WILL WOODS: Owner, Forbidden Vancouver Walking Tours – chose to get to market quickly and evolve from there
We had a very targeted and specific market research exercise. We looked at the characteristics of walking tour businesses that are successful in other cities. We also reviewed the competitive landscape in Vancouver. I wanted to make sure I was building a product with a proven track record elsewhere and was sufficiently differentiated from existing companies in Vancouver offering similar tours. This effort was valuable – we are the only company offering theatrical, interactive walking tours in Vancouver and have had a very successful first year. However, I certainly did not conduct a typical "customer-side" market research exercise. I trusted that Forbidden Vancouver is a thoroughly interesting and engaging experience that most people will enjoy. I had two choices: get to market quickly, seek feedback from customers and evolve the product; or conduct a large market research project. I chose the former.
STACEY REEVES: Owner, Yo-Guy Men's Yoga – ran classes as a pilot study and followed his gut
I think it's pretty important to determine your market. In my case, I had to see if it even existed. I researched statistics about yoga, which confirmed for me that very few men in fact go to yoga classes. Then I looked at the demographics of the local market, including its potential size and things like income and living location, and I found out how many men aged 20-65, which I determined to be my market segment, live in Metro Vancouver. I looked at the number of competitors on file with Statistics Canada, which I knew was only a fraction of the real number. With all this done, I realized that there was no exact information, and I knew that I was heading into new waters where there was high risk and undetermined returns. So I ran the classes as a pilot study to determine if the market would support the business. This past year has shown me that men want to do yoga and that the best ways to get them to come are through online coupons and word of mouth. I've followed my gut and so far it's working out.
JASON MASON: Owner, Mason Industries (snowboard/ski outer wear) – used an iPhone to conduct surveys
I started with a business plan, but when I needed to show real numbers and proof, I quickly discovered that commerce doesn't run on "hopes" and "I think so." I couldn't see a way to move forward without real market research. Small Business BC helped me learn the language and theory of marketing and what to expect from it and provided me with tools and resources to go out and gather my own data. The following weekend, I approached people in the lift lines at Grouse and Seymour mountains and asked them to complete a survey using my iPhone. I started out with a theory about the market, but only through research was I able to prove my theory correct. I could then move forward with my business plan. My research proved to be invaluable when I was in meetings with potential partners, investors and mentors. The panic that initially rose up in me when they would ask hard questions quickly vanished when I realized the work I had done had given me the answers I needed.
