Trendspotting, Market Discovery and Market validation
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knowing your market is crucial to being successful. There's lots of noise in the market. learn whats noise and what is really important
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Trendspotting, Market Discovery and Market validation
- 1. Common Sense into Common Practice Trendspotting, Market Discovery and Market Validation Proven techniques that reduce the impact of hype and noise
- 2. 2 © 2015 Egress Solutions. All rights reserved. Discussion Topics Market Discovery Activities Trendspotting Context Identifying emerging Trends Separating good signals from the noise Market Validation Activities How big is opportunity? Analyzing Market Data Customer specific data Lean justification 2
- 3. Egress Solutions, Inc. Product management, product marketing consulting firm Our capabilities include: • Market Discovery and Validation • Win/Loss Analysis • Product team assessments • Custom workshops • Consulting In operation since 2009, serving our customers in US and the UK implementing product management frameworks. www.egresssolutions.net
- 5. 5 © 2015 Egress Solutions. All rights reserved. Egress’ Consulting Methodology Uses best practices of Pragmatic Marketing and Lean Product Management: • Framework implementation concepts • Hands-on Implementation Workshops • Product management team support Pragmatic Marketing Framework Copyright Pragmatic Marketing, 2016
- 6. 6 © 2015 Egress Solutions. All rights reserved. What is trendspotting?
- 7. 7 © 2015 Egress Solutions. All rights reserved. What is trendspotting? Is this noise or a trend? What is the actual problem? Are there systemic drivers? What about environmental influences? How much time do we have?
- 8. 8 © 2015 Egress Solutions. All rights reserved. What is trendspotting? Who are our buyers and users? What pains and gains are critical to them? What value do they place on a solving these issues? What alternatives are available to satisfy the gain or alleviate the pain? Source: © 2016 Gartner, Inc.
- 9. 9 © 2015 Egress Solutions. All rights reserved. Key drivers to market & product success Market Validation Are these problems pervasive with buyers/users? How does this opportunity align with our strategy? Are there better options for us? Business Health How does this product/solution contribute to overall company performance? Market Discovery What unmet needs frustrate our buyers/users? Where is the competition focused? What is feasible with our current architecture? Dependent upon…
- 10. 10 © 2015 Egress Solutions. All rights reserved. Finding Market Problems Existing Customers • Incremental improvements • Deployment insights • Advance capability Competitors Customers • Product comparisons • Selling tactics Non-Customers • Barriers to purchase • Unmet needs Beware of early feedback; it’s mostly noise Collect from a variety of sources Repeat visits well help refine assumptions Raw inputs must be structured
- 11. 11 © 2015 Egress Solutions. All rights reserved. Win/Loss Analysis Source of validation for emerging trends Integrate Win/Loss with other market research Best results come from a programmatic approach Can leverage what you have in place
- 12. 12 © 2015 Egress Solutions. All rights reserved. Competitive Assessment Product Centric vs. Market Centric • How strong is our existing market position? • How strong is our market velocity? • How much pricing power do we have? • In the ways which matter to customers, how do we compare? Market CentricProduct Centric
- 13. 13 © 2015 Egress Solutions. All rights reserved. Technology Assessment Value of Customer Gain or Pain Addressed Completenessof Solution Ours Theirs Others Potential Threats Niche Players
- 14. Who is your market? “Opportunities lie in the place where the complaints are….” — Jack Ma
- 15. Success Story: KeyTech Services The Challenge Customer migration solution sales had stalled Existing customers questioned value of solution Cost of deployment exceeded budget Senior leadership evaluating “killing” product
- 16. Success Story: KeyTech Services Triangulate the emerging trends with buyer priorities and behavior Validate user behavior and experience with current offering Refine market segment Identify ideal buyers/users for next release
- 17. Who is your market? “Customers adopt new capabilities when the value gained is at least 3X the pain of change….” — Anonymous
- 18. Success Story: WellCare Systems The Challenge Product adoption for a series of new releases and new offerings was poor Existing customers lacked general awareness of new capabilities Sales continued to offer existing or older versions of products
- 19. Success Story: WellCare Systems Integrate go-to-market into product lifecycle Require pre-launch success metrics Make product management accountable for launch success Established rules of engagement for all departments. Require senior management signed off
- 20. 20 © 2015 Egress Solutions. All rights reserved. Success Story: CPQTechnology The Challenge Large and competitive market opportunity • Significant white space • Attractive greenfield Tension around product strategy • Competing priorities • Capacity trade offs Lots of opinion and lots of raw data
- 21. 21 © 2015 Egress Solutions. All rights reserved. Analyzing market data for effective decision making Converting market discovery, market validation, customer data and competitive intelligence into meaningful information that improves the business is a stakeholder driven process.
- 22. The Bottom Line Trendspotting is essential Triangulate feedback to weed out the noise Knowing your buyers and users trumps traditional research Your competition could be chasing noise – Let them! Data analysis is a good tie breaker Think short, medium and long Collaborate Be decisive Commit and Go
- 23. Thank you
Notas do Editor
- Intro: Main point – goals of presentation, etc. By trend spotting, I am referring to the practice of monitoring trends, particularly those that are pertinent to your business or industry. Those may be a demographic shift; an alteration in preferences for one product over another; a change in how people perceive a product or service; a political movement or a response to the shifting political current. All of these things could have an effect on how you do business and the way you sell your product or service, including developing the right product mix. In our connected world, it is easy for demands to suddenly boom or to die out just as easily, and without monitoring those trends, we could either miss a new opportunity or be left holding the bag when demand for our specialty or product dries up. 1. Where Your Customers Are Hanging Out 2. What Your Customers Are Saying on Social Media 3. What Customers REALLY Thought of Your Last Launch
- Main point : Explain module objectives State the primary learning objectives. a. How the best companies deliver successful product. b. Product management process c. Product management roles and the business impact of effective product management d. The need for interlock e. Travelport’s PM framework f. How will this impact your department or team By trend spotting, I am referring to the practice of monitoring trends, particularly those that are pertinent to your business or industry. Those may be a demographic shift; an alteration in preferences for one product over another; a change in how people perceive a product or service; a political movement or a response to the shifting political current. All of these things could have an effect on how you do business and the way you sell your product or service, including developing the right product mix. In our connected world, it is easy for demands to suddenly boom or to die out just as easily, and without monitoring those trends, we could either miss a new opportunity or be left holding the bag when demand for our specialty or product dries up. 1. Where Your Customers Are Hanging Out 2. What Your Customers Are Saying on Social Media 3. What Customers REALLY Thought of Your Last Launch
- Egress is in the business of helping technology companies build and launch successful products. We do this by combining industry best practices and subject matter expertise in our custom workshops and consulting engagements. We also allow our customers to use our best in class product management content and tools to improve how teams work together and communicate. We provide a wide range of product management and product marketing consulting services including: Assessments Advisory Support Workshops In operation since 2009, we service a wide range of technology companies in North America and the UK. We deliver results by: Improving go-to-market performance Eliminating inefficiency in the product lifecycle Increasing product development cadence
- We have completed engagements for large and mid-market companies. As an example we have work with Sage Software a $2.2 Billion Company to créate a SaaS business model and channel strategy exclusively for their largest partners. We also completed a Project with e-folder a cloud backup provide with 150 employees to assess the market viability of a new venture. In addition we help multiple companies implement product management and product marketing using a common sense approach.
- Main point: A framework can help. There are many; this one has been around for a while and is used because of its clarity. The key to using this framework is the view the market segmentation activity in relation to key elements such as Market problems, unique differentiators, competition, etc. you can increase the effectiveness of team with “just enough” process. A lean framework gives you a common language, clear accountability and a way to monitor progress. Our experience with the Pragmatic Marketing Framework™ and other product management processes give you the ability to adopt only what is crucial to your team effectiveness now. These techniques are rooted in common sense business practices. Key Benefits Get all members of the product planning, development and marketing process on the same page Tune into the needs of your customers and market better than ever before Leverage new understanding of market needs to capitalize on opportunities In order to make sure that your product organization derives all the benefits of Pragmatic Marketing, we work with your team at multiple levels. Service Deliverables Framework implementation concepts Hands-on Implementation Workshops Product management team support Checkpoint Problem solving Learning Session Tools and templates library
- How many people do we have? What level of expertise do we have? Does the rest of the team understand? Do you have in-house skills to support a custom solution? Does an off-the-shelf solution really fit your needs?
- Who are your customers? Who are the companies? Who are the buyers? Who are the users? What problems are they trying to solve? How important are those problems to customers? How many people do we have? What level of expertise do we have? Does the rest of the team understand? Do you have in-house skills to support a custom solution? Does an off-the-shelf solution really fit your needs?
- Now you a wide range of inputs about your product. Now what? What’s next? Vetting process – get input from class Internal Sources Account Managers/Support team – Existing customers Sales -- Competitors customers Marketing/Research – non-customers Other Sources Trade Orgs Competition Customers 2. How to handle varied and unstructured inputs? Grouping exercise Personas are valuable
- Integrate Win/Loss with other market research Part of ongoing discovery and validation Focused and dedicated resources Leverage what you have in place Establish a baseline Elicit feedback from at least 25 buyers Equal number of wins and losses Evaluate buyers perceptions on Company strength and weakness Leading competitors Product functionality Sales execution Price vs. Value Systematic and sustained activities based on: Interviewing recent buyers of your products and solutions Collecting and measuring key attitudes regarding purchase decisions Identifying common or recurring themes and assessing their impact on Sales velocity Lead conversion Buyer alignment Validating and aggregating unstructured data into information that Improves competitive intelligence Provides insight into the marketing ROI Guides the product strategy Program benefits: Improve lead conversion Enhance competitive Intelligence Develop consistent and reliable market data Improve buyer and seller alignment Improved trend spotting
- Collaboration internally and externally with customers and partners is essential for innovative leadership going forward.