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Product talks 6 capturing the right customer insights

Our latest Product Talks event focused on one of the most significant yet often highly neglected areas of Product Management – market research.

A deep understanding of our customers and their needs pave the way for solid business cases and effective strategies for market segmentation, pricing, and product features prioritisation.

In a high-paced society where trends, market needs, and customer preferences change at an alarming rate, maintaining a competitive edge may be just a customer insight away.

Some key questions this event and presentation focused on are:

1. How to ask customers questions that will draw out the most reliable and valuable responses
2. Tips for analysing, extrapolating and deducing data into accurate insights
3. Methods for testing product ideas and product features on your target market
4. Understanding where customer insight can be of use in the product management and marketing process

Product talks 6 capturing the right customer insights

  1. 1. Product Talks #6 Capturing the right customer insights 26th May, 2010 Sponsored by AIPMM Page no.
  2. 2. Speakers Host Paul Gray Consultant, brainmates #bmprodtalks @paulalexgray @brainmates Guest panellists Steven Noble Natalie Rowland Adrian Ewart Senior Analyst Qualitative Specialist Head of Consulting and Forrester Research Red Rollers Research Analytics @Steven_noble @redrollers Veda Advantage @forrester Page no.
  3. 3. Agenda What is customer insight? Definitions Importance for product managers & marketers Panel interview Open questions Page no.
  4. 4. Journey or destination? Page no. 4
  5. 5. “Research is to see what Research is what I‟m doing when everybody else has seen, and to I don‟t know what I‟m doing think what nobody else has thought” Werner von Braun Albert Szent-Gyorgi The most exciting phrase to hear in science, the one that heralds new discoveries, is not 'Eureka!' but 'That's funny...' Page no. Isaac Asimov
  6. 6. What happens in reality? Page no. 6
  7. 7. Drowning in data? Page no.
  8. 8. Ridiculously complex statistics? Page no. 8
  9. 9. What’s the point of reports on shelves? Reports sitting on shelves? Page no. 9
  10. 10. Please define ‘customer insight’ Page no. 10
  11. 11. A definition of customer insight Customer insight refers to a deeper and more thorough understanding of the problems that customers face and their needs and wants. It transforms assumptions and hunches into validated understanding of customer behaviour. With good customer insight, product managers and marketers can articulate customer problems, needs and wants better than customers themselves. Page no.
  12. 12. Who does it? Page no. 12
  13. 13. Why is customer insight important for product managers and marketers? Understand customer needs to develop and offer better products Achieve customer loyalty by better service their needs Facilitate future innovation Differentiate on factors that are relevant and compelling Reinforce your value proposition and brand = Maximise value for all stakeholders Page no.
  14. 14. Relevance to product managers, marketers and strategists Page no. The brainmates product delivery cycle©
  15. 15. Stage 1 – Idea Key stage actions and outputs • Target Market Definition • Market Problem • Market Opportunity Customer insight opportunities • Listen out for customer demands • Investigate market problems • Ask the market for input and feedback to your ideas • Explore avenues without over- commiting Page no.
  16. 16. Stage 2 & 3 – Product strategy and planning Key stage actions and outputs • Find synergy between market requirements and business capability • Articulate market problems, needs, and wants • Develop business case and market requirements Customer insight opportunities • Incorporate internal and external input and feedback on ideas • Validate assumptions about market problems and unearth new facets of problem • Use real data from real people to create personas, provide more detail, test issues Page no. and voice concerns
  17. 17. Stage 4 – Product Definition Key stage actions and outputs • Articulate the „Solution‟ • Define product requirements • Articulate features and benefits in detail Customer insight opportunities • Validate features and benefits through stakeholder review • Prioritise elements on product roadmap • Develop value-add innovations outside of core space • Provide guidance for internal colleagues who will work on subsequent stages Page no.
  18. 18. Stage 5 & 6 - Marketing Key stage actions and outputs • Articulate value propositions, messaging, launch plans in ways that are relevant and compelling for customers • Maximise impact of launch and ongoing marketing efforts Customer insight opportunities • Test marketing messages and ideas with evangelists and fans • Compare with competitive offerings and prioritise/emphasise most important features • Develop pre-awareness and excitement in market • Immediately capture and act on feedback Page no.
  19. 19. Day-to-day Key stage actions and outputs • Continual refinement and improvement of product and messaging Customer insight opportunities • Engage your target audience and transform them into evangelists • Alert customers of new features • Listen to what people say about your product and act on this • Develop your audience into evangelists • Keep abreast of market or industry changes Page no.
  20. 20. Panel interview Steven Noble Natalie Rowland Adrian Ewart Senior Analyst Qualitative Specialist Head of Consulting and Forester Research Red Rollers Research Analytics @Steven_noble @redrollers Veda Advantage @forrester Page no.
  21. 21. Your questions for the panel Page no.
  22. 22. Focus on satisfying customers Page no.
  23. 23. Upcoming events Product Camp Melbourne July 3 Strategic Product Management Training (4-day course) Melbourne – July 8/9 and 15/16 Sydney – July 22/23 and 29/30 Agile Product Management Excellence (1-day course) Melbourne – July 5 Sydney – September 7 Melbourne – September 9 Page no.
  24. 24. Stay connected brainmates – product management people • E-muse monthly newsletter • brainrants blog Page no. 24
  25. 25. Page no.