Primary Market Research Skills Clinic
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Am I building the right product for my target customers? How do I build a deep understanding of my customers’ needs and wants? In this intensive clinic, Elaine Chen, a startup veteran and an MIT Senior Lecturer, will put you through a mini-bootcamp to learn practical skills to design a customer research program, and apply a variety of proven qualitative and quantitative research techniques to build knowledge of your users and economic buyers. These skills will help you stay close to your customers, and help you iterate quickly to build and scale your business from product development to customer acquisition, sales, operations and more.
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Primary Market Research Skills Clinic
- 1. PRIMARY MARKET RESEARCH SKILLS CLINIC Elaine Chen, Founder, ConceptSpring; Senior Lecturer, MIT Sloan School of Management; Entrepreneur in Residence, Martin Trust Center for MIT Entrepreneurship
- 3. WHAT WE ARE GOING TO DO TODAY • 5 minute exercise • Crash course on PMR • Exercise 1: Detailed interview • Exercise 2: Card sorting • Exercise 3: Landing page • Discussion
- 4. 5 MINUTE EXERCISE • Name • What they do • What does “PMR” mean to them • What PMR have they done in the past, and for what types of projects
- 5. SHARING!
- 6. WHY DO PRIMARY MARKET RESEARCH?
- 7. “THERE ARE NO FACTS INSIDE THE BUILDING, SO GET THE HECK OUTSIDE.” Steve Blank Entrepreneur, Author, Stanford Professor Imagecredit:entrepreneur.com
- 8. A QUICK PRIMER ON PRIMARY MARKET RESEARCH
- 10. COMMON QUALITATIVE TECHNIQUES • Interviews • Observation / Shadowing • Immersion • Card sorting • … Image credit: unbouncecom, facebook.com, istockphoto.com
- 11. COMMON QUALITATIVE TECHNIQUES • Interviews • Observation / Shadowing • Immersion • Card sorting • Focus groups • … Image credit: unbouncecom, facebook.com, istockphoto.com
- 12. COMMON QUALITATIVE TECHNIQUES • Contextural Interviews • Observation / Shadowing • Immersion • Card sorting • Focus groups • … Image credit: unbouncecom, facebook.com, istockphoto.com
- 13. COMMON QUANTITATIVE TECHNIQUES • On line surveys • General interest • Purchase intent • Pricing studies • Customer satisfaction • … • Digital experimentation • Landing pages • FB Ads / Google Adwords • … Image credit: sachinrekhi.com, istockphoto.com
- 14. COMMON QUANTITATIVE TECHNIQUES • On line surveys • General interest • Purchase intent • Pricing studies • Customer satisfaction • … • Digital experimentation • Landing pages • FB Ads / Google Adwords • … Image credit: sachinrekhi.com, istockphoto.com
- 15. A FEW TENETS 15
- 16. NOT A SALES PITCH
- 18. BE OPEN MINDED
- 19. IT’S OK TO #FAIL Imagecredit:istockphoto.com
- 20. WHEN DO WE DO RESEARCH? 20
- 21. STAGES OF A NEW VENTURE 1 52 3 4 6 “Is there a there there?” Understanding the customer Developing the solution Testing the go-to- market strategy Testing the biz model & pricing Measuring customer satisfaction
- 22. BEFORE AND AFTER 1 52 3 4 6 “Is there a there there?” Understanding the customer Developing the solution Testing the go-to- market strategy Testing the biz model & pricing Measuring customer satisfaction
- 23. PROBLEM RESEARCH VERSUS SOLUTION RESEARCH 1 52 3 4 6 Understanding the customer Developing the solution Testing the go-to- market strategy Testing the biz model & pricing Measuring customer satisfaction Problem research Solution research “Is there a there there?”
- 24. DIFFERENT TOOLS ARE BETTER AT ANSWERING DIFFERENT QUESTIONS 1 52 3 4 6 Understanding the customer Developing the solution Testing the go-to- market strategy Testing the biz model Measuring customer satisfaction “Is there a there there?”
- 25. CASE STUDY: RETHINK ROBOTICS Imagecredit:rethinkrobotics.com
- 26. 1 52 3 4 6 Defining the problem Understanding the customer Developing the solution Testing the go-to- market strategy Testing the biz model & pricing Measuring customer satisfaction
- 29. CLASSIC PROCESS FOR USER- CENTERED DESIGN 1 52 3 4 6 Understanding the customer Developing the solution Testing the go-to- market strategy Testing the biz model Measuring customer satisfaction “Is there a there there?”
- 30. CASE STUDY: ZEO
- 31. 1 52 3 4 6 Understanding the customer Developing the solution Testing the go-to- market strategy Testing the biz model & pricing Measuring customer satisfaction “Is there a there there?”
- 32. QUALITATIVE BLENDS INTO QUANTITATIVE 1 52 3 4 6 Understanding the customer Developing the solution Testing the go-to- market strategy Testing the biz model Measuring customer satisfaction “Is there a there there?”
- 33. CASE STUDY: ACCUMARK 3D 33 Imagecredit:gerber.c
- 34. 1 52 3 4 6 Understanding the customer Developing the solution Testing the go-to- market strategy Testing the biz model & pricing Measuring customer satisfaction “Is there a there there?”
- 35. CALL TO ACTION: REGISTER FOR A WEBINAR
- 36. “CURRENCY”: PURCHASE INTENT VALIDATION • Pre MVP examples: • Email address for wait list • Scheduled meeting with stakeholder • Letter of intent (LOI) • Preorder (Credit card – or issued PO) • … • Post MVP examples • Paid beta • … Imagecredit:jibo.com
- 37. 1 52 3 4 6 Understanding the customer Developing the solution Testing the go-to- market strategy Testing the biz model & pricing Measuring customer satisfaction “Is there a there there?” USE EVERY TRICK TO ANSWER THIS BURNING QUESTION
- 40. 3 GO-TO TECHNIQUES WE WILL PRACTICE TODAY Interviews Card sorting Landing pages
- 42. PRO-TIPS • ”Tell me about the last time…” • “Tell me about how you…” • ”Tell me the story of…” • ”You said XXX. Tell me more?” • “Why?” | “Why not?” • … • TALK LESS, LISTEN MORE 42
- 43. SIMULATION: PRETEND THIS IS YOUR IDEA. 43 Imagecredit:bluesmart.com • ”Tell me about the last time…” • “Tell me about how you…” • ”Tell me the story of…” • ”You said XXX. Tell me more?” • “Why?” | “Why not?” • … • TALK LESS, LISTEN MORE
- 44. SHARING! 44
- 45. WHY INTERVIEWS WORK • Best choice when you don’t know what you don’t know • Excellent ROI for time invested • Gives your customers a face and a name • Learnings will help you with future research (qualitative or quantitative) 45
- 46. WORKSHOP 2: CARD SORTING
- 47. PRO-TIPS • Make the features as small as possible • Run the card sorting in 2 stages: • Elimination • Prioritization • Ask the test subject to keep talking while sorting – and take notes along the way • KEEP IT MOVING! 47
- 48. SIMULATION: 5 MINUTE PREP • Brainstorm 15 features • Write down 1 feature per card • Make the features as separate as possible • KEEP IT MOVING!
- 49. SIMULATION: ACTUAL CARD SORTING • Step 1: Elimination • Step 2: Sorting • Active listening: Ask why / why not • KEEP IT MOVING!
- 50. SHARING!
- 51. WHY CARD SORTING WORKS • Fast and cheap • Behavioral, not conversational • Not possible to lead the witness • Data even with shy subjects • 2 for 1 technique with debrief! 51
- 52. WORKSHOP 3: LANDING PAGE TO TEST PURCHASE INTENT
- 53. A TYPICAL LANDING PAGE EXPERIMENT 53 Design landing page(s) with a call to action State the hypothesis Design an experiment Send out landing page to suspects Wait for results to come in Analyze sales funnel metrics Persevere or pivot?
- 54. THE ANATOMY OF A LANDING PAGE EXPERIMENT • The landing page itself • Test objectives • Currency • Call to action • Threshold • Marketing Image credit: http://www.disruptiveadvertising.com/
- 55. PRO TIPS • Treat it like an ad • 2 types of Calls to Action (CTA) • Interest: “Learn more” • Purchase intent: “Buy now” • 2 kinds of tests • Normal user behavior: Good design • Level of pain: Bad design • Marketing: Email / Social / …Image credit: http://www.disruptiveadvertising.com/
- 56. SIMULATION: LANDING PAGE TEST • The landing page itself • Test objectives • Currency • Call to action • Threshold • Marketing
- 57. SHARING! 57
- 58. WHY LANDING PAGES WORK (IF APPLICABLE) • Behavioral, not conversational • Currency is the best proof • Forces conversation on go-to-market • Exercises end to end workflow • Yields funnel metrics • Note: Only works if test subjects are on line (yes, there are still offline humans)
- 60. STEP BY STEP GUIDE TO STARTUP PMR
- 61. PMR, PROCTER AND GAMBLE STYLE • Expensive (hundreds of thousands of $ and up) • Long (3-9 months) • Often done in conjunction with an agency 61 Image credit: continuuminnovation.com
- 62. PMR, STARTUP STYLE • Cheap • Fast • DIY. NOT rocket science. You can do this. 62
- 63. “THERE ARE NO FACTS INSIDE THE BUILDING, SO GET THE HECK OUTSIDE.” Steve Blank Entrepreneur, Author, Stanford Professor Imagecredit:entrepreneur.com
- 64. WHAT WE TALKED ABOUT TODAY • Crash course on PMR • Exercise 1: Detailed interview • Exercise 2: Card sorting • Exercise 3: Landing page 64
- 65. LEARNING MORE • “Talking to Humans” E-book - Giff Constable • UX for Lean Startups: Faster, Smarter User Experience Research and Design – Laura Klein • Resources section of ConceptSpring website - Elaine Chen • Templates and samples – Elaine Chen 65
- 66. DISCUSSION + ASK ME ANYTHING @chenelaine blog.conceptspring.com