market research and value proposition

d i r e c t i o nd i r e c t i o n

Market Research’s ValueMarket Research’s Value

© Market Directions– All Rights Reserved


What is Market Research?

Purpose The aim of market research is not knowledge for the

sake of knowledge but knowledge for the sake of action.

Thinking, seeing, measuring and investigating.

Evidence Based Marketing Decisions See Market Directions White Paper on Evidence Based

Marketing

Knowledge is the antidote to fear.

Ralph Waldo Emerson

Without a clear direction we slow down, uncertain of where to head. Market Research provides direction with clarity that allows for focused effort and speed.

Its all about the customer-- the more you know about the customer the more likely it is you can offer the right product, at the right time, at the right place, with the right price

What we see depends mainly on what we look for.

John Lubbock



Benefits of Market Research

Discovers what your customers want and value

Discovers loyalty drivers Discovers competitive position Basis for marketing plans Gathers evidence in support of

actions Keeps marketing plans on track Did we meet our goals? Were our goals reasonable in

relation to market? Do we need to change direction

as environment changes?

Applies universal findings to sample markets and segments

Enables you to benchmark

Strengths, Weakness, Opportunities, Threats--- relative to competition

Avoids cost of bad marketing campaign

Saves costs by targeting right message to right audience

Improves effectiveness of marketing campaigns

Is a learning and educational

tool.

After hiring an experienced, qualified market research firm you should be able to understand your customers better, identify market opportunities, make informed marketing decisions, formulate

business planning and use the data to justify more creative and bolder business decisions.



Discovery

Provoke

Insights Trends

Final thoughts can go here

Research – More than nice to know.Evidence

Are observations supported by data?---Patterns/associations/ behavior? Hypothesis

Are we ready to go where the evidence/data points?

What is the plan of action?

ProblemsChallengesOpportunity

Evoke

Is Benefit > Cost?

An event or change occurs which provokes

action.

Proactive•New Products•New Markets•Customer Satisfaction•Mature Product Life Cycle•New Marketing Strategies•Competitive Intelligence

Reactive•Decrease Revenues•Customer Dissatisfaction•New Technology•Legislative Change •Economic Change•Mergers/Acquisitions

A new idea or product

evokes action.

Market Research is considered when: …. unexpected challenges or problems arise or …. considering future (unknown) opportunities and growth.


Market Research Identifies Value –

– Reliability– Price– Ease of Use – Operating

Costs– Expected

Outcome

ValueValue – Benefits derived from burdens endured. It is what each customer perceives it to be.

– Literal– Feature & Benefits– Quality– Service Levels


… for you and your customers Creating a Value Proposition

• Evaluation Process1. What do we do for our customers?2. What’s in it for the customer?3. Who is our target market?4. How can customers be identified?5. How do we reach our customers?6. How do we want to be perceived?7. What’s in it for us?

• Market Research Answers Questions With1. Internal Surveys v Customer Perceptions2. Observation/Surveys3. Secondary Research4. Information Analysis5. Media Analysis6. Internal Surveys/Interviews7. Financials—Pricing, Margin, ROI, etc.

OfferProduct/Service

ROI for the Business

ValueReturn on Experience

for the Customer

DeliveryChannel/Process

Customer Goals

Business Goals


Value Proposition• Is not

– Elevator Pitch– Tag Line– Company Messaging,

i.e. mission statement– Product Positioning,

i.e. “We are the Best”– Internally Driven– Customer Centric

• Is– Essential– Deliberate– Specific– A commitment– Profitable– Relevant– Measurable– Competitive

Value PropositionValue Proposition – A commitment to deliver a specific experience, profitably and competitively.


Uncover Your Value Proposition– with Market Research

• Determine- – your customer’s definition of value– your customer’s principal

purchase criteria• Why, Who, Where, When, How

– buyer’s success criteria• How do they measure?• How are they measured?

• Characterize--– who your customers/prospects

are:• Market Segment• Industry• Decision maker• End-user

– decision process• Group• Individual• Budgeted

Its all about the customer-- the more you know about the customer the higher the probability that you can offer the right product, at the right time, at the right place, with the right price.

• Benefits of Value Proposition– Differentiate Offering

– Enable Customer’s Justification

– Shorten Sales-Cycle

– Value Pricing

– Increase Customer Satisfaction

– LTV of Customer Increase


Market Directions’ Value Proposition– Our promise to you.

“We Accelerate Growth” In order to accelerate your growth, Market Directions equips you with

information to help you build and sell offerings that your customers value. The result of our work will help you understand your customers and your business in a whole new way by experiencing your products and services as your key customers do. Market Directions’ customized solutions, proactive communication, high quality data and exceptional project management is your solution for cost effective market research with competitive advantages that deliver optimum client satisfaction.

market research and value proposition

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