5125″ Net Promoter Score identifies customer loyalty to the brand or product. The survey uses a score of 0 to 10 to the answer to the question: “How likely is it that you would recommend [company X or product Y] to a friend or colleague?”. Net Promoter Score was first introduced by Frederick F. Reichheld […]Continue reading "Survey – Net Promoter Score"
5121″ Competitive Analysis is very much a secondary research method which you can perform online, relatively quickly and comprehensively. The analysis is absolutely crucial for any new business idea. As you are defining your idea, you need to conduct research in order to paint a picture of the competitor landscape. You will likely start out […]Continue reading "Competitive Analysis"
5119″ A Demo Pitch is when you are presenting or pitching your solution using some kind of product or service demonstration in the hope to convince a potential customer. As a method it is similar to a Solution Interview but typically takes place at a later stage, as the solution becomes more baked and you […]Continue reading "Demo Pitch"
Concierge is a technique to test the solution of a customer problem by manually performing tasks as a service. Typically it is inefficient in terms of cost effectiveness, but can provide detailed information about how a solution can be created and what minimum viable feature set should be included in an automated and optimized product. […]Continue reading "Concierge Test"
5112″ A smoke test is an experiment designed to test market demand for a specific value proposition. This test is often conducted before there is any ability to deliver the value proposition. The value proposition is presented to the customer in some way in exchange for any form of payment that would indicate true market […]Continue reading "Smoke Test"
Secondary Market Research gathers and interprets available information about the target market such as published reports, newspaper articles, or academic journals. This method is used to figure out the size of the market or customer segment, pricing, and possible ways for the market to evolve. Secondary Market Research, also referred to as “Desk Research”, or […]Continue reading "Secondary Market Research"
5105″ Data mining uses statistics from large amounts of data to learn about target markets and customer behaviors. Data mining can make use of data warehouses or big data. Helps Answer ● Who is our customer? ● What are their preferences? ● How do they rank planned feature sets? Data mining can start with a […]Continue reading "Data Mining"
Interviewing potential customers to gain insights about their perspective, pain points, purchasing habits, and so forth. Interviews also generate empathy between the customer and the entrepreneur to better aid the design and ideation process. The best interviews help narrow down the target market and provide a deep understanding of what causes a market need and […]Continue reading "Customer Discovery Interviews"