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Customer Vignettes & Market Sizing Revisited

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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Customer Vignettes & Market Sizing Revisited

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  1. Customer Vignettes&Market Sizing Revisited

  2. 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

  3. 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

  4. 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)

  5. 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

  6. REVIEW – Market Sizing – Defining a Market Niche • Geographic scope • Target customer profile • Title/description • Revenues • Spending • Wants/needs

  7. 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

  8. REVIEW – Market Sizing – Making Assumptions • Assumptions based on “hard” data • Assumptions based on anecdotal evidence • Arbitrary assumptions based on “educated guesses”

  9. 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)

  10. 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?

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