At the end of this session you
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1 At the end of this session you Market Research Dirk Heuff» Know how to collect & analyze market information» Are able to translate findings into useful information for your business CBI training "Exporting ITO Services to EU" - Yerevan, 13 & 14 June '12 2 The Research Process Define your research problem Choose your research technique What information do you need? Plan your research Collect data Defining research questions Analyse your data 3 CBI training "Exporting ITO Services to EU Yerevan, 13 & 14 June '12 1
2 3 C s influencing your business Competitor Name, size, market position Service characteristics Marketing Mix Distribution / Partnerships Customers Size & growth Demands, unmet needs Alternatives Market Segments Channels How many, size, access Major players Requirements For each element, define 3 questions for information you NEED for your EMP Customer Competition Channel 5 6 CBI training "Exporting ITO Services to EU Yerevan, 13 & 14 June '12 Your 3 questions Your 3 questions» Customer » Customer 1. Size & location of potential customers 2. Top 5 Needs (incl unmet needs) 3. Current services in use / alternatives considered 7» Competition » Channel » Competition 1. Strenghts & Weaknesses 2. Service offerings (marketing Ps) 3. Succesful market entry strategies 4. Possible reaction to our market entry (scenario s)» Channel 1. Availability, effectiveness, efficiency 2. Main players 3. Main challenges 2
3 Your challenge Collect Types of market research Shortage of specific information Information overflow CBI market information database CBI training "Exporting ITO Services to EU" Yerevan, 13 & 14 June '12 10 Ask and listen to others: the cloud is with you Research techniques Desk research Field research Secondary data General Primary data Specific for your product Internet research 11 Cheap INTERNET research Advantages: Free (often) Availability Up-to-date!! Pitfalls: Reliability of information Finding your way High cost 1 2 cbi.eu/marketinfo CBI training "Exporting ITO Services to EU Yerevan, 13 & 14 June '12 3
4 Registration If you register on you get FREE access Using CBI s database Discover the hidden treasure 13 CBI training "Exporting ITO Services to EU" - Yerevan, 13 & 14 June '12 Homepage Select sector & country
5 Results Types of research available Examples Internet sources: market information EuroITX.eu Large research institutions (Gartner, A. T Kearney, etc.) Eurostat Exportnavigator EU Export Helpdesk for developing countries ITC trademap Trade associations National statistics offices
6 Examples of industry sources How to find buyers» Trends: Outsourcing Center - Information about EU markets: IT Sourcing Europe - Industry magazines: Computing - EuroITX: News portals: Global Services Media - Outsourcing» European IT associations German Bitkom UK IT Association Find more at Trade Fairs CeBit IT & Business Directories Offshore Xperts.com Internet sources: players & price» General e-market places: Globalsources Alibaba Europages Kellysearch Trade associations» Trade fairs exhibitors Analysis Turning information into intelligence 23 CBI training "Exporting ITO Services to EU" - Yerevan, 13 & 14 June '12 6
7 Case discussion 2 markets» Descriptions of 2 markets» Using 5 characteristics» Which do you consider the most attractive market...?» and WHY? 100% online, and full registration of all personal details Common needs, well defined. 13 million Population 6 million Over 50, but all speak English very well. Single channel Communication Clarity of needs and wants Languages Distribution 65% online + some centralized data Diverse, mostly defined 2, French and Flemish Complex, multiple channels markets 2 markets Population Communication Clarity of needs and wants Languages Distribution 6 million 65% online + some centralized data Diverse, mostly defined 2, French and Flemish Complex, multiple channels 13 million 100% online, and full registration of all personal details Common needs, well defined. Over 50, but all speak English very well. Single channel Population Communication Clarity of needs and wants Languages Distribution
8 Weighing relevance of information» How old is information Does it contain effects of global economic crisis?» Reliability of source Does the source itself benefit from the research?» Facts vs opinions Opinions are relevant & interesting, but complete and based on correct facts?» Usefulness Does it assist the decision making process? Use your common sense Your professional experience is biggest factor in analyzing the information available Summary» Shortage AND overload of market information» Research is much more than data collection Define research questions Choose research technique(s) Planning & Data collection Analysis & interpretation» CBI research is free (if registered)» Your professional business sense is crucial in interpreting & using market research 31 8
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