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The Power of Insights for Startups & Small Business

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From ProductCamp Cincy 2015. In this workshop, attendees learned why they should value research for their startup or small business and why they should stop spending time and resources collecting 'scientific' data.

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The Power of Insights for Startups & Small Business

  1. 1. The Power of Insights for Startups & Small Business Daniel Klemens Principal/CMO at Waterfields
  2. 2. Smart intelligence; acumen Smart people do dumb things...all the time.
  3. 3. Wise having the ability to show experience, knowledge and good judgment. Smart to wise.
  4. 4. Insights Pieces of information that help us understand a situation or complex problem. Meaningful insights let us have clear and actionable direction with our actions. In other words, they make decisions EASY(er)
  5. 5. Research (scientific) Takes time. Costs $$$$. Results can be too analytical/mathematical.
  6. 6. Pricing! Pricing is hard. Cost-based pricing almost always leaves money on the table. Value-based pricing and in some cases trying to quantify value from benefits seems like such a reach.
  7. 7. What if we could get close to an optimal price with just FOUR questions? Need a volunteer willing to give a 60 second elevator pitch on a non-commodity product or service. Startup idea or actual company product/service is perfect. What is it? Who is it for? What are the benefits for the consumer?
  8. 8. Van Westendorp, Dutch Economist
  9. 9.  At what price would you consider the product to be so expensive that you would not consider buying it?  At what price would you consider the product starting to get expensive, so that it is not out of the question, but you would have to give some thought to buying it?  At what price would you consider the product to be a bargain…a great buy for the money?  At what price would you consider the product to be priced so low that you would feel the quality couldn’t be very good.
  10. 10. What We Can Learn Remember, the price is just as important as the reasoning. We can learn about quality and more. We didn’t need a huge sample and we didn’t need to pay for a focus group or outsourced/professional market research.
  11. 11. 91% of customers are willing to give a referral. 10% of salespeople ask for one. It’s the same thing with asking for information/help. If anything, it’s easier. Customers are our assets.
  12. 12. What Else Can We Learn?  Better understand elements of virality/shareability.  Jonah Berger’s STEPPS acronym/research  Social Currency  Triggers  Emotion  Public  Practical Value  Stories

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