Q3MA: Your Better 'Quick Market Test'

Entrepreneurs and Venture Capitalists: Pre-Test the Deep and Turbulent Waters Where You Want to Swim — with E-RM‘s Q3MA

For those of you with a gleam in your eye for that great idea you want to take to market, this news is for you. Whether it’s “your baby” (you’re an entrepreneur) or one of many funding requests on your docket (you’re a VC), now you can dip your toe in the water and get a quick, nationwide market reading to help with those critical funding and priority decisions.

But this is NOT a quick one-question web poll that tallies “Yea” or “Nay” on a burgeoning idea. Instead, E-RM has developed a handy, potent and professionally designed survey tool that, yes, will give you the “Yea”s and “Nay”s but we’re much more granular than that. It also deftly diagnoses the potential of your new product idea, giving guidance on where it falls short (if it does), or on how big this opportunity really is. Maybe it’s much bigger than even you think it is.


Call Bart Zehren now to learn how easily, quickly and effectively you can gain the consumer insights you need about your concepts and products.

MeetAdvisors Features Q3MA

Bart Zehren Introduces this new innovative "quick market test" to Ari Garber at MeetAdvisors

Here’s a video via MeetAdvisors with Ari Garber announcing the debut of E-RM‘s Q3MA (Quick Qualitative and Quantitative Market Assessment).

The full interview is on YouTube and includes a few outtakes where you’ll hear some generally applicable sampling, pricing and purchase details (starting at the 3:56 mark). Watch the full video here.

FYI: MeetAdvisors is a meeting ground for different people to convene and share exciting new concepts and business ideas that are about to emerge, or are already well along. It’s a sharing spot for entrepreneurs and people doing start-ups or other exciting activities all around Chicago.


Call Bart Zehren now to learn more about how entrepreneurs, start-ups, and businesses use E-RM’s Q3MA to gain deep consumer insights into products and concepts fast.

Q3MA: Metrics and Concept Diagnostics

Measure Market Potential & Shore-Up Your Next Moves

There are lots of sharing communities and resources online for informal crowd-sourced creativity and feedback exercises. But our 'quick market test' is more and different because there comes a time when you need an objective, quantified, nationally projectable assessment of your concept’s native appeal—predicated on consumers’ bottom-line, self-expressed likelihood to buy. The Q3MA (Quick, Qualitative and Quantitative Market Assessment) report is a comprehensive review and assessement of your market potential that comes to you:

  • Cross-checked against demographics, geographics, and the crucial consumer needs states on which you’re basing the product’s reason for being,
  • Backed up by “in-their-own-words” narrative explanations of the reasons, pro and con, behind their stated likelihood to buy it (or not).

This pin-pointed profile of market metrics and instructive diagnostics surely merits a key place in your marketing plan. With such fresh readings (confidential and proprietary to you), you can work up or revise any market impact and sizing estimates you’ve made, revisit sales projections, review your planned pace for growth, and knowledgeably assess the critical investments you now know you'll need and when you'll need them, so as to best seize this opportunity.

And you'll know if it's advisable to tweak or modify the product based on E-RM's diagnostic analysis of the qualitative and quantitative feedback. Then you can move ahead to finalize your budgets and time horizons in a confident, sure-footed manner as you bring your best product to market — at the right time, in the right way.


Call Bart Zehren now to bring objective, nationally projectable assessments to your concepts and products.

6 Reasons Tuesday Research Is a Bad Idea

In Market Research, There’s Such a Thing as Too Fast

There are at least six good reasons why “Tuesday Research” is a really bad idea. Tuesday Research is what I call the streaming survey capabilities now in vogue via Google and other on-demand “vendors” (eg, GutCheck) where hundreds, even thousands, of consumer interviews can be had within a remarkably short period of time. This is a new and very contemporary development that was totally impossible previously. Yet, once again, it shows that "what can be done, will be done.*

Often digital resources and vendors proudly boast the ability to obtain hundreds of completed interviews, sometimes worldwide, within a single day (or two)—some even within several hours, especially when given high incidence consumer targets.

So let’s say I decide to use one of these very fast and handy survey platforms to get a multitude of individuals to answer my handful of questions—and let’s just say it’s Tuesday.

OK so now, to save some digital space and your valuable time, I’ll just list all six reasons that this Tuesday Research is a bad idea for real world entrepreneurs (and their funders):

1. Monday; 2. Wednesday; 3. Thursday; 4. Friday; 5. Saturday; 6. Sunday.

Get it?

If you’re planning such a laid back enterprise that it’ll be open for business on Tuesdays—and only on Tuesdays, then go ahead and do Tuesday Research. You’ll be fine...Go with it!

But for others who intend to open their doors to showcase their new product on an every day basis, or engage in “always open” ecommerce, then relying on “Tuesday Research” is risky indeed.


Ready for Research That's Powerful and Fast—But Not Too Fast?

We developed our compact market test to give entrepreneurs and businesses a nationwide survey service with professional survey design, expert data analysis and prompt report of findings with conclusions and discussion of the marketing implications that's powerfully comprehensive, yet efficient and lightweight. True to its name, our Q3 Market Assessment research results come quickly, but not too quickly. We want your results to be applicable nationwide and across the different types of days in a week.

Call Bart Zehren now to learn more about the Q3 Market Assessment and avoid Tuesday Research.


Questions & Answers

About E-RM’s Q3 Market Assessment

 

Q. Who will be completing the survey, what are their demographics and where are they located?

A. The survey will be exposed to a balanced nationwide opt-in sample of 1,000 consumer households from a pool the panel company maintains to represent the US population. Respondents' demo- and geographic data are made available and will be carefully analyzed with respect to interest levels in your product.

 

Q. How can I know that they are in my market?

A. As illustrated by this example survey, respondents are queried about their disposition and behaviors toward the product category. In my analysis I'm then able to look at all the findings to identify key groups showing the most purchase interest in your product to be sure they're sharply identified for targeting purposes.

 

Q. How can you produce such a comprehensive "big picture" of the market for my product with such a short, compact survey?

A. OK, now you've hit on it: my "secret sauce". It's the revelations that come from searching beyond responses to each question to find deeper relationships and key response patterns across all questions. In the hands of a savvy market research analyst that becomes second nature, but only with lots of experience. So I'm confident it can't be easily or readily duplicated. These are my questions - I know how to handle them.

 

Q. Why is this better than the traditional MVP process?

A. Not a hands-on D-I-Y experience or "platform", Q3 Market Assessment is a fast way to acquire a high volume of rich quantitative and qualitative feedback from a nationwide sample of consumers at a chosen moment in time (e.g., whenever you are ready for it). It can also be used in conjunction with MVP to strengthen key moments of discovery and help support big, market-expanding implementation decisions.

 

Q. Why should I spend the money you want for this research when, instead, I can spend it on marketing and sales to bring in customers directly?

A. Because the findings will allow you to reflect on how and why to allocate your funds (and time) more judiciously, spend them more efficiently, and execute a long term marketing plan more effectively - all with a sure-footed, ongoing sense of confidence.

 

Prototype for Q3MA - Your Product Market Research Report

 

1.   Quantification of Consumers’ Purchase Interest and Intent, with National & Regional Market Penetration Estimates 

2.   Elaboration of Need States Most/Least Linked to Purchase Intent

3.   Specification of Most Attractive Market Target(s) for Marketing Communications

4.   Diagnostics Based on Consumers’ Verbatim Reasons Motivating Purchase Interest: Pro, Con, and Neutral

5.   Integrative Discussion of Product Purchase Interest, Need States, Purchase Drivers/Barriers, Demographics, Nationwide Geography

6.   Clues, Direction, Guidance for Marketing Strategies to:

a.   Define, Target and Reach Distinct Consumer Segments,

b.   Settle/Finalize Product (or Service) Development Issues,

c.   Create Most Effective Marketing Communications Content,

d.   Maximize Overall Market Response/Sales Growth for Long Run

…plus documentation of the project methodology with specification of the analytical procedures and statistical details.