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Customer and Product Feasibility Check - Coggle Diagram
Customer and Product Feasibility Check
Customer Segments
Need-based
Functionality:
understand what ur product or service is helping the customer to accomplish and prioritize the most criticial customer need.
Problem-solving and benefits:
identify the problems the customer are facing that your product or service can help solve explore the benefits customers get or should expect from the product
Analytics
Eduction and profession:
some products may only be appealing to specific types of people who have an educational background related to that product (e.g engineering tools, profession tools used by doctors)
Age, Income, Gender and Lifestyle:
There can be some products which only may be appealing to a specific gender like hand bags or some products may only target audiences with high income such as luxury automobile companies. Some can specifically target people with a lavish lifestyle like a community club
Segments size and growth
Market size:
analyze the potential amount of customers in each segment this also include asking them how many others will use this product
Scalability:
to make sure if the segment ur targeting is large enough and will grow in the future. U can also be niche but loyal it depends on ur goals
Location:
Customers in different regions may have differrent needs so its important to create opportunity for localized products
Behaviors
Purchasing frequency:
there are many types of products some products are bought regularly such has groceries etc but some are only bought occasionally for example car, house pets etc
Usage:
analyze the similar products the customer are using and try finding challenges they are facing or what other improvements can be made
Questions
How often do u purchase this product or service?
What motivates the customer to buy this product?
What are the main problems faced with the products similar to urs?
How important is it for the customer to solve this problem?
Do customer prefer established brands or want to try something new?
What would make people switch to our service or product?
Are the customers likely to prioritize quantity over price or vice versa?
How can we build a long term relationship with the customer segement?
Expected revenue from each customer segments?
Customer Relation
Tailored interactions
Understand customer needs:
have surveys and interviews to help you understand what the customer needs.
Communication segments:
create different segments different ways to communicate with different types of people for example high-end customers might prefer a more formal communication
Feedbacks:
regularly ask users for honest feedbacks through personalized requests this will help u see things which you can not and improve. Use tools such as CRM to store customer data for future interactions
Interactive platforms:
leverage social media, emails and other forums to get input from customers. Use interactive platforms allowing customers to give feedback easily example yelp or google review
Customer retention
Continuous engagement:
u have to maintain a consistent contact with the customers through emails, social media, text messages etc
Incentives:
introduce a loyalty application which allows the customer to be linked to you in a specific way provide them with discounts and promotions from those loyalty program. Even if u don't want a loyalty program just offer discounts etc this keeps ur customer engaged with you
Trust and Transparency
Clear communication:
provide transparent communication with the customer. Customers really prefer honesty while communicating makes them feel special
Handle complains efficiently:
have a robust system to handle complains. Focus on the resolution and compensate the customer for any negative experience. Make sure the customer is satisfied
Types of customer relationships
Personal assistance:
have dedicated staff for customer interaction these type of relationships are made mostly in banks
Self-service
: offer FAQs or community forums such has reddit for customers to interact and handling issues independently
Automated services:
most companies nowadays use AI chat bots to help there user with any issue or they have an automated system which helps the user with normal issues but switches to human interactions when the problem is complex
Emotional engagement
Brand loyalty:
u can build an emotional connection with the customer this will make the customer have a value of ur product in there eyes. Companies focusing on CSR often interact with customers who care about ethical practices. Many brands do this such as Rolex, Berkin, Bugatti etc
Customer achievements:
acknowledging the customers achievements such as Mercedes gives u a medal if u buy a brand new car from them and run it till 250k kms. Even looking at small achievements such as Pauls bakery gives u free cheesecake on ur birthday if ur a part of there loyalty program
Customer-Driven Innovation:
Involve the customer too improve the products or service development for example if ur product is an encryption scheme upload that encryption scheme and let people crack to find issues or for people to tell you what to improves some gaming companies before releasing the actual game release the beta version for people to test and find bugs
Question
What specific customer needs have u specified in your business and how to explore them?
What interactive platform can u create that will encourage customer participation?
What unique incentives can u offer in a loyalty program?
What training or resources does your team need for using CRM tools?
How to anticipate customer needs to enhance the outcome?
How to differenciate between high and low value customers?
What value does your brand stand for the customer?
In what ways can ur business engage in corportw and social responsibilities?
What challenges can u face adapting your communication strategies?
Value proposition
Customer jobs
There are many different types of jobs that a customer is trying to get done with for example functional jobs that a customer is trying to complete this can include managing finances etc
Social jobs:
something that will give the customer a social status a way customer wants to be perceived by others
Emotional job:
when the customer wants emotional satisfaction like being stress free, happy or peace of mind etc
Customer gains
Gains represent the benefits the customer seeks. A efficiently value proposition must have these gains
Required gains:
basic expectation from a product
Expected gains
: extra benefits the customers like but they aren't essential
Desired gains: some benefits which would be liked by the customer but they dont expect
Unexpected gain:
surprising benefits that are way beyond customer expectations
Product services
Core product:
the main offering that will help the customer complete there types of jobs we discussed above
Supporting products:
helping customer compare and decide value
Pain relievers
Social gains:
Helping customers avoid social pain such as embarrassment or status loss
Functionality
: solving issues and reducing frustration
Cost-cutting:
reducing prices, efforts and time
Gain creators
This describes how a product or service increases the customer satisfaction
Social benefits:
helping customer to feel better about themselves or maybe make them look good
Unexpected gains:
to not only overlook at the function but also other features that benefits overall
improved efficiency by making the task faster and easier
Questions
Does the product offer better functional, social and emotional benefits compared to its competitor?
Can your product reduce key pains effectively?
How well does a product reduce customer risk?
What innovative or unexpected benefits does the product offer?
Is your product able to fulfill both expected and desired gains?
Do the core and supporting services align with the customer expectations?
What pain does your product relief does it reduce frustration?
Is the product helping the customers to achieve there goals?
Does it provide higher quality of outcome than ur competitor
Channels
Types of channels
Direct channels:
which the company owns such as a social media page, physical store or a website examples of companies such as Nike, Adidas, Apple etc
Indirect channels:
an outsider such as an online market place, or a third part distributor example of Ali express, Amazon, Lulu etc
The phases of channels
1. Awareness
: how will the customer know about your product?
2. Evaluation
: how do the customer evaluate the products value? e.g by reviews etc
3. Purchase:
how will the customers purchase the product?
4. Delivery:
how will the customer get his product?
5. After-sales:
this includes warranties, user feedback and customer support
Worth of the channels
Low cost channels:
here u can have a website or an online store which will have automated sales
High-cost channels:
these includes having physical stores hiring people for customer feedback etc hiring a team
Channels with partners
Retail partners
: u can use distribution network to increase ur exposure
Collaborating with partners can reduce the cost and increase your reach
Online market:
there are many platforms which can be used for your exposure such as shopify, ebay, amazon etc but those arent that good when compared ot retail partners
Questions
Which direct channels are most effective when reaching ur target audience
Which indirect channel are most effective when reaching ur target audience
Are the channels cost-efficient and scalable
Can delivery be optimized to reduce cost and improve customer experience
Does the after-sales stratergies increase customer loyalty
Is the cost for operating each channel justified by the value which is delivered?
Is the partner channel having a better market reach than the owned channel
what are the costs and benefits of using partner channels