7 Ways to Understand the Market and Customer without a Budget - Product Camp Dublin 2013

Copyright © 2014 JEM9www.JEM9.comJANE MORGAN – PRODUCT CAMP DUBLIN 2013

7 Ways to Understand the Market and Customer without a Budget

Jane Morgan Follow Jane on Twitter Jane_E_Morgan


Research

• Structuring market research for product managemento Questions product managers needs to answer

• ‘What' your organization should bring to market?o Keep abreast of market changeso Understand customers needso Qualitative and Quantitative

• NEVER USE A SINGLE SOURCE• TRENDS BEAT DATAPOINTS …. months / years


A SELECTION OF QUESTIONS PRODUCT MANAGEMENT NEEDS TO ANSWER


Market Trends

• What larger changes in the market that are causing customer to make different choices related to your offering?o New technologieso New influencerso Growth trendso Pricing changes


Market Size

• What’s the total available market in units and revenue for you and the competition in the target geography?


Market Segmentation

• Considering all the customers, can they be divided up into similar groups?

• How can the market be divided up?o E.g. shoe market; womens, mens, sports shoeso E.g. pay-as-you-go, bill payo E.g. internal HR/recruiters, recruitment agencies / platforms


Customer Persona / Needs

<Given them a Name>

Responsibility What does their job description look like? What happens on a day to day basis as well as weekly/monthly/etc

What are their key concerns?

Externally who are their existing partners and providers? IT partners, Fortune 500 vendors, their IT savvy daughter

Internally who holds sway? E.g. finance, IT

What blogs, ezine, conferences do they read?

What is the context into which your offering must fit?


Pricing

What is your and the competitions; ERP Average End User Price (ERP)

Channel margin needs

Average Selling Price (out your/competitors door)

MLO (material, labour, overheads)

Fixed Costs (hosting, IT ops)

Gross Margin (ASP less MLO)


Competitor Overview

• What are this competitor’so internal strengths?o internal weaknesses?o external opportunities?o external threats?


SOURCES

(and a few cool tools)


Market Trends Sources

What larger changes in the market may cause customers to make different choices related to your offering?

Google trends




Google trends Sample question: Are people more inclined to use the term;

‘resellers’ or ‘partners’?




Google trends



What larger changes in the market that are causing customer to make different choices related to your offering?

Google trends




Google trends Gapminder.org




Google trends Gapminder.org

Sample question: in which countries are people living longest?




Market Size Sources

What’s the total available market in units and revenue for you and the competition in the target geography?

3rd Party Market Research Organizations Gartner, Nielsen, McKinsey, IDC and, and, and…

Press releases, webinars, tweets and, and, and …


Market Size Sources


3rd Party Market Research Organizations Gartner, Nielsen, Pike Research, IDC and, and, and…


Market Size Sources


3rd Party Market Research Organizations Gartner, Nielsen, McKinsey, IDC and, and, and…

Press releases, webinars, tweets and, and, and …

Reputable publications Silicon Republic, Computer Reseller News,

Governmental Organizations Non-profit and other ‘org’ CAUTION: Remember your ‘growth hypothesis’: track

your own data


Market Segmentation Sources

Considering all the customers, can they be divided up into similar groups?

Google trends 3rd Party Market Research Organizations


• Considering all the customers, can they be divided up into similar groups?

Market Segmentation Sources


Pricing Sources

What is your and the competitions’ pricing structure? Web search on channel partners sites Ask customers and partners about adjacent offering


Pricing Sources

What is your and the competitions pricing structure?

Web search on channel partners sites Ask customers and partners about adjacent offering


Competitor SourcesWhat are your competitors SWOT?

Read …. including user manuals Google trends Ask your partners Subscribe to competitors AND adjacencies

CAUTION: Remember your ‘growth hypothesis’: track your own data


Customer Persona SourcesWhat are the responsibilities, key concerns, influencers

and information sources for your customers and potential customers?

Ask your marketing, sales and support people

Read your support forums and review

In-product feedback forms Crash reports

Do usability

Do free surveys

Ask customers: form a product council, make a goal to survey (call) 1- 3 customers a week.


Summary

1. Figure out the priority of your information needs Market Trends, Size, Segmentation, Share Customer Profile, Problems and Need Pricing & Competition

2. Dedicate some time i.e. schedule it in don’t delete it, move it

3. Warning: read, and ideally, go to the source


Sharing Sources

• Select favouriteso Fast Company Magazineo Silicon Republico Twitter

• Sharing Sourceso Tweet your sources using the hashtag #prodmgmto Follow @ProductCampDUB

o Join the Linkedin Groups• Product Camp Dublin • Irish Software Association Product Management

o Email Jane @ JEM9.com for my free research bookmarks folder

http://www.siliconrepublic.com/

http://www.twitter.com/Jane_E_Morgan

https://twitter.com/search?q=

https://twitter.com/search?q=

https://twitter.com/ProductCampDUB

https://twitter.com/ProductCampDUB

https://www.linkedin.com/groups?gid=4052241

https://www.linkedin.com/groups?gid=3660299


CONTACT JEM 9 FOR ASSISTANCE WITH PRODUCT MANAGEMENT

VISIT JEM9.COM Follow Jane on Twitter: www.twitter.com/Jane_E_Morgan

http://jem9.com/

http://www.twitter.com/Jane_E_Morgan

Marketing

7 Ways to Understand the Market and Customer without a Budget - Product Camp Dublin 2013