Hello Brilliant Founder,
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IF YOU’RE AN EXISTING BRAND WONDERING WHICH RESEARCH WILL HELP GROW YOUR BUSINESS, I SUGGEST STARTING WITH Adi’s Guide to Consumer Research for Existing Startups: Which customer data helps drive revenue growth?
IF YOU’RE A FIRST TIME FOUNDER, WE SUGGEST STARTING WITH Adi’s Guide to Market Research for First Time Founders
both available at 9apple.co
If you’re just looking for my checklist here it is:
Business questions that tell me how to frame the data I collect:
- What problems are you solving & for who?
- What is your brand identity & brand promise?
- Where did you find your first 10 customers and how did you build the level of trust needed for them to become retained customers?
- What do you sell & how do you sell it?
Customer lifestyle questions:
What is the ideal customer’s …
- Social status
- Choice of vacation
- Choice of club memberships
- Choice of entertainment
Customer hobby & activity questions:
- Are they seasonal?
- How often does he (or she) engage in these activities?
- Is the activity required (for work, school, etc.)?
- Do they spend money on the activity? If yes, how much and what are the payment cycles (pay per use, subscription, etc)
- How emotionally invested are they in the activity?
Questions to guide the content & branding decisions:
- Do they have any specific opinions that I can leverage or include in our marketing material, branding & ToV? Such as opinions about: themselves, social issues, political issues, fashion, family, food, business, economics, education, products and services.
- If there is an existing brand, how do the customers perceive the company and products?
- How do these products fit into their lives? Does this data indicate an opportunity to increase acquisition via a referral program or increase wallet share by adding more service / product offerings?
- What do current customers hope to achieve with this product or service?
- How does this product or service address one (or more) pain points?
- What objections do people have to making a purchase? Are these objections held by actual customers? (You’d be surprised by how often competitors create fake accounts to complain about your brand online).
- How big is the qualified available market (people who are interested in your industry category, have the financial means to purchase your product / service and are legally able to make such purchases)?
- What terminology & key phrases do the people within this target market use on a regular basis?
A list of some of the resources I trust & use regularly:
FREE: Secondary data
- Google it. You’d be amazed by how much free information can be found with the query “Data on Millennial buyers” or “Reddit + startup founder resources”
- Ask questions on Quora
- Browse Amazon.com & Walmart.com reviews
- If you have a product similar to those sold on Amazon, the amazon customer reviews section is a gold mine of data for you. From pictures to paragraphs, this corner of the web is a total G-d send.
PREMIUM: Secondary data
- SpyFu (keyword research & competitor research) – this is my favorite place to go when I start my search
- Trade Association Subscriptions
- Nielsen (example – https://www.nielsen.com/us/en/insights/report/)
Primary data (these can be free or premium thanks to the rise of social media).
- HotJar – I gather a lot of information about user behavior here.
- Pick out questions from this mega-list to help you create your short list of questions for the following types of information collection.
- Website surveys
- Online quizzes
- Customer interviews
- Focus groups
- Customer interviews
- Social media polls
This post was written by Adi Soozin of MD9.co. If you enjoyed this post and would like to see more like this: follow MD9 on Telegram, or drop your email in below to receive our Pineapple Report (1 – 2 times each month). The Pineapple Report contains exclusive updates, founder invitations and Adi’s latest password protected growth hacking strategies.