35 Burst results for "Market Research"
Huawei overtakes Samsung as top smartphone seller
"Now Number one smartphone seller always ship 55.8 million phones in the three months ending in June, according to the market research firm Canalis. This happened largely due to the Corona virus pandemic, The Chinese tech firm was able to take advantage of the economic recovery in China, where it sells 70% of its smartphones. Samsung saw 30% drop in its global smartphone shipments because of the Corona virus economic slowdown. But why always worldwide decline was only 5%. The same report Those said that while way likely won't hold on to this top spot once the global economy recovers, I'm Steve Kastenbaum. For the first
Why Do Hotel Offerings Always Lag Consumer Trends
"To amaze me. How a lot of these discussions that I have tend to come in waves that are seemingly unrelated and unconnected and one of those that I'm having at the moment is around this idea of hotels, not really being innovative places, not always being behind consuming trains. And I think it's true whether you look at it from say fitness perspective, a SPA perspective, the food and beverage offerings the room offerings. Sustainability aspects. And we'll send you a number of these conversations happening in the comments on link. If you've been following recently, but I think whatever element of a hotel you look at it. They really not transit. They always seem to be behind the consumer trained. And I think the most obvious explanation for that would be that hotels generally trying to appeal to a wider audience. They kind of trying to be everything to everyone. And of course, the hotels will dispute that foul save yes, the extremely innovative, and in fact they're all very unique from each other, so they're not trying to appeal to a mass audience throughout most of them really are. There are some unique niche brands out there, but not a lot. And I think the reality of trying to appeal to a broader audience means that you're not willing to take a chance on a consumer trend that might not yet be widely adopted, so that makes sense. But I wonder if there's an opportunity in these I wonder if. If there if I mean we've seen hotels create specific. Floors and rooms for women only or for executives only or for. For families only for kids honestly. But even wellness are only we've seen wellness flaws and wellness rooms created. And I reckon there's an opportunity for hotels at a broad level to create innovation rooms. If every hotel offered a few rooms that had some unique innovating features, really sort of trendsetting consumers want trends that are out there in whatever elm the hotel ladies. Aric and people would pay a premium for that I. Think is certainly would I would pay a premium to stay in an innovation room, and that would allow the hotels to get some serious feedback in consumer insights into what people really think about it. So I. Don't know I think that's a big opportunity that hotels missing I don't know of any hotels really doing it if you do let me know, but I think. All of this talk about. Specific Room types and and try to appeal to certain niche is maybe they needed just create innovation rooms as part of the room, offering and Chandra premium for that and use that as market research. If nothing else, and I think it's a great story. What do you reckon innovative hotels do they exist? Are they out there or they? All just pretty much same old, same old, if so, why if not? Why not I guess?
Claire Wasserman, founder of Ladies Get Paid and host of "Friends Who Talk About Money"
"When you think through, you know whether it was your experience at that event or obviously in running organization now, what do you think are the biggest misconceptions that exist about women and money? What do we need to dispel? Yeah, I think I mean things are changing now again. Remember I, started this dialogue about four years ago four and a half years ago. It's just a taboo subject you know and when something's taboo, we don't talk about it. That's that's a shame can live, and we're all socialized by how we were raised the messages that we received whether it was our community or our parents. Are you know media and you just don't talk about it and you carry baggage because of it. You know the way that your parents dealt with money. You usually deal. Deal with the same way and for me. My parents just never talked about it so honestly. I was missing a whole education. I don't even how to balance a checkbook, so part of it is emotional, baggage and part of it is just logistics. What are these things and if the stock market feels risky, and you don't want to research it, you just don't invest will that's a problem right because it compounds. It's good to have your money in the money market, and not just under your pillow so again emotions logistics, and this desire to not appear greedy I. think that's pretty fricken. Female I've had women. Tell me that they don't WanNa. Negotiate for two reasons one. They feel like they'll look I don't know money hungry I or that bill over sell themselves. They'll get that big raise and they won't be able to deliver. I just can't help, but think. Would a man feel this way and I don't WanNa make generalizations, but I'm GonNa make generalization about that. We both can relate to that for sure. One of the biggest questions we get asked in an something. Honestly the we struggle with a lot ourselves is negotiating. What are some tools or tricks that you've picked up along the years to help you when you think about Negoti I mean it begins with mindset going through all of your fears around negotiating whether it's fear of losing the opportunity or jeopardizing the relationship We teach a class at ladies. Ladies. Get paid about this. You can absolutely dispel those things remember you're on the same side. If you're at the place of negotiating the, want you, you're both trying to make this work and a compromise of the day is really both people have to give up something in order for both people to get something, and if you're feeling like this is really lopsided that you keep compromising, and they're not compromising at all. Pay attention to that, you know. Know. This might not be a place that you wanna work and I know that that's privilege for me to say like just walk away. That's that's not a reality for a lot of people. This is why didn't show important to try to have as many opportunities as possible. Network Your Butt off in at many places. I don't put all of your eggs in one basket. So that's I right shifting the mindset to see this as an opportunity to. To actually look good. You know to look professional to respect your worth, and that's where you have to do market research as much research as you can do not stop at glass door. Pay Scale talk to your alumni network. If you went to college, talk to friends talk to recruiters. Right post on facebook. Say Hey. I'm trying to figure out how much to charge. I. Bet you all are to start what I call. You know a BCC community. A bunch of Friends of mine together. These refunds were very well networked, and I said we should start ABC chain whenever we need something so whether I'm looking to hire somebody or to be hired or how much to charge right? This is a close group of friends. Were we all recognized that it was powerful to pay it forward, so challenge yourself to get at least six people who can give you. That contributes to the market research that you do. Then you want to pick three numbers. It's not just you know sure hope I get this number now. I mean they're going to low ball you, so you have to have a that. You start with very high a middle number, and then your bottom line and take some time with that bottom line. You know look at your expenses. What do you need to live? What do you want to live and you know if you don't get what you want just at? At least make sure you're also asking for things that don't cost much money, but we'll bring value to you. Career development is a great one I. was GonNa say compensation for Commuting but listen? Hey, were you know must've? Our commute is from the bedroom to the kitchen. You know, but just keep in mind. There are other things you can ask for if they really can't give you the money, but chances are. They can give you at least a little bit.
Bike sales booming amid COVID-19 pandemic
"Bikes bicycles flying off the shelves stores reporting record sales and shortages of bicycles in recent weeks market research company called NPD group says sales of adult leisure bikes grew by a whopping one hundred twenty percent in the
R/x for Healthcare: Better UX Through Measurement and Deeper Engagement with Jay Erickson, Chief Innovation Officer at Modus
"Just got back from Argentina year over there Yeah that's right. We have an office down there and I was doing some work down there and Yet we just moved back last week. Interesting time to move back of course to be traveling around but love Argentina. Wow well welcome back to the States. And you are also very focused on the digital aspects within healthcare so tell us what inspires your work in the healthcare vertical In the core of my inspiration is a very personal so seven years ago. I was diagnosed with advanced metastatic to sicker cancer. I spent about a year and treatment at Sloan. Kettering forty five days in patient. Three months of Chemo for big surgery. So I was sort of a professional patient for a year and I learned law things. I'm six years. No evidence of disease now so I feel very much. Thank you thank you and as you can imagine I learned a lot of things and a lot of different levels but one thing I I learned in observed in that role was just in my opinion. How poorly a digital was being deployed in space for patients and for clinicians and this is not a knock on Sloan. They're amazing they saved my life. But it's something that's across the industry. As as soon as I came back and so before that I was the chief operating officer is really just focusing on running the business and when I came back I said this is something I really want to dive back into. Working more directly with clients focusing on as a problem to be solved doing what I can to put my shoulder to the wheel of making better more effective experiences for patients and for clinician. So that's my My touchstone of the passion that I bring to it. Well I think it's A powerful story Jay and I appreciate sharing that and congratulate you for for beating cancer and so great that you have taken this upon yourself. Having been there done that as a patient better and more efficient are two things that we could definitely get from from digital technologies. Tell us a little bit more about how you guys are. Adding value to the ecosystem through digital so our focus is really on creating experiences that are engaging in effective and this mostly for patients but also for clinicians and sometimes caregivers and bringing best practices to the industry that hasn't really been woven into the to the way that the digital products have been built outside. The industry and healthcare has has been data centric and rightfully so right. The legislation was passed. You know twenty plus years ago saying you need to get everything into the data and and that's been journey and now that we have all the data in we're starting to figure out ways to unlock the data and share the data and do more with the data. We need to stop being so data centric and start being more human centric and understanding that people are complex and their situations are often very unique and we need to build experiences that meet them where they are and make things easy for them and drives towards the outcomes that we want for them. So that's a long answer and I can be unpacked. Non Thought of different ways but how we sort of more tactically are coming into his kind of doing really running more design thinking processes That haven't been lacking so picking up on sort of clinical insight or a market research research site in farm industry for instance and building on that doing ethnographic research actually talking to patients in really understanding their sort of holistic view. Their Longitudinal journey that might touch a bunch of different things. A bunch of different providers a bunch of different mediums a bunch of different co morbidity or products understanding those longitudinal journeys doing rapid prototyping and. Co Design and collaboration ways. And then putting those back for early prototype validation before anything gets actually develop so that process of design thinking is something that has been lacking in the industry and has led to a lot of digital experiences that are either painful or hard to navigate or create unnecessary cognitive. Load especially in the case of clinicians. It's interesting you know. And I'm glad you mentioned clinicians as well because bad experience exists on on the patient side and on the clinician side. As well and to your point there's a lot that's going on that's great but there's an opportunity to do so much better and saw I'd love to hear from. Uja On on what your team has done. That's made either outcomes better or business models better within healthcare. Yeah so I think it's. It's applying that process that I described by lake. You know it's all in. The end is about outcomes right so you really are trying to make better Clinton experiences. They can spend more time to medicine less time on data entry or so. They're less burnt out. Say let's make less mistakes and in the patient case you're trying to keep them engaged. You're trying to get data to flow and to have the outcome of their experience in their disease journey or or or health journey. Have a better outcome. So it's not just about great experiences to create great experiences. I WanNa make that clear to but specifically applying those cases. I mean. We've done everything from working with. Pharmaceutical companies to develop a digital prototypes around using stress managed using behavioral change techniques around social support for stress management or behavioral scientists at pharmaceutical companies or working with healthcare providers to provide better pathways for patients to navigate their journeys. So it's a lot of simple stuff and it can be starting with schedule. An appointment and navigating to the in helping with with with transport access to the site of care. Just that doesn't require blockchain or a I or anything fancy but doing that in a way that is easy in as easy as Uber or another experience that we're used to in our normal life bringing that level of ease and utility to those experience that's table stakes right and then it's going from. They're moving more into actual medicine side of things and we do a lot of stuff around adherence and getting people know we know that that forty percent of outcomes is driven by behavior. And there's really nothing better at a scalable in evaluating level to help with behavior change them and digital devices mean there's a there's a shadow side to that too also right. Mike. We're all addicted to these things. But that same power can be used to drive behavior change whether it's adherence to medication or physical therapy or just a care plan so creating experiences for patients that help them with that. So that's we start to get into the closer to the medical side of things so that's some of the ways that we are bringing our skills that we've owned also in other industries like you've working in hospitality and retail and e commerce and all these other industries that have more are more mature digitally especially from human centric perspective bringing all those practices and tools to the space
"market research" Discussed on #hottakeoftheday
"I can't. I can't watch any of it. It just does. These programs are useless. Three I I read stackable. Every white abors. I follow Reuters. I really want to give the headlines. But I can't do that the new stuff because it is so it's new statement in it's It's made to get. It's a to provoke emotion. It is typically made to keep you tuned in to get that emotional hit And I just it's destroying people's ability to kind of think through this becky emphasis on cold analysis of fact one in the end the very unfortunate piece and this is the biggest concern. I have is that like most people are watching news statement and hearing the sound bite in that movie the Big Short which you know I love. There's sort of like you know. Oh of course. Everyone has a sound bite that they talk about a party so they sound smart. But you didn't really understand what was going on and like those sound bites come from television and that is driving the emotional response and and any discussion online right now especially I mean. I've been very active saying I disagree with it and shouting down in the shaming and a friend of mine went to the store to buy eggs the other day and some like woman screamed at him for not wearing a mask and he was like twenty feet away her Frie- and so we've gone just so far beyond rational response to anything and any discussion. Counselor your view. You just yelled down and I don't know how we fix it. Especially since we have such an economic l'amitie coming. I would say I mean for me. It's like it's yeah. I subject my beliefs to constant scrutiny. Taking this back to energy when the first downtown new crew crisis happened at the end of the two thousand fourteen throughout two thousand fifteen I spent I took it really personally are the nicey is counting. Because you are in energy you always want oil field versus Anthony. I was a market research analyst that come from Investment rule is a stock analyst on consulting before that for.
Beer, wine and liquor sales increase during ‘stay-at-home’ order
"And well here's a business is doing well alcohol sales have skyrocketed as more people stay home and bars remain closed according to one market research firm sales of alcoholic beverages rose fifty five percent in the past week sales of spirits like tequila gin and pre mixed cocktails jumped seventy five percent compared to the same period last year wine sales up sixty six percent beer sales up forty two percent most of the sales were online orders compared to in store sales online alcohol sales were up two hundred forty three percent growth rates Pete this people loaded up their pantries before stay at home orders
"market research" Discussed on My Worst Investment Ever Podcast
"We're taking existing products but we've never really taken a brand new product and launched and it was me that was really putting all the money in. So how did this or how did it go? I mean it was like a collapsed but it didn't make enough money so then Andrew Andrew in China. I bought them out basically. We pushed him out. Mama Friends said I pay him too much for his share of the product. But he's like I told you everything and you know so. I paint him out up fronts him in John Remember. We went today banking Holcombe together and I win. Cash just gave him cash like in hog like on the streets. I think it was like ten grads for his share which he didn't have a company was all contracts. You know it's one of the get them off my back because he was this on my butt about selling more getting his share His money you know we sold like twenty thirty thousand pieces you know. But these are like little Spouse for like a couple of bucks retail a few dollars you know then so basically just didn't really make enough money and it was losing momentum momentum and then Bacardi ended up rejecting it because the craziest this was the maybe this is the breaking point my partner in the US. Was you know sending tip Hikari just as long chain of communication writes a scoring from Cardi. Us Tax Office to my partner in the US and then they rejected it internally because it pass us FDA but failed Bacardi's internal quality control tests of the material plastic for certain percentage of some kind of a plastic chemical. My can't remember towards food grade needed to be food grade. Plastic I guess it was enough for. Us Food grade or US importing. It wasn't GonNa kill anybody or hurt anybody or it was usable but their own internal requirements wasn't enough and this is the maybe the. Maybe I'll say this is the breaking point the factory in China's like it's called face. I think you know you're in business in Asia. No our quality is good. They're wrong I'm like no no no I'm not saying you're quality is bad. I'm seeing that. Can you give me a different composition of material? This percentage of this chemical. I don't even freaking on her stand honestly but days they need less than twenty percent thirty percent of this Pacific chemical of plastic in your plastic of the mold or of the product. And then I don't know it was stuck in lost in translation basically so we lost a deal and then there was turnover. Because this is I'm thinking is probably going past Christmas. Went into two thousand nine it just kind of you know maybe maybe. I wish I had kickstarter. Back dinner crowdfunding. So how did it end? The ending was just like died. I mean ending was I just didn't reorder it. Basically I think I did two batches ten thousand but it was always on me to upfront. Hey I'm you know. Selling them retail won by like two PAC for like ten bucks like five dollars. Of course some dollar dollar fifty my costs but then McCarty and then the Amsterdam guy wanted for like seventy five cents per because he wants his Bacardi or his liquor company in the US and Europe for a dollar learned after that The promotional market is like a dollar a piece. Let's review the lessons that you learn. Yes go what's the number one thing that you learned from this? I mean there's a few but I mean I guess market research market validation or selling property for I mean we did have the market. We did sell these we did have. This was our industry but I guess I didn't really know the promotional mark. I knew like the beat is see like I didn't sell to like precarity before. I didn't sell to these big distributors before that should have known dollar at par. It was basically. If I'd known it was a dollar that I made sure to make a cheaper product but it was also heart. We wanted to quality be good. You know they want to just throw away stuff. I guess any other lessons that you learn. Well I mean as I mentioned. There's all these you heard about four or five six different people involved. There was a joke. They call me like the Godfather in two thousand eight. Because I was making all these deals like had made some money in Wall Street. And now it's just Kinda like I didn't save money for MBA missiles my MBA. And you know. I had a few other projects honestly. But I'll give this half of this one in our twenty five. There's four of us here. Twenty percent each year. An you your engineering years sales. You're like you know you do. This is very rough like I had to. I did have a contracts honest I can take that one but rough agreements without really clear exit strategy. Like what is that wasn't there was no the most important part of a contract is the break-up right like what happens if it doesn't work out and we didn't have that so zas is fighting and I just ended up paying him in London for ten grand screwed out. Don't pay nothing. Just give them some kind of percentage of sales in the future. Now's another lesson all right. Let me summarize some of my takeaways from it. I think the first one is the idea of understanding the market. And it's hard to you know when you get excited about a product. Sometimes we missed you. Know the market the market more important than the product. And I think you know in this case understanding that market and it sounds it. Sounds like really the ultimate death blow was probably be the rejection because of this concentration of certain amount of plastic and. I'm not sure that you could even do you know I mean that's a hard one to say that you could have found that out. You know. It's a tough one. The second thing that's critical is if you have no sales you have no business and you know. Obviously you had some sales online and stuff like that but without a sizable sales and also with a vision of that sales being able to really seriously grow. You know there's no business and I I like to say that for when I look at businesses I have something I call the three million dollar rule. Which is you have to be able to explain with your small business. How quickly you're going to be able to get the three million dollars in revenue because it takes about three million dollars in revenue to be able to hire a management team and build a real professional organization that has the ability then to scale to the next level. It's a lot of people they get excited about a little product but the fact is is that unless you can get serious money behind it you know in series revenue behind it. It's really hard for it. Not just to be kind of a one man show and I would say the third thing that is really the toughest thing is that you need different people involved in a business in order for you to be successful whether those people are providing capital or whether there providing expertise but keeping everybody satisfied is a nightmare and and many businesses fail only because they just can't figure out a way to keep everybody you know satisfied and the breakup and all that end up destroying the business. You know type of here so those are some of the things I'd take away anything anything bad. I'm I guess it's one a somewhat clarify. We were making revenue from our normal generic. Our supplies like we were just you know Shakur's and openers and we're also doing other products for other other people still. This was just idea was this could be like one of our Mastered Right word leading product and he could sell the boring stuff behind it. Right idea was this was like kind of the the. Wow we even sold. We sold some to our competitors like our online retail competitors. 'cause we use the whole patent and I even got a trademark That was made me one of my responses to you. I still get wow on assist. Have cool lime still. He was still get some leads. I just don't reply is the sticking boy. Somebody's gotta put like ten grand into this. You know to get you know again order basically I mean honestly still maybe keeping me better now with led technology battery technology. It was maybe a limiting thing and I was even thinking about kickstarter. I mean honestly crowdfunding. I was some people that I should have done. It could've been presold these right. He could have maybe tested a market by selling them. I was getting ready to put a purchase order but Bacardi or any of those guys wanted to sample working simple. Which makes sense right all right so based on what you learned from this story and what you continue to learn in your life. What one action would you recommend our listeners? Take to avoid suffering the same fate. Imagine person doing the exact getting excited about a similar type of situation. What's the one? They're they're lucky that there's crowdfunding now so I would say leverage crowdfunding if you have a really unique if you're doing something totally unique. Try to sell it. I like you said if you don't have don't have a business yet but on the other side I don't like these scammers like even have friends that I almost call scammers. They sell on crowd funding. And they don't deliver so make so don't do the opposite like that. What makes me so mad because I did this out cross funding and now I see Oversell don't deliver so definitely me at least half full intention to deliver so definitely leveraged at her. Even if it's not crowdfunding sell something I yep sell you know. I've listened to podcasts and stuff about sell sheets even have provisional patents yet. Obviously we talk about this patents are almost BS. Like I. I agree because he knew he couldn't do anything to me. That's I think I could have even sold in the US Marquette GonNa maybe sold in Europe is the US and. I think he realized if I would really do that so I wasted too much time on this patents and you know. I don't know you're feeling but don't get stuck get caught up in the pants. DoN'T GET CARBON PATS. If you're entrepreneur investor of course important have your Ip. I think the most important brand trademark not as great so last question. What's your number one goal for the next twelve months? Yeah goal right now were as you mentioned earlier on Investment Company. I'm just building out where we're scaling. We're raising were buying out more. Brands scale All right.
Where to buy hand sanitiser as coronavirus spreads
"Worldwide because of coronavirus in Maryland at least five people have tested positive and one Washington DC visitor from Nigeria has been treated in a Maryland hospital blah blah goes on and on and on there's no vaccine since December when the outbreak of the disease began in China began to spread to other countries including the United States which has resulted in area retailers reporting a surge in sales of hand sanitizer cleaning agents and other items Grohl's market in Ruxton has had trouble keeping hand sanitizer Clorox wipes and with bleach and cans of milk in the stock quote I've never seen anything like it said assistant store manager Jeff major who has worked for the company for eighteen years Wednesday the store brought in two cases of beer L. hand sanitizer they sold out that day quote I think rubbing alcohol will be the next thing to go said general manager Tom Gilbert as he motioned towards a shelf missing the first two rows of merchandise fingers crossed we'll have hand sanitizer by March fifteenth he said are you noticing these sorts of things in your neighborhood are you noticing have you stocked up told you I went to buy toilet paper last week and there was no toilet paper at Costco none I went to a grocery store and they had toilet paper that wouldn't say they were fully stocked there about half stocked should have bought the whole thing eBay has banned the sale of hand sanitizer not because they don't want people to have hand sanitizer but because people are charging an arm and a leg I told you about how you can buy like a one of those small little pocket models for like twelve to seventeen dollars so there's opportunism capitalism always finds a way what are you noticing any of this stuff I'm just curious if it's how widespread it is because there was on social media over the weekend there were videos from Australia of all places of people literally fighting over toilet paper there's one mother daughter team fighting with another woman because the mother daughter team had a a shopping cart literally filled with toilet paper like overflowing we filled with toilet paper in fact in one area of the country they have put a limit on how much toilet paper you can buy because people were hoarding toilet paper is this just paranoid do you feel like you know the better safe than sorry Monaco is the way to go back to the sun story sandy Pierce spent the better part of Sunday searching for disinfectants preferably her trusty Lysol or Clorox her journey from big lots in Lutherville the CVS in harbor east in all she went to nine stores before calling it quits quote I wasn't going any further all this for a damn can of Lysol end quote piers said she hit the jackpot at Walgreens on York road in Timonium where she found a twelve ounce can of Lysol spray it was eighty dollars she exclaimed the private school teacher in realtor said she usually shops on Amazon but she said the supply shortages and price gouging forced her to embark upon her weekend quest I have noticed this I have seen it like even Amazon which stocks everything is out of hand sanitizer and they are selling second hand because you people don't know this but you can go online and sign up on Amazon and sell whatever you got on Amazon doesn't seem particularly useful for certain things most people don't go to Amazon for things that they usually go to eBay for so you're probably better off going to eBay but in general you can sell whatever you want and if you notice because my dad likes Hydroxycut keys I don't know why I don't know what the differences between the hydroxyzine oreo but he says the the oreos are no good and hydroxy loves hydroxide is always love hydroxyzine kid you just can't find it so I I found a money bag now if you're not looking if you don't shop around because you can pay the normal price for a package of cookies on Amazon you can also pay the exorbitant price for a pack of cookies on Amazon you just have to look at who's selling it and how much each you know how much it is per package and the size of package and all that sort of stuff the same is true for every product in there you can start your own company or just sell it out of your own house and decide to do you're going to charge fifty Bucks for a pack of toilet paper now if you're in the market for Sharman and you're not paying attention you just see all the search results there Sherman okay good I'm gonna click the Sherman added to my cart let's go check out I recommend you pay attention to what you click on online but people don't and it has happened mistakes have been made and you're screwed you bought it you lose the deal so you see all these things I went looking and I just out of curiosity I was looking for hand sanitizer and the hand sanitizer on Amazon was no different than the hand sanitizer on under eBay it was exorbitantly priced shall we say an eBay did not have or Amazon did not have any of their own you know like in stock sold by Amazon I'm looking at it right now let's see germ X. hand sanitizer regional travel size one point five ounces seven dollars twenty five cents that's what you're dealing with here so the paranoia the fear stoked by the media by people who don't know any better is having an impact will it have an impact on politics I don't know but it's definitely having an impact on people's behaviors there are people all over the world who are scared to death when the evidence to this point has shown not to be worth it not to be worthy of being scared to death being cautious absolutely being aware being alert yes no question about it washing your hands how disturbing is it that so many people need to be told to wash their hands in order for them to wash their hands the unit makes you want to never eat in a restaurant ever again if you need to be told to wash your hands it's just scary scary stuff says that the bank to the sun interview article hand sanitizer sales in the U. S. more than doubled in the four weeks ending February twenty nine compared to the same period a year ago according to market research firm Nielsen sales of thermometers spike spike fifty two point three percent during the same period sales of dried beans spiked nearly eighteen percent according to the Associated Press the disease is weighing on the minds of consumers at Grohl's market major re called and that an elderly customer require inquired earlier this week about the health of the stores Instacart
Looking for hand sanitizer? Good luck finding it
"Market research shows a big jump in the sale of hand sanitizers wipes and liquid soap with all their use buses and subway trains are breeding grounds for germs in New York MTA boss Patrick Foy says cleaning crews already trains cars and buses will be cleaned daily with the MTA's full fleet being disinfected every seventy two hours turnstiles elevators and escalators will be cleaned daily this is a substantial investment of time and resources and a substantial increase in both the frequency and intensity of disinfecting the CDC recommendation is washing hands with warm or cold water and then lathering soap for twenty seconds as far as coughing and sneezing block with the elbow not your hands I'm at Donahue
Share your location with ICE?
"Byron Towel reporter for the Wall Street Journal. You and your colleague. Michelle Hackman published a report last week. That at the federal government is using cell phone location data for immigration enforcement. What kind of data are we talking about? Well we're talking about data that's usually collected through APPs APPs or online display ads that revealed the user's location so this is a big pool of data that marketing companies and data brokers control and often make available for resale and reuse. So you're talking about advertisements and you're also talking about APPs leisure. Say I look at my phone. What kind of APPS? Typically you would gather this kind of information. And how would I encounter these advertisements all kinds of APPs. Gather this information for example when you open open a rideshare APP that is collecting your location often. restaurant or view APPs like yelp are asking for your location e. Commerce sites are asking for your location even even gains or sometimes asking for your location. Most people don't read the privacy policies or the terms of service of the apps they use and even if they do it's not always always clear Exactly what the APP is or is not allowed to do you know they'll use vague phrases like we reserve the right to sell your data for analytics in marketing research. But it doesn't always spell out exactly where that data is going and even after it leaves. One party's hands Industry insiders say that. There's a chain of custody of data that it starts with one company and then it's passed to another is sold to another and then as licensed to another and so it's very difficult to understand exactly how this industry works and where data is going. So how is this data. Usually used by marketing companies. Generally speaking most of these marketing companies want to serve you display ads or they want to do real world analytics on consumer behavior so they could serve you an ad for a nearby restaurant in an APP or on a website that you're browsing or alternatively they could collect the location data from something like a weather there ap and use it to study essentially what people are doing. So how much foot traffic is a store. Have How many people attended a concert. There's all sorts of Algorithm aalto rhythmic Sort of experiments you can run on large scale data when you're collecting that much location data from that many people and can you tell the location of a specific individual given this. This data is anonymous is door or can you actually know where a given individual has gone. Yes a narrow so so in this data set to the marketers. You're basically just an Alpha numeric string of letters and numbers but your real world behavior gives away a lot. What about you so for example? You're probably the only person in the world that transits between your home and your work. Every day that essential pattern of going between your home home and your workplace two data points that are pretty easy to get on. Most people will give away who the owner of the phone is in many cases and we saw that in a Big New York Times. Expose who got access to some of this data and manage to from these anonymous Alpha numeric strings of figure out who specific individuals were in a large data. Set a couple of real life examples. They want to talk about including forty six year old math teacher named Lisa. It shows. She leaves her house or leaves the house. I should say an upstate. New York it's seven. Am every day travels to a middle school fourteen miles away. It shows. You went to a weight watchers. Meeting her dermatologist's office hiking with her a dog over to her ex boyfriend's house where she stayed this is a very intimate and detailed. Look at WHO. A person is In the case of Lisa right her location reported eighty six hundred times. There are some real national security implications about this. I mean you saw from this. One data. Set Phone's ringing. All over the White House phones owns peeing all over the Pentagon they were even able to do that with president. Trump's security right. They were able to follow a specific security. Agent as that agent was is Moving around with president trump. That person was a believed to be a secret service agent and we were able to follow that person to their home. We were able from there. Air To understand who that person's spouse was see trips to a school per se which was supposedly dropping off their child? Things that that he no. No normal person should be able to see especially a journalist three thousand miles away so this is data that while technically you're or just a string of letters and numbers to these marketing companies. It does reveal a lot about you and anyone with an amphibious purpose. Or who wanted to de-legitimize this data would not have that much trouble the doing
Why Strategic Planning Is Important For Small Business
"So yeah topic today. Title Net flicks worst nightmare. What's the worst nightmare eh? We've talked about this a lot but maybe we haven't talked about it on air. I don't think specifically so obviously when we were putting the information together You know we talked to one F lakes and article in Forbes magazine by Stephen McBride and one of the things that says which will then pull from today is that the net flicks in the last decade. Their stock has risen to about eighty. Five hundred percent has risen by eighty-five hundred percent. That's not because streaming ozzy caught fire. I mean streaming is like first of all the word streaming was invented. Because of what Netflix does I know like no one used the word really like streaming in relation to viewing things until Netflix really came along and now it's like streaming as his own category which is impressive. Whenever you can create its things Hastings Reed Hastings Ya Hastings company that like the smart brands words words right Amex? Yeah exactly. It's like netflixing. Chill not exactly that one. Maybe actually. That's he can miss his better thing. Big You're like old married couples. That's what they say will take Shade Mahar in the tender tender account. I don't F- looks to me Netflix. And Chill and has put Netflix ongoing asleep so because the different indices sold as me. That's the that's what I do. They netflixing watch Netflix. Watch me so anyway. So net flicks achieved those gains. How do they do it? They literally disrupted video rental the whole industry. They stole millions of customers. Oh no not even just a video rental like they they were beyond that streaming actually took away customers from the large cable companies. Millions of cable companies loss customers at the hands of readings Netflix. God I'd love to be able to drop Kale. I know I have a way to watch sports without having in cable. 'cause that's literally. The only thing tying cable Youtube Youtube Youtube. TV Okay Forty nine ninety nine a month all regions force not end more mass. Let's check that. I have it now but accidents because I still have direct TV. Once they cancelled DIRECTTV next year. I'm GONNA switch completely over to Youtube. TV sweet actually be free. Leave so so Netflix. Still literally tens of millions of customers from cable companies because so much content yet you know I can literally don't I can't even tell you what channels are what on cable. All I know is that you'd have to hit five hundred to get into like your hd but after that. Ah I'm just hitting like the page until I fall. Oh there we go. That's what I WANNA watch. I can't tell you anything but you WANNA know what's on Netflix. I know all you know what I mean like. I'm always always watching documentaries. And movies and everything so yeah I completely feel that way. It's funny because articles here says says that Last year half of Americans a twenty to forty five didn't even watch a second of cable TV. That's crazy isn't nuts. Wow that's true disruption. But here's the problem. oftentimes when there's a a good idea invented where comes out disrupts the whole marketplace replace what happens competition. Man are the big boys get into the they see going on they get they own honestly that Pie. So that's what's happening right now. Man Disney plus who you name it right there all stripping away so my net flicks is Grip tight grip on this on the street. And there's more coming. Yeah like because all licenses that netflix expiring or not renewing because those major are those major television and film houses are taking the licenses back in creating their own streaming service. You know that's crazy. Yep so the point of this. Is that Netflix. Says worst nightmare would be that what they did the cable. Obviously it's going to happen to them. Yeah we'll be done to them. Do you think that people would cancel their netflix memberships. Though like cable 'cause I see it as a way where people just reduce their netflix subscription. More so than. Cancel it because Netflix still has like so much offer. Yeah that's a good question so we extrap- extrapolating out. I'm looking at it that we would have to reduce it because they still put out some good stuff. They have netflix originals. That some some of them are actually really good now some of the NFL. So I think it's just what I've talked to house of cards. Yeah this is why I've talked about affair with you that I still feel the same as that A little bit off topic but I think me personally for the end consumer. It's a disservice to them. Because you know in a world where everybody is like I you said I'd love to get off the cable. Save some money when you really start to do the math. It's like I think. NBC's starting to get their own thing. Soon we're just reading in in this article. Eighteen tease looking to start their own already. Disney plus we already know Hulu and some of these other ones when you break down all the different subscriptions that you're paying for. It's like Mike expresses went up not down exactly. So how much is Netflix is. Net flicks is fifteen. ninety-nine that's how much I pay and then Disney pluses twelve ninety nine. It's all ready twenty nine dollars here and then Hulu Hulu Netflix and ESPN. But then like let's say you get get what's the other one Like NBC. What if they come on you know what I mean because they have the office and they have friends? It's in frazier and I think those are like the top things that are watched on Netflix. And I love Frazier Frazier okay. Oh don't forget the apple apple plus came out to Oh did it yes apple pluses apples streaming service. And that's like four ninety nine one hundred dollars for cable or three hundred for seriously seriously. But you know what's GonNa Happen is that it's just going to be things that people watching cancel. There's going to be this. Subscription does monthly subscription service. This is going to turn into people turning on and turning off being hop skip like I just already heard of people doing that with the mandatory now that it stopped just cancel their Disney subscription. And they'll come back and they'll come. I'm back and so what happens. Disney just lose revenue because people are leaving and coming back. That's not the kind of when you have a scripture over. She won't be able to be subscribed for life like you don't want cycles of three month customers and then come back this and that it's just like you know you know. They really is a paid. But the reason why we bring this up in the entrepreneur. Life is because as is entrepreneurs. This is going to happen. Competitions part of business is you know especially even if you have something that disrupts the market as much much is a net flicks people come in Nelson and got this really great idea. No one else is doing it. There's no competition and they could be right there. There may not be any competition. But you can't assume that it will always be that way if it's that good of an idea and you have a hold on the market share. Some point people are going to be like wait a minute. They're gonNA wake up and be like oh we gotta do. Is You know you look at Netflix. Netflix is paying Disney And NBC and some of these other companies. A little bit to be able to have those shows on Netflix. So now they're looking like dead. Their stocks rose eighty five hundred eighty five hundred percent percent eight thousand five hundred percent yet whether I want some of that. Yup Well I guess the other thing too is I the reason why we put with is in. There is because it's like like you said like this is going to happen as a small business owner and I don't think I think the wrong I think to wrong reactions to to competition so I'll I'll start off with my own example. Is that when I moved to the city block them on in open a facility disability down there in downtown Boston five years ago when I first open I had four competitors today I have twelve. Which kind of tells you the state of number one the industry that a man number two tells you that there's no market research done uh-huh in some areas but then the other thing too is like it tells you that you know like there's going to be competition and you know you're competing for the same dollar if you think you're competing for the same dollar? You're you're mistaken you're competing for fifty cents and you had to. You GotTa just be careful if you want to compete for the whole dollar then you have to outperform everybody to get that dollar like significantly. You don't have to be a one stop shop but your value has to be tremendously high. You create value. We've talked about it a million a million times and we had a podcast the segment about creating value. How to do so? Go back and listen to that. I think is episode thirty three. Yeah and that's what they're going to have to do here. So what right. So that's the thing is like okay so that so so I was just giving you. The example of how market competition using my example can come into play. And I'm sure for you. I mean I I went went from four to twelve inches my block but for you. I'm sure even bigger than that. You're you're industry. Because you have comp- you have to deal with both companies and individuals
Coronavirus prompts Sony, Amazon to join Barcelona congress exodus
"US Senator. Josh Halley published a plan to remake the Federal Trade Commission to provide for more direct congressional oversight as. Well as better scrutinize big tech calling up Google and facebook as instances of of the FTC failing to protect consumers the plan would put the FTC within the Department of Justice. And replace the Five Commissioner panel with a single Senate confirmed director it would also create a digital market research section of the FTC to specifically. Look at big tech. Halley also calls for new legislation to give the FTC the power to levy fines on first first time civil penalties authority to enforce data portability and interoperability standards and to give State Attorneys General the Authority to enforce the same laws as the FTC. Not See
Product Managers for the Digital World
"Product managers for the digital world the role the product managers expanding due to the growing importance of data. It decision making in increase in customer in design focus in the evolution of software development methodologies like Agile according to Mackenzie and company Mackenzie says has product. Managers are the glue that binds the many functions that touch a product engineering design customer success sales marketing operations finance legal and more. They not only own decisions about what gets built but also influence every aspect of how it gets built and an launched. They wear many hats using a broad range of knowledge to make trade off decisions and bring together cross. Functional teams ensuring alignment between diverse for what's more product management is emerging as the new training ground for future tech. CEO's and now as companies from outside outside the digital world go through the digital transformation. They need product managers to get the product right also but Kenzi argues the product manager thinks like a CEO. But there's a problem there. Unlike procter and gamble's brand manager whose model HP copied to create today's product manager the brand manager at P. and G. had budget authority. They paid for the market research that is needed and for the advertising. So it's hard to think like a CEO when a product manager does not have control of the budget. That is why I argue elsewhere in this book that the product manager should have budget the thirty over marketing and market research. Data's becoming even more critical and enables the product manager to monitor a product success across crossing gauge moment really conversion usage and more product management is also becoming more agile planning for the next feature release and and long term product. Roadmap Mackenzie writes. The products are becoming more complex. Thus making the product management role. More difficult customers are looking for new features frequent improvements and upgrades after purchase product. Bundles are happening different. Pricing Tiers Dynamic Hamic pricing upsell opportunities in pricing strategies plus identifying in owning key partnerships. But Kenzi says there are three three types of product managers technologists generalists and business oriented based on their interviews. In my experience I agree. The technologists type of product manager has to be involved in back in platforms or highly beat Abi Products. In my opinion they tend to lean towards being the products architect act. The generalist is more customer focused. The business oriented product manager tends towards BTC products as the digital transformation accelerates rates reliance on data analytics become increasingly more important. Add to that. The fifteen perfect storm technologies discussed elsewhere in this book. These technologies will produce a lot of data figuring out what it all means also challenged product managers product. Managers of the future will apply. I machine learning and art official intelligence to understand the data gathered. Mackenzie the says the future product managers must have a computer science foundation design while this is true for some products overall. I think it is wrong. If the time and the effort of a product manager is pulled into the direction of architecture and design nine. Who's going to do the other thirty two things that must be done in the product market strategy for products
India passes U.S. as second-largest smartphone market after China
"If you're wondering where I phone can go from here cast your is to the subcontinent and gadget had counterpoint research indicating earlier this week that India is now a larger smartphone market than the US S.. So far India has had very little to do with iphones rise though that can actually be a good thing this time last week. I told you about got a piece from Bloomberg that said of the roughly one hundred fifty eight million smartphone shipped in India in two thousand nineteen apple. Sold less than two MIL. Oh yet at the same time. Data from counterpoint. Technology market research indicates that India's premium segment is growing at a twenty percent rate almost stumbling the roughly ten percent growth of the local smartphone market overall which suggests greater opportunity for Apple
4 Low-Cost Ways to Gather Customer Feedback
"Customer feedback is so important to gather a lot of we think we could just build an isolation. That's only going to get you. So far. At some point your business going to plateau and you're going to need to know how to move forward how can I improve and of course how can I stopped doing the things that is causing my customers. Leave me or not by for me again. So here are four. Low cost ways together customer feedback. The first one is a pre pre- customer survey now. This is a survey. You're going to send to people that are not your customer yet. They're on your email list. They're shopping around. They still haven't made the commitment commitment to become a customer wise a survey so important. Well you WANNA learn a little bit more about your buyer your customer. What they're looking for so you know how to market to them Minoa to offer so you can close the deal? This will help you improve your product or service your whole experience for your customer now. These are not super super easy to get because they're not happy customers yet so I encourage you to incentivize your potential customers and this could be something as simple as a coupon code or or free shipping or something that they can get in exchange for their time. It could be as simple email saying hey. Can you give us feedback. It'll take five minutes in exchange. Take ten dollars off your next order. Well how do you go. This is pretty simple. All you gotta do is create a Google form Google forms of absolutely free. All you need is a Jamila count and allows you to create all kinds of surveys all kinds of forms. The later review export to a spreadsheet. It's brilliant and you can literally just send an email out from your newsletter asking. Your potential customers have felt the survey learning more about how they shop. What are the important features? We're looking for you can ask them to Peru ties things. Like what their preferences in terms of colors or sizes or features or you know special options Mike Vice though is to keep the survey short ten to twenty questions Max keep them shorter if there are open ended questions because that takes a bit more time time to fill out an eulogise sent out the link to the Google form via your email newsletter nice and easy and absolutely free. The next way to gather author customer feedback that I feel is super important is a cancellation feedback. Some people call a cancellation feedback or exit feedback and this happens during a customer leaving or canceling your subscription or product or something like that or asking for a refund. preferrably you do this before or you process the refund or cancel their account. You want to get some information while you have their attention while fresh in their brain why they canceling learn a little a bit more about. What's the main reason this can be easily done with a woo? Form Wafa forms are absolutely brilliant. There's a free plan and paid plans that let's start fifteen dollars a month and you can embed these forms right on your APP or on your website and it could be just the step before they cancel so I I felt the form. They submit the form they do. You can have them go to that cancellation page where they cancel. This is really important and we believe whether it's the number one thing that helps it's US improve our product. We learned very quickly from our customers. That are leaving us. Why they're leaving us? What's going on what they love with the product that they don't? I love the product and that basically built out our roadmap for years. We know exactly what to build because you know the top reason why people are leaving is because of this reason reason the next reasons this reason and this is what we're going to build in that order this is how we're gonNA prove our product the whole experience all that stuff getting them to provide feedback when they're canceling. Housing is a pivotal time. It's fresh in their mind and they're gonNA give you the feedback because they are incentivized. They want to cancel their count or get a refund. So it's kind of like a little hoop. They have go through to make it happen. It may be a little bit inconvenient for them. But it's worth it for you to get the information that you can improve at the you know a small price to pay for you improve and you can see that in the form. Hey we want to improve the product. We want to learn more about why you're canceling or while you're asking for a refund. Can you please fill this out before we move on with the cancellation illness. Spectrum of inconveniences. It's pretty low. Many companies require you to call in and get permission from a manager and send a you a particular email or fill out a form. It's really hard to kind of cancel for example. Try cancelling your cell phone plan right so a simple survey you know and I would would keep the superstore three or four Questions gather feedback. Next is a survey you can send out to your current customers customers that are not cancelled. Old they're not leaving you. They're buying your products their members or whatever it is and they're paying you money they're happy right content and I encourage you sending a a annual survey to your customers. This is a great snapshot to learn more about what your customers love about your product where you can improve hiking. Prove who've their experience again it's different perspective from a different cohort different group of people. This is a little bit of a longer in-depth survey something like twenty to thirty questions. It's GonNa take them a bit of time. Maybe fifteen to twenty minutes the complete again. I encouraged incentivize them. Say Hey this information super vital for us it helps us grow helps improve the soffer four. You our customers. Give him an Amazon Gift Card. Jim starbucks card whatever but the information is important Oren. You don't have to incentivize them. Many people will guess responses if they have a great culture and their business in there have raving fans are going to get people responding to the survey but if you want massive results you want like the majority of the people to answer the survey incentives work. This is just something that we've tried and really you know the the proof is right there when we incentivize it's exponentially a big response to the survey and make it clear. This is just a gift to you to thank you for taking the time But please answer the survey as honestly as possible to your current custom says a third way to gather feedback. Low cost again. You can use Google form. It's an annual in-depth survey survey to your customers number four one on one calls with your customers. These are priceless. And I covered this in-depth in a previous episode on one hundred on. Hbo Oh and you don't need to do to many. You can do about a dozen every six months as a minimum and this is basically sending out an email to your customers maybe your best best customers or your most active customers. I would say people that frequent your business and say here's my calendar link you can use county. It's a free plan and you can use a cutie schedule and the free trial years. My candle link schedule time on my calendar and get on a call me phone call video call. I like video calls select expressions on their face body language. And it's basically a fifteen minute call to learn more about them as a customer who they are what they do for a living why they chose your product how they use your product. How do you describe your product to other people? What would they do if the product wasn't available anymore? What their interfere features? What is one thing? They wish they had. These calls are great. Because you honest answers you'll learn more by customers. You know who to target customers liked them. You can find out there. You have a real customer Avatar. You're speaking to real people. And it's the best market research you could do understanding your actual avatar understanding actual customer but you also learn about their relationship with your business with your product. What they love about what they wish was better? How the actually describe riber product? You might be surprised how they perceive your product much differently than you. Perceive it as and you've been describing on your sales pitch completely wrong you've got to use the same language anguish as our customers because you're trying to track more like them right people that are happy and are paying you. We'd like to record these calls and we tell you know the the customer on the call. We were recording. Bring it so that we can review it later. We transcribe it. We saved these videos so we know the language that they're using again. We use it in all our sales copier. Emails are website site. A marketing materials are adds. Customer calls are great and again low low cost. It's an email us a counter crap. That's free you can run a free video meeting using Google meat so it's not going to cost anything so simple. It's just the time you need to invest
Should I refund customers past the refund deadline?
"In today's cuny Wednesday's episode. Patty ast should I refund customers. Pass my refund period or policy a very good good question so I wanNA start off by saying that I know companies that have very hard and fast rule. If it's Day thirty one they do not refund the customer for any reason they have a policy and that's it and they refused the customer from refunding and they just deal with whatever happens because of that whether the customer just acceptance is Yep Fair enough enough on past the third day money back guarantee or whatever the policy is or they might go to their credit card and ask for charged back and then you have to fight that charge back by approving that you know they have reached the your policy. You may win the charge back. You may not. Sometimes the credit card companies will side with their customers. Even though you have a valid the reason this is just how it is. I know it's unfair. But that's how credit card companies are or even worse the customer really gets upset and starts badmouthing and you all over ten or all over the Internet issue is that they'll never tell the full story though. Just say they stole. My money took my money. They refused to give me my money back. I didn't use the product all that kind of stuff and of course you can reply on social whatever it's posted the UK help but look like you're being defensive so this is a decision and you need to make as a company and often is a decision. That's based on how often this actually happens. Is it worth the trouble. that it may cause so in my company the I've come up with an actual formula and that's the one percent and it's if I have more than one percent of my customers asking team for refunds past the policy you know asking for refunds within the policy passed the you know the deadline then it's GonNa cost me more than I expected a safer Soviet one on customers for every hundred customers one person last refund past the policy which is quite rare. I'M GONNA lose X.. Amount of money. Now it depends on the price of your product addict or your service. But if you're in the hundreds even thousands this can add up as you start to have thousands of customers month of month. You're a year but if it's under one percent one percenter center less than in my book. It's just not worth the battle. Actually the losses worth it. Because I'm GonNa have that person leave a happy camper even though the past has the policy and they're happy they may even spread the word and say this company is awesome. Give me my money back even though I didn't deserve it it's rare that people will actually you. You know. Say That publicly but could happen and you know having not to deal with chargebacks and things like that might be worth it. If the percentage of customers is quite low I see less than one percent so you need to factor in how many people are actually asking for the past the policy the Nixon factor is the price of your product or service if one percent of your customers reason to percenter customers asking for refund in your product is ten dollars not a big deal but if your product is five hundred dollars or four five thousand dollars. That's a different story. The next is you have to have some sort of policy for the policy. Arshi say a policy for you breaking breaking your policy. You know. There's a difference between somebody asking for a refund on day. Thirty one on a thirty day money back guarantee and somebody asking for a refund a year later. Some things things have to be non-negotiables in your business you have to draw the line somewhere even internally so even internally you say hey if you know they ask for a refund you know within fifteen days of after the refund policy. We're going to let it go to unwritten rule kind of thing if you're going to be flexible if you're not going to be you know by the book and Say Thirty Days Thirty days you've got to have some sort of you know internal Line they cannot cross so that your team your customer service team or anybody else you hired late. It online knows what the rule is knows like black and white what to do for example We ran a promo when we first launched webinars Joe with APP SUMO and and were sold at whether in Asia for us and The customer have a Redemption Code. They would have to redeem with us because he got a special deal They would have to regime that code part of the deal on APP. Sumo's that there were told you have sixty days to redeem this code. So redeem the GO-TO can activate your account if sixty days after that this code expires so we had a lot of customers. Come to us and say I forgot the redeem at sixty one sixty seven we even extended it to a a year. We were like really generous about it but we recently had somebody Neil three years later asking to redeem the coat and for us. We drew the line a year. Even though you know the policy between them and APP Zuma was sixty days so even if you're being generous you have to have some line. They cannot cross now. That kind of sums up what I recommend when it comes to refunding people pass the policy period. I want you to put that in a bucket. Put that aside for a moment and think about something and totally different. I want you to think about how you can get information from the person. That's trying to cancel or trying to get a refund about why they WANNA refund. This is actually she more important than the actual giving their money back. Because you want to stop the bleeding. You want to stop this from happening in the future. You WanNa find out why they didn't get value from the product. Why didn't you I use it? Why are they looking for their money back? And even if it means getting on a phone call in exchange for allowing this refund go through. Hey love to help you with this refund but a guy early on a phone call with you to learn a little bit more by your situation so we can help you out. Most people agree to that because they want their money back. Get on a phone call and find out. Hey why did you not use. It was the on on-board useful. Did you feel not supported. Do not have the right materials. You want to find out how you can improve the experience for customers so they can really get the value out of your product and never want to ask a refund. Now I admit I've done this many times. I've had these calls with customers. About one in ten of the customers will just be frank and be like you know what I'm in an impulse buy and I need the money. I need that money back on my account. I had the people telling me. I'm really sorry but I need a refund because Iran money and I don't have money to buy gifts for my kids for Christmas seriously. I got the email but I still. Oh how to call. That person still reached out to them. Learned a little bit more but their situation. We gave the refund. But I want to get some information exchange so it's not a total loss of money right. I'm doing market research. I'm finding out more about my customers. Finding how I can tweak my experience for them and yes you're going to get that one in ten or maybe even less people that are just looking to make their money back somehow and you can't avoid that you're GonNa have people like that and that's just the cost of having a business it's okay don't don't let it get to you and don't feel like you need to fix that as well. That's just going to happen. especially if your product is in the low to middle range price of it's like fifteen hundred dollars two hundred dollars. People don't part with five thousand and ten thousand dollars when they're on a tight budget just doesn't happen
Connecting with the Next Generation of Consumers is Product Management
"Second thing was that they just didn't think that they had anything anything of value. It just didn't feel like insurance. Didn't feel like something you buy for your home or for your stuff until you have really nice things much like your parents or grandparents. Do we had responses on Alpha. That would say well. I don't have any fine art so I don't need insurance. It was just a fundamental misunderstanding. Understanding about the value of insurance and really the risk. That you're trying to prevent or mitigate and if you just look around your place Jason add up things the value can get pretty high pretty quick even if you don't think of yourself as having many things that's number two and then the last one with even the consumers we spoke to hurt from that had researched renter's insurance just felt like it didn't sit there needs it didn't feel relevant to them and that's that's where the light bulb came on for us because you look around our industry. Everyone else in. His face is using an out of the box. Standard Insurance Insurance policy that hasn't been updated since the eighties so it has coverage for things like grave markers and pewter ware but it doesn't have coverage for things that we have today like smartphones and laptops and tablets and gaming systems and all kinds of things not to mention the fact that a lot of consumers today have a side hustle and traditional renter's insurance excludes anything east for business so we just thought this was our opportunity we are insurance people and we are product people and product design people. And let's just start from the ground Up and build something that is relevant to today and we did that we started thankfully the consumer research was really informative and and we were able to get a design product design. What you see get toggle dot com is what we had in seven weeks? We designed that from the ground up new policy contract new coverages new design. Everything was done in seven weeks and it was largely due to the learnings that we had from the consumer research and the fact that we started with that and we're relentless about focusing on consumers first and then you know we designed it founded technology partner that could build it and We were in market from blank slate to selling product we were. We did that in five months. It really was because Alpha was so new to us and we come from a world of traditional consumer research so we were a bit skeptical early days and we were getting this great content from consumers through Alpha this skepticism was always there about you know well. This is a sample size big enough. Have we heard from enough people. Is this the right amount of research to do and then move forward and so we frankly followed it up with about an eight or nine nine-week traditional Mac stiff study. You know. We spent a good deal of money on that. We certainly spent a good deal of time and we spent the same amount of time in that. Study not that we had done building product from scratch at the end of the day when it came back with was just reinforcing everything we learn from Alpha Autho so that is the only time we have ever used traditional market research in our journey we scrapped it from their own then easing Alex lucidly ever since and it does give you small sample sizes but the idea is that it's iterative and it's always directional consistently has proven out in the real world
The many ways professional organizations help product managers with Mark Adkins
"How pita evolving to keep up with the Times. So it's funny because the one thing I in kind of full disclosure sure is I have two sons I four children. Two sons oser product managers. Not that I made them do that. Once a senior product manager at Google the other one is a product manager for ten cents the Chinese company that owns we chat but they also own riot games. James and he's part of the League of legends brand so I have these two sons who think they invented product management right. No no no no. Oh No it's been around a long time. I can't remember. I don't know who to ascribe it to a friend once called it the accidental profession. That's right and I. I've always loved that term. Although it's changing right I think that's what we'll talk more today about it. It really is a legitimate profession Russian. If you will but twenty thirty years ago it was you're tapped on the shoulder you know you're working at a company and you have an engineering degree or Marketing degree or finance degree. Somebody says hey. Atkins I want you to Ron product development in like what really and boom you're a product manager and that's part of again my history with PD was when I was tapped to run a product development program. I'm like who do I return to. How do I learn it is a profession? How do I become better at it? And that's where we are today. The role of product manager product owner her and so on his exploded and I think pedia may as well position to be the keeper that Professional Association for for this community. Because the other thing I would like to add is product. Managers are in corporations. Say We're practitioners but we have a great great history with academics. We welcome service providers so one of the very unique things about PD. Ama Professional Association is we include the entire our community so it it yes. It's people incorporations is people in startups doing product development. But it's the academic people that give us the foundation that we need to be he great at innovation and it's the service providers market research companies. The the design firms that are instrumental in doing great product Komo. Yeah I think that that Nicks is really key to PD me. And what I find so appealing about it and I was having a discussion with someone. This wonderful experience. I got to train in their product managers in this large organization and the guy that brought me and it was senior director of product management for them and he was talking about what we did for the training raining. My group is all based on. PDA's body of knowledge and put my hands around that. And the reason why I chose that is instrumental in the work that I did that. I successful and it's also grounded in research every what four five years. There's this study that does about what are the best organizations doing in the space. And how does that compare to everyone else and it gives you a real appreciation for what you need to be doing right. The distinction there and his reflection on this. Was You know Chad. Yeah I've done training from all the different organizations right. I've been in product management longtime. I've never seen something that is as wide breath and as integrated as this Body knowledge that covers all the things that you really need to know. So what I'd like to do to build on that there's two elements one is going to be China. Our Program in China is going to be teaching at the University of Pittsburgh Environ January. So let me let me start with my personal program. I teach a course I in the technical title is managing medical device. RND right but I use the PEDIA may body of knowledge approach as my textbook. Because when I looked at what I'm trying to do with these graduate students who are pursuing a master's of science and bioengineering. I I I WANNA give them the full breadth of understanding of what it is to develop new products and the PDA body of knowledge is the guidebook is as a wonderful resource. So I use it personally might textbook as far as China. There's not a better example when you were talking earlier about. PM Am I and project management and Pedia. May We have a wonderful program. I've been twice to China to be representing Pedia. May It was is our former chair. Alan Anderson it really got the program going and we are certifying thousands of Chinese folks who have a PM so they were project managers but now literally the government of China wants to move up the value you chain. They WANNA be innovators. They don't WANNA be simply low. Cost manufacturing companies in a country. That just can only make cheap product. They want want to innovate and so they've turned -pedia may as their partner in developing a certification program. So if you WANNA be a product manager in China China you need to get your n. p. which is our revocation and we have literally trained thousands and thousands of Chinese and it grows every a year so I think it's a wonderful example of this differentiation and the move up if you WANNA call it. The value chain from project management into product management innovation. And we're doing it in China in spades. I think it's really interesting. How PD may is in? A sense has always been international nationalization but exporting what has been known as the US has capability dominance in product management to other places and China paid attention to that right an open the doors to this just as they did two PM. I sometimes goes well. Can I also add the global nature on our former tair. He's a key week he's from New Zealand. So for the last three years our chairpersons been the New Zealander so I agreed read the PDF roots are in the US but it would be complete underestimation of us to think of us as a US only organization. Yeah I I do. Think the recognized dominance in at least the area of product management has been kind of US base. Because when I talked to other people in other countries they talk about well. You guys have so much experience in that. How do we get that experience to? And this is one way. And that's awfully kind of a wakeup call. I think for product managers. If you're listening to this now certification. Should I think historically has not made a big difference in our industry frankly. I very rarely see job. Announcement saying some kind of certification is desired but if if we have thousands and thousands every year of product managers in China getting certified. It's going to start making more of a difference and it's something just to look into frankly clearly the value to me. The value of many people that have helped train for specifically for the certification isn't really getting that certification right. It's not the piece. The papers not magical but learning that body of knowledge learning the framework man if there was big light bulb moments. That went off for me as I was doing that personally. And I had the pleasure of helping to co train on that body of knowledge at last year's conference of you and I were that and I assured just my journey with that too and said when I learned about this. That was huge. I suddenly put together the pieces that I've been doing for the last ten years that I didn't really know how they fit and there were other people in the room that came up to me afterwards and said you know. lightbulbs would offer me too during the training today that I never made these connections before it was just really powerful. Really good so let's talk about the benefits associated associated with a so if people want to check out the professional organization lots of free resources available and of course it is a professional association. If you're a paid member when you get access to other things to just what's involved in those benefits I really WanNa go instead of going down into the dark details of everything everything when I reflect on my time with. PDA In this recently yesterday. On a link to impose it's been a couple apple decades of meeting fantastic people so whether you volunteer for DNA or you're just see participating or online or as part of a chapter after I can guarantee you're going to meet some of the smartest most interesting most dedicated people you'll ever meet you'll meet them through pedia and that's pretty priceless kidding. It's very priceless. And then the second thing is what you learn right. Yeah so like to your point about body of knowledge right. I tap on the shoulder twenty years ago. It's like you're in charge of product development. Oh man what does that mean. And the ability to go to the website the body of knowledge all of the books we published all the webcast we do. There's so much you can learn is part of PDA so rather than going down into the weeds of benefits in listing a dozen. You'RE GONNA meet great people and you'RE GONNA learn a lot. Just become become part of our community and I can guarantee those benefits you'll get
The Product Management System of Record
"Today's episode number three thirty three is a blast from the past. I I started this podcast back in November two thousand fourteen and this is actually the second episode. It's on the topic of the product management system of record and kind of how to cobble one together with a wicky and is from way back there in November two thousand fourteen. You're probably haven't heard it because it's only been available on the secret. Product Manager Handbook site but not in the regular all the responsibility feed. I did change. PODCAST feeds the next year. Now I mentioned at the beginning of small product conference. I was speaking king at the weekend. After a record the episode and at that conference I presented my idea about a product management system of record and the little prototype that I mentioned that I built in confluence more importantly at that conference Hubert Palin who was in the process of starting product board at that time now at the time and still today I consider product board to be the closest assist application in the market to what I would consider a product management system of record as I describe in the episode so it was really great timing now product board is obviously not baling wire and chewing gum. which is what I describe using in the episode but I'm afraid most project management organizations don't even have the version I describe in this episode? Let alone on product board. Now I have two interviews with Hubert Palin from back in two thousand fifteen put links into the show notes to those. I think you'll find the ideas about the product management system system of record as a concept. Hold up pretty well five years later even if the way I suggest building. One is slightly obsolete given that product board and some other applications are in the market thou I'm GonNa Talk Today about what I've been calling the product management system of record partly. This is because it's been top of mind for me lately but also next week as I speak this I'll be giving a workshop on the product like management system of record on building. One out of what I call Baling Wire and chewing gum at the product summit in San Francisco there will be a link to this workshop shop and the rest of the product summit in the show notes now product managers. We create products shirt. That's in our name but but don't forget the rest of the process that we go through to be successful. Those products need to solve an urgent pervasive market problem for a defined group of customers who who are willing to pay for the solution and when we create that solution we need to get it to market. We need to have the salespeople in the marketing people know what to say to the market market so that people will know that they wanted and will buy it so to do that. There's a bunch of activities that we do as product managers we talked to customers. We innovate around what we hear from the market. We validate those findings of new market problems. And we define product plans to create the solutions to those problems we specify features we guide the creation of the solutions and we work with sales and marketing to get the solutions to market. However we don't have a system of record for any of those activities except for potentially stuff around features if we're using a bug tracking system or requirements management system? But all the rest of it. We don't have a system of record for example. If I or you go out to a customer customer to do some market research what happens. Well we'll talk to the customer will interview them. We'll take some notes might be in word or on paper in evernote when we come back from the customer. We'll tell everybody had visited the customer. That's awesome. I'm I might send out a copy of my notes There might be some snippets of information in there and the notes that that seem important so I might highlight those maybe even pull them into another document where I might look at them later in the future. Hopefully some of that conversation when will float up in my brain when I'm talking to another customer or after I've talked talked to several customers and I'll start to see that there's a market problem that I can do some innovation around around. That's all what happens today. What doesn't happen today? Usually is that the interview notes become an enterprise asset. No the words they become accessible to everyone and valuable to everyone and the key snippets of information. Those things that I highlighted the tidbits. They don't become an enterprise asset either which it means that other people can't make use of them now. This is just one example of a lot of activities where we PM's do something important but there's no official place to put the outcome of the the activity and I can name dozens of these things that we do where we create something that you certainly could imagine as an enterprise asset but it's not stored in that way. So what would we better well. Let's get back to the customer interview example. I'd like to be able to easily compare the snippets. I learned today with what I learned last week last month last year and of course maybe I can do that with a lot of work based on my old notes but also like to be able to compare what I learned today with what you learned yesterday or last month last year or what some product manager. WHO's no longer even with? The company learned last year or last month. The reason I'd like to do this is that one of the ways you discover. Mark problems is not by talking to individual customers but by talking to multiple customers and seeing how the things that they talk about start to overlap. I'd also like a way to show. How the snippets I gathered last year are turning into features this month? This is really valuable. For talking to developers for example it turns out to be very very compelling for developers and motivating just as it is for US product managers to understand how what they're working on is driven by the needs of a customer summer and by helping a customer have a better life in some way. Now of course whenever I talk about my snippets also mean your snippets and all the other snippets from the Enterprise Prize. And I'd really like to see just in general be able to go back to all the things we've learned from customers at any time and rifle through them to see if new insights pop up. That happens pens all the time. If you have a prepared mind or a system of record where all that information is stored now as I mentioned. There really aren't tools out there that can support this today. At least not in so many words so my goal in the workshop that I mentioned earlier over time is to come up with some ways to you take what we already do in other words. We're already doing a lot of manual work to capture this information and figure out. What's the minimum amount more manual work? We can do to make it a lot more value valuable in the way that I described so I have some criteria for the kind of manual work that I'm willing to do first of all there has to be too much of it. It has to save me from repeating myself and I'll talk about that later in the context particularly of sales materials. But but basically it means I don't have to do the same thing over and over again There's a lot of benefit in the resulting information. I Want I want my manual work to give me a lot of benefit in return for doing doing the manual work. And ideally there's benefit and actually doing the manual work. It's another opportunity opportunity to have insights for example. One of the things I'm going to describe is capturing these snippets that I talked about earlier which we may already be highlighting but I'm talking about highlighting them than copying them but by doing thing this interaction with these snippets. I'm probably expanding my brain in terms of coming up and being able to see more easily problems at the customers having so the real question is what's the maximum payoff. I can get for the minimum additional amount of manual work. If you're familiar with Tim Ferriss and his forearms body book he talks talks about the minimum effective dose. So what's the minimum effective dose of manual work. That will get you a really good payoff. But it won't be that much work and you can think of this manual work. Also as kind of a concierge version of the ultimate product management repository which vendors may create as based based on maybe these conversations that we're having today now all quickly run through a basic outline of my vision of a system of record that's built out of Baling Wire and chewing gum. In fact it's really built from a wicky and I've been working a little bit with confluence as my system of record and I'll tell you about how I'm sort of setting that up. I'm calling it a system of record but that might be a little too grand for some of you. You can also call it a product management repository but the key point is it's capturing data that we already create but in a way that makes it more usable more valuable more multiple of the way that I've divided up are SORTA at the front end of the process in other words the finding market problem part of the process and the back end the go to market part of the process so the components for the front end of the process or the finding market problem pro part of the process. Are things like customers. I'm GonNa have a page in my confluence at LaSalle the customers customers. I've talked to and for each of those customers. Going to be a page and link to that page the interviews awesome and then linked to each of those interviews is going to be the snippets that I've gotten out of those interviews and I've got a particular way of doing this. It's a little bit of a manual process. You go through the interview. You highlight the snippet. That seems interesting interesting. You copy that into another page. Just all the snippets from all the customers. And it's a that's essentially a table that table of snippets Has the snippet it has. The customer has the date it may actually have multiple customers. Because what might happen is as you go through. You might start to see. Oh I've I've heard the same thing for multiple people people. That's actually one of the things you're aiming for.
"market research" Discussed on This is Product Management
"Historically AARP conducted market research studies as law set out to build new products for senior citizens. She used those studies to identify her audience and narrow her focus to women in their fifties and sixties inviting these potential users into the lab to gain a deeper understanding their needs an idiot new concepts with them Alana then used Alpha to quickly prototype these concepts and reach a wider audience. Similar to Alana Sean. Pettit Brown consumer insights researcher can be needed to find ways to conduct research faster and more iterative ways. She shared her own strategies for combining traditional and modern research methodologies. So we definitely still use traditional methods in our research and it informs a couple of different things so we use those for the more the decision in business modeling when we really need to take advantage of data science capabilities of running future prioritization. Study or a pricing study where we're using confident in those kinds of techniques and really help us characterize the market size the market and make decisions that way and so there's really no replacement for that kind of marketing science. We still do traditional other qualitative researches. Well focus groups and in home interviews in. It is a lot of that is what I consider foundational research so that's really important because it provides really good baseline understanding of cour- fundamental needs that consumers have and different segments that we've been looking at and we go back to that work repeatedly really as we each of Alvin change to make sure. We're still anchoring on that. Core human need and desire so we use that work as pillars and then the more rapid iterative work helps fill in the gaps and it helps us going to take what we might learn one study and iterative and and expand on it in between. I'll talk a little bit about some work that's in process so don't have the complete end to end story yet but I'm really excited about what we're in the middle of working on. which is you know? We did some really in depth qualitative research in home visits and thinking about some concepts and just been testing some of those concepts and thinking about them as a group but then be able to use alpha to take those concepts and refine them in iterative on dominic quicker. Faster way too then can keep moving as we're thinking about that product development life cycle model where we are. Validating ideas has moving them forward in the funnel. One of the things that we do. Is We do usability testing and user flow testing on our experiences. Experience as we're developing new things and we've been able to see points of friction in our experience that make it very clear that these you need to be priorities to address and by bill to catch those things early before they're launched into the marketplace is really important portent zoo realize that we've got one shot to get people interested in what we're doing and if we don't make it easy from the beginning then in will erode that level of trust so just as an example we were able to catch some issues with on boarding and the kind of information information that we were requiring for people to get started with our the service and that we were testing and it was really important. Trusted fail to bring that information back to the development team so that we could make some changes. Put our guest advice into into practice with Alpha's on-demand user insights platform teams at the world's leading companies use Alpha to make data driven decisions about users products and new markets gets request a demo at Alpha H Q dot Com slash t. I P am traditional market research search studies or critical for characterizing and sizing markets on demand insights fill in the gaps by allowing teams to experiment an iterative inbetween. large-scale studies Bensinger Innovation Design Strategies. Humana helped teams across the organization embrace experimentation testing learning as a concept that's been adopted widely across the company largely due to Ben and his team's work to train internal teams on running experiments. How does he combine experimentation with market research? Jeanette I think made really good use of traditional research methods and Alpha. Left's was a team that was looking at our problem in our mail order pharmacy associated where people's whose drunks or one reserve another. Don't get delivered as expected and understand what was going on there and particularly around the accuracy of address. We had a lot of our own data about reasons why we thought going on at the same time we started to reach out through the alphabetical understand. What people who are users of mail order pharmacy thought that was going on when things didn't get delivered and how they felt about that? What kind of situation they were in? We also have ways of talking to our own membership Russia who are using our mailer pharmacy in the moments when they required some assistance with liver and we learned a tremendous amount. And and what's become sort of. I think indicator of a longer term use and is the complement between Alpha and the more traditional tools for us. Often we have strong opinions about what's going to work the solution Yunos where like helping to understand the problem. I think it's just stayed in How long have been working in the space and how much they allow what's going on the L. H. Q.? Tool really help us in the early stages ages in the Some of those early officies and sort about. Sometimes we're right right. The other thing is potentially useful is is that after we collect a bunch of data in the more rigorous way do studies either. Larger market studies do a lot of randomized control highlands surly brought him. So how do we get answer things or sometimes things happen but why is not necessarily available because more quantitative approach I think the tension is good compass about as well that it gives us a way to go after what may not be exactly are members or the people in our studies when people like them that we can start understand. Why some of the dynamics that you see happening at larger quantitative studies what they start to feel like qualitatively looking forward to that I think experimentation helps test hypotheses early on reach Pacific users and understand the WI fi larger quantitative market research studies? And that's our show. Get your nominations. In for Alpha's twenty nineteen year in review showcasing the best of the best in product management and market research today. Who Do you know? That's that's helped push these industries for nominate them had Alpha H Q dot Com such twenty nine thousand nine hundred until next time. This is Mike Fish Pine from Alpha.
"market research" Discussed on This is Product Management
"Market. Research helps identify. I big picture market opportunities but there are still areas were product. Managers need to gain their own insights. Were do their own research. Plenty and Greg say that the future of Product Development Research urge lies and collaboration speed to decision and getting closer to end users a few months ago Alana Ford Senior Innovation Product Manager at. Aarp shared did with me. Our team conducts user research to discover invalidate new product concepts historically at AARP. And what we call the motherships tapes. The core of the company is known for Marseille things around health and wealth. Social Security Medicare programs like that. There hadn't been as many the things done around other parts of life like fun. Relationships travel leisure all of that stuff that falls into my camp around wellbeing facilit- It really was a blank slate. There is a lot of room for creating new products. says and opportunities because not much had been and done before when I started it was an absolutely blank canvas to come up with any idea and have the space to really focus in on any audience or segment that I felt was applicable. And where I started was I by going to the research that was already conducted by. Aarp Dr Piece. So there's a huge research practice here with a lot of years of really interesting data and I kind of looked at a compendium about forty different studies on all different aspects aspects of Everything from leisure travel relationships dateline family connection and Beyond and looking at those studies helped me hone in an audience of women around Midlife. So fifties to sixties. I decided to focus on that segment in particular Accua because women around this age are in what we call the sandwich generation. They are caring for often times their kids and their parents. And there's not a lot of time left for themselves and there's a whole lot of flocks that happens around this time of life whether people are starting new relationships getting divorced moving changing careers. There's a lot of opportunity to provide products that are serving sort wellbeing and fulfilment for these women and so when I started it kind of jumping off from that original research that had already been conducted at Aarp. I went through a design thinking process in the beginning because there were not a lot in the loud it was just a few of us back then. It was just me working on this project by myself and I started by just talking to my mom's friends and my my friend's MOMS and anyone that I could sort of in this segment and abroad swath of the segment to ask them about their lives. How they would talk about this chapter stage aged? They were in their families at asked him to tell me things like about a time that they felt particularly joyful or at ease. The amazing thing. Is that these stories released shaped me and taught me a lot about living in Asia and and something that me as a twenty nine year old I just hadn't it really been exposed to the fore and they also led to a lot of insights that eventually became the jumping off points. Friday Shin process us. I took all of these conversations which resulted in hundreds of pieces of qualitative. Data my room in the lab at that looked. It's like a mad scientist lab and I started to cluster them this semester. And slowly foreseen started to emerge from those this conversations. So one of those scenes is what I call in the center again. This is the idea that for women especially women who choose to help children Dron as their kids move out of the house as their caregiving responsibilities. Subside there is a new sense of spacious nece that can enter their lives. And there's an opportunity to to perhaps focus on themselves again and it can feel really disorienting but also exciting a little bit scary all in one and so With in that theme we identified the Opportunity Question. How might we make it easier for women around this time of life to focus on themselves? Another theme was does around new possibilities so we saw that folks are engaging in career shifts around this time gray. Divorced is on the rise so people might be starting new relationships so the opportunity within this team was. How might we support people in finding new boss abilities and perhaps the most important didn't theme that emerged from all of this research was how social connection is absolutely at the core of what it means to live at age? Well I found the women who I was speaking to who are entering their sixty s and beyond referring to at the time of growth and rebirth and flourish Jane were the ones who had maintained connection onto themselves their partners if they had one in their communities their friends their families and so the opportunity there was how might we help strengthen meaningful relationships and so each of these themes they kind of became platforms for ideas and at this point. This is when I started inviting people in and to the lab to actually come up with concepts with me and so we would do these dot every other week. We'd have a group of ladies around this age age demographic in from various you know socioeconomic and racial backgrounds to answer this question so I actually would put up each of these these themes on the questions and we brainstormed together to kind of CO create. What solutions might be an? We'd refine prototypes them. Over the next Sessions in a matter of just a couple of weeks. We generated about ten different concepts to answer these different opportunity questions and we actually used alphabet is validate them on a quantitative level too. So we were getting a lot of qualitative feedback really in depth in person but to kind of triangulate that with wider her range of people. I would mock up really quick sort of one page. PDF that describes the idea and how it works but a visual to it and put it up on on all sides to get people's feedback about they like what they would change. What resonated with them? And maybe how they could improve it and so taking all of that feedback the a qualitative. The quantitative. We put up all of the different concepts on the wall and eventually narrowed it down to a single idea that we eventually builds into an MVP so those early concepts were bitten essentially a minimum viable concepts that we were able to validate.
"market research" Discussed on This is Product Management
"This is product management we feature the brightest minds across numerous disciplines that fuel modern product teams. Join over fifteen thousand weekly listeners. To learn from product leaders authors and founders from companies such as spotify under armor intuit strikes base camp and AIRBNB. They'll share their insights and best practices for experimentation user research leadership corporate innovation and more to receive updates on the latest episodes subscribe to our newsletter at this product management dot com. Hey I'm your host Mike Fishpond welcome back from this episode. We'll be sharing the best market research lessons from more than two hundred twenty episodes of this product management listen guests pass episodes from Gender Advisers Green Book. Aarp Kambia and Humana sure the methodologies etymology is in tools they use gain customer insights conduct research throughout the product life cycle. This is product management is produced by Alpha the world's leading companies use Alpha's on-demand user insights platform to make data driven decisions about users products and new markets request a demo Komo at Alpha. HQ DOT com slash Ti PM to be successful in today's digital world product teams must deliver value it to customers and quickly because of new technology is both easier and more important than it's ever been for product and research teams to gain customer insights. Howdy Greg Archibald Bald Leonard Murphy Partners Agenda Advisors and Green Book suggests better collaboration between the two functions think about the role of marketing research within the product development process? It's typically around a few UH areas and that's helping identify the key white space opportunities either from a needs perspective target perspective marketplace perspective active. But there are a number of ways to kind of get there and that's an important role that typically marketing research has the primary. I'm Mary responsibility for a couple of others in this are identifying the target market. That is a line to the white space opportunities. Identifying the key unmet needs that will help drive the product development and then finally once. There's some good strong concepts south's looking at. What does it take to optimize this? From the the three or four or five most important benefits and features and what is the forecasted opportunity of this final product. Those are kind of the steps where market research and product development teams work work most closely one of the areas since lacking the that Alpha has done a very good job on is some of the details along this process awesome S.. That says should this be green or blue or should this feature be at in the top half in the bottom half or some very very detailed questions that make a lot of difference to the final success but it's hard to get consumers to articulated in a way that the the market research team can provide feedback to the product development team when people are shown A and B choice between option A. and in option B. Then it becomes a lot easier to get that feedback but that feedback has to be in a very timely manner to keep up with the product development process. US If I think about those things that will improve relationship the working relationship between research and product development. Where where we've seen the greatest success when the research team is embedded as a key member of the product team that's the most important component component for success in that relationship? It provides the researcher with the strategy. The time line the ownership to be able to provide all all that they can for the product development team within the budgets and the timelines that the product belbin GM hats. That's far the most important. There are other things like making sure that the product team is educated on the capabilities and limitations of research of the cost and timing so those can go onto the budgets. And if you are working on kind of a project basis make sure you plan for those things early I would say those are my three bic. What's it's interesting you know? Look at Alpha specifically product designers. need to understand needs to be close to the consumers that's ultimately really what their job is to give the sooners what they will buy so anything that helps that process. I think is inherently a good thing. Now systemically it doesn't fit necessarily surly in the way. A lot of organizations have been structured passed by in an agile the mole type of organizational structure. That's crucial Indiana adopted. Then that ability a to create tools that give the power to product. Managers directly is primarily a good thing. It's different has its dangers but anything that gets folks closer to the consumer experience so they can deliver a better product or better solutions for the consumer is ultimately a win win for all there. Are Jason Great tools that are tried and true. Let's say one model is An advanced physical model under the broad category of Con- joints and I won't get into the details of that but basically it's a statistical model that you can present information in a structured form for choices for consumers to make choices based on features and benefits et Cetera et Cetera. Lots of flavors. First of how to do that from very complex to fairly simplified and it has tried and true it's a great solution in terms of getting to ultimate combinations of features awesome benefits to be able to gruesome clients found Westerndorp pricing and other. That's very comparable of a model China. Understand the right price points. Based on features and benefits. There's lots of different solutions existed for a long time around early stage idealization and kind of filtering concepts to get two winners and then optimizing those or products or those core concepts into something that you then test and go through an iterative testing process. That's all the Ballard Wako Research. We built all those things for years and even just research companies today are now utilize technology to do to make those things more fish Shenton more fun which is something that we don't normally think about research as for standpoint. There was actually a very cool thing. They saw couple of years ago that then resulted from a marketing perspective. We're Lay's potato. Chips was asking people to Smith flavors Labor or concepts and then people were voting on his flavor concepts regionally and then they produce them right. They produce the winning concepts. How did kind of a real market test I on some of these flavors were being produced and that was a gray census of how the product team the marketing team and the research team working together in a fairly novel way but at its core it was still just basic concept testing? Just kind of done at scale and we've seen other things that were they've used game with occasion to do some of those things. Don't be doing this a few years ago. I had a virtual and create your own Dunkin product for drinks and now is really just a video game pretense purposes but underlying. It was a convoy remodel. So all those tools absolutely should be incorporated for product managers thing. They think there's other ways to do this. Besides just the benefits of doing doing a ad hoc community type of model although the ad hoc community type of model and putting that does capabilities in the hands of researchers is still very good thing as well if I think about this from the intermediate level and saying we're going to move beyond surveys and focus groups to other things that are happening in the industry. We've already talked a little bit about qualitative quantitative scale I think that is an intermediate level right. Now as it's it's not widely adopted but it is growing in adoption and is providing a lot more feedback than what we may have thought just a few years ago and we see that in a number of different applications for example Alpha overseeing qualitative and quantitative scale in really kind of some almost focus group applications that are running through technology instead of a central location. We're seeing and things like metaphor metaphor less attention as a component of system on understanding and I want to get to that one as well because that is next in marketing getting research this emotional system one behavioral economics new kind of almost use those interchangeably type of approach. That says we want to move beyond what someone's rational brain says to what their underlying emotional construct. Yes and aligned line to those emotions so you're solving or frustration instead of solving for button. You're solving for disgust instead of solving for are and add content. So you're really looking at this from the emotional contacts and the behavioral context the emotions that drive those behaviors. That's that's an important concept for product development people as well as market research people and the last one that I'll put on here in terms of being intermediate level is agile. The speed of decisions is increasing within business all the time. We're getting a a number of clients calling us and saying our market research department used to be world class and now we find that our product people or our brand people. Aw going to survey monkey or any of the other tools they get that information closer to the end user so market research has to be a part of getting information closer to the end user in a more iterative and faster way so I I would say those are believed that I would put inspect intermediate level.
"market research" Discussed on Trent365
"Here's an idea what about using tinder for real market research the last day here at the lot say in Moscow heading off to the Hilton doubletree marina later on today into that particular publication so if you're interested in particular age demographic then head on tinder and I gotTa tell you I'm perfectly honest about this so if the aspirational profiles say that interested in mountain climbing and you create content around mountain climbing then guess what that audience is probably going to gravitate over-fifties and what he did when he decided he wanted to create this magazine wanted to think about the type of content needed to put out and so what he did and I was thinking today about a presentation I saw last week at the Global Wellness Summit from the founder of ages which is essentially a lifestyle magazine curated for the Tell my wife that I've been on tinder for market research but tender for market research is actually not a bad idea what do you reckon anyone tried it let me know for the research on me do let me know the comments below I do thank you for your time and I will be back again tomorrow
"market research" Discussed on Marketing Management and Money
"Ah Two years down the road. They're like Oh let's do some market research wait. Didn't we do that one time. Yeah what do we do with it. I don't know yeah I would so much it's insane. I don't care if you have this consoling come in you. Pay Him ten thousand dollars and he gives you a file and you look at it and be like this is garbage. Garbage is definitely doesn't apply. Do something with discuss it and ask the other question. How does this apply? If this doesn't apply. What does yeah right? Yeah Yeah so do something with it and and with that do something with mentality. I think it's very important. We've talked about the primary search. We talk about the secondary research research if you really want to do this correctly merged the two exactly if I've taken the time to do some primary research you know what I'm Gonna I'm Gonna I'm GonNa say the other way round if I've taken the time to do some secondary research then I can validate it with my primary research your vice versa. It doesn't even matter which which direction you want to go but you can validate one off of the other and if they're pointing in different directions that's an indication that you need to dig a little deeper on your market research and you touched on this but I want to reemphasize this point when I'm dealing with a secondary research there's a lot of paid features. You know I mean I can. I can hire a firm I you know I can pay for these services but I don't think that most small businesses are we you realize how many free services are out there The small business development centers are an amazing resource that they have access to some great market research. I mean like subscription based databases that You know a a small businessman paying tens of thousands of dollars for a lot of times they can just walk look into an SPDC and get that information pendant and it's great information this isn't you're getting the knockoffs store kind of a product. You're getting in quality. For instance great information public libraries will do subscriptions to You know these market research databases and so you could check with your your local library and see what they have or universities will also subscribe to these databases and a lot of times. You can connect neck with the university and you know. Maybe you're not going to school but you know how easy it is to get an intern at that university. And say okay. I need an intern turn in market research and I WANNA use your resources in the universities like if you use an intern you can use our resources. So there's a lot of ways you can get this data free and then and again. It's not difficult to do the primary research as oh I could pull some you know. Get my next codes. Pull some secondary research make it happen and then I can call you know half a dozen customers and just say okay. This is what the secondary data says. Do you guys agree you you know. Not that terminology but but it's as simple as that. It's not this big daunting scary behemoth of a Market Research Monster. Yeah this is something that everybody buddy can take on. Yeah absolut- I hopefully. The the makes codes weren't didn't stay off too many of our listeners. Hopefully a lot of and pulled through with us. I think there's some great information that everybody can use here Thanks for listening. And we'll see you next week.
"market research" Discussed on Marketing Management and Money
"They opened up. They were doing poorly and they came to me and they said Hey Can I you you know. Will you please help us. We don't know what's going on. And so I met with them and they said we've got a business plan like okay. Let me see the business plan. And I went to the market market research and in the market research section. They had pulled national trends of coffee drinkers. Who and you know? I said to own own like this isn't reflective of you. And they're like well. We're a coffee shop you know. Shouldn't Mike no like you're not a national brand. You're not a starbucks or Rabin's and bruce or something like that that would really drive you know national trends or that national trends would affect the business directly and this is a rural coffee shop the this was in a rural can't compare it to like New York or la or yeah and which is what this this. These next codes encompassed glued row these big cities they do a lot better and so I looked at them. And I'm just like yeah you this. This is not at all indicative you would have been better off looking at the you know the actual market doing that primary research because the secondary Canary Research actually skewed. Your Dad gave you a false sense of confidence that this is a better idea than it really was. So that's where like I said. Use Your judgment Yonder Sunderland and like you had mentioned you understand the limitations of this research the secondary research what can and can't do. Don't put all your eggs eggs in that basket. Like I mentioned at the beginning of the PODCAST. It's a great way to start your research. It's a it's a great entry point into Market Research nonthreatening way. Really easy get you started on that road and then you can shift that into something more meaning being for many meaningful more detailed and more relevant to you and your small business so let's dive into that a little bit the the primary search side of things. Yeah I know you're a lot more passionate about the primary research at for good reason primary research. I I mean it's primary for a reason at like yet It's kind of this is where we should start and this is one of the things that keeps me fired up about marketing. This is one of the pieces that I love about. Marketing is being able to put together this research. And then get in contact with the people that you're dealing with on a day-to-day basis and finding out more delving into into a little bit more. Getting your hands dirty. This is really where marketing gets fun for me. Okay so let's imagine you know I own a business. I don't have a background in marketing. A coffee shop okay. That's great I mean the the s pretty classic example. I think that happens more often than not people make assumptions based on what they see happening in the world or in the nation so their areas. So what could have or should have this coffee shop. I've done to you get a better sense of their market because when you start talking market research people's eyes are glazed over. You know like I can't knew this so it's not that daunting and there are some. It's ruining simple things so In the case of this coffee shop give us some hypotheticals of what they could have should have done sure okay. So let's break this down into actionable steps. I that any business can use so number one. You have access to secondary search if you have if you live in the twenty th century Herreid you have access to the Internet you have access to a library You can go get the secondary research figure figure out your next codes find. SBC to help you with this. They're plenty of resources out there to start this process once you do that. Then take your specific industry. Whatever that may be we're GONNA use the coffee shop in this example and apply it to your specific Area the your your your business. Your Business Reaches Okay so this coffee shop for example. They are in a rural area So they get this national national information that says hey coffee is on the rise. Killing it. People are drinking more and more coffee. is is a great market to get into right now and this is where the judgment comes in. Does that necessary. Does that apply to marry or not. Let's validate it. That's the question. Let's validate and so for example this coffee shop or what would be this coffee shop because I'm sure it hadn't started as point then right so they unfortunately shut down at this point Abu so they could have easily gone in and and primary research putting outing talk about designing this research designing research can be as simple as how do I find out more information about this industry in my area so putting together. This research for this copy shop coffee shop could have been as easy as I'm going to go down to the local gas station and find out how many people in this area are drinking the coffee. So what are we doing. A little stakeout. I'm just GONNA hang out from six. Am to nine am ticket for loitering nobile by a lot of corn nuts. Every fifteen minutes exactly was I gonNa cost you thirty bucks. I don't know so but the idea is that I I can just go to where I think things are happening and start during exactly so and can you can do that so with coffee shop again. If there's another copy coffee shop my Gosh I don't why stuck on a copy shop that's GonNa make copies the same. The principles apply so whatever. You WanNa talk about ballistic to coffee the yet so you could go down to your what what will eventually be your competitor. If if you open a coffee shop coffee go in and check them out. You get multiple points of data on people that could be your customers as well as this competitor of yours. How many people are coming in? What kinds of coffee they buy? In what quantities are they buying it are they ordering specialty drinks are they. What kinds of exile said accessories? How do you? How do they accessorize their coffee right? You know if you go go into a starbucks I feel like you are exurbs arising. Yeah so well but what kinds of kinds of inventory have to carry starts to answer some of those questions and bring up other questions as well as we talked about earlier does validate that secondary research. That you already did or not so and I. I WanNa talk about about the validation but I I'm going to have you cover another point on the primary so you've been talking about observational research. Yeah what what about The relationship or existing customer so. Let's spin point shocker. Second and you know will will use a copy center center alley. Yeah that's better copy center and I WANNA ask this so I've been in business for a while and you know how. How do I because I at this point you know? I've already gone down to the competition. I've scoped them out of sorted on the observational thing. Am I done Dan did I. Just you know okay. No market research for me or what. What do I need to do now? Yeah you're good you'll move just sell a bunch of product. Yeah yeah sadly so. THANKS FOR TUNING IN G so I mean Mark Research can be done forever always. That's why the big companies still do right right so next or other steps not going to say next steps because it doesn't necessarily matter what's done linear exactly other steps that you can take as an established business would be identifying your top customers and reaching not getting to know you know again designing say designing these Designing this market research putting together this market research. That have to be complicated. It can be easy as easy as this is my gut check on my top three or top five customers are. I'm GONNA give him a call and just talked to him and take notes. Yeah that's market research. Congratulations you did it. Don't shy away. Every time I say market research dump pullback that that that is market research but there's another step that I really think just Kinda hits the home run here. I know exactly where you're going and that is the follow. Ought to do something with you. Got To do something with it so a lot of times. I see these businesses. They'll go in. They'll have these conversations and they'll be like Oh yeah I know what's going on and then two weeks later. Is this like what did they say I think that they they were making some comments about how they didn't like what was it that they didn't let s like no. No no now. If you're going to take the time to call them get the information. Keep it organized. I don't care if it's a stupid notebook it doesn't have to be fancy. Just keep it organized first and then do a follow up meeting. Sit Down with your team. Sit Down with your partner. Sit Down with the management team. Whoever your business is made up of sit down with them and discuss and say okay? Here's the information that we're getting. This is what people are saying. Do we feel confident in what they're you're saying. We need to validate it further or can we make decisions. Should we bring in some new inventory because people keep asking for this product line dazzled. Flush it out the fall the questions and I think it is so I can't. I'm like begging and pleading with people to take this step right now I was. I was all our listeners. Could see me right now is so so important. I can't tell you how many times I have seen it. Both myself with consulting I've given an having other consultants come into businesses. That I've worked with it happens all the time if you can't if you don't have the time or the resources or the know oh how to do market research and you bring somebody in and they give you advice. Do something with it. I don't care if you don't follow it but so often small businesses will get information and then it just kind of dissipates into the ether and it's you know to your sound. The road vile somewhere..
"market research" Discussed on Marketing Management and Money
"We go with another episode of Marketing Management Amendment. And money. I'm your host Ryan Murray. And I'm your host Ryan Owens so today. We've got an interesting topic that I would like to cuzner nod interesting staying. Oh the first part on it is oh rough bear with us will get through to the. There's a fun part at the end. Stick with me here. I'll I'll I'll Okay Ryan his quote unquote fun and we'll just be patient. Look we're GonNa talk about Knicks coach. What's not fun about Neko's neck and what let codes Yeah ha ha ha knicks code so for the benefit of our listeners. Knicks in a C. S. or North American industry classification system. What's not fun about that? I mean Geez I've got a geology degree to know Kevin Judges Cool. Yeah next codes are not sorry geology. Well okay so let's at least define what. These snakes aches. Codes are in our when they're used because so far listeners out there I know this can be a little bit of a dry topic but it's important that our listeners understand. 'cause Neko's are used quite a bit is a little bit tedious. been really on it as as for as much goth as I give it it really can be pretty useful on starting off in. There's a lot of times where it's like Man Martha Research. A lot of people. Shy Away from that right. Yeah it's like comedian tells a joke. That's a a little too edgy. A little too far in the audience back like Oh. I don't know if I can go there. Same thing with market research people here market research and it's like. Oh Yeah I know what you're talking about I and how to do it. You know. And so next codes as drives they are they could be a great way to dive into market market research. And they're kind of a standard. You know any anyone who hires a market research firm or if they contract with someone to provide market research for them It's almost guaranteed. That firm is going to be using and makes code at some level to try and and get the information so let's let's clarify. What rice code is? So it's it's a classification system it's typically done on six digits but it can be fewer or more depending on the level of detail that's going to be covered with the snakes code and so every you know every business is going to have a six digit code assigned to it depending on what type of business it is. So you know if I'm a small all aircraft manufacturer I'm going to have an exco if I am a You know if if if I do guided hunts I'm going to have an aches code if I do housekeeping housekeeping and we're GonNa have an ex code and so These codes helped to kind of group or classify similar businesses Zachary at ended allows for a comparison across the board of what these similar businesses are doing. Now I WANNA talk for just a second about the a franchise model and throughout the podcast And a lot of times representations of different things. I'll talk about the idea of a franchise model and that is that. The reason why franchises do so well is because they have a lot of data points that they can go off of. If I have a franchise in Boulder Colorado and and then I have another franchise in Memphis Tennessee. I can now compare the data of those two locations to help me make better decisions. Small businesses businesses. Don't always have this same level of information. In fact rarely do they have this level of information and so this makes code is Kinda. I'm doing the same thing at saying. Hey we're going to compare some data points of all of these similar you know if I may Fishing tackle shop up then. I'm going to compare you know that Boulder Colorado to Memphis Tennessee and and see what the similarities and differences are between these. He's business at allows them to fake it till they make it Kinda deal sure yeah it allows them the access to this broad data that they wouldn't otherwise get because they're one location or or two locations right yeah I WANNA sit back a little bit and an explain to do things that our listeners might not quite understand so today we're GONNA be talking about secondary research and primary research so secondary research and of which Knicks codes are one is research. That's done by somebody else for other purposes. Yeah and if I could give a quick exemple. So Census Dot Gov. It's it's a goto standard. Everyone's like Oh. Yeah if you want demographic information he go to the Census Bureau well the census does not collect ear. The Census Bureau does not collect information to help small businesses. They collect information because in our constitution. It says that every ten years you know we need to get a count of who lives in this country and what they're doing and so the primary purpose is is to fill that you know Constitutional obligation the secondary purpose is to repurpose this data to help make business decisions. So when we're saying secondary research secondary market research for saying the original intent was for a different purpose. Now we're repurposing it for our own needs right so then that leads to primary research which is done by generally by you for your own purposes. You design the research that you executed you. Poll what it is. Whatever it is that you're looking for from that? Yeah so The Knicks codes being secondary search. They like you said they have the six six digit code and each digit dials. It you know. The first digital super super broad yeah and then the second digit brings it in just a little bit down a level and the third digit four stages fifty six so on it brings it down in this funneling and narrows president. I will say though however that even though you have this six digit code narrows it down in is still pretty general data. I mean you can only go so far. With with census data at Ns not only census data. But let me give another example of some data that you can pull off of Knicks Code. That's very useful useful financial benchmarking. So yes I was hoping he'd go there if I want to compare my financial statements to a nother business or another set of businesses the aggregate. Then I can use my neck's code and I can compare myself itself to similar type businesses. So you know. If I've got a cost of goods sold and I'm trying to figure out what sort of gross margin I should have. What what percentage of my You know sales are going to get eaten up the cost of goods sold. I really want to compare myself to similar businesses because you know cost awesome. Good sold can vary dramatically. And so the next code will help you Look at some you know some some industry standards or some compatibles and and help you get a better idea. But there's a couple of limitations with next codes that that I'd like to cover real quick before we jump into some of the primary research that I think glue really need to talk about in this episode of the good stuff. The good stuff makes Goethe's good staff come on it is it is. It's so I couple A couple of things to keep in. Mind when you're dealing with Knicks coach so next codes are most Accurate in bigger cities and in Businesses or industries. I should say that. Have a lot of sales. It'll high-sales industries if I'm in a rural part of the country and if I'm doing a small or niche industry then my next code becomes a lot less accurate and so You know I think about There's there's a business business that is It's it's in a a rural part of the country. It's about an hour south of where we are right here. It's a grocery store slash slash hardware store because they're in such a small town. They combine those two into one and so it was like what neighborhood are we going off of. Is this a grocery store or or is this a hardware store it in a big city. I'm going to be either a grocery store or a hardware store. I'm not gonNA exiling together but in a small town I have two combined together because there's just not enough volume of sales that I you know split off and and and just have that on my own and so depending on where my businesses located where where my market is and what my industry is the next coat may or may not be as relevant event. you know a way of gathering information. Yeah so it's definitely something that you need to use your judgment on right. You're going to pull information from this. Oh my goodness that makes me think he said use your judgment. I I had a business They they.
"market research" Discussed on Christy Wright's Business Boutique
"You've been doing this long time. You're totally changing your brands and that type of thing. And and in those early stages, that's what we're all doing. We're experimenting. That's what businesses it's one, big experiment. Is this going to work? Do my customers like this? Oh, they like this, but not this. Let me change. Let me iterating lemme improve. We're in the business of helping customers and helping people in some way, and they're going to tell you what they want more of them, what they want less of. And if my customers are telling me I want this, I'm gonna listen to that nephew hate classes and you get into it. You're like, this is not for me. I don't have a place. I don't have a location. I'm not a teacher. I don't like this at all. I want to go back spices, totally fine, but get a try. It can't hurt to dip your tone the water with very low risk and low cost and try it see if you like it. So much of business is experimenting there. No failures, there are experiments, and if you've learned from it, then that's actually a huge success. Your customer and the market is telling you what they want more or less of, and what's so great is actually learning about yourself in the process. You're learning what you love more. Unless of, you know, people asked if I set out to be speaker, if I had a lifelong dream of being a speaker or author from the time that I was a little girl and no, y'all. If you look at my journals from high school or college, I never wrote anything about being an author or being a speaker and back if you look back at those journals, those dreams I had were much too small and so God may have something for you and you don't even know what that is yet until you try it until you just raise your hand, say, walk to try. I'll try cooking classes. There's a great quote that I love it says, I didn't know that I was a bell until someone picked me up and rang me, and that's certainly how I feel about what I'm doing now in my things, I didn't even know it had these gifts and you know what Jimmy, you may have gifts of being a teacher. You may have. Doors that are going to open that you can't even see right now. So wouldn't close your mind to it your early enough in business your early enough in this grand experiment to give it a try and see if you like it and who knows, and maybe something that actually makes a lot more money than your spices ever did. Now if you have a question about something we've talked about or anything about your business, I would love to hear from you. My toll-free number again is eight, four, four, nine, four, four, ten seventy four call that number leave the message with your name number and a brief summary of your question or story, and we'll be enticed if we can use that call. Of course you can always still connect with me on social media through Twitter, Facebook and Instagram by using.
"market research" Discussed on Christy Wright's Business Boutique
"Our customer feedback, adding more customization options for members. And one of the things that we're doing internally is building a team, and that's really a huge difference because I went from running the business completely on my own for about a year without anyhow, besides like a little bit of help from my husband, but I really had just set up all of the systems and all of the processes. And so now we're at a place where we can bring on t. members to help us into help transition into growing and scaling. One of the things that always love to highlight about your story. Jessica is that you did an incredible job researching your market. And that's what I've been talking about in this episode is how we can get to know our market and what they want, what they need and how they think and how they feel and all of that. And so one of the things that I would love for you to talk about a little bit is how you did that in the early stages before you launched. And so what are the things you learn about your market? And I know a lot of people. Listening are in your shoes from a couple years ago where they don't yet have a business and they want to learn about the potential market. So I'd love for you to talk about that and then I wanna talk about what you learned since then. Let's go back to the beginning a couple years ago before you had a business before you ever launched. What did you learn about this specific market research and how'd you do it? Yeah. So I ran a prelaunch campaign and that was a way for me to gather interest and see if there was product market fit for what I wanted to do. And I put together a basic landing page that had a little bit of information about what I was going to be offering and then allowed people the opportunity to leave their Email address if they were interested in learning more when it was available or communicating with me about it as I develop the product. And so this really gave me kind of a gold mine of opportunity to tap into the demographics that I was going to be serving. I actually could Email them and talk to them, and I did. I scheduled emails back and forth with customers, and I ran surveys. I asked them, what are you looking for? What most excites you about this program or. This service that I'm going to be putting together, what are you looking for that way? I could really tap into creating the best possible experience for them and being successful right off the gate, a love that because you really had a lot of knowledge before you even launched, which I would say is more than most people. Most people just kind of throw something it's the wall, see if it sticks, and that's not a bad thing you learn by doing. So I think that's awesome. But you did your homework and you did your research and as a result you launched with more success than the average person because you did that preparation and planning and research. But as you and I've talked about before, you didn't know everything about him. Now just maybe ten to twenty percent about him and it was through launching the business and then listening to them that you learned more things about him in one of the things that you have said multiple times Jessica's, I listen to their feedback based on their feedback. I added this based on their feedback. Well, because we got this feedback, we added this or change this, and so you're always listening, you're always doing research. You're always learning about your market. So let's talk about since then. What have you learn. About this market since you launched and what are some things that maybe surprised you about this market that you didn't know until you got out there and started doing it? That's a great question. Because when I first started the business, I thought that I was going to be reaching a younger demographic like early twenties, I, that's kind of what I thought like the young girls that maybe are kind of living life free and carefree, and just looking for a little bit of extra fun in their life. But you know what I found was really interesting. The demographic with a little bit older. They were people like me. They were moms..
"market research" Discussed on Download This Show
"This may just doing market research we have a sense of how podcast makers can do better in the the algorithm of it were so are the things you can do in your podcast maybe in the meta tags or the or the description that will mean that you'll more searchable to google in this day and is now that i have decided to put some of the pennies into this arena yeah i think seo is going to become even more important now so if if people googling things and they might be prioritizing pug costs like ariel said then your tags and your description especially if you're writing about something quite timely or even something that's a little bit more evergreen if you wanna be popping up at the top there you're gonna really wanna pay attention to what you'll putting in you descriptions and in the names of your podcast episodes i think he's gonna make a mental note to like really described yeah one other interesting thing i've seen people discuss is whether now that podcast will be live in search whether podcast is will have to think differently about how episodes is structured put costs you know if you're a longterm subscribe a very intimate though soom knowledge about who the present is how the show will flow even what the show is about you know there's a lot of which is quite enjoyable like when you're avid subscriber and you've come back for a hundred besides but now that you're going to be discovered through search you might need to think about how episodes can catch someone who has no idea what you're on about that's a really good point the why most people subscribe to podcasts by either us suggested by friend or you say somebody talk about it or increasingly we'd thing podcast presenters tell you to get a friend's foreign and subscribe it for them which i find we didn't creepy and i'm told incredibly effective that if now you're going to be encountering like a an audience that doesn't.
"market research" Discussed on The Small Business Success Podcast
"Hello Listeners Ducey van Dusen I am a producer for the small business success podcasts and we are pleased to be joined by Nancy Seger today Nancy how's it going awesome how to do fantastic so we are finishing up our series where we've been speaking to partner there's of infusion soft that they are really just amazing experts in helping small businesses run their business get more customers get more leads just every aspect of running a small business so I'm super excited to have Nancy here because she's going to show us some awesome tips and tricks I know you've got some great stuff plan always a few things up my sleeve tastic could you just tell us a little bit about who you are your business what you okay so I'm the CEO for lack of a better term of senior consulting and we specialize in helping real estate agency smaller agencies a five to ten agents collect the leads optimize track for following up specifically when they're growing their booty agency but my history is a little bit more interesting in and out and have come through with a lot of experience running different businesses because this is actually my fifth business so not all of them were this fool is where we're at right now but I tell you learn and I have some great tips to share with you about some of that process okay fantastic so we were speaking earlier and you mentioned you know focusing on on growth for small businesses and and why would why would you say that's like an important thing you know I feel like there are some smaller this is that might just be saying I'm happy at it depends where they're at right if they're saying if we were there at but why do you think it's important to focus on growth well it as with all things nature you're either growing or you're dying so although people really like to think they're happy with the status quo if you're not putting effort into growing Your Business Your Business is probably getting away from you or it's dying a little bit you're you might have enough heights today but what's going to happen when two or three or five of them go away absolutely so that's there's a certain key like when you see small business that that are successful there's there's always a certain few common things drive and a passionate they're really pushing forward when they're entrepreneurs right and growing and that's the reason you don't see the other one too much is because like you said not growing and they're probably slowly or maybe quickly start hopefully not too fast listeners out hopefully not so where would you start if you've read about small businesses you know you work with you know with the real estate side of things right now with you'd consider small businesses what are the some of the things that you see often that you'd say okay here here's the my tips here's the things that every business should be doing to make sure that you're growing okay well I think there's a couple the things that I would I would start on an an it's a quote and I'm not sure who said this to start with so I'm not GonNa try and give you a source but but basically know what you're doing in your business and are you work working on something that's GonNa Affect Ten percent growth or ten times growth because most of us tend to focus on the things that are ten percent somebody complains about a type on the website somebody doesn't like the color of this we change button we play with that those are things that are not going to even have ten percent impact on the growth of your business if you put that same amount of time and effort though into something that is a new product is solving a problem could ten times your business you're going to get a bigger result the easy things because they're they're easy to see what needs to happen here's where the changes are within our control oh yeah 'cause control we all love to we have control of our business in our life and truth is there's only so much we can control no matter what whereas something like venturing out with a new product or new service hoping big product and launching things and then seeing if it will fail that's not what I would recommend not understand lean development lean marketing launch and sell something before you create it know what the market is going to accept pay for do your research in one way or another there's tons of books out there online marketing lean development go find out what you need to do to create something that your market will willingly part with their dollars for and that will make it ten times difference in Your Business Yeah you know recently heard our director of marketing and talk about the idea of even like on your website putting a little button that's like off the product market research you don't need to develop it before don't spend all that time on developing something because you brad no in one of the sessions this morning at partner made this phenomenal impression on me and one of the things he did this little thing we did a tapping example and he said Does everybody know what that song is nobody could figure it out and then he tapped again and he said the song is Merry Christmas or some Christmas when important song wasn't important what was important was the point he made was that no matter what message we are trying to communicate whoever we're trying to communicate the two doesn't understand if they don't know the song or singing so if you think about that it's the same when you're doing market research you can build this nominal thing but if what you're delivering isn't really resonating with the people who are going to part with the money you're not going to be able to sell it no matter how fantastic Eddie's I love that example I've done that before you know you're tapping along like you know if it was somebody else outside of your mind you wouldn't even know that isn't great example so where would you where would you point people to kind of get started with some of that we've given a few tips of ways to think about it but I don't know if there's someone that you would point people that are saying okay I want to do this send Mike how do I learn how to do this or what are the steps that I should take so learn how to do how to grow a business specifically yeah grow business or or how to use some of these kind of lean marketing tactics well there's lots there's tons of books I always start with Amazon research anything on Amazon start there that's the least expensive way to do it Business Consulting and coaching Eakin always reach out to me there's different partners that I work with that if I don't know what we're looking for or can't manage your business model it's outside my comfort zone I know who I can refer you to fantastic fantastic so what's what are some of the things that some people that smaller sooners should keep in mind when they're thinking about business well I think you have to look at what is the fastest passed to cash for you and for most people most businesses to kind of the catch all in the one thing that I would say across all industries would be sponsoring events either sponsoring by spur enough include speaking pain to speak on his agent sponsoring and having a booth all of those experiences a you will learn so much more about your clients and be if it's done right you contend times your business exceptionally fast awesome so tell me that's that's I'm pretty new to that world despite being here at partner Con- We've got sponsors but that's not I'm here making castes so just walk me through the basics teach me like okay where would I start whether it's deciding what to sponsor or what to do once I've decided on an event either either of those yeah well one of the first things that you need to do is find the right event to sponsor so so the trick is knowing how to do the research to get a two two to find the right event and then knowing what questions to ask those event organizers so that you know if it's a good fit for your audience for your mind any further because it is an investment is you know what is the reader return and there's all kinds of information that that go behind that but what are the right questions to ask and then how far in advance do you have to plan and how do you build it into your ongoing marketing strategy right because this is not something you should do one time if it's a true strategy you're going to work connett throughout your growth of your business and you're going to tweak and measure what successful so then how do you keep the cost down keeping lean development of mind again how do you keep the cost down in the first few even I love that that point of view because yeah jumping into one event as a one off your there's there's so much that you're gonNA have to learn and you have to establish that base fine and expecting that first time to be the be the shot to the moon is probably not part of my background and my experience was running events for an organization and I did this for five years and it was the biggest disappointment to see small businesses come in and only do it once because they have a hard time figuring how to do it right the first time and if they if they really want to learn how to make that a part of their marketing strategy and how to build it out it's important to go win low keep your costs down but iterating repeated and you spend more and you gain more every time it's an exponential experience the fantastic so nancy it's just about time for us to wrap up so where would you point people to that either WanNa learn.
"market research" Discussed on African Tech Round-up
"So these are the things that market research we will tell you all these entrepreneurs that a discovery new opportunities by getting the data so a guy says i want us there you know potatoes in in in banab kuoni design your service for him he said well if you want to sell these items you need to add this this this and then you realize that actually a lot of the people actually eating one avid item or shopping for weren't item that he didn't think about all of a sudden inventory and all that stuff is becoming totally different and as you were rating about you might give researchers that you know just using mercury research to confirm an idea you also using that could was discovered opportunities wait gaps in the market and sometimes that would lead you that would lead you to another business which is fine because at the end of the day you only deliver value you don't want to prove yourself that rate which you want to do is you wanna build the business that delivers value for people i've been that entrepreneur i just wanted to be right and again it's the same for me even dig in a market research field where you want to be right a package which is important but again you have to adapt even for us we had to adapt to either the type of customers in the type of a needs that he hive and basically sti or try to be focus into where we doing absolutely so what do you make of that take place we're starting to see in the market research field africa's got delved i o and other many others but top of mine is delved in south africa and perhaps m surveys.
"market research" Discussed on African Tech Round-up
"You market is most likely overestimate why do you think when not apply ourselves and i and i include myself in this as as a commentator in the scene i very rarely applied the same rigour to interrogating statistics or big numbers the system regard apply to say questioning intent and motive an impact and all that kind of stuff to to numbers and what do you attribute this to everyone's using this data to make these these decisions so why aren't we apply ourselves to making sure we're getting good hearty data i think first because there's always been this concept that it's nonexistent on the continent because our economies i inform more we don't have structure infrastructures in it's true it's been very difficult to collect information on the continent for those reasons so swallow were i mean surely not to i mean i live in south africa zimbabwe at i've had a fait exposure to the most inconvenient settings in terms of what you know what's at datagathering might have to encounter in sort of extracting data have also been exposed to quite frankly verve the most ideal if you know environment in the market data market research field i'm trying to understand what what's the difficulty here because i mean all of those things and on issues at this point i feel so my wrong one i think you have to realize okay what is the state of research today or how do people to research so if you go to africa the way people to research basically it was the face to face.
"market research" Discussed on African Tech Round-up
"So i think what we what we are seeing now is i'm going to hold you they like when you say isn't available what kind of data what kind of research just just to finish that are basically so if you if you look at data that's currently on the continent you mostly looking a gdp numbers democracy gdp fdi in all that stuff and even if you're attacked the quality of that data the famous book by a professor morton who rode term why are way how we are misled by african statistics where he basically challenged even gdp estimate by the imf the world bank based on the reliability of the data collection that have so even the data that we have to deal on the continent may not be reliable so now when you look at macro data with its consumer insight consumer confidence data from the bottom up really again it's pretty much nonexistent now thanks to d u m m internet a mobile penetration what not be seeing now companies and solutions that are coming in trying to fill that gap and it's important when you do market research basically be able to to be able to collect data and so that's why i am saying in that field it's it's it's it's an a very exciting place now because we're starting to see clears and solutions coming out in actually approve until tradition that are showing result and at the same time what did create is that for enterpreneurs and businesses is the realization that it is important to understand the african consumer because the african consumers not european consumer it's not a us consumer and until we simplify.
"market research" Discussed on Marketing School
"Get ready for your dnc dose of marketing strategies and tactics from entrepreneurs with the guy oh and experience to help you find success in any marketing capacity you're listening to marketing school with your instructors neil patel and eric soon welcome to another episode of marketing school i married ceo and i'm yo patel and today we are going to talk about if focus groups are still worth the best meant for market research so neil what our focus groups shirt focus groups is a group of people that are your deal customer they typically come in to office or in person area and someone's ask him questions recording filming um trying to figure out problems to their or solutions to the potential problems i did a focused group for a independent company that was paid by yahoo around eight nine years ago the painting a few hundred bucks as a guy why not drive all the way up to la now as a kid back then when i was doing that there are disgusts me questions about like paid advertising and you know what we're take for companies are agencies might drive more revenue ta yahu why do we use google verses yahoo and all this kind of stuff and when i found throughout the whole processes there ask me questions that i could they could have just sent me over email and i coulda gave like a five minute response can compamy half the amount and i would have been happy or they could have just an online service using like survey monkey in kuala ruined and got the same type of feedback or they could have done like mouse recordings zan to see how people interact with the product and service because it had me tussle screens in stuff through things like crazy egg or whatever it may be but the thing i found with focus groups is sure backend they the really effective and useful nowadays and not so much because there's so much technology that can do everything you need in focus groups online at scale and when you're doing it as scale this much more valuable data right 'cause you can then use averages or make.