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Customer Vignettes & Market Sizing Revisited. REVIEW – Customer Development – “Beta” Customers . Who initially comes to mind? Initial reaction to product/service Availability Interest (“what’s in it for me?”) Brain dump Referrals? Build on initial beta customers’ reactions.

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review customer development beta customers
REVIEW – Customer Development – “Beta” Customers
  • Who initially comes to mind?
    • Initial reaction to product/service
    • Availability
    • Interest (“what’s in it for me?”)
    • Brain dump
  • Referrals?
    • Build on initial beta customers’ reactions
review customer development brainstorming testing
REVIEW – Customer Development – Brainstorming & Testing
  • Brainstorming
    • Use of product/service
    • Lifestyle habits
    • Spending habits
  • Testing
    • As you identify specific usage/lifestyle/spending combinations, test them to see what happens
customer vignettes
Customer Vignettes
  • Who is your target customer, really?
    • Consumers? Businesses? Customers vs. Influencers?
  • What do you need to know about them?
    • Wants/needs (Physical/practical? Emotional/mental?)
    • Preferences (What do they like? What are their opinions relevant for the product?)
    • Where/when they buy
      • Price point? Monthly/annual spending on product?
      • Marketing/advertising channel?
      • Repeat customers vs. one-and-done?
      • Seasonal issues?
    • Demographics (age, marital status, income, occupation, residential location, professional location)
customer vignettes example golf course
Customer Vignettes – Example (Golf Course)
  • Jeremy Woods
  • Consumer
  • Not active as an influencer for golf market
  • Wants/needs
    • Regular opportunities to enjoy drinking/smoking/talking with friends while doing some sort of “activity”.
    • Enjoyment of connection w/ friends, positive self-esteem from playing well, intellectual stimulation from environment.
  • Preferences
    • I’m not really into “Western” stuff personally, but it reminds me of the fact that my girlfriend likes Country music, which is a fond association for me.
    • If I’m going to stay at a golf course clubhouse to drink/smoke/hang out with friends after a round of golf, the place has to have enough people/activity to feel like a night life spot, not just a clubhouse.
  • Where/when they buy
    • $100ish for the entire round of golf, cart, drinks, food on course and in clubhouse. About once every other month.
    • Groupon, Google searches, word of mouth.
    • I tend to be a pretty loyal repeat customer.
    • I only play golf when it’s reasonably warm outside.
  • Demographics
    • 41 years old, single, $50k annual salary, PhD candidate, residence Clifton, professional location Clifton
review market sizing defining a market niche
REVIEW – Market Sizing – Defining a Market Niche
  • Geographic scope
  • Target customer profile
    • Title/description
    • Revenues
    • Spending
    • Wants/needs
review market sizing finding hard data
REVIEW – Market Sizing – Finding “hard” data
  • Macro-level economic data is rarely exactly what you want – take what you can get
  • Look for common demographic categories which are close to what you are looking for
  • Remember to adjust the macro-level data in your assumptions
review market sizing making assumptions
REVIEW – Market Sizing – Making Assumptions
  • Assumptions based on “hard” data
  • Assumptions based on anecdotal evidence
  • Arbitrary assumptions based on “educated guesses”
market sizing example golf course
Market Sizing – Example (Golf Course)
  • Market Niche:Higher education professionals in Cincinnati
  • Macro-level data sources: B&E Library (Cincinnati Economy, U.S. Economic Statistics)
  • Macro-level data: 8.6 million education professionals nationwide (source: American Community Survey)
  • “Hard data” assumptions: 8.6 million education professionals X 8.5% = 730,500 higher edprofessionals nationwide (source: Hoovers)
  • “Educated guess” assumptions: 730,500 higher ed professionals nationwide / 50 = 146,100 higher ed professionals in Ohio / 10 = 14,100 higher ed professionals in the greater Cincinnati area. (assumptions: 50 states in USA, 10 major population centers in Ohio)
  • Anecdotal assumptions: = 14,100 higher ed professionals in the greater Cincinnati area X $100 / 2 = $750k monthly spent on golf outings by Cincinnat-area higher ed professionals during spring/summer months. (source: Jeremy Woods customer vignette)
market sizing example golf course1
Market Sizing – Example (Golf Course)
  • Other things to think about based on the customer vignette
    • How many of these higher ed professionals have the same wants/needs as Jeremy? What are other major “wants/needs vignettes”?
    • How many of these higher ed professionals have the same preferences as Jeremy? What are other major “preference vignettes”?
    • How can I reach these higher ed professionals via Groupon, Google searches, and word of mouth? Do other major vignette profiles use other marketing/advertising channels?
    • How many of these higher ed professionals tend to be repeat customers?
    • How do Jeremy’s other demographics impact my market size estimate (age, marital status, income level, residential location)?
    • What percentage of the market could I hope to get based on my marketing/advertising budget and the level of competition?