JOHN IDUH’s Market-Sensing


Market-Sensing helps brands understand their Markets so that they could make better decisions.  Markets are customers: entities or individuals in industries who participate directly or indirectly in the production, delivery or purchase of a products or services along the value chain. Market-Sensing unfolds Executable Insights through deep understanding of a customer’s needs and behaviors—both known needs that the customer can identify, and the latent needs that they cannot, and translate the relevance for business applications to support developing:

Strategies

Development Practitioners use Market-Sensing for broad-reaching business or strategic initiatives: to identify new growth opportunities for an entire market; to identify opportunities for MSEs to link into local, national, or global markets; to quantify the increased sales or profitability associated with these market opportunities; or to define upgrades in the value chain that will create the most benefit for all participants

Innovation: 

Market-Sensing is used within  value chain to identify where the most significant needs are; which products or services will best serve those needs; and by how much sales or profits are likely to increase if customer needs are met. Practitioners can use this information to build MSE interest in these market opportunities and to guide them in deciding what products or services to offer, with which attributes, and at what price.

 Messaging: 

Market-Sensing is also used along the value chain to identify the best target audience for a product and to design the marketing approach that will drive these customers to purchase the product. Insights can also be used to link MSEs to customers along the value chain or to match a product to an end-consumer.

 

JOHN IDUH's  Marktet-Sensing Tools:

Survey:  

Market-Sensing  aslo deliver executable Insights with through Market Survey. Market Survey is questionnaires developed to collect responses to closed-ended questions from a pool of customers. Few primary research tools can provide quantifiable data representative of a target population as effectively as surveys can. Surveys with large respondent pools—such as end-market consumers or retailers— can also be used to calculate market opportunity, and they allow the results to be generalized to the population in a way that qualitative tools cannot.

Conjoint: 

Market-Sensing also provide executable market information through conjoint analysis:  a type of survey question that uses trade-offs to reveal the relative importance of different product attributes to a customer. There are several variants, but a choice-based conjoint will typically present a few product variants, or “offers,” to a survey respondent. Each offer will be similar enough to other offers to be comparable, but different enough that the respondent can have a clear preference for one over another. The respondent will be asked to choose his or her preferred offer. He or she will then be presented with another set of offers, and again asked to choose his or her preferred offer. This exercise is repeated several times. The resulting conjoint data is analyzed to reveal customers’ preference for different product features and pricing.

Max Diff: 

Market-Sensing delivers actionable insights through Maximum Differential Analysis.  (Max-Diff) allows organizations to measure the importance that customers place on different brand or product attributes. Like conjoint analysis, a max-diff analysis is a survey technique that forces customers to reveal their preferences around a given set of brand or product attributes by forcing trade-offs between a few items. Unlike conjoint, each attribute is evaluated individually against the others, while a conjoint examines joint trade-offs.

 Piloting: 

Market-Sensing provides Customer insights through Piloting or prototyping. Piloting / prototyping is live customer-trials of product or service offerings that involve putting prototypes in front of the customer. Live customer trials provide invaluable feedback to businesses that want to offer a new product or service, gauge interest in a modified product or service, or test pricing.

  Ethnography:

Market-Sensing supports brand owners  understand how people live, work, eat, and sleep through close observation, i.e., through immersion in a customer’s home or business environment. This tool can yield deep insights into people’s behaviors and unmet needs by enabling a holistic view of customers and their environment as well as a discussion of the needs they cannot articulate.