Your-Marketing-ToolkitSM
Seeking New Businesses
Your-Marketing-Toolkit provides a platform for the exploration of business opportunities. The underlying concept is to provide a “Pervasive Marketplace Awareness” and to facilitate customer information driven innovation and business development based on affordable quantitative marketing research. The resulting Marketing Toolkits are intended to provide the “hands-on” exploration and testing of ideas. Applications of the toolkits vary widely from innovative exploration opportunities in the new market, through product assessment to the more complex issues of planning a product launch and the repositioning of existing products and businesses.
Innovation and the identification of new attractive and feasible opportunities is the mantra of almost all modern businesses. The trick is finding ways to both encourages the process and to increase the likelihood of success. Different creative customer driven innovation approaches have been advocated as a means of achieving these goals. Advocates[1] have developed what they believe are unique effective methodologies. Each approach has advantages but also limitations. However, they are not mutually exclusive and in most case are mutually supportive. Your-Marketing-Toolkit has been designed to provide a means to implement these multiple approaches and give a supportive heuristic means to implement them.
While the use of quantitative customer information should be a critical part of the new business development process, to be effective it must be integrated with both subjective (qualitative) research to identify latent issues and creative processes of identifying potential products and services to capture the market value. Collecting the quantitative information can often be merged with some of these other activities. Innovative products can be sought in existing or core business areas and in new ones. They can be sought with existing customers or in brand new areas and markets. They can be sought based on the existing situation or as a means to meet future conditions. Each of these requires different types of customer intelligence and presentation in different ways.
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What drives the market? Needs, particularly unmet or poorly met needs can only be identified from the potential users and customers. These needs are derived from what the potential products do or could do. These are referred to as “outcomes” of products’ use. They include not only the specific outcomes or indications of use but also the tasks required. For quantitative analysis we use three key measures of outcomes/tasks: frequency, difficulty and value. Frequency and value compose the importance of the outcome while difficulty is an analytical measure of satisfaction. The interest in the outcome is assessed by the combination of these measures of importance and satisfaction. This is done using dynamic Quadrant Maps and Pareto Charts, both allow for examination by segments. |
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What needs to be improved? Customer
benefits are derived from the outcomes but reflect specific
improvements. New products compete in
terms of these benefits. But how
valuable are they? Are customers willing
to pay for these improvements? The function of perceived benefit value
measurement is to examine this issue and is complementary to examining
outcomes. The benefit bundle value
distribution analysis estimates collective benefit value associates with new
products. |
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How should potential market be grouped? The
objective of new product identification is to design a concept that should
delight a group of customers. But for
which customers? Your-Marketing-Toolkit provides a number of segmentation approaches
including those based on the perceived benefit values and outcomes. |
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Inventing into the Future! The future
provides opportunity! The expectation
of change can be the basis for new products.
Furthermore, development for the future gives the necessary lead-time
for development. Methods are available
as part of Your-Marketing-Toolkit
to assess expected changes in terms of timing of events. This is a modification of the “ |
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Seeking out a “ The concept of “ |
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Applications of Your-Marketing-Toolkit · Overall · Branding |
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CDS |
For more information on developing Your-Marketing-Toolkits: Eugene B. Lieb Custom Decision Support, LLC (831) 854-2256 |
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