Transcript
- “How To Launch A New Product Using Effective Market Research…”
- I Will Cover 4 Things: 1- Why this is important & why you should listen to me 2- Theory about buying psychology & market research
- 3- How to do market research step-by-step 4- Immediate next actions
- First = Back to school Last = Techniques
- “Why Market Research Is Important…”
- You Will Be Able To Determine: Customer problems Features & benefits Customer concerns Offer & price…
- …Marketing channels Value proposition Motivation & urgency Product names And much more…
- 80/20 Market research is success insurance!
- “My Story & Why I’m Qualified To Talk About This…”
- Risk-Free Startup Weekend Sydney 2011
- Helped Others Startup Weekend Adelaide – 500+ Alumni & x 5 Flinders University Venture Dorm – 100+ Alumni & x 4
- Valuations $6,000,000+ (& Revenue)
- “Buying Psychology & Market Research Theory…”
- Market Research? “Is any organized effort to gather information about customers”
- For You Use that information to inform your business, your career & your personal life
- Case Study Amazon use a process called “working backwards” for new product creation
- “Start with your customer & work back to the minimum set features to satisfy what you try to achieve” – CTO, Werner Vogel
- Press release FAQ User manual > Before product creation
- Sales Elements Qualifying Credentials Benefits An offer Call to action & So on
- Market Research Directly relates to your sales presentation
- You Want To: “Enter into the conversation that your prospect is already having in their own mind” – Copywriter, Robert Collier
- Humans ♥ Homeostasis = A condition that remains stable & relatively constant
- Human Motivation x 2 / pain vs pleasure
- Maslow’s Needs Upper = Seeking pleasure Lower = Avoiding pain
- Purchasing Logic…
- Pain or problem = Not in homeostasis = Outside comfort zone > Anything to return FAST
- ^ Motivation to find a solution ^ Willing to talk about it Insight into their worldview
- Sales Mirror exact phrases “This is exactly what I need!”
- Human’s ♥ Instant Gratification Want to get back to their comfort zone FAST
- They see value Not opportunity cost = Focused on getting back to their comfort zone
- MRI Scans Thought > Action > 7 seconds > Realise Not the reverse!
- “Confabulation” Create a story Rationalize with logic after
- Love To Buy (biology, emotion, the past) Hate Being Sold To (logic)
- Love To Buy In homeostasis In comfort zone In “control” Boosted self esteem
- Hate Being Sold No pain or urgency Convince Resentment
- Humans ♥ Magic Pill’s Want results yesterday Sell people what they want
- “How To Step By Step…”
- 1- Prospect list 2- Ask the following 6 Qu’s…
- “What are their biggest challenges or what results are they trying to achieve?” Benefits
- “What is the magic pill they think will achieve this?” Features & prodct type
- “If they could solve this immediately, how much would it be worth?” Price range
- “Where and how are they looking to solve this?” Marketing & sales channels
- “What are they considering buying?” Competition & value proposition
- “What will happen if they don’t get this solved?” Motivation & concerns
- “How To Take Action …”
- 1- Decide 2- Talk to people; no surveys 3- Repeat 20+x 4- Common denominators 5- Add to sales pitch
- Business Card = Copy of Questions
- Good Luck!
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