Are you in the right target market? Do consumers want to buy your product? In this series, you will learn how to effectively create a consumer survey and analyze the results for your investor pitch presentation.Sign Up to Watch
-Step number three, Dan.
-Yep. Here we go.
-OK. Step number three, analyzing your results. OK. We've gone out. We've set up a very good survey. We've administered the survey.
And we have data coming in. So tell me, how am I going to use this? What do I do with this now that I have it?
-So after you get all that data in-- and hopefully it's a lot of data. Hopefully it's a slightly overwhelming amount of data. That's good. That's a good thing if it's slightly overwhelming, because that means you're going to get a lot of answers in there.
So as you start plugging those in, you're going to plug those into a spreadsheet, figuring out where are the patterns. You're just looking for patterns is what you're mostly doing, because those patterns are going to tell you where the gold is. That's what it's going to tell you, what this all really means.
It doesn't really matter if out of 100 people you have one guy that says, if you game me a green wallet, I'd buy that wallet, because there's not enough people that want the green wallet. But you're looking for the 20 or 30 people that are like, if you gave me a blue wallet, that's a wallet I would buy. Now, that something you can work off of. That's a pattern.
-And so there's going to be a lot of different scenarios where this going to be useful. Maybe I'm trying to educate my customers, or prospective customers, on how to specifically buy a product if I was buying a wallet. Or maybe, I'm looking to put this in my investor pitch presentation.
What data from this market research do I include? What do I not include? Tell me a little bit about that.
-Yeah. So it's like you're telling a story, or you're telling a joke. If I stop the room, and I said, hey guys, I got a story to tell you, I would probably only include the very most important parts of that story. I'm not going to include the entire background. I'm not going to tell you about the scenery and the room we were in.
I'm not going to tell you about, oh, and by the way, I also had a friend that did this. That's a side story, but I'll get to it. No. You're going to give them only the most important stuff.
So especially if you're talking to an investor, if you're really pitching this to an investor, you got to realize they have more money than they have time. When you're starting out, you have more time than you have money. You got a whole lot of time. You got a whole lot of time trying to hustle and try to make some money.
But if you're at investor level, that means you have more money than time. They very closely guard that time. So you have to be careful with that. And that means you just have to give them the very most important stuff.
So those big patterns we talked about, that's what you want to include in here. You don't want to tell them about the, oh, and we had two people that thought the zipper sort of worked. That's not helpful. That isn't helpful.
But if there's a big pattern in there, you want to tell them about that. We had 30 people that said the Velcro wallet was a much better wallet than the zipper wallet. And only 4 people liked the zipper wallet. Well, that's a better big pattern worth talking about.
-OK. So I'm looking for these landslide responses, where the very clear majority is saying, hey, we definitely like this. And we would use it if the product or service did this.
-OK. And now, what do I do with all the responses were maybe it's a split decision, where maybe it could go one way or it could go the other way? Is that valuable to me, or do I just throw that out, or what I do with that?
-It is valuable. Here's the reason. That means that there is-- if it's that close, if you get a lot of data back, and you're saying half of them like this, and half of them like this, that means that you have sort of like a segmented market. You've got a big group of people, and half of them say this, half of them say this. And that's where you're going to have to make some tough choices.
You have to make some tough choices at that point. You have to say, OK. I got about this or this. And my gut is telling me I'm going to have to go with the zipper wallet. It's about half and half. Here's the real data.
But if you're going to present that to an investor, the investor's going to want to have some input on that too. He said, you know what? Zipper wallet is the way to go. But he doesn't know that unless you give that opportunity to him.
-OK. So you mentioned that investors are very short on time, very short on time. And so if anybody's like me, it's just really hard for me to crunch through a ton of numbers.
-So I'm going to have all these numbers, all these answers, and different options filled out for my survey. How do I very quickly present this to an investor that doesn't have a lot of time?
-So you don't want to show an entire spreadsheet of 40 rows and 30 columns telling, here's all of our numbers. What do you think? Because, one, you don't have time to read it. And two, it's probably going to be slightly overwhelming to look at that much data.
So you want to give them visuals. You want to break down those numbers into big visuals that are very easy to understand. So that's where this next part-- that's what we're going to talk about comes into.
-We have all of our data. We have all of our results, OK? So we want to begin creating different charts or ways to visually present this, OK? So we're going to go ahead and skip forward. Once we've actually had all of our data input it into the specific spreadsheet, maybe I've had a Word document, and I've gone through and entered in all the data, all of the answers, into a spreadsheet, we want to go ahead and begin turning that into very usable charts, OK?
So we're going to flip over here on our screen to, let's say, we were doing a survey on brands of shoes that different people like, OK? So we have all of our data. We've put in the number of responses for the first question, what brand shoe do you like?
So eight people responded Nike. Five people responded Adidas. Two people responded Vans. Dan, I was a Vans guy.
DAN: You were a Vans guy?
-Yeah, I was probably the worst skateboarder and wore Vans. I wore Vans, OK? So you have to understand this. I'm 6'7".
-You're very tall.
-Terribly uncoordinated. Vans were just the only thing I could cling to for being part of the skateboard culture.
-Well, tall and uncoordinated on a skateboard, I mean, it would be very good entertainment for everybody else. Be very funny.
-Big tree fall hard.
-Big tree fall hard.
-OK. And so then we have four people for Puma and six people for Reebok. So I want to take this data and put it into a chart and really make it easy to understand very quickly.
So what we're going to do is we're actually going to highlight all of the data. We have it very nicely labeled up at the top, the brands of shoes, OK? And then the second column, the number of responses.
So we're going to take these brands of shoes, number of responses. I'm going to hold down the Shift button, OK, the Shift button, and click the top left and bottom right corner for the data that I want to turn into a chart. So it selects all of it.
Now, if I'm in Microsoft Excel, if I'm on Microsoft Excel for Mac-- currently we're on Google Sheets. That's where all those Google Forms will turn their data into. We're going to go up into Insert. And so once I click on Insert, I have a lot of different options. But what I'm going to do is I'm going to scroll down to Chart. So once you've and enter the information into the spreadsheet, I'm going to click Chart.
Now, because we live in a world with a lot of different charts, I got to find the one that best identifies and best represents the different data that I'm looking to present. So I'm just going to use a standard bar chart here. So I'm going to go ahead and select this and go down to Insert.
And bam! You immediately have a chart that represents all of the different responses that we've gotten for the types of brands of shoes. Now I can take this, I can copy this. I can take this to different parts of my presentation. But now I have a very usable graphical representation for this.
-And doing that is what's going to break down those numbers into something that's really easy to read. You just very quickly made it easy to tell which came in higher. Of those shoe brands, which of your target market said, this is the shoe brand I like?
-So Thrivers, as you're going through this, you need to ask yourself, according to your survey results, who is your target market? Using all those demographic questions, identify who specifically is my target market.
Also from these surveys, you can go ahead and figure out what decisions can I make? So you need ask yourself, what decisions or actions will you take based on these surveys and results and why? That's going to be the crucial. That is like the nugget that we're taking away.
So go ahead and make sure that you download the downloadable after this episode here. And we're going to create a very easy worksheet for you to plug in these answers.
What's an example of some decisions that I could make based on these survey results?
-Well, I'm going to give you an ample example here. We're go back to the wallets, my wallet store, my wallet empire that I'm building while we're recording this. This is the part where you're-- I've already said it before-- but you're looking for the patterns, those patterns are what could help you make decisions and help you sell what you're doing to either partners or investors or customers.
So maybe you looked at your market research and maybe you said, OK, we're going to offer wallets in the leopard print or maybe in the camo print because these are the most popular pattern choices. Maybe the flamingo print didn't work out so well, but we can tell through this market research that the leopard print, that's where it's at. The leopard print wallet is what's going to sell.
Or maybe we're going to sell our wallets for $5 because of all the people we asked about, they said about $5 was the most that they're willing to pay. They think it's worth $5. Probably can't sell that designer wallet quite yet with my leopard print.
It's probably not a $100 wallet. Not yet. Not yet. Maybe when it gets a little bit better. But with this leopard print wallet, I can sell this beast for $5. And I could tell that from the patterns in that market research.
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