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Lecture 7: Market Research Techniques - Part 1

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In this presentation, Poornima covers positioning a product, and the three phases of market research: competitive analysis, differentiation, and user segmentation. …

In this presentation, Poornima covers positioning a product, and the three phases of market research: competitive analysis, differentiation, and user segmentation.

You can watch the lecture here: http://youtu.be/ifLONSVWnws

Published in: Technology, Education
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  • 1. Duke ECE 490L: How to Start New Ventures in Electrical and Computer Engineering Poornima Vijayashanker poornima@femgineer.com Jeff Glass jeff.glass@duke.edu Akshay Raut ar118@duke.edu 1
  • 2. Review Duke ECE 490L • Why do we need a team • When to assemble a team • How to assemble a team • How to manage a team and keep them motivated • Dealing with departures 2
  • 3. Announcements • Lab 2 - Prep Work Duke ECE 490L 3
  • 4. Idea Summary 4
  • 5. Agenda • Risk • Positioning • Competitive Analysis • Differentiation Techniques • Goal: Identify and Attract Early Adopters Duke ECE 490L 5
  • 6. Duke ECE 490L Still no building... 6
  • 7. Duke ECE 490L Motivation is to bring idea to product phase. We begin validating our idea by exploring ways to productize it. 7
  • 8. Storytime: mistakes. Duke ECE 490L 8
  • 9. RISK. Duke ECE 490L 9
  • 10. Mitigating Personal Risk • Market Awareness • Past, Present, Future • Domain Expertise • Experienced pain • Deep understanding • Networking • Market Readiness • Invention v. Re-Invention • Capital Requirements • Indicators: first mover, existing solutions Duke ECE 490L 10
  • 11. Case Study: Gilt Groupe • Market Awareness & Domain Expertise • Enjoyed NYC sample sales • Understood designer fashion and high end brands • eBay, Bvlgari • Market Readiness • Re-Invention: online sample sals • Vente Privee Duke ECE 490L 11
  • 12. Positioning. Duke ECE 490L Supplemental Reading: Positioning 12
  • 13. Duke ECE 490L Create an image or identity in the minds of the target market. Occupy a position in a prospective customer’s mind - one that reflects company’s strengths and weaknesses as well as those of the competitor. 13
  • 14. Duke ECE 490L Re-positioning: changing identity of a product, relative to competitor. e.g. luxury line De-positioning: changing identity of a competing product, relative to the identity of own product. e.g. Apple - Design 14
  • 15. Duke ECE 490L Product/Market Fit. 15
  • 16. Duke ECE 490L Why is this important? 16
  • 17. Additional Factors that affect Positioning Duke ECE 490L • Price • Promotion • Distribution • Packaging aka design • Competition 17
  • 18. Duke ECE 490L VS 18
  • 19. Case Study: Flip Cam • Market: consumer electronics • Camcorders • Competitors building for professionals and amateurs • Position • User segment: amateurs, short clips • Price: $200-$300 • Design: not multi-functional, ease-of-use: 1-button, HD • Size, simplicity, affordability. • Technical specs • Touch screen • Used flash storage Duke ECE 490L 19
  • 20. Case Study: Flip Cam • Understanding the user segment • amateurs want something simple and affordable • amateurs record short amounts of time • features designed around user segment use cases • positioning around simplicity and affordability Duke ECE 490L 20
  • 21. Duke ECE 490L How do we develop a position? 21
  • 22. Duke ECE 490L Goal is to identify early adopters for next phase product development: customer development. 22
  • 23. Duke ECE 490L User Segmentation Differentiation Techniques Competitive Analysis 23
  • 24. Duke ECE 490L User Segmentation Differentiation Techniques Competitive Analysis 24
  • 25. Competitive Analysis Duke ECE 490L • Define Industry • Competitors • Customers and benefits they expect • Key success factors in industry • e.g. Social network and Search - land grab! Don’t rely on intuition! Supplemental Reading: Competitor Analysis 25
  • 26. 3 More Steps Duke ECE 490L Supplemental Reading: Competitor Analysis 1. Understand history of key competitors. 2. Product - not a feature list! Adoption and rate of innovation. 3. Distribution - customer reach. Who do they not have? Why? 26
  • 27. Market Sizing Duke ECE 490L • TAM: Total Addressable Market • How big is the universe? • SAM: Served Available Market • How many can I reach with my distribution channels? • Target Market • Who will be the most likely early adopters? Supplemental Reading: Market Size Hypothesis 27
  • 28. Market Sizing Duke ECE 490L Supplemental Reading: Market Size Hypothesis TAM SAM Target Market 28
  • 29. Things to Keep in Mind Duke ECE 490L Supplemental Reading: Market Size Hypothesis • Data from market research firms is from the past! • Need to spot trends and piece together different sources of data. • Primary demand for a product based on particular brand e.g. Tablets - Apple iPad • First mover advantage or leader • Bottoms up approach • e.g. 2M girls born in US, 1/2 cannot afford $90 doll. Targeting 6-8 year old, leaves at most 3M. 29
  • 30. Duke ECE 490L Why are there so many products? 30
  • 31. Duke ECE 490L Why aren’t there more products? 31
  • 32. Duke ECE 490L MEKKO CHART 0 50 100 150 200 $10M-$50M $50M-$100M $100M-$500M $1B Apple Samsung Acer Toshiba Market Size of One Product: Tablet Sales of Tablets * Fake data! 32
  • 33. Duke ECE 490L 0 50 100 150 200 $10M-$50M $50M-$100M $100M-$500M $1B Apple Samsung Acer Toshiba Moving Across Market Caps What does each market segment look like? * Fake data! Sales of Tablets Market Size of One Product: Tablet What does it take to move across segments? 33
  • 34. Purpose of Mekko Chart • Understand size and competitors. • Where to start? • Identify holes in market. • Mobility in market. • Where you can go next, and what it’s going to take to get there. Duke ECE 490L 34
  • 35. Duke ECE 490L User Segmentation Differentiation Techniques Competitive Analysis 35
  • 36. Differentiation Techniques • Really need to understand competition! • But this does NOT mean a feature checkbox comparison. • Holistic brand building strategy. • Heart v. Head • Price • Distribution • Promotion: sell v. buy attitude • Packaging aka Design Duke ECE 490L 36
  • 37. Duke ECE 490L User Segmentation Differentiation Techniques Competitive Analysis 37
  • 38. Duke ECE 490L 38
  • 39. User Segmentation Duke ECE 490L • High Level Segmentation • Within market what are the various customer demographics • Take 3 competitors • Dig into what customers love/hate • Understand substitutes • Easy to displace? Customer’s comfort with change or being ready for it. 39
  • 40. Duke ECE 490L Start by focusing on needs of neglected segment - what doesn’t competitor ‘get’? - what will make this group loyal? Willing to switch? What will it take? - price - features - credibility - comfort 40
  • 41. Duke ECE 490L Goals of market research? 41
  • 42. Goals Duke ECE 490L • Look at #s and market trends • Have #s lead to questions • Who is currently servicing the market? And how much of it? • Who can we service? (Positioning) • How can we service them? (Productizing Idea) • Answers lead to identifying early adopters 42
  • 43. Duke ECE 490L Case Study: Mint Finance Business MarketsPersonal Finance People who care but don’t want to spend time: People who care and spend time: 40+ Affluent20-30 somethings $75k 43
  • 44. Duke ECE 490L Resist the urge to build. 44
  • 45. Duke ECE 490L 1. Come up with a hypothesis. 2. Figure out what you want to measure 3. Run an experiment. 4. Measure results from experiment. 5. Learn. 6. Move on to next hypothesis. 45
  • 46. Duke ECE 490L Let’s form a hypothesis and set some goals. 46
  • 47. Duke ECE 490L Let’s test our hypothesis! 47
  • 48. Case Study: Mint Duke ECE 490L • User Segment: Americans 20-30 • Budget conscious but want more money to enjoy life • Don’t want to spend time managing their money • May have some credit card debt 48
  • 49. Duke ECE 490L Value propositions. Supplemental Reading: Original Mint.com Landing Pages 49
  • 50. Duke ECE 490L 50
  • 51. Duke ECE 490L 51
  • 52. Duke ECE 490L How did we perform these tests? 52
  • 53. Duke ECE 490L Created ads and tested across a few channels. 53
  • 54. Duke ECE 490L Customer Channel 54
  • 55. Duke ECE 490L Started with search. 55
  • 56. Duke ECE 490L Because it’s the fastest. 56
  • 57. Duke ECE 490L Landing page test. 57
  • 58. Duke ECE 490L Goal: we want to see if there is an interest in our product or service to a particular user segment. 58
  • 59. Landing Page Test Duke ECE 490L • Headline • Core value proposition that describes what you are offering to the point • Picture • Benefit statement • How your potential customers will benefit from the product or service • Call to action • What do you want the potential customer to do? • Trust indicators 59
  • 60. Landing Page Test Duke ECE 490L • Landing Page Design: in house or use Unbounce • Measure: Google Analytics • Drove Traffic: Google AdWords 60
  • 61. Review Duke ECE 490L • Risk • Positioning • Competitive Analysis • Differentiation Techniques • Goal: Identify and Attract Early Adopters 61

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