Finding Gold - How to Conduct Business Internet Research - Slide Show

Introduction

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Hand-outs

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Presentation (numbers refer to List of Links items)

(http://www.statslinkcanada.com/ResearchLinks2010.htm)

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Key Research Links Research Booklet

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Focus is on major free / low cost ($) resources

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E-mail with specific questions

What is Research?

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Research is NOT about:

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“Completing” your business plan

It is done the life of your business

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Collecting as many statistics as possible

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Proving your hunch is right.

DO NOT ASK: “Is this business idea a good one?”

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Research is about answering the most important question of all:

“How can I make this business idea work?”

How can I make this idea work? Three Basic Questions:

1. Who is my best customer?

“Fastest & easiest way to generate revenue”

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Target Market

Not who you are trying to sell to but rather who is your very best customer Who is going to buy my product/service today. How many? How much? How often? WHO? If you are not sure who your best customer will be, start with Question 2: “Why do they purchase?”

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How can I make this idea work? Three Basic Questions:

2. Why do they purchase?

“Knowing why will tell you how to sell”

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Benefit Offered / Problem Solved

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Marketing Strategy

How do customers decide to purchase your product/service? (best marketing method) - How do your competitors advertise?

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“Your research should tell you how to advertise not your budget”

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Credibility

How do customers judge your capability to provide value? (e.g. location, label, price) Legal requirements.

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How can I make this idea work? Three Basic Questions:

3. What is my competitive environment?

“What is out there beyond your control?”

Who else is offering the same benefit/solution? What are their strengths, weaknesses, market share?

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Competitors

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Industry Issues

Trends, Litigation, Customer Expectations

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The...