Research & Customer Development
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The document provides tips and resources for conducting customer and market research when developing a new business or product idea. It recommends investigating industry reports, understanding competitors both direct and indirect, gathering information from competitors by calling and buying from them, attending conferences, growing an email list through giveaways and paid ads, conducting surveys, leveraging online tools like Google alerts and trends, understanding barriers to entry, conducting financial modeling, choosing the right market, validating ideas with an MVP, and iterating based on feedback in order to prepare for next steps.
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Research & Customer Development
- 1. Research & Customer Development The Founder Institute Presented by: Nestor Villalobos
- 2. Invest in Your Education Audible vs. iTunes Kindle vs. Facebook Udemy vs. YouTube Are You Ready to Make the Sacrifice?
- 3. Research Industry Reports IBIS, Hoovers, Dun & Bradstreet Universities have Access Ask Other Businesses
- 4. Understand the Landscape I dont have any competition
- 5. Know Your Competitors Direct Competitors Indirect Competitors
- 6. Gather Information Call Your Competition Gather Information Dont Underestimate how much you will learn! Buy From Them
- 8. Grow Your Email List Understand your Demographics Give Something Away (www.gleam.io) Leverage Ads on Facebook, Instagram & Twitter Leverage Google AdWords
- 10. Leverage Online Tools Google Alerts (www.google.com/alerts) Google Trends (www.google.com/trends) TalkWalker (www.talkwalker.com) Mention (www.mention.com) Alexa Rank (www.alexa.com) SpyFu (www.spyfu.com) All Other Social Media (Twitter, FB, IG)
- 11. Understand the Barriers to Entry
- 13. Financial Modeling (Cont) Separate Key Assumptions Page Conservative Market Penetration Numbers 5 Year Projection Calculated Monthly Income Statement, Balance Sheet, Cash Flow Break Even Analysis
- 14. Choose the Right Market
- 15. Design a Purple Cow
- 16. Validate Your Idea Image Courtesy of Friendly Human
- 17. Rinse & Repeat Knock on Doors Show/Sell the MVP* Get Feedback Iterate the Product * Ensure IP is Protected
- 18. Prepare for Next Steps
- 19. Contact Information Nestor Villalobos nes@nestorv.com www.nestorv.com (LinkedIn) www.nestorvillalobos.com (Blog)