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High-Tech Marketing > Week 4-Kamilla > Flashcards

Week 4-Kamilla Flashcards

1
Q

Titanic exercise we did in class, what was the goal?

A
  1. Save titanic passengers
  2. Keep people out of the water
  3. Keep people warm and breathing
  4. Put people on floating devices
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2
Q

Problem-solving with ‘swarm intelligence

A
  • Frame a goal
  • Identify resources to accomplish it
  • Map things out (all the relationships among all the possibilities, start with goal(s) at top and resources bottom)
  • Think and build solution paths
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3
Q

The danger of cognitive bias

A

‘Fixedness’

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4
Q

What is ‘fixedness’?

A
  • Limits us to seeing something only in the way it is traditionally used (e.g. was the iceberg the cause of the Titanic disaster or maybe the solution?)
  • Causes us to overlook solutions hidden in plain sight
  • Need to change: how we describe the object or goal; and how we think about its component part of resources
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5
Q

What are crowdsourcing business models characterized by?

A
  • Open business model
  • Leveraged technology
  • Transfer of value-creating activities to the crowd
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6
Q

What do crowdsourcing business models include?

A
  • Integrator platforms
  • Product platforms
  • 2-sided platform (ex. Airbnb)
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7
Q

Lego ideas platform

A
  • Users can submit their ideas for new LEGO sets
  • Can also vote and offer feedback for ideas submitted
  • Any idea that gets over 10k votes is reviewed by LEGO
  • If a submitter’s idea is selected, they get to work with the LEGO team to make the idea a reality; also gets 1% royalties on sales
  • The platform not only supports new idea generation, but it also enables LEGO to validate demand for such ideas
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8
Q

What do we crowdsource for?

A
  1. Money
  2. Cloud-based labour
  3. Skill or expertise-based solutions
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9
Q

What is an example of cloud-based labour?

A

mTurk (Amazon mechanical Turk):
- Allows for companies or entrepreneurs to ask for “human intelligence tasks” 24’7 from around the world
- Made for very simple tasks like answering surveys, commenting on blogs, rewriting, image labelling

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10
Q

Crowdsourcing is focused on design, so:

A
  • Write down what you want
  • Get submissions from freelance designers on the platform
  • Pick your favourite and pay for that one design
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11
Q

Actual product offer

A

Waze crowdsources travel-specific information into its product:
- Provides users with more value
- Transforms the product into a community-driven app that keeps their users actively engaged
- Differentiates the offer

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12
Q

Solutions to big problems

A

Innocentive (now Wazoku):
- Connects freelance solution seekers and collective or individual think tanks
- “Challenge solvers” come from businesses, academic institutions, and non-profit groups

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13
Q

Two paths to the crowd:

A
  1. Internal crowdsourcing
  2. External crowdsourcing
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14
Q

What is internal crowdsourcing?

A
  • Cost savings (you’re already paying your employees)
  • Identify rising stars and committed employees
  • Reduce/break cognitive bias
  • Security
  • Leverages the pools of knowledge and expertise across the organization
  • Builds on in-house knowledge of what can work
  • Helps to identify workarounds (patches) to fix things fast
  • Fewer IP issues
  • Helps employees take ownership-increases engagement
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15
Q

What is external crowdsourcing?

A
  • Provides direct engagement with your community
  • Increases marketability and market potential of offer
  • Generates diversity in ideas
  • Contributes to a ‘responsible’ persona for the firm
  • Pushes for more radical ideas
  • Creates buss
  • Fills knowledge gaps at lower cost (for R&D)
  • Speed things up
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16
Q

Weaknesses of Crowdsourcing?

A
  • It’s a voluntary activity (where the possibility of compensation for work is low since your idea must be selected in order to receive a reward)
  • Participants can have different motivations
  • Basic “smart crowd” approach has limited opportunity for discussion or clarification, or to gather participant information
  • Ideas tend to flow in one direction
  • “Grand” ideas (pain points and needs identified BUT problem not solved; and
    potential solutions require significant assets and commitment)
  • Question of IP: who owns the idea?
  • Challenges are episodic - not building long-term relationships with participants
17
Q

Need to:

A
  1. Curate the crowd to manage quality (and be transparent about it)
  2. Focus on value not volume (look for what’s strange or fresh)
  3. Provide constant crowd recognition (gamification, blogs, awards, event invitations, mentoring to new crowd participants)
  4. Distribute rewards (value capture in addition to value creation)
18
Q

Reading: Kohler (Business Models), what are they and what do they do?

A
  1. Integrator platform model: the platform takes contributions from the crowd and sells them to consumers, platform owner has high degree of control.
  2. Product platform model: creators build on top of a technology or a basic product and then sell the resulting products to customers. The creators directly transact with end customers.
  3. Two-sided platforms: creators and customers interact directly. The two sides can overlap when the producers are also consumers
19
Q

Kohler: Challenges of designing crowdsourcing-based business models

A
  • Role of the customers: from passive consumers to empowered co-creators
  • Role of the company: from selling products to enabling interactions
  • Value creation: from linear to networked
  • Value capture: from centralized to distributed
20
Q

Kohler: Creating value with the crowd

A
  1. Customer segments: know the platform actors
  2. Value propositions: clarify the core value unit
  3. Key activities: enable interactions
  4. Customer relationships: attract and engage the crowd
  5. Channels: optimize interaction points
  6. Key resources: recognize the community as the most valuable resource
  7. Key partners: strengthen the platform through partnerships
21
Q

Kohler: Capturing the value with the crowd (Part 2)

A
  1. Cost structure: reduce costs for the company and the crowd
  2. Revenue streams for companies: devise new ways to capture value
  3. Rewards for the crowd: cater to creators’ motives
22
Q

Reading: Malhotra (removing roadblocks) for crowdsourcing

A
  1. Keep the focus on innovation
  2. Give internal crowdsourcing participants slack time
  3. Allow for anonymous participation
  4. Take steps to ensure that company experts don’t exert their influence too heavily
  5. Use a collaborative process for internal crowdsourcing
  6. Design platforms that facilitate shared development and evolution of solutions
  7. Be transparent about plans for follow-up post-crowdsourcing
23
Q

Reading: Agius (What is a customer journey?)

A

The series of interactions a customer has with a brand, product, or business as they become aware of a pain point and make a purchase decision. The customer journey refers to a buyer’s purchasing experience with a specific company or service.

24
Q

Reading: Agius (Customer Journey Stages)

A
  1. Awareness stage: customers realize they have a problem and a pain point to solve for. They will begin doing research.
  2. Consideration: customers have done enough research to realize that they need a product or service, they begin to compare brands and their offerings.
  3. Decision stage: customers have chosen a solution and are ready to buy
  4. Retention stage: during this stage, brand provide an excellent onboarding experience and ongoing customer service
  5. Loyalty stage: customers not only choose to stay with a company, they actively promote it to their family, friends, and colleagues.
25
Q

Reading: Agius (What is a customer journey map?)

A

A visual representation of the customer’s experience with a company. It also provides insight into the needs of potential customers at every stage of this journey.

26
Q

Reading: Agius (What is the customer journey mapping process)

A

the process of creating a customer journey map - the visual representation of a company’s customer experience. Combines the information into a visual map.

27
Q

Reading: Agius (What’s included in a customer journey map?)

A
  1. They buying process
  2. Emotions
  3. User actions
  4. User research
  5. Solutions
28
Q

Reading: Agius (what are the steps for creating a customer journey map)

A
  1. Use customer journey map templates
  2. Set clear objectives for the map
  3. Profile your personas and define their goals
  4. Highlight your target customer personas
  5. List out all touchpoints
  6. Determine the resources you have and the ones you’ll need
  7. Take the customer journey yourself
  8. Make the necessary changes
29
Q

Reading: Agius (Types of customer journey maps)

A
  1. Current state
  2. Day in the life
  3. Future state
  4. Service blueprint (They are best used to identify the root causes of current customer journeys or the steps needed to attain desired future customer journeys.)
30
Q

Reading: Agius (Customer journey map best practices)

A
  1. Set a goal for the journey map
  2. Survey customers to understand their buying journey
  3. Ask customer service reps about the questions they receive most frequently
  4. Consider UX journey mapping for each buyer persona
  5. Review and update each journey map after every major product release
  6. Make the customer journey map accessible to cross-functional teams
31
Q

Reading: Agius (Benefits of customer journey mapping)

A
  1. You can refocus your company with an inbound perspective
  2. You can create a new target customer base
  3. You can implement proactive customer service
  4. You can improve your customer retention rate
  5. You can create a customer-focused mentality throughout the company
32
Q

Reading: Agius (Customer journey map examples)

A
  1. HubSpot’s customer journey map templates
  2. B2B customer journey map example
  3. E-commerce customer journey map example
  4. Future B2C customer journey map example
  5. Retail customer journey map example

High-Tech Marketing (12 decks)

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