eMarketing Techniques Conference_Give Your Customers what They Want
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Transcript of eMarketing Techniques Conference_Give Your Customers what They Want
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Give your customer what they need—before they know it!
May 2, 2008
Mitch Slater [email protected] 216-225-0589
So what’s the big deal? • Too much risk and too little time
• Most product introductions fail
• Over time, market tastes change
• Traditional market research misses too much
• When it’s new, it is hard to know where to start the development process
© 2008 Visible Innovations
© 2008 Visible Innovations
$
Without purpose, there is no meaning
• What should we sell?
• How should we package it?
• What shall we charge for it?
• Who should we target? ...for the BIG BUCKS!
• How shall we entice them to buy?
• How can we increase our chance of success?
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© 2008 Visible Innovations
What’s in it for the customer?
Remember, it is ALL about THEM!
© 2008 Visible Innovations
So what do your customers know? • Less than you might think.
• Can they tell you what they want? • Can they tell you what they need? • Can they tell you what they like?
• Can they tell you why?
© 2008 Visible Innovations
Sure, Focus Groups, Surveys…
No wait, Analytics or CTR or…
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© 2008 Visible Innovations
How about a systematic approach?
• No more random
• No more haphazard
• No more guessing
• No more dependence on “the Genius”
What’s in it for you? • What product characteristics do they
LOVE or HATE?
• And in what combination?
• Discover market segmentation with strong affinity ...or repulsion
© 2008 Visible Innovations
Why? • Highly differentiated products/services
...are compelling
...stimulate demand
...command the highest prices
...instill strong customer loyalty
© 2008 Visible Innovations
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© 2008 Visible Innovations
Rule Developing Experimentation • Systematic
• Repeatable
• Statistically based
• “Rules of Thumb”
• Universally applies to product and message
• Usable in any business situation
© 2008 Visible Innovations
To Coin a Phrase “RDE is a systematized solution-oriented
business process of experimentation that designs, tests, and modifies alternative ideas, packages, products, or services in a disciplined way so that the developer and marketer discover what appeals to the customer, even if the customer can’t articulate the need, much less the solution!”
Howard R. Moskowitz & Alex Gofman
Products and Services are • Complex • Multi-faceted • Rich with variety
© 2008 Visible Innovations
The Possibilities are endless!
• Hard to analyze • Difficult to isolate
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Basis: Conjoint Analysis • Stimulus – Response
• Assumes they don’t know
• Assumes they can’t articulate
• Looks at multiple elements taken together
© 2008 Visible Innovations
© 2008 Visible Innovations
Step 1 Think about the problem and identify groups of
features that comprise the target product Structure the Problem
• Selling Luxury Real Estate
• Expanding the Marketing for Financial Services
• Promoting energy saving controls for the home
Categories and Elements
© 2008 Visible Innovations Images courtesy of IDEAMAP® .NET
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Categories and Elements
© 2008 Visible Innovations Images courtesy of IDEAMAP® .NET
Categories and Elements
© 2008 Visible Innovations Images courtesy of IDEAMAP® .NET
© 2008 Visible Innovations
Step 2 Mix and match the elements according to a
special experimental design (a schema of putting together elements) to present a set of prototypes.
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An E-mail Survey Example
© 2008 Visible Innovations Images courtesy of IDEAMAP® .NET
© 2008 Visible Innovations
Step 3 Show the prototypes to your target audience
© 2008 Visible Innovations
Step 4 Analyze results
Images courtesy of IDEAMAP® .NET
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Other Views
© 2008 Visible Innovations Images courtesy of IDEAMAP® .NET
© 2008 Visible Innovations Images courtesy of IDEAMAP® .NET
© 2008 Visible Innovations Images courtesy of IDEAMAP® .NET
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© 2008 Visible Innovations
Step 5 Optimize and Segment
© 2008 Visible Innovations
Segment
© 2008 Visible Innovations Images courtesy of IDEAMAP® .NET
Segment Again
© 2008 Visible Innovations Images courtesy of IDEAMAP® .NET
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Iterate and Verify
© 2008 Visible Innovations Images courtesy of IDEAMAP® .NET
© 2008 Visible Innovations
Bringing it all together • A repeatable methodology
• Provides structure
• “Reads customers’ minds”
• Finds the most profitable and compelling
Product / Message Mix
Target Market Segments
Any Questions?
Mitch Slater [email protected] 216-225-0589