The usual approach for collecting market requirements for new product definition is to interview prospects, hold focus groups, or survey market participants. However, even with good targeting, levels of cooperation can be very low because you often catch participants at a bad moment.
The requirement for high survey confidence levels further compounds the problem because you need a large sample size and so the traditional approach for the voice of the customer analysis can quickly get expensive.
An alternative approach that we have pioneered is to develop an online community of market participants within a niche target market to perform automatic voice-of-the-customer analysis.
Participants can complete online surveys in return for opting in for appropriate market gifts.
Better still, participants are captured at exactly the right time when they are actively seeking solutions to their market problems by positioning your offers to come up on the search engines for relevant keyword search phrases.
Voice of the Customer Analysis
Not only can you collect survey results, but we have also found a rich source of customer data within:
- The online comments
- Heated debates on bulletin boards
- Web analytics reveal their preferred choices to options that you present
- The engagement analytics that shows their emotional connection with your potential offers to reveal what they care about
- Mouse tracking reveals hotspots and uncovers hidden priorities
In fact, this all adds up to priceless ethnographic and primary research that with the appropriate voice of the customer analysis correctly informs new product development programmes.
Not only that, but it’s also easy to capture prospects for recruitment into the traditional voice of customer studies.
If you would like to develop your own Market Intelligence Machine then either fill out the form below or call this number to discuss your requirements.