new market space in consumer goods. agenda finding new market space examples of new space in...
Post on 31-Mar-2015
216 Views
Preview:
TRANSCRIPT
New Market Space in Consumer Goods
Agenda
• Finding new market space• Examples of new space in consumer goods• Developing a process to claim new space
Redefining market space – do not focus on needs, but on jobs consumer are trying get done
3Copyright 2013 New Markets Advisors
Needs• Better acceleration• More precise
handling• Increased headroom• Larger storage
capacity
Competition• Mid-sized sedans
Jobs• Express myself• Park in tight spaces• Show my ecological
sense• Have fun
Competition• Fashion, scooters,
Prius, Smart, Cayenne
WHAT WHY
Where do jobs come from?
Functions Attitudes CircumstancesSeek X because
it leads to YSeek X because it fits with who I am
Seek X because of what’s happening
right now
4Copyright 2013 New Markets Advisors
Defining the challenge tightly, beyond just the job
Element Brief DescriptionJobs What are people trying to get done, regardless
of what they are currently buying?Approaches and Pain Points
What do people do today? Where does there appear to be non-consumption? What are the pain points?
Competition What is the “real” competition? What do analogies and benchmarks suggest about underlying jobs?
Criteria How do people evaluate new solutions?Obstacles What hinders adoption of new solutions?
5Copyright 2013 New Markets Advisors
Example – Tackling frequent obstacles to adoption of new consumer goods
Leverage Existing Behavior• Febreze• Swiffer• VitaminWater• Listerine Agent CoolBlue• PedEgg
Tackle New Occasions• Tide to Go• Cameraphone• iPod• Desktop copier• RedBull
Find Purchase Triggers• Ticket insurance• Extended warranty• Airline clubs• Auto accessories• Home deep freezes
Affordable, Not Inexpensive• Razors / blades• Microfinance• Freemium• JiffyLube
Easy to Trial / Know it Works• Video games• High definition TV• Quicken software• Free samples in grocery
6Copyright 2013 New Markets Advisors
Agenda
• Finding new market space• Examples of new space in consumer goods• Developing a process to claim new space
Copyright 2013 New Markets Advisors 8
• Kraft released its Sizzling Salads Dinner Kits, which include a bottle of salad dressing and a bottle of cooking sauce sold in a kit
• All the cook has to do is mix the dressing into the salad, add the cooking sauce into the chicken they plan to cook, and toss it into the salad
• The prep time is 20 minutes, making it a quick meal that is still “homemade”
Reconceive categories by underlying jobs to be doneExample – Kraft Sizzling Salads
Source: USA Today
Copyright 2013 New Markets Advisors 9
Laser-target a benefit for the jobs of unaddressed market segmentsExample – Ensure with Revigor
• According to Ensure, if you are over 40, you could be losing 8% of your muscle every 10 years, and exercise alone might not be enough to fight that off
• Ensure Muscle Health has Revigor, the amino acid metabolite HMB, and protein to help rebuild muscle and strength naturally lost over time
• While there have been many protein supplements for weightlifters, fitness gurus, and normal people looking for meal replacements, there has not been one directed towards those who are aging and want to preserve their muscle mass
Source: www.ensure.com
Copyright 2013 New Markets Advisors 10
Leverage cues to address under-addressed jobs, e.g. “know it works”Example – Berocca Twist 'N' Go effervescence
• From Bayer Australia, Twist ‘N’ Go is a revolution in drink packaging by using a patented cutting mechanism within the lid which, when twisted, cuts open a blister packet, automatically dispensing a vitamin tablet into purified water
• Since vitamin tablets typically degrade when exposed to water, delivering premixed vitamin drinks has traditionally been very difficult, and Berocca sought to fix that
Source: Invetech
Copyright 2013 New Markets Advisors 11
Tackle pain points in the consumption processExample – Smucker’s Uncrustables
• Smucker’s Uncrustables sandwiches are premade peanut butter and jelly sandwiches without the crust and are perfect for picky kids
• They can be frozen to ensure prolonged freshness and come in a variety of flavors, which include new varieties on whole wheat bread with strawberry, grape, or raspberry spread
Source: www.smuckersuncrustables.com
Copyright 2013 New Markets Advisors 12
• Smucker’s Goobers has every kid’s favorite sandwich, peanut butter and jelly, in one jar
• With either grape or strawberry jelly mixed with peanut butter, the job of making this sandwich is simplified
Source:
Tackle pain points in the consumption processExample – Smucker’s Goobers
Copyright 2013 New Markets Advisors 13
• Nearly two in three people say they don't have enough energy, but nearly 40% don't believe energy drinks are good for you, which is where V8 comes in with its V-Fusion + Energy drinks
• When the drink made with fruits and veggies rolls out this new product, the label will clearly spell out where that energy comes from: 80 mg of natural green tea
Address obstacles to category adoptionExample – V8 V-Fusion + Energy
Source: USA Today
Copyright 2013 New Markets Advisors 14
Address obstacles to frequent useExample – Off Clip-On
• Off Clip-Ons provide protection from mosquitoes without a spray, lotion, or citronella candle or lamp
• By clipping it onto your pants or shirt, the quiet, battery-powered fan circulates repellent all around you, giving you your own bug-free bubble
• It uses an active ingredient with no scent, and each refill provides up to 12 hours of head-to-toe protection
Source: www.off.com
Agenda
• Finding new market space• Examples of new space in consumer goods• Developing a process to claim new space
Copyright 2013 New Markets Advisors 16
Embrace a process that creates customer-centric solutions, driven by clear growth strategy• Develop consensus about your current situation, your present strategy,
baseline knowledge, and key upcoming decisions• Undertake primary, qualitative research with target stakeholders to see
the world through their eyes and understand their jobs to be done• Quantify the resulting job-based segments and the job drivers• Rigorously define the challenges target customers grapple with, and
create total solutions that put you in a competitive class you can own• Develop business plans focused on mitigating key risks, validating
success drivers, and rapidly reaching milestones that improve odds of success– Reduce risk before investing for scale– Avoid false precision in financial estimates. Focus instead on “what you have
to believe” financial assumptions and achieving certainty behind those assumptions
– Explicitly link near and long-term decisions to underlying strategy
17
Relevant services from New Markets
Light-touch counsel on strategy-shaping process
Facilitation of consensus-building meetings
Deeper involvement in strategy and solution creation
Structuring of primary research and interpretation of results
Business plan creation
Copyright 2013 New Markets Advisors
18
Who is New Markets?
• Experts in reframing market space and generating growth• Senior
experience• Creative and
pragmatic• First-class
consultants, thought leaders, and entrepreneurs
Recent Clients
Copyright 2013 New Markets Advisors
Copyright 2013 New Markets Advisors 19
Our team’s publications have appeared in:
Copyright 2013 New Markets Advisors 20
Contact
Stephen WunkerManaging DirectorNew Markets Advisors245 First Street, 18th FloorCambridge, MA 02142 USATel. +1 617 337 3060Fax +1 617 337 3070swunker@newmarketsadvisors.com
top related