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Gathering Marketing Intelligence & Competitive Landscaping
- 5. At the highest level, a“market” isthe summation of the various providers offeringthe same product or service,usually within afinite set bound by a specific customer or geography
- 6. Market research can give a picture of what kinds of newproducts andservices may bringa profit But it involves asking the right questions, in the right way, to the right people
- 7. Failure to domarketresearchbefore you begin a business venture or during itsoperation is like driving a carfrom Melbourne to Broome without a map orstreet signs
- 11. Waysto Segment a Market Personal Characteristics • Social Class • Income • Occupation • Education • Housing • Family Influence • Time influence Psychological Characteristics • Needs • Perceptions • Self-Concept • Aspiration Groups • Reference Groups
- 12. Market AdoptionTrends • Innovators (2-3%) • Early Adopters (12-15%) • Early majority (33%) • Late Majority (34%) • Laggards (12-15%)
- 15. your competitors aren’t whoyou thinktheyare your competitors are whoyour customers think theyare You’ll never see the automobile coming if your only focus is the goal of making the best horse- drawn carriage
- 17. 1. avoidreinventing the wheel …especially if you don’t know what your customers will pay for
- 18. 2. smashthe competition … and take their hard-won spot
- 19. 3. help you better communicate with yourcustomers
- 20. stop
- 22. Identify the consumer needs you wish to understand Cast a wide netfor products and services thatsatisfy those needs
- 23. choosethe country/region to study if customers, competitors, orthe way products are used differ widely across borders
- 24. Choosea frame of analysis •trackthe entire marketfora product or a specificsegment •trackproductsor brands •Etc.
- 25. Key information you would like research to uncover? By defining what you intend on researching you’ll keep your research focused and effective Example objectives: o Decide whether to launch a new product or service o Decide where to launch a new product or service o Discover new market opportunities for your product Define YourResearch Objectives
- 26. Ok, now…
- 27. How to do competitive landscape analysis in (not so) easy steps3
- 29. 2. Analyse (whatyou show) •A list of features that you can claim you have they don’t •Segments of market which are market determined •List of capabilities you intend to build which your customers care about •Any other set of capabilities you can distinctly and objectively bucket each offering by
- 30. Some Questions to answer • How concentrated is the market? • Competitor background (traditional, foreign, new players) • Positioning along the value chain • How competitors have evolved • Competitor financials insights • How easy is it to grow market share? • How easy is it to enter? • Who are the suppliers/buyers and what is their power? • What are the key industry trends? • Why is the industry in decline/growth?
- 31. ConductingMarket Research Primary Research Collecting primary research can include: o Interviews (phone or face-to-face) o Surveys o Focus groups Map out your questions to each group Anticipate different follow-up questions based on positive, negative or indifferent responses (Qualitative vs Quantitative)
- 35. 2°Industry reports, analyst reports o Frost & Sullivan o Global Data o iData o Ernst Young o BCC Research o DataMonitor Healthcare o MedTRACK o Lux Research Gartner o S&P Capital IQ o And sites like datamonitor.com, transparencymarketresearch.com
- 36. 2°Small business portal at the Australian Bureau of Statistics (ABS) IBISWorld to find metro & regional data - data is available for numbers of business, by size in geographical categories (free access to detailed IBISWorld industry information at Victorian Government Business Offices (VGBO) located in metropolitan and regional centres throughout the state) Australian Small Business Key Statistics provides key statistics on business survival rates, small business exports & innovation
- 37. 2°Google scholar to search peer-reviewed papers, theses, books, abstracts and articles, from academic publishers, professional societies, preprint repositories, universities and other scholarly organizations NCBI PubMed comprises 24+ million citations for biomedical literature from MEDLINE, life science journals, and online books Google patents to search over 7 million US patents WIPO to search international patents
- 40. 2°University library databases: o Best practice is a decision-support tool at the point of care o Cochrane library for evidence-based medicine, integrating clinical expertise with systematic research o EBM reviews Simultaneously search the CochraneDSR, ACP Journal Club, Database of Abstracts of Reviews of Effects, (Cochrane methodology register, Health technology assessment, NHS economic evaluation database) & Cochrane Central Register of Controlled Trials o Pharmaceutical news index bibliographic information & indexing for 22 key US & international pharma, healthcare, biotech, medical device, & cosmetic industry newsletters
- 41. 2°Check out dedicated medical device websites like Fierce Medical Device and Mass Device and MD+DI and MedGadget Industry associations o MTAA o AusBiotech (AusMedtech) o Eucomed o And many more
- 42. Social media reconaissance: • social media and product review sites • obtain some real metrics on how many followers they have • use sites like Compete and Alexa to get a very rough (and let me emphasize, very rough) look at the traffic numbers and patterns for your competitors’ sites. 2°
- 43. "A few people warned me this market wouldn’t support our product pricing schedule.” Learning from Other People’s Mistakes
- 44. Relying on published work of others doesn't give the full picture-- it can be outdated, can miss other relevant factors Using common search engines only gets data available to everyone & it may not be fully accurate Friends & family are often not the best survey subjects-- you need to talk to real customers about their needs, wants and expectations. Common Mistakes Using only secondary research Using only freeweb resources Surveying only thepeopleyou know
- 46. Market Sizing– The3 P’s Population 25M Discoverable fact Penetration 10% Market research to validate Pricing $40 Market research/analogies x x = $100M
- 47. 3. Visualise (Howyou showit) •Look for patterns to showcase a small subset, (2-3) of the key dimensions you can differentiate •Then choose the right visualization
- 48. 2x2
- 50. Petal List
- 52. Checklist
- 55. WANT TO KNOWMORE? GET IN TOUCH! www.monash.edu/entrepreneurship @monashGENERATOR Facebook.com/monashGENERATOR 7 Innovation Walk AG01-04 (Clayton Campus) entrepreneurship@monash.edu