March 8, 2017

Being the Shopper: Understanding the Buyer's Choice by Phil Lempert

By Phil Lempert

I've got seven years adventure in discovering customer insights to figure out model positioning. i have lately taken a brand new place the place i am relocating from model advertisements into retail advertising and marketing. i used to be hoping this e-book would offer deep retail patron insights with wealthy examples of ways those insights helped leverage items in a retail atmosphere given that my adventure is barely on the mass advertisements point. as an alternative, i discovered this publication to be effortless and unenlightening at any advertising channel point. lots of the examples are superficial instead of genuine case reviews. whereas the writer talks approximately many capability how one can get perception into the customer equivalent to utilizing colour and smel, he presents no concrete examples of ways those insights were or may be positioned into motion by way of a person. i'd merely suggest this booklet to a person with little or no advertising and marketing adventure who desires a uncomplicated review of what elements a researcher will need to discover to raised comprehend the customer.

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To test the appropriateness of these questions, we prepared a comprehensive market survey involving nearly two thousand digital customers nationwide, sampling everyone from consumers to CEOs. Then, with the help of a respected market research team, we tabulated the responses and built a prototype momentum model. ) We designed a model to yield a “momentum score” from 0 to 100, indexed relative to the statistically 43 mom e ntum weighted value of the individual attributes. These scores could be used in a number of ways: first, as a quantifiable, numerical measure of a company’s momentum based on what customers believed about the quality of the differentiation for a company and its products; second, to compare the momentum of competing companies such as Motorola and Nokia; and third, to compare companies in different markets—a comparison of Intel to Intuit, for example.

Best of all, momentum already had a formula associated with it—Mass × Velocity. We defined the terms in the equation as follows: • Mass: A product’s value proposition and its role in the industry value chain • Speed: A company’s ability to “get there” faster or keep up the pace of technology change • Direction: A customer’s process of coming to trust a brand’s ability to know and articulate where it and the market are headed in the future 42 The Billion-Dollar Formula We developed a battery of questions around mass, speed, and direction designed to reveal whether a company had momentum—as our experiences fighting Microsoft, Intel, Sun, Oracle, and all the others had taught us—and how much.

As these services mature, we expect that the momentum strategies we discuss in the following chapters will apply to these markets even when the product’s primary function is analog-powered, but the customer relationship is digital-centric. Over the horizon, GM is experimenting with a concept car called AUTOnomy, which envisions a Dell-like approach to building cars based on a common, scalable technology platform. ) 2. Digital products never stand alone. When we compared Sun’s Java software technology to Gillette’s Mach3 razor, it became clear that our model also had to accommodate a second peculiarity specific to the digital product model.

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