Marketing bán hàng - Chapter 4: Customer / market analysis

Copyright 2015 Jack M. Kaplan & Anthony C. WarrenPatterns of Entrepreneurship Management5th Edition, Chapter 4Chapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningCustomers, Markets, Competitors in a Digital WorldInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. Warren Presentation OutlineCustomer/Market AnalysisNiche or target marketsOne to One MarketingDefine the Market SegmentationMarket ResearchEvaluate the Competition-Sample EvaluationPrepare the Pricing PlanPosition the Product or ServiceUsing The Internet for Market ResearchChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenNiche, Verticals and Target MarketsA niche market is a small segment of a large market ignored by other companiesA vertical market is a specific sector or class of customers that may require different products and/or be acquired through different marketing channelsTarget marketing is a strategy to focus on segments of a market and prepare a plan for each market segment or vertical. Chapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenRogers’ Bell-Curve - Customer Adoption PatternsWhen introducing a new product or service, you should target customers who are more likely to try something new – the innovators and early adopters. They are usually not price-sensitive. These customers can usually be found and attracted using social media methods.Chapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenIdentifying Customers--Consider the 4 factorsMarket Identification--Current market and service needs determinedCurrent and Best Customers--to allocate resources to segment the marketPotential Customers--target by geographical or industry wide, or ease of reaching via social media platforms Outside factors --identify changing trendsPrepare the Marketing Analysis and PlanChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenOne to One marketing Learn the profile or details about customers to identify the most valuable ones.Identify customers or get them to identify themselvesLink customers identities to their transactionsCalculate individual customer lifetime valueStrengthen a customer satisfaction programSocial media methods, such as on-line advertising, “click through” links, search engine optimization and networking on social platforms are excellent for finding individuals at low cost. Chapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchInternet Market ResearchAccessing potential customers using the internet is a low-cost way of researching customer needs and behaviors. Here are a few examples: Research sites such as “Ask Your Target Market” have a large network of motivated potential customers that they can questionUsing a “smoke-screen” web-site that probes customers found on chat rooms on social media platformExplore search engine key-words on Google to drive potential customers to your informative web-sitePosting Blogs about your company and its products in on-line discussion groupsCreating informative video content to post on Youtube or VimeoLaunching an MVP for testing with a small group of early adoptersUsing a crowd-sourcing site to “pre-sell” products before complete development (See Chapter 5)Creating informative content to stimulate relevant “influencers” to post comments on their web-sites and in blogs.Copyright 2015 Jack M. Kaplan & Anthony C. WarrenChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenDefine the Market SegmentationThere are Several Ways to Segment a MarketDemographic Segmentations-divide the market into groups,based on age,income level and genderGeographic Segmentation- divide people or businesses into regional and by locationPsychographic Segmentation-divides into cultural groups,value or social categoriesTech-savvy segmentation – heavy users of devices and the internetEthnic Segmentation- divide by ethnic groupChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenDo potential customer groups have different needs?Can the customers that fit into a given segment be identified?Are customers both willing and able to pay?Is the segment large enough to be profitable?Can the segment be reached in a cost-effective manner? For example, directly via the internet?Questions for Effective SegmentationChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenIt is particularly important to identify which businesses will provide the most significant competition and predict what they will likely do. Analyze the situation by asking the questions provided below regarding six key areas of competition. Conduct A Competitive AnalysisChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenCompetitive Analysis: Porter’s 5 ForcesPotentialEntrantsThreat of New EntrantsIndustryCompetitorsRivalry AmongExisting FirmsBargaining Powerof BuyersBargaining Power of SuppliersBusiness to Consumers Business to BusinessInternet CompaniesSuppliersBuyersSwitching Costs of SuppliersImportance of Volume to SuppliersCost Relative to Total PurchasesImpact on Cost or DifferentiationAccess to DistributionGovernment PoliciesExpected RetaliationEconomics of ScaleProprietary Product DifferencesBrand IdentityBuyer Concentration vs. Firm Buyer VolumeBuyer Switching CostsSubstitute ProductsProduct DifferencesBrand IdentityImpact on Quality/PerformanceBuyer ProfileIndustry GrowthProduct DifferencesBrand IdentityExit BarriersDiversity of CompetitorsChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenEvaluating the CompetitionSample EvaluationChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. Warren Measuring the Venture’sStrengths and WeaknessesChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenHow is the competitive product or service defined?How is it similar or different?Does the competition cater to a mass, niche or vertically targeted market?What features of the product are superior?What strengths or weaknesses of the competition can be exploited?Has the competitor developed a strong brand and image?Product and Service QuestionsChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenPrice QuestionsWhat is the competitor’s pricing strategy?Is the competitor’s price higher or lower?What is the competitor’s gross margin for similar products?Does the competitor offer terms, discounts, or promotionsChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenIndustry CompetitorsDefine the competition in terms of new, Internet, or potential threats of existing companies.What are the strengths and weaknesses of each?How will internet-centric companies affect the business?How can the suppliers or buyers affect the competition?Chapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenHow strong is the competitor’s management team?What is their background or experience?How do they recruit new key employees?What skills have they been recruiting?What consultants have they been using? Management TeamChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenIs the competitor profitable?What volume are sales and market shares?Do they spend money for R&D, Internet, and web development?Are they properly capitalized? How strong is their cash flow?How are they funded? Do they have access to additional capital if needed?Financial QuestionsChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenPreparing the Pricing PlanPricing MethodsValue: Price should not be based simply on cost, plus a modest profit. Instead, price should be based on the value of the product or service. Rationale: Why prices differ from those of the competitors.For instance, does the new business perform a function faster or more efficiently? Differential: Can independent market sectors or verticals be priced differently to maximize value? Tiered: Customers are provided a basic version of the product at low cost, or even for free. After gaining confidence they purchase an upgrade (or upsell) for more features and benefits. Referred to as “Freemium” pricing.Chapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenHow to Position the Product or ServiceOne way to charge a high price is when competition and substitution products are minimal Another is to “match competition” by pricing slightly under the competitor’s rates to expand one’s own market share (for example, Samsung or Apple Smartphones). A third is to substantially under-price the market, so as to exclude competitors altogetherEarly adopters usually are not price-sensitive, so beware entering the market with a unique product and under-price it – it is always harder to raise prices.Chapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchMarket Research Using the InternetThe internet can be used to undertake initial market research cost effectively. Using “web 2.0” tools and social networks, a campaign can be carried out in just a few days or even hours! Here are just two examples of how the Internet can be used for market research..Copyright 2015 Jack M. Kaplan & Anthony C. WarrenChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchExample 1: “Smoke-Screen Test” Problem: how can “early-adopters” be attracted to a web-site offering new methods for alleviating asthma, what is the price they will pay, and how likely they will buy?Cost effectively:Gain website traffic by a social networking presenceGather customer information and preferences Resource Requirements:Daily monitoring of social networking (15 mins/day)$500 – $1,000 funding for Google AdWords campaign to draw direct traffic to the site.Copyright 2015 Jack M. Kaplan & Anthony C. WarrenChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchTask 1: Build Web Presence via Social NetworkingEstablish Twitter account: “@breathesimple”Continually track ‘tweet’ keywords:Asthma attackNebulizerAsthma emergency roomSample tweets:Copyright 2015 Jack M. Kaplan & Anthony C. WarrenChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchTask 2: Build Dummy Website to Draw Trafficwww.breathesimple.com Home Page:Copyright 2015 Jack M. Kaplan & Anthony C. WarrenChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchTask 3: Track Website TrafficUsing Google AnalyticsCopyright 2015 Jack M. Kaplan & Anthony C. WarrenChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchTask 4: Create Short Survey to Gather Customer InfoGoal:Gather as much information as possible without being asking too much of the customer.Copyright 2015 Jack M. Kaplan & Anthony C. WarrenChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchTask 5: Track Survey Results Using Automatic Analysis ToolCopyright 2015 Jack M. Kaplan & Anthony C. WarrenChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenResults from Smoke-Screen Market ResearchCost of Market Research - $1200Duration of Market Research - 2 weeksNumber of visitors drawn to site – 2100Number that completed questionnaire and provided contact information for purchase – 143Cost per customer acquisition - $8.40 Conversion rate buyer/visitor – 6.8%Acceptable price point for product - $300.The acquired data was sufficiently detailed for use in the business plan:Chapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchExample 2: Primary Market ResearchProblem: How will current customers view improvements to an existing product, what will they pay for these, and how much time will they invest in learning the new features?Cost effectively:Target users of existing productsGather customer feed-backResource Requirements:Creating questionnaire (2 hours)$50 per respondent up to 150 replies with analysis80 responses in 3 days, 150 within 2 weeks. Copyright 2015 Jack M. Kaplan & Anthony C. WarrenChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenExample 2: Primary Market ResearchUse the service of, for example “Ask Your Target Market” (www.aytm.com)Over 2.5 million registered respondents.Questionnaire screens randomly selected respondents to identify “targeted audience” e.g. Q 1. “I have just bought a pair of new shoes” or “I am planning a vacation in Thailand.” Only those meeting the required audience get to the main questionnaire and get paid for their full response.Survey results collected over a few days and analyzed using aytm tools.Total costs are around 30% of traditional market research interview methods and takes much less time.Chapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenExample 2: Problem Definition Halare Inc. developed an improvement to the existing treatments of Sleep Disordered Breathing. The current method to alleviate the symptoms is for the sufferer to wear a “Constant Positive Airway Pressure” mask (CPAP) in bed. The company developed a short questionnaire to target existing users of CPAP machines in order to learn: a) current usage patterns b) reasons for dissatisfaction of existing products c) using a video example of the Halare product, how they viewed the potential improvements d) how much time they would devote to learning to use the additional features e) what percentage of respondents would purchase the new device and at what price. Chapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. WarrenExample 2: ResultsThe next slide shows a typical chart derived from the questionnaire*.PQ is the pre-screening question, and eliminates any respondent that is not part of the target market.Q1 examines the current usage patterns of CPAP machines.It is shown that < 50% of the users do NOT use their CPAP’s everynight which can lead to serious health problems. The Questionnaire continued to explore the reasons for poor compliance and offer Halare’s alternative solution.The respondent number was capped at 150 which provided a statistically valid population while limiting total cost of the primary market research to $7500.00.* Another more complete example can be found in the book, chapter 4.Chapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2012 Jack M. Kaplan & Anthony C. WarrenExample 2: Typical Result ChartChapter 4Customer/ Market AnalysisCompetitive AnalysisPricing & PositioningInternetMarket ResearchCopyright 2015 Jack M. Kaplan & Anthony C. Warrenand AYTM Inc.