How to Do Market Research!

The market will judge your idea one way or another… why not hear the verdict BEFORE you quit your day job?

Two Cents on Twitter: @twocentspbs

--

Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.

Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
Directors: Katie Graham & Andrew Matthews
Written by: Andrew Matthews
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Andrew Matthews
Images by: Shutterstock
Music by: APM

SOURCES:

“If You Build It Will They Come?: Three Steps to Test and Validate Any Market Opportunity” by Rob Adams

[ChrisInvests]

Always do your own due diligence. No one cares about your money like you do 👍

[ShiningSakura]

you should do a video on what banks do with your money while it is sitting there. My sister asked me this and I think my explanation confused her a bit, but if you did it; it might make more sense since you do explanations real well and with pictures.

[PureGold]

I imagine that whenever they argue, they end their statements with "and that's my two cents" 😂

[ajmalrafi]

No one :

Friend I haven't seen in 15 years : Do you want to be your own boss?

Me : Is this a pyramid scheme?

Friend : No, it's a triangular modelled business plan!

[jm]

I teach marketing research. This is my whole class in seven minutes...

[BenFarahmand]

I've started a side business designing and selling board games. I recently finished my first kickstarter campaign. Kickstarter was one step in validating the idea to reduce my financial risk to manufacture my game. Along the way, I also went to conventions to better understand the type of person interested in my board game. Looking for industry conventions is a great way to do market research because competitors and customers are all in one place. :) Many times you can also ask competitors for advice and they're usually willing to help.

[EfHaichDee]

You forgot the most important tactic of all. If you can't find a market for your product - create one. Just start using beard oil on your dog and posting images on social media working to get more followers. Once you get enough advertising in, people will start thinking they need beard oil for their dogs - that 4% can become 70%. Literally the story of almost every product we use today.

[YogendraKalavalapalli]

I am a marketing and business development professional. And you guys have done a very good job explaining this to any small business owner. Good evolution from savings bucks to making bucks 🙌

[crimsonite]

there truly is a mystery to how two cents keep their videos so short yet packed with information, if it were another channel this topic would be a whole series with 40 minutes per video

[justinmiller]

Some things just come together. Thinking about starting my own business and then this video happens. You two have taught me much, and given me many jump off points to consider. Thank you and I hope your trip went well.

[Dutchtraordinary_Living]

This is a very high-quality explanation! Well-paced and covers the most prominent parts of market research. Thank you, My Two Cents!

[kazdro]

I clicked onto this video for the information. I wasn't expecting to actually enjoy the video. You both have presented it so well and in a way that's fun and easy to watch. Thank you!

[kellypettit]

LOVED THIS VIDEO! Perfect for my high school students.

[simonsimonhc]

Wow! Getting on the top of my favorite Business channels for education

[dejesusrussell]

My wife studied public administration. The concept of the needs assessment aligns perfectly with this video. Thank you!

[MLO]

What amazingly good content! 💯
Coming from being 28 and majored in Marketing at a well reputed business school, and I am AMAZED at how simply this topic was explained.... I actually learned things I didn't know or thought of in that way before ! haha
Quality of production is also mindblowing 👏👏👏

[Whatwhat]

I will almost never need this type of thing, but I *HAD* to click and support my favorite channel!

[paramitacdewi]

Your videos are very well done! I love how direct the explanation is, honest, and also love how you guys give examples of the things you teach

[ellahu]

Great video! Can you guys also do one episode regarding medical bill (deductible/allowable and copay)?

[jc]

The best approach is the lean startup approach. Start selling a minimum viable product, even if it's a demo of your real product, and sell it to real customers outside your social circles. Less money and time wasted.