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Unley Business Breakfast Networking Event 24

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Unley Business Breakfast Networking Event 24

  1. 1. “How To Launch A New Product Using Effective Market Research…”
  2. 2. I Will Cover 4 Things: 1- Why this is important & why you should listen to me 2- Theory about buying psychology & market research
  3. 3. 3- How to do market research step-by-step 4- Immediate next actions
  4. 4. First = Back to school Last = Techniques
  5. 5. “Why Market Research Is Important…”
  6. 6. You Will Be Able To Determine: Customer problems Features & benefits Customer concerns Offer & price…
  7. 7. …Marketing channels Value proposition Motivation & urgency Product names And much more…
  8. 8. 80/20 Market research is success insurance!
  9. 9. “My Story & Why I’m Qualified To Talk About This…”
  10. 10. Risk-Free Startup Weekend Sydney 2011
  11. 11. Helped Others Startup Weekend Adelaide – 500+ Alumni & x 5 Flinders University Venture Dorm - 100+ Alumni & x 4
  12. 12. Valuations $6,000,000+ (& Revenue)
  13. 13. “Buying Psychology & Market Research Theory…”
  14. 14. Market Research? “Is any organized effort to gather information about customers”
  15. 15. For You Use that information to inform your business, your career & your personal life
  16. 16. Case Study Amazon use a process called “working backwards” for new product creation
  17. 17. “Start with your customer & work back to the minimum set features to satisfy what you try to achieve” – CTO, Werner Vogel
  18. 18. Press release FAQ User manual > Before product creation
  19. 19. Sales Elements Qualifying Credentials Benefits An offer Call to action & So on
  20. 20. Market Research Directly relates to your sales presentation
  21. 21. You Want To: “Enter into the conversation that your prospect is already having in their own mind” – Copywriter, Robert Collier
  22. 22. Humans ♥ Homeostasis = A condition that remains stable & relatively constant
  23. 23. Human Motivation x 2 / pain vs pleasure
  24. 24. Maslow’s Needs Upper = Seeking pleasure Lower = Avoiding pain
  25. 25. Purchasing Logic…
  26. 26. Pain or problem = Not in homeostasis = Outside comfort zone > Anything to return FAST
  27. 27. ^ Motivation to find a solution ^ Willing to talk about it Insight into their worldview
  28. 28. Sales Mirror exact phrases  “This is exactly what I need!”
  29. 29. Human’s ♥ Instant Gratification Want to get back to their comfort zone FAST
  30. 30. They see value Not opportunity cost = Focused on getting back to their comfort zone
  31. 31. MRI Scans Thought > Action > 7 seconds > Realise Not the reverse!
  32. 32. “Confabulation” Create a story Rationalize with logic after
  33. 33. Love To Buy (biology, emotion, the past) Hate Being Sold To (logic)
  34. 34. Love To Buy In homeostasis In comfort zone In “control” Boosted self esteem
  35. 35. Hate Being Sold No pain or urgency Convince Resentment
  36. 36. Humans ♥ Magic Pill’s Want results yesterday Sell people what they want
  37. 37. “How To Step By Step…”
  38. 38. 1- Prospect list 2- Ask the following 6 Qu’s…
  39. 39. “What are their biggest challenges or what results are they trying to achieve?”  Benefits
  40. 40. “What is the magic pill they think will achieve this?” Features & prodct type
  41. 41. “If they could solve this immediately, how much would it be worth?”  Price range
  42. 42. “Where and how are they looking to solve this?”  Marketing & sales channels
  43. 43. “What are they considering buying?”  Competition & value proposition
  44. 44. “What will happen if they don’t get this solved?”  Motivation & concerns
  45. 45. “How To Take Action …”
  46. 46. 1- Decide 2- Talk to people; no surveys 3- Repeat 20+x 4- Common denominators 5- Add to sales pitch
  47. 47. Business Card = Copy of Questions
  48. 48. Good Luck!

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