What is the Challenge ?
Before launching any product or services market analysis is key, for doing so one needs to find a sample size of the population and then conduct a primary research to obtain insights. Popular tools for doing so is surveys & one-to-one interviews. Importantly the question here is how does one find the relevant sample size ? Most of the time the sample size is randomly selected for simple reasons, as its very difficult to find people who will actually respond to a survey so the idea is to send to as many people to get the maximum number of response.
Say for example, we recently concluded a project with ‘Liberty Mutual Insurance’ our offer was ‘Digital AfterLife’ the idea created interest and might hit the market too but the question here is ‘how many digitally active citizens will actually buy this offer’ ? We also had the target market which was ‘Liberty Mutual Life Insurance Customers’
How can I overcome this challenge, what do I need ?
- whats the total population ?
- how many are Liberty’s customers ?
- how many are Liberty’s life insurance customers ?
- who are digitally active citizens ?
- who really care about digital afterlife ?
How will SNA help me ?
- It will help the company to know number of actual connections from the potential ones i.e. measure the density
- On an average how many steps are needed to reach the target customer i.e. measure the distance
- It will link me to the digital citizens from the life insurance customers i.e. measure the degree
- Will tell us the path between most important nodes i.e. measure betweenness
- Will identify the people who are concerned about digital afterlife i.e. measure the eigenvector
Will SNA give me key insights ?
The company can reach out to the target audience through a well defined survey or interview to get the following insights :
- demographics and preferences
- acceptable price points
- core offerings
- what bundled service does the customer need
- what must be offered as optional
- how do we deliver the offering
- the revenue stream
- possible risk involved
1 comment:
Digital Afterlife--now there's a scary thought. Bury me with my iPad! You put down the standard wish-list of all marketers at the end. I'm not sure that SNA will get you what you need (qualified customers,) and I would have liked to see abit more thought as to what you could realistically expect to learn about behavior patterns, etc. from what you took away from the course.
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