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How to Understand Your Market (w/Eva Dimitrova)

Name: How to Understand Your Market (w/Eva Dimitrova)
Uploaded: 2022-05-17T15:57:54+00:00
Duration: 1 min 34 s
Channel: Royston G King
Description: In this segment, the speaker emphasizes that all strategic decisions must be grounded in thorough research, focusing on two core areas: the market and…

17 May 2022 · 2 min

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1:34

In this segment, the speaker emphasizes that all strategic decisions must be grounded in thorough research, focusing on two core areas: the market and the customer. For market research, they outline key questions about market size, maturity, growth trajectory, differentiation among competitors, and potential risks, including barriers to entry such as regulatory constraints, capital intensity, and distribution channel accessibility. For customer research—often termed customer development—they stress the importance of identifying who the customers are, their location, current problem‑solving methods, the nature of their problem, and their motivations for seeking a solution. The insights gathered from both market and customer research are presented as the foundation for shaping business strategy and product decisions.

Chapters

All of our decisions, they need to come from research. So there are two things we need to research. First is the market. How big is the market? How mature is it? Is it a growing market or is it a declining market? Is it a brand new market? What is, what is the differentiation between the companies in that market? What risks are there that someone needs to foresee? Are there any barriers to entry? What I mean by that is, are there some regulations from the government? Do you need a lot of cash in order to succeed in that market? For example, telecommunications, you need a lot of cash. Can you easily get access to distribution, or are those channels of distribution already taken by the companies that are operating on that market? So all of those questions, they need to be answered. And so this is why we need to do this market research. The second part we need to research is the customer. And this is often called customer development. And so obviously, we need to know who the customer is, where they're based, how are they solving their problem right now, what is their problem at all, you know, why are they interested in solving that problem. We want to know as much as we can for that customer in order to then basically decide how to solve the problem, right? So those are the two aspects we need to research and that are going to inform our entire business and strategy from there on.