Monthly Archives: February 2014
In this two-part presentation with Krista Napier from IDC Canada, Krista shares key information about when and how to conducting mobile market research. Her tips include how to focus a company’s market research to guide future mobile product development. For example, to validate a concept, market research data can be used to determine if there is a demand for the product.
Krista lists the following four reasons to conduct market research:
- Opportunity to make money
- Market Readiness
- Geographic Differences
Is there an opportunity in the market to make money? Searching for opportunities means looking for gaps in the market where customers’ needs or wants are not being met. Your mobile services and products may meet those customer demands, and the customers will be willing to pay for your solutions.
Making sure that there is market readiness for your mobile product. There might be an app you want to build, but the customers were not yet ready to accept. If the market is not equipped to use the technology, then wait for a better time to build it.
Your market research can look at geographic differences. Your mobile product will not suite everyone, so your market research will give you the ability to create a niche within your target market.
Market research can also provide insights to positioning; i.e., how you must position your mobile service relative to other competitors in the market. If there are many competitors in your market or not that many, it might be a question of large or minimal amount of demand.
Krista’s Research Tips
Krista offers two main tips to help with conducting market research: 1) the importance of the quality and quantity of your metrics and 2) the location they came from.
A very important part of market research is to be aware of the quality of the source of the data. Not only the number of respondents, but the quality. The quality of respondents has a strong impact on research results. They need to come from a diverse pool that answered without bias, again with the end goal of having accurate data. Respondents who have already used your app will be biased and should not be used. There needs to be an ample amount of respondents to create an accurate result.
Finally, customers’ data from Canada should not be used to for American market research and vice versa. Being in Canada, it’s better not to assume that US trends can be used cross-geographically. There are different dynamics of vendors and adoption patterns in the US compared to Canada. Using trends from one country for another will skew your strategy for your mobile apps.
Video 1: Market Research Part 1
Video 2: Market Research Part 2