Show me my Customers has been live online for two months already. To mark this month’s milestone, we’re going to take a look at some analytics and investigate what they mean.
Pre-Launch Market Research:
In the early days of developing Show me my Customers, we did some initial market research to determine a few things including who we thought our readers/customers would be and where we thought they might be located. We didn’t hire a big traditional research firm to help, we did this ourselves leveraging our own knowledge and experience.
This initial information was needed for a few purposes:
* for our own Marketing Plans in order to develop our Business Plan,
* the Business Plan is a requirement to apply for a Business Bank account,
* for our marketing materials used during Supporter pitches.
It is important to note that even though we did this work ourselves, it is still considered market research.
Main Geographic Markets:
What our initial pre-launch research found for Show me my Customers printed in English going into global distribution was that the three main selling markets would most likely be:
* United States & Canada (North America)
* United Kingdom
* Germany (because if the UK did leave the EU’s single market in the final Brexit agreement, Germany would most likely take-over from the UK as the go-to hotspot inside the single market for startups/entrepreneurs).
Market Research included identifiying the number of people currently in entrepreneurship plus the official projected increase in the percentage of people going into entrepreneurship over the next couple of years by country.
* UK Companies House data stated company formation in the UK was up 4.6% from the previous year.
* The Global Entrepreneurship Monitor found 27 million working-age Americans (14% of the population) are starting or running new businesses.
* The Global Entrepreneurship Monitor stats for the U.S. show 80% of those who plan to start a business in the next three years are doing something about it now.
Pre-launch research for developing the first edition showed that the greatest demand would be for:
* Audio version
* and possibly German (however, as so many startups in Germany operate in English this would need further market-need/demand testing before proceeding with a German translation).
Measuring Website Analytics against Pre-Launch Market Research:
One of the many great things about marketing tools is that they produce useful customer data. Your website is officially a ‘Promotional’ element that falls into the 4th P of Marketing, but in addition to attracting and selling to customers, the data it generates will also help you understand them. To discover some of our own insights we’ve put two months of website hits from ShowMeMyCustomers.com into Google Analytics and here’s what we’ve found: we are in fact global. ShowMyMyCustomers.com is attracting readers from around the world.
Top 10 Countries:
In fact, the two countries producing the most visitors are the UK and United States. Hits from Germany have also been very strong but the stats show China is actually currently in third place.
As far as languages of the user who visited Show Me My Customers, English is by far the dominate language but also consistent (so far) with our early market research, the statistics from Google Analytics show that Spanish and German are also strong. In fact our visitors from Switzerland registered as German speakers along with our visitors from Germany.
Additionally, since our initial monthly mark update four weeks ago, we’ve had Mass Challenge, the world’s largest – equity free- startup accelerator join the iOpener Institute for People and Performance as a Participant of Show me my Customers. We are very excited about this.
We’ve got a jam packed few months in front of us. As development of Show me my Customers continues, we’ll of course keep checking the data coming in to make sure we understand our customers. And finally, we’re also close to posting a few more awesome Participants and we’ll be able to share that news with you soon.