Build More Convincing Business Plans with Free Market Research from Google

By: Robbin Block, SCORE Mentor & Creative Marketing Strategist at Blockbeta Marketing

“Proving” your business model to investors relies on being able to back up your assumptions about your market. Data about how people search or discover products brings you one step closer to making your case. Now imagine if you could get that information easily, quickly and at no cost — and create good looking charts and graphs to use in business plans, presentations and on social media.

Going straight to a search engine for market research is like looking for a needle in a haystack. Imagine you’re creating a new line of products for pets, a highly competitive industry. A search for “pet products” yielded 3.5 billion results (yes, that’s a “b”).

Google makes it so much easier with a range of tools designed to mine their own mega-pile of information to understand what people are doing online. What better way for you to learn about your potential customers, than to go right to the place so many people start their buyer journey?

Three Market Research Resources in One 

PEWInternet is one of my go-to’s for robust and free market research for learning about online behavior, with a section devoted to “Internet and Technology.” Combined with Google’s Consumer Barometer, you’ll get an even clearer picture about how people use the Internet to discover and purchase products and services.

Consumer Barometer includes Trended Data, Audience Stories, Curated Insights and Graph Builder — saving the best for last.

Trended Data

Trended Data compares Internet usage over time.

Let’s say you were wondering how many in your target audience used their smartphone to access the Internet, filtering by country and demographics. Here’s the result of a search for US aged 25-34 vs. US aged 45-54:

While there are differences as of 2017, it becomes pretty clear that everything is pointing in a mobile direction with smartphone and Internet usage becoming ubiquitous across age groups very soon, if it hasn’t already. This is useful, whether you’re creating a mobile app or wondering how important mobile access is to your marketing strategy.

Audience Stories

With Audience Stories, Google segments Internet usage, exploring audience clusters like Brand Advocates, Digital Moms and Millennials.

For example, Google tells us the “how-to” video category is trending strongly. “1 in 10 internet users watch DIY or How-to videos in a typical session.” They go on to explain that, “23% of online videos are viewed in order to learn something new.” This means that educating customers and demonstrating your expertise can help you gain exposure, ultimately being a way to drive more traffic to your website.

When you’re wondering about a good length for your video, Google provides the answer, “How-to Video Viewers are also open to longer videos (5-10 minutes). As many as 75% of How-to Video users watched online videos longer than 5 minutes in the prior week, compared to just 60% among other users.”

Of course Google is in a great position to know what works and what doesn’t, since they own YouTube.

Curated Insights

With Curated Insights, Google displays its own research in charts and graphs, going into depth about shopper buying and media behavior. It can be parsed by country, but there’s demographic data presented as well. Here are some particularly interesting insights:

 

Graph Builder

The tools we’ve looked at give you Google’s point of view, but with Graph Builder, you can create your own graphs and charts based on their data. There’s a simple 6-step walk through to show you how to use it, which starts with selecting questions like these:

  • The Online and Multiscreen World —“How do people watch TV?”
  • The Smart Shopper —“How did people first hear about the product/offer they bought?”
  • The Smart Viewer — “What motivated people to watch their most recent online video session?”

Once you figure out which questions are most relevant to your research, you can drill down further by:

  • Country
  • Demographic
  • Internet Usage
  • Device Usage
  • Product Purchased
  • Most Recent Video Context

From there, you can investigate by a particular product category. You’d want to, because not every business is the same, and you’ll want data specific to your industry. Granted, the categories are pretty general, but selecting something even close can provide direction.

Unfortunately, it’s not particularly useful for my “pet products” example, since there’s no category for it — weird, not to offer information about such a huge industry. Oh well, even Google isn’t perfect. Stay tuned — their tools are always changing.

Another drawback is that product filters vary by the question being answered. It would be nice if you could choose your product category first, then apply the questions to it.

Moving on, let’s say you wanted to know if you should spend time using social media to promote hair care products to US consumers. Go to: Smart Shopper>Research Behavior>Online Information Sources, and then use the “product filter” link to select hair care under “most recent product purchased.”

Now, let’s say you’re thinking of offering a discount to encourage people to make a purchase. Here’s a relative comparison of how a discount influences a purchase by category. Go to: Smart Shopper>Research Behavior>Motivation for Purchase. Filter by product, as described previously. Then, you’ll need to hide all the other motivations to create this graph.

Unfortunately, there’s no information about services or B2B “business to business.” However, the tool allows you can compare filtered segments in one chart by selecting more than one at a time.

Now Put Your Information to Good Use

This is just a taste of what you can do with Graph Builder. Once you’ve created the charts you want, you can export as a CSV or png, or share, by selecting the 3 vertical dots in the upper right corner of the graphic. That sharing option may be especially useful for creating a post to a social network.

No matter what product or service you plan to offer, the marketing of that product should be based on a good understanding of the industry and consumer behavior — and the Internet is a good place to start if you know where to look. These free market research tools are a good start, providing valuable insights you may not be able to find elsewhere. Plus, they can help you create and share some compelling graphics, whether that’s for a business plan, presentation or social media marketing.

Visit our website to learn more market research shortcuts.

Robbin’s unique perspective and extensive experience has been put to good use solving her client’s stickiest marketing problems. Not to be missed, she’s presenting Slay the Social Media Dragon and Do It Yourself Websites at this year’s BizFair.

 

3 Ways the Public Library Helps Entrepreneurs

By: The Seattle Public Library

Whether you are exploring a new business idea or are trying to grow an existing small business, your public library can be an important ally in helping you create a viable plan. The Seattle Public Library (SPL), King County Library System (KCLS), and Pierce County Library System (PCLS) offer access to an extensive selection of free resources for entrepreneurs at any stage.

Here are three great ways you can take advantage of your public library:

1: Conduct Market and Industry Research

Business databases accessible through your library’s website can help you locate valuable research and data that is not available on the open web. With your library card, you can access these tools 24/7 without having to visit the library. You’ll find:

Information about other companies:
Enhanced business directories will help you identify competitors, prospects, suppliers or partners, and they are searchable by type of business and geography. These directories also include detailed information for private companies that can be difficult to find elsewhere, like estimates on revenue and number of employees. Look for: ReferenceUSA (SPL, KCLS) and Mergent Intellect (PCLS, KCLS)

Information about consumers:
Demographics databases are useful for choosing a business location, locating target customers, and sizing your market. These tools go beyond basic census data and dive deeper into consumer spending and psychographics. Look for: DemographicsNow (SPL, PCLS) and Social Explorer (KCLS)

Information about your industry:
Industry reports available through business databases will include your industry’s trends, opportunities, challenges, regional highlights, financial benchmarks, and more. Look for: ABI/Inform Trade and Industry (SPL, KCLS) and Business Source Complete (PCLS)

2: Build Your Technology and Business Skills

Web classes:
Brush up on business and tech skills with online courses you can take at home, at any time, and on your own schedule. Classes range from beginner to advanced level, and include a wide range of courses like social media marketing and Microsoft Access. Look for: lynda.com (SPL, PCLS, KCLS), Microsoft Imagine Academy (all libraries)

Books & eBooks:
Library collections include up-to-date guides on starting a business, writing a business plan, marketing, business tech skills, and more – available in print or as eBooks. Look for: Safari Tech Books (SPL) for its vast collection of up-to-date tech and business eBooks that are always available.

Library events:
Attend free library workshops and events to get expert advice and ask your own questions on topics like marketing, operations, funding, opening a food business, and more. Meet representatives of local agencies at library-hosted open houses. Check your library’s calendar to find out what’s happening soon!

3: Get Research Help

Locating the best business resources for your needs and then learning how to use them can be time consuming and frustrating. Librarians are available to make this process a little less painful! All libraries can help in person, over the phone, and by email; Seattle Public Library also offers one-on-one business research appointments.

Find The Seattle Public Library and Pierce County Library System at the Biz Fair to learn more!