Podcast
Questions and Answers
Which market validation method involves a simplified product launch to gather real-world feedback?
Which market validation method involves a simplified product launch to gather real-world feedback?
What type of research focuses on gathering in-depth insights through discussions and observations?
What type of research focuses on gathering in-depth insights through discussions and observations?
Which of the following is NOT a type of customer segmentation mentioned in the text?
Which of the following is NOT a type of customer segmentation mentioned in the text?
What does customer journey mapping help optimize?
What does customer journey mapping help optimize?
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What is the primary goal of adopting a customer-centric approach?
What is the primary goal of adopting a customer-centric approach?
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Which market research method involves hands-on feedback using a model or preliminary version of a product?
Which market research method involves hands-on feedback using a model or preliminary version of a product?
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According to the content, which of the following is NOT a key feature of a persona?
According to the content, which of the following is NOT a key feature of a persona?
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What is the primary benefit of performing market validation?
What is the primary benefit of performing market validation?
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What is the primary purpose of identifying distinct customer segments for a business?
What is the primary purpose of identifying distinct customer segments for a business?
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Which of the following is NOT a typical way to segment customers?
Which of the following is NOT a typical way to segment customers?
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A startup producing vegan hemp seed milk is planning to enter the US market. In the context of market analysis, what does SAM refer to?
A startup producing vegan hemp seed milk is planning to enter the US market. In the context of market analysis, what does SAM refer to?
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Which of these is an example of a purchase touchpoint?
Which of these is an example of a purchase touchpoint?
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What does the acronym SOM stand for when discussing market size?
What does the acronym SOM stand for when discussing market size?
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Which category would 'Loyalty Programs and Promotions' fall into?
Which category would 'Loyalty Programs and Promotions' fall into?
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When determining the Total Available Market (TAM), which of these questions is LEAST relevant?
When determining the Total Available Market (TAM), which of these questions is LEAST relevant?
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What is the primary benefit of understanding a customer's journey?
What is the primary benefit of understanding a customer's journey?
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A company is analyzing its customer base. Which segmentation method focuses on the technology used by customers?
A company is analyzing its customer base. Which segmentation method focuses on the technology used by customers?
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Which option best describes touchpoints?
Which option best describes touchpoints?
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A company selling a Software as a Service (SaaS) product identifies 'small businesses', 'large corporations', and 'individual consumers' as distinct customer segments. What is the primary reason for doing this?
A company selling a Software as a Service (SaaS) product identifies 'small businesses', 'large corporations', and 'individual consumers' as distinct customer segments. What is the primary reason for doing this?
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Which of the following is an example of an indirect touchpoint?
Which of the following is an example of an indirect touchpoint?
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What is the main difference between Serviceable Obtainable Market (SOM) and Serviceable Available Market (SAM)?
What is the main difference between Serviceable Obtainable Market (SOM) and Serviceable Available Market (SAM)?
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How does understanding the customer journey help with customer retention?
How does understanding the customer journey help with customer retention?
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Which type of touchpoint includes elements like product packaging?
Which type of touchpoint includes elements like product packaging?
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What does an effective customer journey ultimately encourage?
What does an effective customer journey ultimately encourage?
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Study Notes
Introduction to Entrepreneurship - WS 2024/2025
- Course taught by Dr. Dinah Murad
- Offered at Eberhard Karls Universität Tübingen
- Course material provided through presentations
- Includes a semester plan, with dates and topics
Semester Plan
- 15/10/24: Introduction and Business Ideas
- 29/10/24: Business Models and Value Proposition
- 12/11/24: Customer: Market Research and Validation
- 26/11/24: Business Planning and Strategy
- 10/12/24: Financial Planning and Fundraising
- 7/1/25: Operations and Execution
- 21/1/25: Innovation, Risk Management, and Scaling
- CW 6 (2025): Exam (60 minutes, multiple choice)
12/11/24 - Customer: Market Research and Validation
- Course material includes a recap
- Includes topics on customers, customer segments, customer journeys, and personas
- Additional tasks outlined for students
What do you remember?
- Business Models: Business Model Canvas, Lean Canvas, Value Proposition Canvas
- Strategic Frameworks: Porter's five Forces, SWOT, Blue Ocean Strategy, Design Thinking, SAFe Lean Startup Cycle
- Revenue Models: B2B, D2C, subscription, premium, on-demand, franchise, etc.
- Value Proposition Canvas: Explained
Your Ideas... Carla, Jessica: Thermomix
- Value Proposition: Time-efficient meal preparation facilitating cooking of high-quality dishes.
- Customer Segment: Customers with a decent salary seeking time-efficiency and insufficient cooking know-how.
- Products/Services Details on the product, including its features, benefits, functionality.
- Gain Creators: Details that illustrate the value of the product or service.
- Pain Relievers: The pain points that the product or service alleviates or addresses.
- Customer Jobs: The things the customer needs or wants.
- Pains: The factors causing inconvenience or frustration
Your Ideas... Chrysi: Apple Watch
- Value Proposition: Smart and convenient device that offers seamless connectivity, personalized health insights and unique style- all from your wrist.
- Customer Segment: Health-conscious, tech-savvy individuals seeking convenient and integrated wearable technology for fitness, connectivity, and daily productivity.
- Products/Services: Includes smart tools, communication features, health insights, convenience features, design features and extended battery life.
- Gain Creators: Includes smart tools, communication, health insights, convenience, motivation, and style & design.
- Pain Relievers: Includes phone dependency, poor wearable battery life, inaccurate or limited health data.
- Customer Jobs: Includes staying connected, managing well-being, health and fitness tracking and daily convenience.
- Pains: Includes smartphone dependency, poor life battery in wearables, inaccurate or limited health data
Your Ideas... Nina, Thao: Mercedes-Benz Cars
- Value Proposition: High-end integration of smart systems and product experience.
- Customer Segment: Independent users who value high quality, comfort, design and outer status.
- Products & services: Include luxury cars, maintenance and service options, customer service networks.
- Gain creators: Include status, driving experience, innovation, and connectivity.
- Pain Relievers: Include cost relief, convenience, and stress reduction.
- Customer jobs: Include functional needs, social needs, emotional needs & supporting needs.
What is market research?
- Focuses on understanding customers.
- Gathers data on consumers, including trends, demographics, and behaviors.
- Methods like surveys and focus groups can be used.
Qualitative and Quantitative Research
- Qualitative Research: Explores in-depth insights, opinions, and motivations through open-ended questions and observations.
- Quantitative Research: Collects numerical data from a large number of participants.
Two pairs of shoes
- Market Research: Involves a large number of participants.
- Insights Research: Involves a smaller number of participants.
What exactly is a customer insight?
- Customer insights are a deep understanding of what motivates customer behavior.
- Insights go beyond facts and consider reasons and feelings.
- Insights help businesses connect better with their customers.
Things you've probably heard of...
- Starting point: Focus on the customer
- Data, markets and consumer trends are important
Customer is the centre of your business
- Flexible Business Models
- Customer Feedback Integration
- Personalized Products and Services
- Tailored Marketing and Communication
Key Aspects of a Customer-Centric Business Model
- Personalized Products and Services: Developing offerings based on customer preferences.
- Tailored Marketing and Communication: Creating targeted campaigns and choosing suitable channels.
- Flexible Business Models: Adapting operations to diverse customer needs.
- Customer Feedback Integration: Continuously gathering and analyzing for improvements.
Understanding Customer-Centricity
- Customer-focused strategy
- Holistic customer experience
- Alignment of needs, wants, and behaviors
- Customer service
- Customer journey is key
Customer Segments
- Customer segments are different groups of people/organizations a business aims to reach.
- Understanding customer behaviors and preferences is vital for tailored offerings.
How to segment?
- Demographic: Age, gender, income, or education.
- Geographic: Country, region, or city.
- Psychographic: Interests, and values
- Technographic: Hardware and software use
- Behavioral: Habits and favorite products
- Needs-based: Various needs from your product.
- Value-based: Value different groups bring
The Market - 1st approach for quantification
- TAM: Total Available Market.
- SAM: Serviceable Available Market.
- SOM: Serviceable Obtainable Market.
Key questions to determine the TAM, SAM and SOM
- Market description: In short sentences
- Current market size: Using figures on turnover and target group
- Market growth and dynamics: Analyzing the past 3-5 years and predicting next 3-5 years.
Customer Validation Methods
- Customer Interviews: Direct conversations to gather feedback.
- Surveys: Collecting quantitative data from target audiences.
- Landing Page Tests: Assessing initial interest.
- Prototyping/MVP Tests: Evaluating product usability and value.
- Pre-Order Campaigns: Gauging market interest and willingness to pay.
- A/B Testing: Comparing different product versions.
- Focus Groups: Facilitating discussions to gain diverse opinions.
- Pilot Launches: Testing the product with a small segment of target customers.
- Observational Studies: Watching customer behavior.
- KPI Measurement: Tracking metrics like conversion or retention rates to validate demand.
Market validation methods
- Surveys: Collecting data
- Interviews: Understanding attitudes and behaviors
- Focus groups: Gathering diverse opinions
- Prototyping: Developing a mockup
- MVP: Launching a basic version
Your task for 18/11/2024
- Develop a persona for one of your value proposition canvas.
- Be specific and creative in developing the persona and their attributes.
- Create a customer journey for that persona, covering all stages.
The User Persona
- Representation of a typical customer
- Helps create user-oriented products and solutions
- Focuses on the typical customer segment, not the entire target group.
- Crucial to understanding a customer, to tailor the product to a demand
More than ONE persona
- Stakeholders often have different interests in the decision-making process.
- Buyers and users aren't always the same person.
- Example of multiple stakeholders in a school backpack purchase.
User Persona Insights
- Multiple departments and hierarchy levels (especially in B2B) may be involved in the decision-making process.
- Example of decisions on software or platforms for event management
- Senior managers or others not directly using a product may make the final financial decision.
Example: MyCabin
- A digital platform for finding campgrounds.
- Personas defined in terms of hosts or their guests.
Host Persona
- Joe: inherited a farm close to a national park, runs it ecologically sustainably.
Guest Persona
- Jenna: Lives in the city, seeks outdoor recreation opportunities.
When creating a Persona
- Tangible persona is better defined
- Use visuals to represent persona
- Focus on relevant details to the idea being developed
- Remember that a persona is just a starting point
Customer Validation - Customer Validation Interview
- A guideline and template for interviewing customers.
- Assumptions are validated through face-to-face interviews.
- The approach is validated through iterative interviews with customers.
Validation of the customer and the market
- Validation is an ongoing process, not just a one-time event.
- Markets and customers evolve over time requiring continuous review and updates.
- Important to see how situations and processes change over time. Example of the Kodak story
Key questions to determine the TAM, SAM and SOM
- Describe the market in a few sentences
- Evaluate the current market size and turnover of target customers
- Understand the growth rate and dynamics of the market over the last 3-5 years
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Description
Test your knowledge on market validation methods and customer research techniques. This quiz covers topics such as customer segmentation, journey mapping, and the benefits of a customer-centric approach. Perfect for anyone looking to deepen their understanding of effective market strategies.
