable resource, I’ll refund your money, no questions asked!
I am sure that the knowledge you will gain from this eBook will be worth far more than $29. But if you don’t agree, I’ll send all your money back to you.
Now is the time to act
Buy your copy of The Market Research on a Shoestring: Get a Reality Check on Your Big Idea for Less than $100right now! It is a great way to invest in your business. Keep in mind that when you delay buying this book, you are not getting the insight the book holds for you. You are not getting the kind of information that will help you get an advantage over your competition, and become the success you want to be.