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Cracking The Convenience Code: How The Convenience Quotient Helps Improve Product Sales
People share a set of universal needs — satisfy those needs with convenience and you will win.
What we’ve learned from a decade of surveys <ul><li>The adoption curve takes a certain shape because people share a set of...
What are the universal human needs? <ul><li>Maslow’s Hierarchy is still with us, despite its flaws, because the idea that ...
People share four universal needs Connection Uniqueness Comfort Variety
What we know about universal needs <ul><li>Everybody has all four. </li></ul><ul><li>But they vary in importance for each ...
How needs become product features <ul><li>Needs serve as a foundation for a product feature decisions. </li></ul><ul><li>B...
Convenience is the bridge over which you meet needs <ul><li>Regardless of which need you’re helping people meet, you must ...
Convenience quick notes <ul><li>Convenience is not a need, a benefit, or a feature — it is a measure of how well your feat...
We can measure this in a convenience quotient <ul><li>A convenience quotient (CQ) is a single score between -1 and 1 that ...
How Forrester will help <ul><li>Forrester will help you understand </li></ul><ul><ul><li>Why your product or service adopt...
Example deliverables: The Convenience Quotient 3) Convenience Quotient Scorecard  1) Convenience score benchmark 2) Conven...
Thank you <ul><li>Frederic Crehan </li></ul><ul><li>+33 6 70 34 5 69 </li></ul><ul><li>[email_address]   </li></ul><ul><li...
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How to Determine Which Elements of Your Product Strategy will Improve Sales

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A short description of Forrester's Convenience Quotient: a quantitative analysis of product features & benefits and recommendation on what you need to enhance to improve product sales

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How to Determine Which Elements of Your Product Strategy will Improve Sales

  1. 1. Cracking The Convenience Code: How The Convenience Quotient Helps Improve Product Sales
  2. 2. People share a set of universal needs — satisfy those needs with convenience and you will win.
  3. 3. What we’ve learned from a decade of surveys <ul><li>The adoption curve takes a certain shape because people share a set of basic needs they approach in a specific way. </li></ul><ul><li>Products and services that meet those needs in the most convenient way follow the adoption curve. </li></ul><ul><li>Those that fail to meet the right needs in a more convenient fashion will not succeed. </li></ul>Source: North American Technographics Benchmark Surveys, 1998 to 2008
  4. 4. What are the universal human needs? <ul><li>Maslow’s Hierarchy is still with us, despite its flaws, because the idea that we share a set of common needs is valid. </li></ul><ul><li>However, Maslow was wrong when he said that needs follow an order — they do not. </li></ul><ul><li>Needs are messy and conflicting; consumers will shift their expression of their needs in response to long-term and short-term circumstances. </li></ul>Physiological Safety Social/belonging Esteem Self- actualization
  5. 5. People share four universal needs Connection Uniqueness Comfort Variety
  6. 6. What we know about universal needs <ul><li>Everybody has all four. </li></ul><ul><li>But they vary in importance for each individual — we call this a need profile </li></ul><ul><li>Each person’s need profile can also shift. </li></ul><ul><li>As a result: </li></ul><ul><ul><li>People will trade off needs against each other in a search to optimize need fulfillment. </li></ul></ul>
  7. 7. How needs become product features <ul><li>Needs serve as a foundation for a product feature decisions. </li></ul><ul><li>Benefits, stated as consumer value statements, capture the need. </li></ul><ul><li>Features then provide the benefits identified. </li></ul><ul><li>Ideally, product features serve more than one need (e.g., a click wheel adds uniqueness, but it also helps people access a variety of music more easily). </li></ul>Need: uniqueness Example: the iPod/iTunes experience Benefit: You will feel better than others. Benefit: People will notice you’re different. Feature: distinctive earbuds Feature: limited edition colors Feature: exclusive music tracks Feature: unique click wheel
  8. 8. Convenience is the bridge over which you meet needs <ul><li>Regardless of which need you’re helping people meet, you must help them meet the need more conveniently than the nearest alternative. </li></ul><ul><li>Features that conveniently provide desired benefits will succeed over those that do not. </li></ul><ul><li>Even the best features — if there are barriers inhibiting them — will not succeed. </li></ul><ul><li>We express this in an equation where convenience = the benefits a product provides minus the barriers to its adoption. </li></ul>Convenience benefits barriers = -
  9. 9. Convenience quick notes <ul><li>Convenience is not a need, a benefit, or a feature — it is a measure of how well your features provide benefits that meet needs. </li></ul><ul><ul><li>Example: electronic door locks on cars — the feature provides a benefit (ability to quickly lock and unlock doors), which meets a comfort need </li></ul></ul><ul><li>As convenience increases, more people adopt a product because even if they don’t value the benefit as much as the early adopter, the reduced barriers make it easier for people to justify low-benefit purchases. </li></ul>
  10. 10. We can measure this in a convenience quotient <ul><li>A convenience quotient (CQ) is a single score between -1 and 1 that expresses: </li></ul><ul><ul><li>The benefits your product or service provides, minus . . . </li></ul></ul><ul><ul><li>. . . the barriers to its adoption. </li></ul></ul>1 -1 0
  11. 11. How Forrester will help <ul><li>Forrester will help you understand </li></ul><ul><ul><li>Why your product or service adoption/sales are unsatisfactory? </li></ul></ul><ul><ul><li>Why a competitors products or service is selling better than your products? </li></ul></ul><ul><ul><li>How does it compare against others and how can you make improvements? </li></ul></ul><ul><ul><li>How convenient your product or service is? </li></ul></ul><ul><ul><li>What specific elements of your product or service strategy you need to change to improve adoption/sales </li></ul></ul><ul><ul><li>What are key barriers to adoption? </li></ul></ul>
  12. 12. Example deliverables: The Convenience Quotient 3) Convenience Quotient Scorecard 1) Convenience score benchmark 2) Convenience score graph
  13. 13. Thank you <ul><li>Frederic Crehan </li></ul><ul><li>+33 6 70 34 5 69 </li></ul><ul><li>[email_address] </li></ul><ul><li>www.forrester.com </li></ul>

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