Market Research and Market Size

Discover what your customers want

Business is lousy – I wonder if it’s my

pricing model?
 Discover what your customers want
Customer values Customer Market size
profile
• Personal and • What geographic area
professional goals • Age range are you selling in?
• Pain points • Job status • How many people in
• Purchasing decisions • Education this area fit your
• Location customer profile?
• If you were to reach
1% of this group, how
many potential
Primary research: Talk directly with customers customers is that?

Secondary research: Collect data from existing sources

Understand your competition

Colin could see that his competitor had

obviously done his market research.
 Understand your competition

Consider both direct and indirect

competition.
Direct competition Indirect competition
Organizations offering the Organizations that produce
same product or service to similar products and fulfill
the same customer base similar needs

Example: Nike vs. Adidas Example: McDonald’s and

a local sushi restaurant
 Understand your competition

Google it!
SEARCH… RECORD… IDENTIFY…

…for the key …a summary of …the key features

words that you other that distinguish
use to describe organizations that your idea from
your idea. are offering a what is already out
similar product or there.
E.g., “Travel app service.
for seniors” E.g., price, functions,
 Understand your competition

Search start-up databases to find

companies doing similar work:

CrunchBase
www.crunchbase.com/search
 Build a competition matrix
Value 1 Value 2 Value 3 Value 4

Your company
The essential
Competitor 1 values your
customers look
for (discovered
Competitor 2
through primary
research)
Competitor 3

Your primary
competition
(both direct and indirect)
 Example: Travel booking app
Price Available on Includes Connects to
iPhone, Android suggested local social media
and BB activities

Your company $0.99 Yes Yes Yes

Super Trip $1.99 Yes No No

Booking Smart $2.99 No No Yes

Your Trip, Your $2.99 No No No

Way
 Additional resource

MaRS Library

How do I identify competitors?

How do I identify competitors.docx