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jerryking : hiring-a-product-to-do-a-specific-job   11

The Data Companies Wish They Had About Customers - WSJ
March 23, 2014 | WSJ | by Max Taves.

We asked companies what data they wish they had—and how they would use it. Here's what they said....
(A) Dining----Graze.com has a huge appetite for data. Every hour, the mail-order snack business digests 15,000 user ratings about its foods, which it uses to better understand what its customers like or dislike and to predict what else they might like to try...more data could help him understand customers' tastes even better. Among the information he wants most is data about customers' dietary habits, such as what they buy at grocery stores, as well as better information about what they look at on Graze's own site. And because the dietary needs of children change rapidly, he'd like to know if his customers have children and, if so, their ages.
(B) Energy-----Energy consumption is among its customers' main concerns, says CEO William Lynch. For instance, the company offers a product giving homeowners the real-time ability to see things like how many kilowatts it takes to heat the hot tub in Jan. Because of privacy concerns, Savant doesn't collect homeowners' energy data. But if the company knew more about customers' energy use, it could help create customized plans to conserve energy. "We could make recommendations on how to set up your thermostat to save a lot of money,
(C) Banking-----the Bank of the West would like "predictive life-event data" about its customers—like graduation, vacation or retirement plans—to create products more relevant to their financial needs...At this point, collecting that breadth of data is a logistical and regulatory challenge, requiring very different sources both inside and outside the bank.
(D) Appliances-----Whirlpool Corp.has a vast reach in American households—but wants to know more about its customers and how they actually use its products. Real-time use data could not only help shape the future designs of Whirlpool products, but also help the company predict when they're likely to fail.
(E) Healthcare----Explorys creates software for health-care companies to store, access and make sense of their data. It holds a huge trove of clinical, financial and operational information—but would like access to data about patients at home, such as their current blood-sugar and oxygen levels, weight, heart rates and respiratory health. Having access to that information could help providers predict things like hospitalizations, missed appointments and readmissions and proactively reach out to patients,
(F) Healthcare----By analyzing patient data, Carolinas HealthCare System of Charlotte, N.C., can predict readmission rates with 80% accuracy,
(G) Law----law firms that specialize in defense work are typically reactive, however some are working towards becoming more proactive, coveting an ability to predict lawsuits—and prevent them.How? By analyzing reams of contracts and looking for common traits and language that often lead to problems.
(H) Defense---BAE Systems PLC invests heavily in protecting itself from cyberattacks. But it says better data from its suppliers could help improve its defenses...if its suppliers get cyberattacked, its own h/w and s/w could be compromised. But "those suppliers are smaller businesses with lesser investments in their security," ...A lack of trust among suppliers, even those that aren't direct competitors, means only a small percentage of them disclose the data showing the cyberattacks on their systems. Sharing that data, he says, would strengthen the security of every product BAE makes. [BAE is expressing recognition of its vulnerability to network risk].
data  data_driven  massive_data_sets  Graze  banking  cyber_security  BAE  law_firms  Whirlpool  genomics  social_data  appliances  sense-making  predictive_analytics  dark_data  insights  customer_insights  real-time  design  failure  cyberattacks  hiring-a-product-to-do-a-specific-job  network_risk  shifting_tastes  self-protection  distrust  supply_chains 
november 2014 by jerryking
Securable Market | Strategyn
In all the traditional market definitions, the size of a market hinges on the number of buyers who might exist for a particular market offer. But we know that market offers (i.e., products) are merely point-in-time solutions that help customers get jobs done. The jobs customers are trying to get done do not change over time. They are stable.

In contrast to traditional methods based on products and price, Strategyn uses jobs, outcomes, and the opportunity algorithm to calculate the size of a market opportunity and the market share that can be captured by a new solution. Strategyn calls the resulting number the securable market to distinguish it from traditional addressable market definitions and to highlight that it is calculated with different inputs.
market_sizing  market_segmentation  Theodore_Levitt  disruption  customer_experience  differentiation  new_categories  hiring-a-product-to-do-a-specific-job  market_opportunities 
november 2014 by jerryking
Pulling More Meaning from Big Data
August 2013 | Retail Leader | By Ed Avis

"A.G. Lafley [Procter & Gamble's CEO] spoke of the two moments of truth," says John Ross, president of Inmar Analytics based in Winston-Salem, N.C. "The first occurs when a consumer buys a product, and the second when they use it. Much of the data today is about orchestrating and understanding those two moments. But two additional moments of truth are emerging to bookend Lafley's. One occurs when a consumer is planning to make a purchase. The other happens following use, when the consumer talks about his or her experience with the product. All of these activities leave a 'data wake' that describes how the consumer is moving down the path to purchase." (jk: going to assume that data wake = exhaust data).

Like most consumer packaged goods companies, Procter & Gamble relies on data to determine what consumers are looking for. "Consumer insight is at the core of our business model. We approach every brand we make by asking the question, 'What do people really need and want from this product? What does this mean to their lives?' Let me be clear – this is not casual observation. We employ teams of behavioral scientists, researchers, psychologists, even anthropologists to uncover true insight based on intensive research and exploration," said Marc Pritchard, P&G's global marketing and brand building officer, speaking at the Association of National Advertisers' 2012 Annual Conference....Most firms haven't advanced beyond localized analytics and don't fully capitalize on the existing data they have at hand – such as POS data, loyalty club data and social media traffic – according to a 2012 Deloitte study for the Grocery Manufacturers Association.
massive_data_sets  Sobeys  grocery  supermarkets  Safeway  P&G  A.G._Lafley  Kroger  point-of-sale  loyalty_management  customer_insights  insights  CPG  exhaust_data  psychologists  psychology  anthropologists  anthropology  ethnography  behavioural_science  hiring-a-product-to-do-a-specific-job  data  information_sources  moments  moments_of_truth 
december 2013 by jerryking
Snap Out of It: Kids Aren't Reliable Tech Predictors - WSJ.com
Nov. 17, 2013 | WSJ | By Farhad Manjoo.

First, Snapchat's main selling point is ephemerality. Users who send a photo and caption using the app can select how long the image is viewable. Second, and relatedly, Snapchat is used primarily by teens and people in college. This explains much of Silicon Valley's obsession with the company....tech execs, youngsters are the canaries in the gold mine.

That logic follows a widely shared cultural belief: We all tend to assume that young people are on the technological vanguard, that they somehow have got an inside scoop on what's next. If today's kids are Snapchatting instead of Facebooking, the thinking goes, tomorrow we'll all be Snapchatting, too, because tech habits, like hairstyles, flow only one way: young to old.

There is only one problem with elevating young people's tastes this way: Kids are often wrong....Incidentally, though 20-something tech founders like Mr. Zuckerberg, Steve Jobs and Bill Gates get a lot of ink, they are unusual.... "The twentysomething inexperienced founder is an outlier, not the norm," ...If you think about it for a second, the fact that young people aren't especially reliable predictors of tech trends shouldn't come as a surprise. Sure, youth is associated with cultural flexibility, a willingness to try new things that isn't necessarily present in older folk. But there are other, less salutary hallmarks of youth, including capriciousness, immaturity, and a deference to peer pressure even at the cost of common sense. This is why high school is such fertile ground for fads. And it's why, in other cultural areas, we don't put much stock in teens' choices. No one who's older than 18, for instance, believes One Direction is the future of music....Is the app just a youthful fad, just another boy band, or is it something more permanent; is it the Beatles?

To figure this out, we would need to know why kids are using it. Are they reaching for Snapchat for reasons that would resonate with older people—because, like the rest of us, they've grown wary of the public-sharing culture promoted by Facebook and Twitter? Or are they using it for less universal reasons, because they want to evade parental snooping, send risqué photos, or avoid feeling left out of a fad everyone else has adopted?

At this point no one knows, probably not even the people who make Snapchat. For now,That's reason enough to be wary of Snapchat's youthful vigor.
capriciousness  customer_risk  developmental_change  ephemerality  fads  Farhad_Manjoo  generational_change  hiring-a-product-to-do-a-specific-job  immaturity  impermanence  invisibility  motivations  peer_pressure  predictors  Silicon_Valley  Snapchat  snooping  transient  trends  young_people  youth 
november 2013 by jerryking
The Four Best (and Worst) Uses of Market Research| Page 2
April 9 2013 | | ChiefExecutive.net | Chief Executive Magazine | by Taddy Hall

Experience and research suggest that CEOs of many companies look for growth in the wrong places and in the wrong ways, thereby missing opportunities and leaving them for the newbies. In a sense, though, this is good news: success lies in doing things differently, not spending more.

Specifically, there are four approaches organizations often take, none of which reliably lead to the actionable insights business leaders need:

Seek and profile large, growing and profitable markets
Solicit feedback from current best customers
Segment markets based on customer attributes, such as demographics, or based on product characteristics like “high end” vs. “low end,” “regular” vs. “light,” etc.
Benchmark progress against competitors

In each case, it is easy to see why an industry leader might have interest in the findings; however, these outputs speak primarily to aspects of the existing business or to the franchises of other established players. In other words, mapping current demand reveals little to nothing of the less-visible latent demand that is essential fuel for transformational innovation. As Henry Ford mused a hundred years ago: if he’d asked folks what they wanted, they would have asked for faster horses. Echoing Ford, Steve Jobs noted that consumers can’t describe what they’ve never experienced.
market_research  disruption  Clayton_Christensen  high-end  latent  insights  growth  opportunities  transformational  customer_insights  innovation  large_markets  market_segmentation  customer_risk  actionable_information  hidden  Henry_Ford  Steve_Jobs  market_share  static  dynamic  segmentation  missed_opportunities  hiring-a-product-to-do-a-specific-job  unarticulated_desires 
april 2013 by jerryking
The games customers play
October 6, 2011 | Report on Small Business | Omar El Akkad.
Gamification can make your brand appealing and addictive

Gamification refers to a strategy whereby interactions with a brand are made more appealing and addictive to consumers by incorporating tricks from the gaming world, such as high-score tables and achievement badges. Are such "achievements" almost completely worthless in the real world? Yes. Do consumers become mindlessly addicted to them anyway? Yes.

2. Think of gamification as a way of creating an Aeroplan-like loyalty program at a tiny fraction of the cost. Many businesses implement loyalty programs such as "get the 10th coffee free" cards. But Zichermann says free stuff is actually at the bottom of the list of what customers want. He uses the acronym SAPS: status, access, power, stuff. Those are the things loyal customers want, in that order. As such, lunch with the owner or a 15-minute head start on a sale for your best customers might be far more effective than a free coffee.

3. Figure out where your product fits into your customers' lives and help make that experience more meaningful.
in_the_real_world  games  Omar_el_Akkad  branding  gamification  loyalty_management  perks  customer_loyalty  customer_insights  hiring-a-product-to-do-a-specific-job  Aeroplan  Aimia  brands 
october 2011 by jerryking
IDEO's Axioms for Starting Disruptive New Businesses | Co.Design
August 24 | Fast Company | by Colin Raney who leads the
Business Design Community within IDEO. TAKE ACTION: Designing for Life's
Changes

1. Go early, go often
Building experimentation into your business is harder than you think.
Start small and stay focused. Try everything, but don’t try it all in
one prototype.

2. Learning by doing
Build value for the business as you prototype. If you fail, what will
you have learned? What will you salvage?

3. Inspiration through constraint
Don’t exhaust yourself searching for money and resources. The tighter
your constraints, the more creative your prototypes will be.

4. Open to opportunity
Look for unanticipated ways customers are using your offering. Their
improvisations may be the future of your business.
lessons_learned  food_trucks  start_ups  tips  rules_of_the_game  ideo  experiential_learning  prototyping  design  disruption  experimentation  new_businesses  constraints  unanticipated  improvisation  hiring-a-product-to-do-a-specific-job  value_creation  unarticulated_desires 
september 2010 by jerryking
It's the Purpose Brand, Stupid - WSJ.com
NOVEMBER 29, 2005 | Wall Street Journal | by CLAYTON M.
CHRISTENSEN, SCOTT COOK and TADDY HALL. Carving up markets by product,
price point or customer type often causes marketers to deliver products
overloaded with unwanted features or designed to improve on a product or
appeal to a demographic profile -- but not necessarily real customers.
the marketer's fundamental task is not so much to understand the
customer as it is to understand what jobs customers need to do -- and
build products that serve those specific purposes.
Clayton_Christensen  disruption  product_innovation  product_launches  innovation  market_segmentation  Marriott  failure  Coca-Cola  customer_insights  feature_overload  purpose  contextual  hiring-a-product-to-do-a-specific-job  brand_purpose 
january 2010 by jerryking
Why a Product’s Job Matters
April 18, 2007 | - The Informed Reader - WSJ | by Robin
Moroney. A basic principle of business–knowing what consumers want from
a particular product–is often ignored by corporations. Many businesses
focus on qualities that are largely irrelevant to the consumers’ buying
decisions, such as product prices, or data on customer age, gender and
marital status. Some business-to-business companies slice their markets
by industry; others by size of business. The problem with such
segmentation schemes is that they are static. Customers’ buying
behaviors change far more often than their demographics, psychographics
or attitudes. This leads to situations in which, in the words of the
late business guru Peter Drucker, “the customer rarely buys what the
business thinks it sells him.”
Peter_Drucker  Clayton_Christensen  Scott_Anthony  segmentation  marketing  market_segmentation  static  dynamic  purchase_decisions  hiring-a-product-to-do-a-specific-job  B2B  demographics  psychographics  attitudes  demographic_information  relevance  consumer_behavior  behavioral_change  irrelevance 
january 2010 by jerryking
Creating A Killer Product
10.13.03 | Forbes Magazine | by Clayton M. Christensen & Michael E. Raynor.

Three in five new-product-development efforts are scuttled before they ever reach the market. Of the ones that do see the light of day, 40% never become profitable and simply disappear.

Most of these failures are predictable--and avoidable. Why? Because most managers trying to come up with new products don't properly consider the circumstances in which customers find themselves when making purchasing decisions. Or as marketing expert Theodore Levitt once told his M.B.A. students at Harvard: "People don't want to buy a quarter-inch drill. They want a quarter-inch hole." ...Managers need to segment their markets to mirror the way their customers experience life--and not base decisions on irrelevant data that focus on customer attributes. Managers need to realize that customers, in effect, "hire" products to do specific "jobs."...Why not put in tiny chunks of real fruit to add a dimension of unpredictability and anticipation--attacking the boredom factor. A thicker shake would last longer. A self-service shake machine that could be operated with a prepaid card would get customers in and out fast.

Improvements like this would succeed in building sales--but not by capturing milk shake sales from competing quick-service chains or by cannibalizing other products on its menu. Rather, the growth would come by taking business from products in other categories that customers sometimes employed, with limited satisfaction, to get their particular jobs done. And perhaps more important, the products would find new growth among "nonconsumers." Competing with nonconsumption often offers the biggest source of growth in a world of one-size-fits-all products. ...One option would be for RIM to believe its market is structured by product categories, as in: "We compete in handheld wireless devices." WRONG!!!!!!!!!!!!!...But what if RIM structured the segments of this market according to the jobs that people are trying to get done? Just from watching people who pull out their BlackBerrys, it seems to us that most of them are hiring it to help them be productive in small snippets of time that otherwise would be wasted, like reading e-mails while waiting in line at airports....Features that do not help customers do the job that they hire the BlackBerry for wouldn't be viewed as improvements at all. ...Brands are, at the beginning, hollow words into which marketers stuff meaning. If a brand's meaning is positioned on a job to be done, then when the job arises in a customer's life, he or she will remember the brand and hire the product. Customers pay significant premiums for brands that do a job well.
Clayton_Christensen  Michael_Raynor  Innosight  prepaid  innovation  market_segmentation  customer_experience  arms_race  branding  product_development  education  Colleges_&_Universities  Theodore_Levitt  disruption  new_products  customer_segmentation  observations  nonconsumption  hiring-a-product-to-do-a-specific-job  one-size-fits-all  BlackBerry 
september 2009 by jerryking
Finding the Right Job For Your Product
Spring 2007 | MIT Sloan Management Review | by Clayton M.
Christensen, Scott D. Anthony, Gerald Berstell and Denise Nitterhouse.
What is the "job" the product is being hired to do? Segment according to
this.
market_segmentation  Clayton_Christensen  hiring-a-product-to-do-a-specific-job  Innosight  innovation  Scott_Anthony  ProQuest  customer_segmentation 
august 2009 by jerryking

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