Technology & Innovation Management (49016) Week 3
Market Research difficulties posed by Radical innovations
Purpose of Market Research in Innovation
- Filtering ideas for viability
- Start a new business
- Launch a new product within an existing industry
- Raise captial for the start up
- Improve business operations
Is there a market for your idea?
Supply and Demand Curve
Understanding Customer
Eliciting Customer Interest in a New Offering
Surveys (Cheaper), Focus Groups, Interviews (Richer Data)
Digital products: Landing pages, MVP, free trials
Hardware products: Crowdfunding, preorders, influencer marketing
High end services: Email waitlist, exclusive beta test
Consumer goods: Social media ads, referral programs
Voice of the Customer
Thematic
taking what they said, and identifying key things, and identifies insights from it.
thorough appraoch, going through transcript saying what is related to, bottom up detail oriented.
Affinity Mapping
Key themes, and common things together
Driving towards insights
Customer + Need + Insight
insight is explanation of why something is happening
try to understand why they need it, how and who
KANO Model
Mapping Attribute Functionality to Customer Satisfaction
- Expected (Basic) Attributes : Poor Functionality of Absence will lead to dissatisfaction
- Attractice (Delight) Attributes : Good Functionality or Presence will lead to extra satisfaction
- One Dimensional (Performance) Attributes
It’s only a snapshot in time, one time it would have been a new delight, but now it could be the norm.
Jobs To Be Done
Identify the Jobs the customer is trying to get done and then identify all the outcomes that they desire
Desired outcomes are the perfect “need” statement
A desired outcome is a metric that customers use to measure success when getting a job done.
Minimize (Direction) the likelihood (Metric) of inadvertently moving off the cut line/path (Object of control) when making a cut (Contextual clarifier).
Empathy Map
Categorise and make sense of qualitative research (Research notes,survey answers, user-interview transcripts)
Identiy gaps in your current knowledge
You want to feel what the customer is feeling while conducting a research.
Focus on one segment each time.
Take notes, capturing
- What they Say (important phrases)
- What they Do (actions and behaviours)
- What they Think (attitudes, expectations, questions they ask themselves)
- What they Feel (Emotions)
Understanding Market
Market vs Industry
Market
A set of similar products/services competing.
Multiple companies offering those products/services
Multiple customers choosing between them
Industry
Any set of thematically related markets
Porter’s 5 competitive forces
useful when trying to launch a service in the market
Business Model Canvas
great for getting your value propositions across.
Lean canvas
slightly different