For Jerry Kornblau, what started as a research project for a class at UC Berkeley eventually became a decades-long career as a market researcher and strategist spanning 30 industries. During his career, Kornblau has advised a variety of businesses, from larger corporations like Epson America and Procter & Gamble to smaller companies like Lantronix.
As an Innovation Advisor at UCI Beall Applied Innovation, Kornblau continues to put his passion into practice by helping startups develop market assessments as well as research and go-to-market strategies.
Q: Why is market research so important?
A: Top companies have a really close understanding of their customers. They’ve done the research and they’re constantly innovating to better meet their customers’ needs or desires. The more you know your customer … the more successful you’re going to be.
Q: How can startups determine their target market?
A: Usually, entrepreneurs have some idea of who they think may be a target customer. Look at what those people do or use today as it relates to your product. If people are talking online about a certain product or service, what are they saying, what do they like, what are their frustrations? Try to understand their behavior either by observing, looking online or asking.
Q: How should startups conduct market research?
A: I strongly recommend early-stage companies do more qualitative research – interview target customers on the phone or in-person. Online surveys are also useful, but what you won’t get is the “why.” Why did they like it, why did they not? Why would they expect to buy it in a certain place versus another?
In most cases, people will participate in the research if it’s brief and kept confidential. [However,] you may need to offer an incentive to participate, such as a gift certificate, discount, or free trial period for your product or app once launched.
Q: What should researchers look for during these interviews?
A: Really capture how people talk about [the product] – the phrases they use to describe it, the examples. That helps you know the best way to communicate to them when you develop your messaging, website, advertising and blogs.
A second point is not doing market research with friends or family. You want an unbiased view. You don’t want people who are just going to say, “I love it.” That’s not useful to you. You want people who are truly representative of the market.
When you get responses, it comes down to being neutral [and] not letting your ego get into it. Whether the reaction is positive, negative or neutral, follow up with “why?”
Q: How often should market research be conducted?
A: Market research [is] an ongoing process. Whether you’re a startup or a large company, you should always be trying to understand your customer. Do research before you launch a product [or service] and after it’s out there and in use. That will help you plan [for] your next product.
Learn more about market research and entrepreneurship from the Innovation Advisor network.
Main Graphic: Kate Wokowsky, UCI Beall Applied Innovation
Read the article on the UCI Beall Applied Innovation news blog.
Kaitlin Aquino 