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Market Research 1 2 3, for LA2M, Lunch Ann Arbor Marketing
 

Market Research 1 2 3, for LA2M, Lunch Ann Arbor Marketing

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Dee Davey, Owner of Creative Ideas Marketing talks to LA2M (Lunch Ann Arbor Marketing) group about how to do basic market research in order to better understand customers' needs.

Dee Davey, Owner of Creative Ideas Marketing talks to LA2M (Lunch Ann Arbor Marketing) group about how to do basic market research in order to better understand customers' needs.

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    Market Research 1 2 3, for LA2M, Lunch Ann Arbor Marketing Market Research 1 2 3, for LA2M, Lunch Ann Arbor Marketing Presentation Transcript

    • Creative IDeas Marketing Interim Marketing and Service Product Management Market Research 1-2-3 For LA2M, 22nd October 2008 Dee Davey l Creative Ideas Marketing www.creativeideasmarketing.com dee.davey@creativeideasmarketing.com Creative IDeas Marketing Interim Marketing and Service Product Management
    • Market Research 1-2-3 Outline Dee Davey, Owner of Creative Ideas Marketing talks to LA2M (Lunch Ann Arbor Marketing) group about how to do basic market research in order to better understand customers' needs: 1. Why 2. What (to do) - Situation Analysis 1. Internal Discovery 2. External Market & Competitive Review 3. Test / Validate Understanding 3. How Creative IDeas Marketing Interim Marketing and Service Product Management
    • Why Do Market Research? Know / Understand Customer Needs • Match Core Competencies to customer need • Offer right things to the right customers for the right reasons • Ensure you can make $ (Is market big enough for our idea?) • Will customers buy? How are we different / better? • Build Brand • Build Messaging • Build Product / Service Creative IDeas Marketing Interim Marketing and Service Product Management
    • Why Do Market Research? Know / Understand Customer Needs • Customer Drivers • Customer Buying Behaviors • Size of Customer Opportunity • Core Competencies • Value Offered Identify Need & Match to Business Capability Creative IDeas Marketing Interim Marketing and Service Product Management
    • Market Research – The What Situation Analysis / Market Research 1. Internal Discovery • Customer needs, issues, drivers, benefits most valued • Competencies, capabilities 2. Market & Competitive Analysis • Market size, growth • Economic, bargaining power • Industry, competitive • Environmental, technological, • Political, legislative . 3. Validate Understanding • Customers, Partners, Stakeholders • Industry Leaders, Media, Other Creative IDeas Marketing Interim Marketing and Service Product Management Proprietary & Confidential 5
    • Market Research – The What Situation Analysis / Market Research 1. Internal Discovery • What do we know? • What don’t we know? 2. Market & Competitive Analysis Market • Is there a market? How big? Offer • What is out there? What in similar industries? Competition • What can we learn? . 3. Validate Understanding Creative IDeas Marketing Interim Marketing and Service Product Management Proprietary & Confidential 6
    • Situation Analysis • Internal Discovery Internal Discovery – What • Market Analysis • Validation Understanding Customer Needs Internal Discovery – What • Customer needs - Issues, Drivers, What is important? • What do customers most value? • What do customers say about us? • How do our customers engage with us? • What are our internal processes? • What are we really good at doing? • How do we compare with our competitors? Creative IDeas Marketing Interim Marketing and Service Product Management
    • Situation Analysis • Internal Discovery Internal Discovery – How • Market Analysis • Validation Understanding Customer Needs Internal Discovery – How • Information Workshops • SWOT – Strengths, Weaknesses, Opportunities, Threats • Process Based Workshops Interviews include Partners and other Stakeholders Creative IDeas Marketing Interim Marketing and Service Product Management
    • Situation Analysis • Internal Discovery Internal Discovery – How • Market Analysis • Validation Information Workshops Information Workshops Objective: Clarify thinking; Spot customer, market, competition knowledge gaps, Gain concensus • Cross Company View • Different Internal Perspectives • Organize Questions Topics / Sales Service Past Customer Business Trends Competition Specifics Example: Individual or Team Process Process Marketing Needs Capabilities Discussion Methods / Needs SWOT Tools Practitioners Hot Buttons Best Why IMS Drivers Uniqueness Consultants Problems Why Us? Value sought Individual A XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX Individual B XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX Teams A XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX Team B XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX Creative IDeas Marketing Interim Marketing and Service Product Management
    • Situation Analysis • Internal Discovery Internal Discovery – How • Market Analysis • Validation Information Workshops Information Workshops Chart 1) Market Need / Customer Buying Behavior – Commercial Opportunity Purchaser Responsible for Equipment Example Importance//Need for Ex W Commercial Local A Good Opportunity •Have budgets Gym Mgr or Gen Mgr – Different by •Maintenance Mgr •Facilities Mgr •Want no hassle service •Gym Mgr Opportunity •Ops Split Account •Gym Team by Type of Customer Corporate Good Opportunity •Management Co •Like clubs don’t want to fail customers Or •Have budgets •Site Mgt Hotels, Good Opp for Non-Chain for SC & Ex W •Group Purchasing •Independent: Facility Mgr / Resorts & •Service important to increase throughput to •Gym Mgr Duty Mgr Spas hotel •Fitness Team •Chain: Ops / Gym Team •Staff not motivated to maintain •General Mgr Professional Low Opportunity •Sports Team •Training Team (make Sports •Few clients / not enough business •Training Team contact for Service Teams •Big players – want it for free •Physio Creative IDeas Marketing Interim Marketing and Service Product Management
    • Situation Analysis • Internal Discovery Internal Discovery – How • Market Analysis • Validation Information Workshops SWOT Objective: Evaluate business Strengths, Weaknesses, Opportunities and Threats – relative to business or project goal • Internal / External • Favorable / Unfavorable Factors • Your business • Each of Your Main Competitors Example: Creative IDeas Marketing Interim Marketing and Service Product Management
    • Situation Analysis • Internal Discovery Internal Discovery – How • Market Analysis • Validation Information Workshops SWOT - Strengths, Weaknesses, Opportunities and Threats Chart 7) Service SWOT - Customer Feedback / Analysis Example: Strength Weakness •Good Brand •Time to call out •Global •Parts Orders •Tools for the Job •Updating client •Phone Responsiveness ( lack of feedback: parts, engineer can’t •1st Time Fix make it) •Flexibility •Communication – ourselves •No AVR – personal •Communication – Customers •Good Relations with Clients •Communication – 3rd party •Well liked / Trusted •Documentation •Persuasive/Convincing •Knowledge & Abilities of Engineers •Well trained Engineers •Offer training Opportunity Threat •Many HO Projects Planned •Poor courier service •Contracts to Private Clubs •Parts order/receipt process in gyms •End of Warranty Renewal Alerts (staff don’t know what to order / why or what •PM Cleaning / Lub / Parts Kits at point of something has come – Dee see DX) call out or installation •Ran out of Time and Steam •Offer of SC at point of Call Out – Tina already doing?. Post Workshop Customer Discovery - Opportunity to Differentiate: •Contact Programme Comms Strategy Creative IDeas Marketing •Fix Parts Process Interim Marketing and Service Product Management
    • Situation Analysis • Internal Discovery Internal Discovery – How • Market Analysis • Validation Process Based Workshops Process Based Workshops Objective: Gain an internal perspective of customer needs at key steps of sales and service delivery processes • Sales / Service delivery cycle • Customer touch-points • Different perspectives of the business • Untapped information within the business • Draw out what customers have already told you through day-to-day interaction Example: PTO Creative IDeas Marketing Interim Marketing and Service Product Management
    • Situation Analysis • Internal Discovery Internal Discovery – How • Market Analysis • Validation Process Based Workshops Example: Process Workshops Outgoing to DX Cust Cust Outgoing non DX B2B Buys Uses Outgoing Royal Mail (Signs Up) Outgoing Carriers Ask Customers what they Want-Need/ Balance against What DX can deliver] Receives Outgoing Mail Outgoing Internal (A) Consumables (C) / Tech (B) Income from DX Income Royal Mail Incoming Mail Income Carriers (D) Income Internal Consumable Re-order (E) Tracking Process (F) Interact with DX via People Interact with DX via Technology DX DX Receive / Pay Bill Sells Deliver (G) Creative IDeas Marketing Interim Marketing and Service Product Management
    • Situation Analysis • Internal Discovery Internal Discovery – How • Market Analysis • Validation Process Based Workshops Example: Process Based Workshops Customer Touch Points / Sales-Installation-Delivery Process Phone / • Who (customer) is Meeting / interaction with Site visit – do plan / demo / • What are expectations proposal (product/support / phone / fax (Depending on A/C) follow-up call / Customer raise purchase order • What are business / Customer sends order to Nautilus capabilities / Rep informs Customer of Delivery Date / Deliver to Site / Full Installation / Follow Up by Rep 24 hours / Phone / Visit Depending on Size of A/C Creative IDeas Marketing Interim Marketing and Service Product Management
    • Situation Analysis Market Analysis - What • Internal Discovery • Market Analysis Listening & Talking • Validation with Your Customers Market Analysis – What • Gather Information • Trends and market drivers • Industry vertical market penetration • Industry purchasing behaviors • Competitive Assessment • Opportunities and threats • Position your business within the context of competing companies, methods, alternative sources of a business offer • Identify Niche Pockets of Opportunity • Sociological, technological, environmental, economic, environmental, legislative and political changes Creative IDeas Marketing Interim Marketing and Service Product Management
    • Situation Analysis Market Analysis - How • Internal Discovery • Market Analysis Listening & Talking • Validation with Your Customers Primary - Traditional Research 1-2-1 Interviewing • In depth, enlightening, opens doors to unforeseen opportunities! Traditional Surveys & Web Surveys • Formulate questions… and ask! • www.surveymonkey.com Focus Groups • Interactive, multiple customer views, new idea generation Creative IDeas Marketing Interim Marketing and Service Product Management
    • Situation Analysis Market Analysis - How • Internal Discovery • Market Analysis Listening & Talking • Validation with Your Customers Primary - New Media / Technology Research Forums / Communities • Brand monitoring, listening in to customer views Blogs • Using conversations with customers to learn wants & needs. Social networking • Asking questions to learn customer wants & needs • Visible presence • Open communication • Product development / offer improvement Creative IDeas Marketing Interim Marketing and Service Product Management
    • Situation Analysis Market Analysis - How • Internal Discovery • Market Analysis Listening & Talking • Validation with Your Customers Primary - Alternative Research Process Based with Customer • As discussed earlier Review Similar but Different Industries • Example: Nautilus Extended Warranty Talk with Competitors / Potential Partners • Different “niche” areas – partner opportunity • “Pie is big enough” • Different location Creative IDeas Marketing Interim Marketing and Service Product Management
    • Situation Analysis Market Analysis - How • Internal Discovery • Market Analysis Listening & Talking • Validation with Your Customers Secondary - Market Analysis Websites - Industry, Competitor, Customer-specific information Wikipedias - An open community encyclopedia Databases - Some available “free” through public libraries Industry Reports - Expensive but comprehensive • www.marketresearch.com – Listing of reports • Direct to market research sites for listings Industry Report Abstracts - Find “free” snippets of industry trends • Method 1- Via blogs, reviews • Method 2 - Some “free” via Reference USA Creative IDeas Marketing Interim Marketing and Service Product Management
    • Market Analysis - How Find Information – Search Method 1 Via blogs, comments on the web Find a Relevant Report (www.marketresearch.com, any research company site) i.e. Emerging Technology Trends via Garnter.com l Google the Author (www.marketresearch.com, any research company site) i.e. Jackie Fenn l Read Reviews and Blogs Creative IDeas Marketing Interim Marketing and Service Product Management
    • Market Analysis - How Find Information – Search Method 2 Use Reference USA to tap into published reports Search a Known Player in Your Target Industry (or find a company name using SIC or NAICS codes) l Look in Company News Section l Text Versions of Articles, Press Releases and Industry Related Reports Creative IDeas Marketing Interim Marketing and Service Product Management
    • Research / Segmentation Process Use Market Intelligence Select & Prioritize potential markets ⇓ ⇓ Which markets currently purchase? Build / define target customer profile ⇓ (Purchaser/buyer profile) Which segments have “pain”? ⇓ (Match need/pain to Competency) Create value proposition for selected ⇓ markets & define specific offer Opportunity by geographic constraints for selected market ⇓ ⇓ Which areas are growing / shrinking? Go Test (US gov statistics, SBTDC, MEDC etc) ⇓ ⇓ Refine strategy / offer based on Estimate opportunity size / potential feedback. (i.e. by value of purchasing behavior) ___ Creative IDeas Marketing Interim Marketing and Service Product Management
    • Government Data & Information Census.Gov - http://www.census.gov • U.S. Census Bureau - drill down to custom data Factfinder - http://www.factfinder.census.gov • U.S. Census Bureau site - useful for local level data Michigan.gov - http://www.michigan.gov • Good engine. Good for legislative information SEMCOG (Southeast Michigan Council of Governments) • Demographic Info • Traffic Count + Historical Northwest Michigan Council of Governments • Fed/Mi data broken down into Regional data • These guys are data-nuts. If government data exists, they have it Creative IDeas Marketing Interim Marketing and Service Product Management
    • Situation Analysis / Market Research Summary • Internal • Interviews / Workshops / Group knowledge • Review of existing documentation • Market & Competitive Primary Secondary • 1-2-1 Interviews • Market research reports • Surveys / Web surveys • Public / Private • Workshops (inc process) databases • Focus Groups, user forums, • Business libraries communities, blogs, social • Government statistics networking • Public information • Other industries / competitors Creative IDeas Marketing Interim Marketing and Service Product Management
    • Situation Analysis • Internal Discovery • Market Analysis Validate • Validation Validation – What Clarify Your Understanding Validation - How Go Back and Ask Your Customers! Starts and Ends with YOUR CUSTOMER Creative IDeas Marketing Interim Marketing and Service Product Management
    • Q&A Dee Davey, Creative Ideas Marketing dee.davey@creativeideasmarketing.com www.creativeideasmarketing.com Creative IDeas Marketing Interim Marketing and Service Product Management
    • Biography Dee Davey helps businesses become more successful by delivering strategic market planning, service product development and business operations improvement projects; primarily for companies who offer technology or business services to their customers. Her interim marketing business, Creative Ideas Marketing, started in 2004 in the UK, helps companies adapt and extend client service offers, helps clients find new sources of revenue and brings ideas for new service products to life. Creative Ideas Marketing helps businesses who want to take the next step in marketing their business, but lack the resource or time to pull it all together. Dee has extensive marketing experience engaging with mid-sized to major multi- national technology & service companies including AT&T/NCR, Siemens, Vodafone, Hays DX, StairMaster and Nautilus. An international marketer resident in England for 30 years, Dee has a unique ability to view and understand global marketing issues from a different perspective. Relocated to Michigan, Creative Ideas Marketing services clients primarily in technology, telecommunication and health and fitness industry sectors. Dee achieved her Professional Diploma in Management from the Open University, Open Business School in 1991, and in the same year her Diploma in Marketing Management from the United Kingdom’s most stringent professional marketing body, the Chartered Institute of Marketing. Creative IDeas Marketing Interim Marketing and Service Product Management