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Market Intelligence for Product Managers

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Market Intelligence for Product Managers

  1. 1. Market Intelligence for Product Managers St. Louis Product Management Group February 20, 2013 1
  2. 2. Clarification on Terms Market Intelligence (MI) Competitive Intelligence (CI) Market Research (MR) (MI = CI) ≠ MR 2
  3. 3. The WHATs of CI/MI  WHAT? – situation, observations  SO WHAT? – relevance of findings  NOW WHAT? – suggested actions 3
  4. 4. Agenda  Overview of Market Intelligence (what?)  Market Intelligence Examples (so what?)  Tips & Sources to Enhance MI/CI Efforts (now what?)  What MI/CI is Not 4
  5. 5. Overview of Market Intelligence 5
  6. 6. MI/CI Definition The systematic collection, analysis and communication of objective information about the external world to decision-makers. 6
  7. 7. Macro Environment Industry Internal g 7 Business Environment
  8. 8. Macro Environment 8
  9. 9. 9 Social / Cultural Trends
  10. 10. 10 Technology
  11. 11. 11 Economy / International
  12. 12. 12 Political / Legal / Regulatory Trends
  13. 13. 13 Environment
  14. 14. Operating Environment 14
  15. 15. 15 Suppliers
  16. 16. 16 Customers
  17. 17. 17 Competitors
  18. 18. Substitutes 18
  19. 19. Potential Entrants 19
  20. 20. Social/Cultural Dry Cleaning Example  Slow shift to casual dress. Technology  Product you can put in clothes dryer to simulate dry cleaning. Economy  In down economy dry cleaning is used less frequently. Political/Legal/Regulatory  Environmental regulations make main cleansing agent, perchloroethylene (“perc”), more expensive.  Government calls perc a “potential carcinogen.” Environment  EPA considers perc a hazardous waste. Landlords don’t want to rent space fearing chemicals will contaminate the property. Suppliers  Cost of wire hangers is up 15-20% due to new duties imposed on imports from Vietnam.  Green cleansing agents don’t work as well as perc > more time on spotting board getting stains out by hand. Customers  Customer service is crucial. Competitors  Mom-and-pop operators, some chains.  Upfront investment is costly and takes years to pay off. Substitutes  Washing machines at home.  Clothing rentals. Potential Entrants 20  P&G is entering market with Tide stores.
  21. 21. Market Intelligence Examples for Product Managers 21
  22. 22. Market/Industry Information  Market Size  Market Segmentation  Environmental Scan  Industry Events  M&A Activity  Market Research (Public Opinions)  Trends 22
  23. 23. Market Segmentation Industries Prevalent in XXX Engraving / Plating Automotive 4% 13% Other Misc. Metals Software 18% 11% 4% Printing Food / Beverage 11% 4% Business / Personal Services Steel 7% 6% Industrial Equipment Plastics Electronics 11% 7% 4% 23 Source: Misc. Sources
  24. 24. Environmental Scan Political / Legal / Potential Entrants Technology Regulatory 5 9 10 8 Industry Suppliers 5 6 Buyers Competitors 4 9 7 Social / Cultural Economy & Substitutes Environment Macro Environment Industry Strength of Force Source: Analysis from Misc. Sources
  25. 25. Industry Events Company A Company F Company N Company Q Company S Company G Company M Totals Company D Company U Company C Company I Company J Company K Company R Company X Company B Company H Company P Company W Company E Company O Company L Company T Company V Company Y Conference / Show Place Date Website Conference A Beijing, China 2012-12 1 1 2 Conference B Dallas, TX 2012-12 1 1 1 1 1 1 1 1 8 Conference C Istanbul, Turkey 2012-12 1 1 1 1 1 5 Conference D Las Vegas, NV 2012-12 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 16 Conference E San Francisco, CA 2012-12 1 1 1 1 1 1 1 1 1 1 1 1 12 Conference F Washington, DC 2012-12 1 1 1 3 Conference G London, England 2012-11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 17 Conference H Toronto, Canada 2012-11 1 1 1 1 1 5 Conference I Vienna, Austria 2012-11 1 1 1 3 Conference J Amsterdam, Netherlands 2012-10 1 1 1 1 1 1 1 1 8 Conference K Chiba, Japan 2012-10 1 1 Conference L Chicago, IL 2012-10 1 1 1 1 1 1 1 1 1 1 1 11 Conference M Frankfurt, Germany 2012-10 1 1 1 1 1 1 6 Conference N Nashville, TN 2012-10 1 1 1 1 1 1 1 1 1 1 1 1 1 1 14 Conference O New York, NY 2012-10 1 1 1 1 1 1 1 7 Conference P Washington, DC 2012-10 1 1 1 3 Conference Q Orlando, FL 2012-10 1 1 1 1 1 1 6 Conference R San Francisco, CA 2012-10 1 1 1 1 4 Conference S San Jose, CA 2012-10 1 1 1 3 Conference T Denver, CO 2012-10 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 18 Conference U Singapore 2012-10 1 1 1 1 1 1 1 1 8 Conference V Stockholm, Sweden 2012-10 1 1 1 1 1 1 6 Conference W Tokyo, Japan 2012-09 1 1 1 1 1 1 1 1 1 9 Conference X Washington, DC 2012-09 1 1 Conference Y Anaheim, CA 2012-09 1 1 1 3 Conference Z Brussels, Belgium 2012-06 1 1 1 3 25 Source: Compilation from Misc. Sources
  26. 26. Public Opinions Disadvantages of Doing Business in XXX Electrical Costs / Wastewater Supply Charges Location 13% 4% 21% Lack of Restaurants 4% Unattractive Landscaping 4% Taxes (Business + Labor Force Income) Availability 38% 8% Lack of Public Real Estate Prices Transportation 4% 4% 26 Source: Market Research Interviews
  27. 27. Customer Information  How Vendors Identified  Decision-Making Criteria  Product/Solution Selection Criteria  Persona/Human Factors Information  Internal Decision-Making Process 27
  28. 28. Vendor Identification Vendor Identification Methods Sales Rep / Already Knew Industry Analyst Consult. / Vendor / Reports Distrib. Product 5% 17% 14% Peers / Social RFP/RFI Networking 2% 22% Internet Search 26% Trade Show/ Conference 14% 28 Source: Win/Loss Analysis
  29. 29. Decision-Making Criteria Decision-Making Criteria (1 = no importance; 5 = key criteria) Partnerships 3.3 Integration Capabilities 4.0 References 3.2 Price 3.8 Product Road Map 3.8 Ease of Use 4.1 Successful Implementation 4.5 ROI 3.8 Product Features 4.4 Vendor's Customer Base* 3.2 Vendor's Brand* 2.6 Vendor's Financial Stability* 3.7 Vendor's Company Size* 2.7 Technical Fit* 4.6 0.0 1.0 2.0 3.0 4.0 5.0 29 Source: Win/Loss Analysis
  30. 30. Final Selection Criteria Final Selection Criteria AAA BBB CCC 0 2 4 6 8 10 12 Ease of Use Integration w/HW & SW Price Performance / Functionality Relationship w/Vendor ROI Svcs (training, support, proj mgmt) Tech Support (local) Time (quick implement) Vendor Reputation Vision / Roadmap 30 Source: Win/Loss Analysis
  31. 31. Competitor Information  Profiles  Marketing Analysis  Partnerships  Product Comparison  Segmentation by Variables  Competitor’s Customer Base  Vendors in Initial/Final Selection 31
  32. 32. Company Profiles (for competitors, partners, suppliers, distributors, etc.) Company Description, History, Key Milestones, Organizational Structure, Strategic/ Corporate Info Financial Plans, Technology Achievements/Developments, Addresses, Websites Finances, Credit Score, Key Acquisitions, Investments, Funding, Investments by Financial Departments Strategy Corporate Strategy, Business Model Legal Intellectual Property, Legal Issues, Licensing Geographical Markets Geographic Distribution of Sales, Worldwide/Regional Presence Head Count, Recruiting/Layoffs/Departures, Benefits/Compensation Plans/Stock HR-Related Options, Corporate Culture, Key Personnel, Board Members Facilities # Facilities, Size, Own/Lease Strategy, Positioning, Perceived Competitive Advantage, Website Updates, Advertising, Marketing Branding, Marketing Claims Suppliers & Partners Supplier Info, Partnership Programs, Specific Partners, Distributor Info Customers Target Market, Size of Customer Base, Specific Customers Competitors Identity of Competitors, Segmentation Pricing Pricing, Sales Tactics Memberships / Memberships, Affiliations, Exhibiting at Shows/Conferences Events Awards Awards, Achievements Products / Solutions Product Info, Solution Info, Technology/R&D, Plans for Future Services Professional Services, Training, Customer Service, Technical Support Trade Shows Reports from Visits at Events 32
  33. 33. Marketing Analysis Web  XXX is surprisingly Presence 15 strong in its 12 marketing. 9 Social &  Though their website Partnerships 6 Other Media 3 is navigable, it lacks a 0 lot aesthetically. Industry  The company needs to Analyst Trade Shows build its partnerships Recognition … and enhance industry analyst International Presence recognition even more. 33 Source: Analysis from Misc. Sources
  34. 34. Industry Partnerships Partnerships / Tech Integration Investments Intel’s Data Center Manager (DCM) SDK technology collects and analyzes CPU-level power and temperature data. This data can then be integrated into the YYY vendor’s software. YYY vendors increasingly want to integrate data from the servers. Since so many YYY vendors are now integrating with Intel, doing so does not confer a competitive advantage; it just keeps them on a par with the others. 34 Source: Analysis from Misc. Sources
  35. 35. Product/Feature Comparison Feature Comparison Feature A 4 3.5 Feature H 3 Feature B 2.5 2 1.5 1 0.5 Feature G 0 Feature C DDD Feature F Feature D EEE FFF Feature E 35 Source: Subjective Analysis
  36. 36. Segmentation: Product/Application/$ Vendors Considered by Product/Application/$ AAA BBB CCC 6 5 4 3 2 1 0 36 Source: Win/Loss Analysis
  37. 37. Competitor Segmentation Competitor Types in Deals >$1 M Type K, 1% Type A, 9% Type B, 5% Type J, 11% Type H, 1% Type I, 7% Type C, 8% Type D, 6% Type G, 18% Type E, 21% Type F, 13% Total deals considered: 469 37 Source: Analysis from Misc. Sources
  38. 38. Competitor’s Customer Base EEE Clients' Industries (Deals They Won) Home Décor Service Industry 7% (incl. Professionals) 7% Automotive Telecom & Wireless 46% 20% IT & Technology Healthcare / 7% Pharmaceutical 13% 38 Source: Analysis From Misc. Sources
  39. 39. Product Information  Valued Features/Functions  Product Strengths/Weaknesses  Future Needs  Initial/Final Selection Criteria 39
  40. 40. Valued Features/Functions Most Important Features/Functions AAA BBB CCC 0 1 2 3 4 5 6 7 8 9 10 Feature A Feature B Feature C Feature D Feature E Feature F Feature G Feature H Feature I Feature J Feature K Feature L Feature M Feature N Feature O Feature P Feature Q Feature R Feature S Feature T Feature U Feature V Feature W Feature X 40 Source: Win/Loss Analysis
  41. 41. Sales Information  Levels From Decision-Maker  Win/Loss Analysis by Criteria  Win/Loss Reasons  Would Customers Recommend?  Comments on Marketing/Sales Tools  Comments on Sales Process 41
  42. 42. Levels From Decision-Maker Levels From Ultimate Decision-Maker Don't Know 5% Collaborative 0 = self Decision 21% 16% Other Dept 5% Finance 1 = boss 5% 16% 2 = boss's boss 32% 42 Source: Win/Loss Analysis
  43. 43. Win/Loss Sales Analysis AAA Loss AAA Loss Company AAA Win (to Named) (to Other) Did Not Buy Pending Total III 20 17 7 2 10 56 JJJ 5 4 4 2 15 KKK 3 7 3 13 LLL 3 1 3 5 12 MMM 4 4 4 12 NNN 1 2 7 10 OOO 3 1 1 4 9 PPP 6 3 9 QQQ 1 4 2 1 8 RRR 2 2 2 2 8 43
  44. 44. Win/Loss by Deal Value Product Win/Loss by Deal Value 7 6 5 4 3 2 1 0 <$25K $25K-$49K $50K-$99K $100K-$199K $200K-$499K >$500K AAA Won AAA Lost BBB Won BBB Lost CCC Won CCC Lost No Product Purchased 44 Source: Win/Loss Analysis
  45. 45. Win & Loss Reasons Loss Reasons to EEE - All Deals Stay w/Incumbent Price 29% 23% Relationship w/Competitor Product Attributes 18% Technology 6% 24% 45 Source: Interviews with Sales
  46. 46. Would Customers Recommend? Would Recommend Product? 14 12 Yes 10 8 No 6 Conditional 4 Undecided / Haven't 2 Used It 0 AAA BBB CCC 46 Source: Win/Loss Analysis
  47. 47. Tips & Sources to Enhance MI/CI Efforts 47
  48. 48. 48 Create a CI Culture
  49. 49. 49 Employees
  50. 50. 50 Customer Feedback
  51. 51. 51 Google Alerts
  52. 52. Company Websites  Meta tags (key words)  Job openings  Management  News articles  Product information  Be wary 52
  53. 53. Securities & Exchange Commission 53
  54. 54.  Track employee movements  Job Openings  Groups  Customer wins  Q&A  Watch your own settings for privacy! 54
  55. 55. 55 Social & Other Media
  56. 56. 56 Industry Analysts
  57. 57. Trade Shows / Conferences 57
  58. 58. 58 Trade Pubs/Orgs
  59. 59. MI/CI – WHAT IT’S NOT 59
  60. 60. MI/CI is NOT  Illegal  Internet/database searches only  Software only  Single event  Crystal ball  Job for only one smart person 60
  61. 61. Recommended Reading CI (in general) Competitive Intelligence Advantage by Seena Sharp CI (methodologies) Strategic & Competitive Analysis or Business & Competitive Analysis by Craig Fleisher and Babette Bensoussan Product Innovation The Innovator’s Dilemma by Clayton Christensen 61
  62. 62. THANK YOU! Shelly Azar www.insightresearchers.com shelly@insightresearchers.com 314-225-7815 62

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