How to Do Better Market Research
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This document outlines strategies for conducting effective market research, emphasizing the importance of making informed decisions quickly. It provides methods for both early-stage and existing businesses to gather insights, including utilizing surveys, social distribution, and tools like Google Trends and Mechanical Turk. The document also shares practical advice on leveraging customer feedback through in-app surveys and advisory boards to enhance product understanding and user experience.
How to Do Better Market Research
- 1. Chuck Liu How to Do Be er Market Research January 22nd, 2015
- 2. Chuck Liu Design Research Lead KISSmetrics @chuckjliu cliu@kissmetrics.com Thue L Madsen Marketing Operations Specialist KISSmetrics @thuelmadsen tmadsen@kissmetrics.com
- 3. @thuelmadsen #KISSwebinar Join the conversation on Twi er
- 6. Market research helps you make decisions.
- 7. 1 3 Essential Mantras of Market Research Email In-App/Site Opt-In In-App/Site Pop-Up 2 3 Ways for Early Stage Businesses to Do Lean Market Research 3 3 Strategies for Existing Businesses/Enterprises to Ge ing Faster Research Done Table of Contents 4 Bonus: The KISSmetrics Market Research Flow
- 8. WATCH WEBINAR RECORDING NOW
- 9. @chuckjliu #KISSwebinar Join the conversation on Twi er
- 10. 3 Essential Mantras of Market Research 1
- 12. Goal: Make be er decisions, faster.
- 14. Get things done in days, not weeks or months.
- 16. Market research priorities are different depending on what stage your business is at
- 17. There are many FREE resources out there.
- 18. Google Trends: Measure market potential and interest AVINASH KAUSHIK HTTP://KISS.LY/LEANAC
- 19. Twi er, LinkedIn, Quora: Get the lay of the land on problems
- 20. Talking to experts: Get the detailed scoop of workflows and processes
- 21. LOG IN WITH GOOGLE Start Your Free KISSmetrics Trial
- 22. 1. Hypothesis- driven Have an idea to prove or disprove
- 23. 2. Short and targeted 5 days, 2 weeks max
- 24. 3. Focus on outcomes Know what you want to know
- 25. “A er this research is completed, we will be able to decide on…” https://www.flickr.com/photos/mikebehnken/
- 26. “A er this research is completed, we will be able to move forward with…” https://www.flickr.com/photos/angeloangelo
- 27. “A er this research is completed, we know whether we need to do …. or do ….” https://www.flickr.com/photos/mikebehnken/
- 28. 3 Ways for Early Stage Businesses to do Lean Market Research 2
- 29. What problems, needs, and motivations do people have? Do people understand your product’s value proposition? Which messages are most effective at explaining your product? Can people figure out how to use your product? Why do people stop using your product?
- 34. What do people need? Measuring how people behave
- 35. What do people want? Measuring what they say
- 36. Can people use it? Measuring tasks
- 37. 1. Survey + Social Distribution Cheap (or free), but requires more work on your part
- 39. The super lazy version: ask #lazyweb on Twi er
- 40. 1. Make a screener or survey 2. Tweet/share it out 3. Analyze
- 41. Tweet a screener or survey out
- 42. Tweet a screener or survey out
- 43. Try the good ole’ “asking for a friend” (except it’s you really asking)
- 44. Whether you’re actually asking for a friend or not, this actually works be er, especially if you tag a potential competitor
- 45. 1. Ask a question on Quora 2. Revitalize an old relevant thread with a new comment 3. Ask people to answer an existing question
- 46. Pros • Li le setup other than survey itself • Piggyback off existing product’s customers and users • Network with strangers you would have not recruited otherwise • Advanced targeting to help you limit your audience Cons • Targeting limited to own follower count or others’ followers • Meaningful conversations need to be taken offline Social Distribution Pros and Cons
- 47. 2. AdWords Easy setup, variable expenses
- 49. You Pay for Clicks, Which Is Pre y Realistic
- 50. AdWords Keyword Planner does the work for you in volume and interest
- 51. 1. Practice your pitch 2. Limited character count = concise messaging 3. Bad ideas = no problem
- 52. Additional AdWords Gotchas • Your keywords determine who sees what (mind your demographics) • Use targeting area to limit your ads be er to industries you’re focused on • Potentially slow depending on your keyword/bidding level • If your keyword is near $1, DON’T DO IT! Sweet spot: $0.25-0.75 • Set a daily maximum spend so your costs don’t go out of control
- 53. Pros • Pay for clicks • Keyword tool does market sizing and competition • Advanced targeting for segmenting demographics Cons • Keywords that you want could be expensive • Keywords you think you want are non-existent and no one searches for them • Can take long if your ads themselves are poorly wri en AdWords Pros and Cons
- 54. 3. Amazon Mechanical Turk Disclaimer: I haven’t tried yet, but I want to
- 56. Mechanical Turk Plan: Simple • Design a test • Distribute a test • Analyze the data
- 57. Mechanical Turk Plan: Expanded • Design a test • Two designs • Two messaging concepts • Two branding concepts • Distribute a test • Write simple instructions: “Imagine you are…” • Build a survey (within MTurk itself or TypeForm/Google Forms) • Analyze the data
- 58. Mechanical Turk Survey Link Example
- 59. Marketing Skills Time! Write a great title and description
- 60. Set costs, number of participants, time to complete, how long you want the task to be posted for
- 61. Mechanical Turk Caveats • Professional survey takers • You can limit your demographic somewhat, but some people live off Mechanical Turk as income ($0.05 per 30-second HIT is a $6.00 hourly wage) • Spam • Surveys should have codes at the end to verify that they were completed by an actual person, not a robot • Surveys should take 2-4 minutes for tasks that pay less than $0.25. Anything longer will get skipped over and your responses will come in slower. • Interested in a longer read? See Rapid User Testing with Mechanical Turk
- 62. Mechanical Turk Pros and Cons Pros • Pay for only good answers • Flexible price points based on your budget • Potentially cheaper than paying survey tools for their “audience” Cons • Longer setup • Potential spam / low quality answers to filter through
- 63. 3 Strategies for Existing Businesses/ Enterprises to Ge ing Faster Research Done 3
- 65. Can new customers understand and figure out how to use the product? What are customers’ existing workflow/process and pain points? What are pros/cons of competitive products? How satisfied are existing customers with the product? How does customers’ usage change over time?
- 66. 1. In-App Surveys Contextual, relevant, and dismissible
- 68. Existing workflow and pain points • Nudge your customers with in-app surveys • Open-ended “What best describes why you logged in to use this app/service today?” • Open-ended “What frustrated you recently about this app/service?” • Target customers at least a er 60 seconds have elapsed, otherwise it’s annoying • Leave feedback forms accessible from any part of the app
- 69. Example question and choices for finding value and use cases
- 70. Targeting - don’t make people annoyed at you
- 71. In-App Survey Pros and Cons Pros • Low cost • Low effort • Can be turned on/off as you please to measure activities over time • Quick responses based on targeting technique Cons • Limits demographic to your existing users • Can potentially annoy your users
- 72. 2. Experience Sampling Uncover user needs and behaviors
- 74. A psychology technique, now also used for market research • Measure ongoing experiences and events by asking people the same question(s) one or more times per day • On demand via notification (in-app, or email) • When certain conditions are met (used a feature at least 5 times in one day) • At specific periods of time • Recruitment requires incentive because of the commitment • I like to do “a chance to win” incentives • Make it large, so the chance is worth it
- 75. Jawbone Experience Sampling Recruitment Email
- 76. Jawbone Studied My Sleep Pa erns
- 77. Questions To Ask For Your Own Experience Sampling • Open-ended: What was the reason you recently did X? • Likert-scale: How did you feel when you used this app today? • Open-ended: What is the reason you are using this app today? • Likert-scale: How much do you agree or disagree with the following statement?
- 78. On Likert Scales (pronounced like “lick”) • 5 -point scale with symmetrical answers • Not at all interested, not that interested, neutral, somewhat interested, very interested • Not at all, not really, undecided, somewhat, very much • Never, rarely, once in a while, sometimes, always • Strongly disagree, disagree, neutral, agree, strongly agree
- 79. On Likert Scales (pronounced like “lick”)
- 80. Statements you could use with Likert scales as answers • YOUR APP is easy to use. • YOUR APP is easy to setup. • YOUR APP has a pleasing color scheme. • YOUR APP has useful FEATURE. • YOUR BUSINESS looks trustworthy. • YOUR BUSINESS looks professional. • YOUR BUSINESS has a clear message on what it does. • Does this design look too bright or too plain? • Does this page look too busy or too minimal? • Does this screen look too gimmicky or practical?
- 81. Pros • Highlights behaviors, moods, stress levels • Gives context to these behaviors depending on how it was administered (same time every day, multiple times a day, etc.) • Measures differences over time Cons • Risk of participants dropping off or stopping participation • Incentive needed to lure in • Not good for checking if someone is doing a task repetitively Experience Sampling Pros and Cons
- 84. Quick Review: Personas (thanks to Buffer for these images!
- 85. Quick Review: Personas (thanks to Buffer for these images!
- 86. Recruiting Script I wanted to extend an invitation to you to be part of theYOUR_COMPANY Customer Advisory Board. I'd like to have your on the advisory board in order to shape and influence the types of tools we build in order to help you do your job better. The engagement on your part is pretty low. We'd love to hang out with you initially on-site to get a sense of your workflow and process. After that, we ask for just 15-30 minutes of your time, twice a month. We'll also hold optional get-togethers among advisory members to share strategies and best practices. Let me know what you think. I think you'd be a great fit with your experience. Cheers, YOUR NAME
- 87. Guaranteed market research sessions every 2 weeks • Recruit at least 2 people from each persona you have developed to cover the spectrum of customers you have • 15-30 min phone call, screenshare, or on-site visit every 2 weeks • Ask them about the tools they use now or are considering using • Are there any opportunities or threats? • Ask them about any annoying but essential tasks they do right now • Are there any opportunities for you to explore that problem?
- 88. Pros • Highly contextual information about day in the life, workflow, and process • Visibility into which tools are used for tasks • Deeper relationship and trust built with customer Cons • High amount of effort on your part • Recruiting can be hit or miss depending on your relationship with customers / their availability Advisory Board Pros and Cons
- 91. Our Market Research Process This works for us, but may not work for you. Hypothesis A guiding point for what your market research is about Informs questions you ask in screeners, surveys, interviews, or onsite visits Screener In-app pop up survey tool with targeting capabilities Segmenting and targeting specific customer types. Survey / 1:1 Remote Interview / Onsite visit Methods for finding out broad / specific / contextual information Manage opt-in lists and screeners for demographic data Report or Write Up Summary of your findings, the methodology you used, demographic information, results of the research, and recommendations Informing your team or management to make a decision What It Is How It’s Used P.S. Please don’t do focus groups. Ever. They are a waste of time.
- 92. Research Tools of the Trade Our toolkit for ge ing survey’s done. Typeform Beautiful survey forms that display well on web and mobile. Surveys for market and user research Qualaroo In-app pop up survey tool with targeting capabilities Nudge or opt-in for a larger survey or getting permission to follow up for a another research study Google Forms Simple screeners and opt-in forms for collecting people’s information. Manage opt-in lists and screeners for demographic data Salesforce Pardot / Gmail + Boomerang Marketing automation and email marketing Schedule and create emails for distributing survey links. Manage opt-in lists and research campaigns. Calendly Calendar scheduling app People sign themselves up on an open slot that works for them. No email back and forths! What It Is How It’s Used
- 93. Book Resource: Just Enough Research
- 94. Questions? Chuck Liu Design Research Lead KISSmetrics @chuckjliu cliu@kissmetrics.com Thue L Madsen Marketing Operations Specialist KISSmetrics @thuelmadsen tmadsen@kissmetrics.com