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Market Research for Start-ups WARF Gilson Bootstrapping Series April 5, 2011 Panelists • Dan Olszewski, Director, Weinert Center for Entrepreneurship, Wisconsin School of Business [email protected] • Bud Gayhart, Director, Center for Innovation & Business Development, UWWhitewater [email protected] • Michael Enyart, Director, Business Library, Wisconsin School of Business [email protected] Basic Goal of any Start-up • Figure out the answers to your market, technical and economic model questions before you run out of money Common Reasons that Startups Fail • Poor Management Strategy & Skill – Lack of Customers – Market is too small – Technology doesn’t work Goals for Early Stage Primary Research • Understand customer – Needs (problem being solved) – Willingness to pay – Who makes the buying decision • Tailor product and message • Size of the opportunity (Market Size) Types of Market Research • Primary – In-house(Entrepreneur/Company) – Outsourced • Secondary Primary Market Research by Entrepreneurs • In-person/phone • Clear & unbiased description of product benefits & costs • Determination customer interest & degree of passion (willingness to write a check) • Learning experience – Find the customer segment where your fit is strong – Determine the roadblocks & overcome them via product design or marketing Scott Cook at Intuit-Example • 1982 start of Quicken Software – Wife complained about writing checks – Called random people in Palo Alto, CA and Winnetka, IL phone books • Likely owners of PCs in 1982 • Found clear customer need and it wasn’t being satisfied by current offerings. 46 existing personal accounting programs. – Hired a market researcher to do a larger survey – Key insight was to develop a personal finance program not written for an accountant Contact Information for UW projects • E-ship class projects during fall/spring semesters (SBDC & Weinert Center) http://www.bus.wisc.edu/weinertcenter • Hire a Marketing Research MBA for a semester@$9500. Kristin Branch, Director of the A.C. Nielsen Center, at [email protected]
