Market Research and Competitive Analysis
April, 2007

Is there is a market for your product? If so, is it a competitive market space?

Who are the key players? Can you clearly differentiate your offering from the competitors’ so customers will buy your product? These are just some of the questions entrepreneurs should ask themselves before launching a new company or product. Conducting quality market research and competitive analysis is the focus of this collection. Valuable insights into performing solid primary and secondary market research activities and proven techniques for analyzing market and competitor data are included.

ENTREPRENEURS’ STORIES

Market Research Informs a Business Idea

Sally E. Smith, Founder and President, Smith & Associates, Inc., Overland Park, KS
This entrepreneur and former banking executive shows how she used market research to discover the opportunity for an unexpected new venture. She researched ways around obstacles, identified solutions, and stayed creative–until one day, she found herself at the helm of a very successful business.
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Creative Research to Test Assumptions

Kevin Leibel, President and Founder, innovation Management, LLC, Chapel Hill, NC
This entrepreneur attributes his success to a philosophy built on persistence, creativity, and a penchant for asking, “Why not?” His path as an entrepreneur is rooted in creative, out-of-the-box market research capabilities.
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HOW TO’S

How to Conduct Fundamental Market Research

Bill Warner, Managing Partner, Paladin & Associates, Wake Forest, NC
Completely understanding your market allows you to confidently approach any customer, potential partner, or investor. This entrepreneur and angel investor outlines a five-step process for knowing breadth and depth of the market landscape.
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Successful Entrepreneurial Market Research Techniques

Greg Heinemann, Founder and Principal, Blackwatch LLC, Hopkins, MN
While it is true that large companies always can afford full market research programs, entrepreneurs running growing companies should know there is a vast array of data and information that can be obtained at little cost and time.
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Methods for Conducting Early Market Research

Stephen K. Markham, Professor of Management, Innovation, and Entrepreneurship, North Carolina State University, Raleigh, NC
By understanding customers’ needs, a product can be developed to meet these needs. This author outlines three quick and inexpensive methods to help: Be Your Own Customer, Critically Observe the Customer, and Listen to the Voice of the Customer.
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Questions to Answer When Analyzing Competition

Bill Warner, Managing Partner, Paladin & Associates, Wake Forest, NC
Your basic business strategy and product plan needs to be rooted in an understanding of what it takes beat the competition. To do so, this author says you must have a realistic understanding of what you are up against, and he lays out a method to do smart market research.
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Using the World Wide Web for Market Research

Sam Richter, President, James J. Hill Reference Library, St. Paul, MN
Much of the good business information is hidden in “the invisible Web,” the 80 percent of the Internet not accessible to popular search engines. Good news: there are free and low-cost ways to access business information online. This article includes valuable Web sites to visit when you need information for your business or strategic planning.
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Ten Focus Group Tips

Grace W. Ueng, CEO and Founder, Savvy Marketing Group, Cary, NC
Market research results can help an entrepreneur change company behavior. To that end, this author recommends a ten-step plan for tapping the power of focus groups to conduct research that is immediately actionable for an entrepreneur.
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Secondary Market Research Resources

Nikki Marchand, Director, Library Services, James J. Hill Reference Library, St. Paul, MN
Understanding your industry, competitors, and customers is necessary for any entrepreneur. Primary research helps gather specific data, but secondary market research is also helpful. This article outlines fundamental, secondary research resources, which are either accessible online or at your local library.
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TOOLS & TEMPLATES

Guide to Online Market Research

Nikki Marchand, James J. Hill Reference Library, St. Paul, MN
This research guide is filled with tools, including databases, trade publications, and more to assist entrepreneurs as they study a potential market–customers, demographics, competitors, trends, and more.
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Developing My Customer Profile

FastTrac, Ewing Marion Kauffman Foundation
Use this tool to identify your major customer groups, their distinguishing characteristics, and the market research needed to develop a customer profile.
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SWOT Analysis Worksheet

FastTrac, Ewing Marion Kauffman Foundation
A SWOT analysis helps identify Strengths and Weaknesses and examine the Opportunities and Threats you or your competitors may face. This tools helps you learn more about your competition gain greater insight into the market.
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Competitive Advantage Worksheet

FastTrac, Ewing Marion Kauffman Foundation
Use this tool to capitalize on your strengths or unique innovations so that customers prefer to do business with you.
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Market Research: Trial HillSearch Membership

HillSearch, a market research online tool sponsored by the James J. Hill Research Library, offers a free ten-day trial membership for all who register at this link.
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