Venture For America Listen To The Customer
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Module on Listening to the Customer presented 7/2/12 to the inaugural Venture for America class
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Venture For America Listen To The Customer
- 1. Listening to the Customer Venture for America Course July 2, 2012
- 2. Outline • Identifying the target customer • How do you listen to the customer? • What is the “pain point” or opportunity that your product or service is solving for them? • Market Research tools – Informal surveys – Focus groups – live or virtual – Quantitative research – Survey Monkey • Case Studies – brands built on listening July 2, 2012 2
- 3. Identifying the Target Customer • Who is your core customer? • Do you know and understand why they buy your product or service? • How did you find them? How did they find you? • Are they growing or shrinking? • Are there others like them to grow the market? • Are they passionate about your product or service? If so, how do you harness that? July 2, 2012 3
- 4. How do you listen to the customer • Ideas? July 2, 2012 4
- 5. How do you listen to the customer • Reactive – Customer Calls – Emails – Comments/Suggestions – Retail interaction – Social media “buzz” • Proactive – Soliciting feedback – Market Research July 2, 2012 5
- 6. What is the “pain point”? • From Best Customer Experience Companies. • From Worst Customer Experience Companies. July 2, 2012 6
- 7. What is the “pain point”? • Zappos – finding the right shoes. • Comcast – waiting for a cable repairman. • Colgate-Palmolive – are the clothes really clean – how does that reflect upon me as a mother? • P&G and Betty Crocker – add an egg to the pancake mix July 2, 2012 7
- 8. Case Study – 1800Flowers.com • Extensive qualitative, quantitative, and behavioral customer analysis done. • From listening, understanding key target customer – “Tina”. • Changing brand positioning – her need to give. • Execution with Mother’s Day – Spot a Mom campaign. • Results - +9% versus projection, despite the recession. July 2, 2012 8
- 9. Case Study – Solvate • B2B Freelance talent marketplace. • Focus groups with Small Business owners. • Confidence key pain point. • Repositioning – 5 hour guarantee, “Talent you can Trust”. • Business pivot – changed to a subscription model. • Results – Record Revenue in the quarter after the new positioning was launched. July 2, 2012 9
- 10. Market Research Tools • Qualitative - Informal Survey – class exercise – how was the presentation this morning? July 2, 2012 10
- 11. Informal Survey Results • # who learned a lot from this morning’s survey – 24/40 – 60% • # who didn’t learn a lot – 0 – 0% • # who are confident that they understand the components of customer experience – 31/40 – 77.5% July 2, 2012 11
- 12. Market Research Tools • Qualitative - Informal Survey – Anecdotal, dangerous to make business decisions from this • Qualitative - Focus Groups • Data Analysis of customer behavior – purchase history, Google Analytics • Quantitative Survey – Survey Monkey – all of you fill out feedback on the workshop this morning and we’ll review the results • https://www.surveymonkey.com/s/ventureforam erica July 2, 2012 12
- 13. Survey Monkey Results • Enjoyed presentation 44% top 2 box • Learned about the importance of Customer Experience – 40% top box, 96% top 2 box • Good understanding of Customer Experience – 90% • Good measures of Customer Satisfaction • Net Promoter Score - -51% July 2, 2012 13
- 14. Questions? July 2, 2012 14
Editor's Notes
- - How do you listen to the customer – any ideas?
- Think about the exercise this morning.P&G Betty Crocker pancake mix – first version didn’t require an egg – just add water and cook. Failed – Mother’s felt they weren’t making breakfast, that they were cheating. So they changed the recipe to add an egg, some milk, and butter, and it became a huge seller.
- Think about the exercise this morning.P&G Betty Crocker pancake mix – first version didn’t require an egg – just add water and cook. Failed – Mother’s felt they weren’t making breakfast, that they were cheating. So they changed the recipe to add an egg, some milk, and butter, and it became a huge seller.
- Focus Groups, Survey, analyzing dataGifting businessThree types of buyers of online flowers – Obligatory, Last Minute, and Just BecauseJust Because heavy users – need to giveSpot a Mom campaign – show videoShe responded – target customer bought more for the first time in 4 years
- Mike and I met at SolvateVetted freelance talent – only 20% who applied got in, application and approval process – key difference vs competition like Craigslist, eLanceIn focus groups, confident entreprenuers, like the ones you’ll be working for, were very insecure hiring someone outside of their area of expertiseLeveraged money back guarantee and Mike came up with the taglineSubscription reinforced the value of the vetting processSuccessful
- Who felt they learned a lot from this mornings presentation?Who felt they didn’t?Who feels more confident they understand what goes into a great or bad customer experience?Limitations of informal – people don’t want they’re feelings hurt.Focus groups – great for gathering insights – psychology of Tina, confidence issue for small business owners. NOT good for measuring anything – don’t take a vote!Go through data to find insights – who bought what, how often, who is viewing what page. How many have heard of Google analytics? Used to determine % of Just Because buyers based on self selection – occasion. Then modelled those people to find out how big the total population was that weren’t 1800flowers.com customers.Quantitative – who has heard of Survey Monkey?Easy to use tool – you’ll now go online, answer a few questions, and we’ll look at the results in realtime. It will be completely anonymous.
- Who felt they learned a lot from this mornings presentation?Who felt they didn’t?Who feels more confident they understand what goes into a great or bad customer experience?Limitations of informal – people don’t want they’re feelings hurt.Focus groups – great for gathering insights – psychology of Tina, confidence issue for small business owners. NOT good for measuring anything – don’t take a vote!Go through data to find insights – who bought what, how often, who is viewing what page. How many have heard of Google analytics? Used to determine % of Just Because buyers based on self selection – occasion. Then modelled those people to find out how big the total population was that weren’t 1800flowers.com customers.Quantitative – who has heard of Survey Monkey?Easy to use tool – you’ll now go online, answer a few questions, and we’ll look at the results in realtime. It will be completely anonymous.
- - Happy to provide you guidance about Survey Monkey. It’s a great tool