ch 6 Flashcards
customer vs consumer
customer can be a consumer
consumers are the ppl who use the good or service
What is:
essential to business success
customer identification
what are the 4 main elements to define a market
- Set of customers
- Products or service
- Have needs or wants
- Process of buying it (who reference each other)
what are these:
A Set of customers
Products or service
Have needs or wants
Process of buying it (who reference each other)
the 4 main elements to define a market
what is market demand
market opportunity
what are the 5 different types of influencers
- users
- influencers (opinion leaders)
- recommenders
- Economic buyers
- Decision makers
what is BMC
tailored around customer needs,
customers are divided into segments
what is
important building block in the business model canvas
value proposition
what are the (4) questions to define customer segments
- who are they
- where are they
- How do they behave
- What are their needs?
what are these questions used for
- who are they
- where are they
- How do they behave
- What are their needs?
define customer segments
what is the End User Profile (6)
- Demographics
- Psychographics (values, lifestyle, beliefs)
- Proxy Product (substitute)
- Watering Holes
- Day in the life
- Biggest fears and motivators
entrepreneurship vs traditional marketing
entre: have the product then fine the consumers
traditional market: no se
technology adoption life cycle
5 market categories of potential customers
- innovators (2.5 % of customers)
- Early Adopters (next 13.5 % of customers)
- Early majority (34% of customers)
- Late Majority (next 34 % of customers)
- Laggards (16% of customers)
what is:
crossing the chasm
focusing your resources on the beachhead market
key is generating a larger following
what are the factors defining a beachhead market
customers buy similar products, have similar expectations and communication
steps to cross the chasm
- create the entire product
- position the product
- distribute the product through the right channels
what are buyer personas
profiles of ideal customers
- building personas is a powerful way to predict buyers’ behavior
interviews and data generate key buying insights
- interested and noninterested buyers
- relevant and irrelevant features to the solution
3, buyers and negative experience - Resources that buyers trust
- buyers involved in decisions and influence
what is exlucionary personas
help refine the customers
customers you do not want
confirming your findings
website analytics: customer’s location, the amount of traffic to your site
social media tools: a useful source of data
direct customer: feedback about customer experience
5 key phases of customer interaction
- discovery
- research
- Purchase
- Delivery
- After the sale
subgroups of market
TAM (Total Available Market )
SAM (Serviceable available market)
SOM (Share of the market)
key questions to relating customer segments
- Size of customer segment
- buying power of customers
- customers and the segment
- Accessibility of the customers
- stability of the customer segment
why market size is important
- calculate sales and profits
identify growth
pinpoint competitive advantage
calculate market size
define the segment
conduct top-down market sizing
conduct a bottom-up analysis
Don’t forget to do sanity checks
check out the competition
benefits of customer journey mapping
- clear picture of customer interaction
- clarifies what customers think
- Confirms the journey of the customer
6 steps to creating your own customer journey map
- Gather the material you need
- Identify the segment of customers
- Write down any touch points in the entire journey
- Identify 3 or 4 aspects of the customer journey
- Think about solutions to the problems
- Create a visual version of the journey.
Factors to keep in mind when creating a customer journey map
- key touch points
- tasks
knowledge
pain and happy points
emotions
wish list
influencers
market size:
key questions to relate to customer segments
- size
- buying power
- customers and the segment
- accessibility of the customers
- stability of the customer segment
why is market sizing important
calculates sales and profits
identifies growth opportunities
pinpoints competitive threats
thinking of exit strategies
a sense of market trends
as proof for investors
Demographics and psychographics
give limited info
business model
describes the rationale of hoe a new venture creates, delivers, and capture value
crowdsourcing
using the internet to attract, aggregate and manage
What are the components of a business model?
- The offering (value
- Customers
- Insfrastructure ( all resources, ppl, rech, products, suppliers etc,
- Financial Viabiity
what is
explains the uniqueness of a company offerings and suggest why a customer should buy from them
Customer value proposisiotn
4 problems expeirence by customers
1, lack of time
2. lack of money
3. lack of skills
4. lack of access
types of markets
1. large group of customers
2. Small market segment w/ specific needs
Mass market
niche market
Business model canvas 9 parts
- value proposition- offering
- customer segments
- channels
- customer relationships
- key activities
- key resources
- key partners
- cost structure
- revenue
