jerryking + segmentation   8

The Four Best (and Worst) Uses of Market Research| Page 2
April 9 2013 | | | Chief Executive Magazine | by Taddy Hall

Experience and research suggest that CEOs of many companies look for growth in the wrong places and in the wrong ways, thereby missing opportunities and leaving them for the newbies. In a sense, though, this is good news: success lies in doing things differently, not spending more.

Specifically, there are four approaches organizations often take, none of which reliably lead to the actionable insights business leaders need:

Seek and profile large, growing and profitable markets
Solicit feedback from current best customers
Segment markets based on customer attributes, such as demographics, or based on product characteristics like “high end” vs. “low end,” “regular” vs. “light,” etc.
Benchmark progress against competitors

In each case, it is easy to see why an industry leader might have interest in the findings; however, these outputs speak primarily to aspects of the existing business or to the franchises of other established players. In other words, mapping current demand reveals little to nothing of the less-visible latent demand that is essential fuel for transformational innovation. As Henry Ford mused a hundred years ago: if he’d asked folks what they wanted, they would have asked for faster horses. Echoing Ford, Steve Jobs noted that consumers can’t describe what they’ve never experienced.
market_research  disruption  Clayton_Christensen  high-end  latent  insights  growth  opportunities  transformational  customer_insights  innovation  large_markets  market_segmentation  customer_risk  actionable_information  hidden  Henry_Ford  Steve_Jobs  market_share  static  dynamic  segmentation  missed_opportunities  hiring-a-product-to-do-a-specific-job  unarticulated_desires 
april 2013 by jerryking
A Shout-Out for Segmentation Data - BusinessWeek
March 15, 2011, BusinessWeek By G. Michael Maddock and
Raphael Louis Vitón .Quit yawning and start seizing on the wealth
within segmentation data. Every department should demand to see this
information. a simple, three-part formula:

Step 1. Define success. Get as specific as possible. Step 2. Define the
characteristics you want your segment to have. Step 3. "Simply" find
what predicts/correlates with these variables.

Having decided whom you want to go after, find the variables that will
lead you to these people. Asking Lots of Questions

Having identified this market, you go out and ask the potential
customers within it as many questions as you can think of—how much they
weigh, what snacks they eat, whether they have kids or a pet. Then you
sort through the data and look for commonalities (Step 3).
segmentation  market_segmentation  market_research  questions  JCK  sorting  correlations  predictive_analytics  ethnography  think_threes 
march 2011 by jerryking
Seth's Blog: The circles (no more strangers)
Posted by Seth Godin on May 17, 2010

Consider this hierarchy: Strangers, Friends, Listeners, Customers,
Sneezers, Fans and True Fans. One true fan is worth perhaps 10,000 times
as much as a stranger. And yet if you're in search of strangers, odds
are you're going to mistreat a true fan in order to seduce yet another
stranger who probably won't reward you much.
Seth_Godin  customer_loyalty  segmentation  market_segmentation  marketing  superfans  customer_segmentation 
june 2010 by jerryking
Why a Product’s Job Matters
April 18, 2007 | - The Informed Reader - WSJ | by Robin
Moroney. A basic principle of business–knowing what consumers want from
a particular product–is often ignored by corporations. Many businesses
focus on qualities that are largely irrelevant to the consumers’ buying
decisions, such as product prices, or data on customer age, gender and
marital status. Some business-to-business companies slice their markets
by industry; others by size of business. The problem with such
segmentation schemes is that they are static. Customers’ buying
behaviors change far more often than their demographics, psychographics
or attitudes. This leads to situations in which, in the words of the
late business guru Peter Drucker, “the customer rarely buys what the
business thinks it sells him.”
Peter_Drucker  Clayton_Christensen  Scott_Anthony  segmentation  marketing  market_segmentation  static  dynamic  purchase_decisions  hiring-a-product-to-do-a-specific-job  B2B  demographics  psychographics  attitudes  demographic_information  relevance  consumer_behavior  behavioral_change  irrelevance 
january 2010 by jerryking
Are You Ready for the Future?
Feb 2006 | Book Business: Vol. 9, Iss. 1; pg. 42, 7 pgs | by Brian R Hook.
publishing  segmentation  Gadi_Prager  market_segmentation 
december 2009 by jerryking

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