eMarketing Techniques Conference_Give Your Customers what They Want

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Give your customer what they need—before they know it!

May 2, 2008

Mitch Slater [email protected] 216-225-0589

So what’s the big deal? • Too much risk and too little time

• Most product introductions fail

• Over time, market tastes change

• Traditional market research misses too much

• When it’s new, it is hard to know where to start the development process

© 2008 Visible Innovations


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Without purpose, there is no meaning

• What should we sell?

• How should we package it?

• What shall we charge for it?

• Who should we target? ...for the BIG BUCKS!

• How shall we entice them to buy?

• How can we increase our chance of success?

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What’s in it for the customer?

Remember, it is ALL about THEM!


So what do your customers know? • Less than you might think.

• Can they tell you what they want? • Can they tell you what they need? • Can they tell you what they like?

• Can they tell you why?


Sure, Focus Groups, Surveys…

No wait, Analytics or CTR or…

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How about a systematic approach?

• No more random

• No more haphazard

• No more guessing

• No more dependence on “the Genius”

What’s in it for you? • What product characteristics do they

LOVE or HATE?

• And in what combination?

• Discover market segmentation with strong affinity ...or repulsion


Why? • Highly differentiated products/services

...are compelling

...stimulate demand

...command the highest prices

...instill strong customer loyalty


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Rule Developing Experimentation • Systematic

• Repeatable

• Statistically based

• “Rules of Thumb”

• Universally applies to product and message

• Usable in any business situation


To Coin a Phrase “RDE is a systematized solution-oriented

business process of experimentation that designs, tests, and modifies alternative ideas, packages, products, or services in a disciplined way so that the developer and marketer discover what appeals to the customer, even if the customer can’t articulate the need, much less the solution!”

Howard R. Moskowitz & Alex Gofman

Products and Services are • Complex • Multi-faceted • Rich with variety


The Possibilities are endless!

• Hard to analyze • Difficult to isolate

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Basis: Conjoint Analysis • Stimulus – Response

• Assumes they don’t know

• Assumes they can’t articulate

• Looks at multiple elements taken together



Step 1 Think about the problem and identify groups of

features that comprise the target product Structure the Problem

• Selling Luxury Real Estate

• Expanding the Marketing for Financial Services

• Promoting energy saving controls for the home

Categories and Elements

© 2008 Visible Innovations Images courtesy of IDEAMAP® .NET

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Step 2 Mix and match the elements according to a

special experimental design (a schema of putting together elements) to present a set of prototypes.

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An E-mail Survey Example



Step 3 Show the prototypes to your target audience


Step 4 Analyze results

Images courtesy of IDEAMAP® .NET

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Other Views




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Step 5 Optimize and Segment


Segment


Segment Again


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Iterate and Verify



Bringing it all together • A repeatable methodology

• Provides structure

• “Reads customers’ minds”

• Finds the most profitable and compelling

Product / Message Mix

Target Market Segments

Any Questions?

Mitch Slater [email protected] 216-225-0589

Economy & Finance

eMarketing Techniques Conference_Give Your Customers what They Want