Title Startup Foundations | Research Approach.pdf ✅

Research Approach The following are critical elements to successfully conduct research that will ensure your idea does not remain hypothetical: 2.1. Objectives 2.2. Target Group 2.3. Sample 2.4. Data Collection Methodology & Tools 2.5. Analysis 2.6. Conclusions 1
2.1 Objectives 1. Determine the purpose and set the objectives of the exercise. ● What are you aiming to achieve? (e.g., understand your target market's needs, identify potential customer pain points and discover unexploited potential etc.) ● At this stage of your startup the objectives should largely be centred around getting a better understanding of your customers' underserved needs and pains for the purpose of refining your definitions as captured in the following sections on notion: o Section: Market/customer analysis o Section: Problem analysis 2. Define what a successful outcome looks like to you 2.2 Target Group Determine the demographic, psychographic, behavioural, geographic, or firmographic characteristics of your target customers. These include details such as age, gender, income level, interests, values, location, industry, amongst others. The purpose is to refine the definition of who your target group(s) is as determined in the market/customer analysis section on notion. Consider this article and the pointers below: ● If your startup is Business to Consumer (B2C) focused: o Determine the estimated population size o Determine the geographic location o Demographics (age, gender, occupation, income, education) o Assets (equipment, land size, mobile phone) o Internet access (frequency & method of access, reasons for access i.e. type of content consumed) ● If your startup is Business to Business (B2B) focused: o Determine the population/count of the companies by industry/segment o Determine geographic location o Industry and specific product o Revenue/turnover o Company size (employee count) 2
2.3 Sample ● Determine the size of the sample ● We highly recommend that you aim to attain a minimum of 100 B2C and 20 B2B respondents. ● Explore a sample mix that is representative of the wider population and/or could potentially be sources of important insights ● Target to not only gather information from your core target group but wide enough sources such as the other stakeholders or participants within your value chain e.g. government officers, interest group administrators, etc. ● Ensure the sample bears characteristics as close as possible to the overall market e.g., gender & age mix, socioeconomic factors, etc. ● Research Location ● Choose the locations where you will conduct the research. These could be areas where your target customers are likely to be found, such as shopping malls, community centres etc. ● Recruit your participants ● Identify and recruit participants who fit the profile of your target market. This could involve using social media platforms, or reaching out to potential customers directly. 3
2.4 Data Collection Methodology & Tools Determine the type of data you want to collect and create a research instrument that will help you collect that data. 1. Below are some of the main data collection instruments you might use. However, you are not limited to these, feel free to explore or consider others: ● Interviews: consider in person vs virtual, 1-to-1 vs 1-to-many; refer to this guide ● Observations (direct vs indirect) ● Questionnaire 2. Strive to maintain the integrity of the data collected: ● It is critical that you maintain the integrity of your data to ensure that the information collected is accurate and consistent without bias. ● Here is a general guideline on how to maintain data integrity. Tools ● Research Interview Guide ● Data Integrity Guide 2.5 Analysis Gather and analyse the data collected during the field visits. Remember to tailor this exercise to respond to your set objectives. The analysis should also address the following key questions: ● What is the underlying root cause of the overarching problem you defined? ● What is the severity of the problem (cost, time, quality implications)? o What are the direct or opportunity costs? o How much time is spent to solve the problem? o What are the implications on quality of life & work outputs? ● Who is affected by the problem? ● What is the extent/impact of the problem? o How many people are affected by this problem? ● What is the technology landscape (use and adoption)? You are free to use any statistical software or data visualisation tools where necessary to identify patterns, trends, and insights. Distil the insights into a well-crafted point of view statement that will inform your problem analysis in Section: Problem analysis on notion. Tools ● Point of View Template 4