Customers and Market Research — slides
Financial Literacy Club
Entrepreneurship · Lesson 2
Customers and Market Research
Who has the problem, how many of them exist, and how to talk to them.
14-minute lesson · learnwithflc.org
Customers and Market Research · 1 / 19
Financial Literacy Club
Entrepreneurship · Lesson 2
Customers and Market Research
Who has the problem, how many of them exist, and how to talk to them.
14-minute lesson · learnwithflc.org
Today's goals
By the end of class, you'll be able to…
- Define a specific target customer
- Write interview questions about past behavior instead of hypotheticals
- Use competitor reviews to find unmet needs
Warm-up
“Would you buy a $5 app that organizes your homework?” Why is that a weak research question?
Think, then write your answer.
The big idea
Customers and Market Research
Who has the problem, how many of them exist, and how to talk to them.
Vocabulary
Target customer
The specific group of people who have the problem most and are most likely to pay for a solution. "Everyone" isn't a target customer.
Entrepreneurship · Lesson 2
The best research is talking to potential customers. The trick is asking the right questions. People are polite; if you ask "Would you buy this?", most will say yes and then never buy.
Entrepreneurship · Lesson 2
Instead, ask about what they've actually done: the last time they had the problem, what they tried, what it cost, and what annoyed them. Past behavior predicts future behavior far better than opinions do.
Entrepreneurship · Lesson 2
- Interviews: 10–20 conversations teach you more than 200 survey answers.
- Competitor research: who solves this today, what they charge, and what customers complain about in reviews.
- Rough market size: how many target customers can you actually reach, and how often would they buy?
Entrepreneurship · Lesson 2
Listen more than you talk
Don't pitch during interviews. The goal is to learn, not to convince.
See it
Weak questions ask for opinions about the future or lead the person to your answer. Strong questions ask about specific past experiences, what people tried, and what it cost them.
| Weak question | Stronger question | |
|---|---|---|
| Interest | "Would you use a sneaker cleaning service?" | "When did your shoes last get dirty? What did you do?" |
| Price | "Would you pay $15?" | "Have you ever paid to fix or clean shoes? How much?" |
| Pain | "Isn't it annoying when shoes get dirty?" | "What's the hardest part of keeping them clean?" |
Real example
Marcus's 15 conversations
Marcus talks to 15 classmates about the last time their sneakers got dirty. Patterns appear:
- Most tried cleaning them themselves; several damaged their shoes.
- Four had paid a shop — usually around $20 — but hated the trip and the week-long wait.
- Almost everyone cared most right before an event.
Now Marcus knows his target customer (students who wear white sneakers to events), the competition (a distant shop at ~$20), and what matters most (speed and convenience). None of that came from asking "Would you buy it?"
Activity · pairs · 12 min
Interview Swap
- Each student writes five questions about a partner's past behavior related to a problem (e.g., “When did you last…? How did you handle it? What was frustrating?”).
- Partner A interviews Partner B for four minutes without pitching any product; then switch.
- Each student writes down two exact quotes that surprised them.
- Share one quote per pair with the class.
Check for understanding · 1 of 3
Which interview question gives the most reliable information?
- A"Would you buy my product?"
- B"Tell me about the last time you had this problem. What did you do?"
- C"Don't you think this is a great idea?"
- D"How much would you pay, hypothetically?"
B. "Tell me about the last time you had this problem. What did you do?"
Asking about real past behavior avoids polite, hopeful answers that don't predict purchases.
Check for understanding · 2 of 3
A founder says their target customer is "everyone who uses the internet."
What's the problem with that?
- ANothing — bigger is better.
- BIt's too broad to guide who to talk to, what to build, or how to reach them.
- CInternet users don't buy things.
- DIt's illegal.
B. It's too broad to guide who to talk to, what to build, or how to reach them.
A specific target customer tells you exactly who to interview, build for, and market to.
Check for understanding · 3 of 3
Reading reviews of competitors can reveal what customers wish were better.
- True
- False
True
Complaints in reviews are a free map of unmet needs.
Remember
Key takeaways
- "Everyone" isn't a target customer.
- Ask about the past, not hypotheticals.
- Don't pitch during interviews — listen.
- Competitor reviews reveal unmet needs.
Discuss
Talk it over
- Why do people give overly positive answers when asked about someone's idea?
- Who would you interview first for a business idea of your own?
Exit ticket
Name one rule for a good customer interview.
Answer on your exit ticket before you leave.
Nice work today.
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