Vox Consumer

Who's Using Twitter?

noreply@blogger.com (Curtis Research Group) — Tue, 18 Aug 2009 16:20:00 +0000

Want to do a little market research on who's using twitter? A nifty new tool to use is Buzzom, which makes it easy to find people by by searching the bios of twitterers. You can then decide who you want to follow, and you can do that right from Buzzom too. You need to have a twitter account, so sign up first, then go flit around.

Two Market Research Tips

noreply@blogger.com (Curtis Research Group) — Wed, 05 Aug 2009 22:37:00 +0000

(Note: My next several posts are really for the entrepreneurs I instruct at the Renaissance Entrepreneurship Center. But I decided to write them here as a way to make them easily available to past students too. If you're not a Ren. Center member, you are welcome too!)

There are several resources that will help make your market research easier. I will be adding more over the next few days, so be sure to check back. Also, if you have any questions, please ask them in a comment; there are probably at least a few more in the class that also have questions. I'll post my response here.

Many entrepreneurs have a budget of $0 when it comes to market research. So my suggestions here are for free or almost free tips and tools that will help you.

(1) Surveys

One of the best tools you can use for primary research is online surveys. Try one of these three:

Survey Monkey

Zoomerang

Vizu

Survey Monkey has a guide on creating strong online surveys, so I would encourage you to consider using them. I've used Survey Monkey for both small and mid-size organizations; there's a good chance it will handle what you need.

In an ideal world, you would distribute your survey to your entire target market. But to keep it simple, yet still get meaningful responses, you can start with your friends and family, and ask them to send the link to anyone they think would be interested in your product or service.

You want your survey invitation to look very professional. Sending it out via a service like Constant Contact means that it will look professional. But more importantly, you'll be able to track who actually opened your email.

(2) Tradeshows
Another great primary research source is a tradeshow. I can't emphasize how much information you can get walking up and down the aisles of your industry's tradeshow. Information dangles everywhere, ready to be plucked and consumed. You can find a tradeshow on TSNN by searching their immense database.

Generations Using Social Media

noreply@blogger.com (Curtis Research Group) — Mon, 03 Aug 2009 19:08:00 +0000

eMarketer's newsletter has very useful numbers on who's using social media. You might be surprised to discover that every single generation over the age of 13 - including the WWII generation - is represented.
Here's the table from eMarketer:

Go forth and find your target market.

reference article: How the Old, the Young and Everyone in Between Uses Social Networks

Top Social Media Sites

noreply@blogger.com (Curtis Research Group) — Fri, 31 Jul 2009 19:21:00 +0000

If you need a few ideas beyond Facebook and MySpace, take a look at this post by David Wilson on research from eMarketer.

The OTHER Social Media Sites

noreply@blogger.com (Curtis Research Group) — Thu, 30 Jul 2009 16:26:00 +0000

I taught the first class of the four-week Start your Own Business class at the Ren. Center. Great class, really looking forward to seeing how everyone develops their business ideas.

Next week we'll be talking about how to find where your customers hang out. One area I want to bring up is that there are lots of social media sites BEYOND Facebook.

For example, I like to cook every now and again. Foodbuzz is a social media site focusing on - yep - foodies. I cruised on over to that site when I'm in creative cooking mode. Another site I just heard about is Tip'd, "a community for financial news, ideas, and tips." I'll be checking that out too.

These sites don't have the same overall traffic as Facebook or MySpace. But what they do have is users highly interested in food or finance. If that's your market, that's where you want to be, above being on general social media sites. They also provide an inexpensive, powerful way to increase your understanding of your customers.

Go find your social media sites. Then let us know where you like to hang out.

Reducing Start-Up Costs

noreply@blogger.com (Curtis Research Group) — Tue, 21 Jul 2009 04:28:00 +0000

CNN has a cool article, Air Force vet turns to dogs for cash. Lori Lawrence wrote a very detailed business plan. Originally, she thought she needed $147,000 to open. But in the end, she reduced her start-up costs to $35,000, with help from the Small Business Administration.

Entrepreneurs who want to start a business, especially one which requires capital investment like a storefront or specialized equipment, sometimes think they need a lot more cash than they may really be able to get by with. If Lori Lawrence had continued to think that she needed $147,000, she would've had to walk away from her dream.

One of my students from a few years back (i.e., before the economy recessed) wanted to start a bakery in San Francisco. Originally, she needed a whole wad of cash - five zeros worth. But her lack of access to capital forced her to re-think. Through careful consideration, she realized that she could purchase much of her equipment used. In addition, she realized that she could actually *outsource* part of her manufacturing needs, by carefully finding the right vendor who shared her values in food preparation.

So take a look: are your start-up costs too high? If so, can you be creative in reducing your costs? How? If you've got a good idea, share it - someone else may be able to use it too!

Learn More From Your Client in 15 Minutes A Day

noreply@blogger.com (Curtis Research Group) — Fri, 10 Jul 2009 21:23:00 +0000

One of the consistent issues I hear from clients is that they don't like to do research. They have bad visions of being in high school and having to write that book report. "Yuck," they say.

So I've been thinking about this problem for awhile. With good market research, I've seen how it is so much easier for my clients to:

decide what product or service to sell (!)
describe their product/service;
price their product/service;
design a marketing plan that doesn't waste time or money by being in the wrong place at the wrong time; and
SELL their product/service

So, what can you accomplish in 15 minutes?

read your Google alerts
visit your trade association website
view a video on survey design fundamentals (this is really only 10 minutes!)
create a mini survey for your best customers
call one ongoing customer and check in with them
call one ongoing customer and ask them the questions from your survey
create a free survey on survey monkey or zoomerang and send it out to your email list

Got some more ideas?

Pay What You Think It's Worth

noreply@blogger.com (Curtis Research Group) — Fri, 03 Jul 2009 21:49:00 +0000

I've been hearing about a few restaurants here and there that are fighting dangerously slow sales by letting their customers pay what they think their meal is worth. It turns out that for some this works. One success case is the gastropub at the Hilton in San Francisco.

They ran the promotion for a week, and discovered that diners, 600 of them, actually paid $1 more than the cost of the tab if prices were set. And yes, they still tipped.

Only two walked out without paying a penny.

Of course, this idea is not new. If you're working on a business plan or new product offering, this might be a great way to discover what your customers want to pay.

Revenue, Anyone?

noreply@blogger.com (Curtis Research Group) — Fri, 03 Jul 2009 02:58:00 +0000

In the marketing classes I teach, I always emphasize that an undeniable goal of an entrepreneur - no matter what - is about making revenue, 'cause without revenue, they'll be out of business.

That doesn't mean they can't have other goals. My company, for example, supports a social venture in Kenya called Uplift Business Alliance. In fact, we're looking for business-minded volunteers who would like to go to Nairobi, Kenya for a week in January 2010 to work with Kenyan entrepreneurs. Leave a comment if you're interested and we'll get in touch.

So I found a recent email invite from Guy Kawasaki to attend Revenue Bootcamp, "a conference for entrepreneurs to energize their strategies for generating revenue," intriguing.

Here's who's speaking:

Chris Anderson, the author of "The Long Tail" and editor of Wired Magazine, talk about "The Future of Pricing"
Mike Moritz, general partner at Sequoia Capital and Google board member, talk about the outlook for high tech startups
Paul Graham, founder of Y Combinator, talk about helping entrepreneurs start their companies
Eighteen other authors, experts, and entrepreneurs talk about what it takes to win new customers, increase sales to your current customers, and expand your revenues in today's economy

Guy, the founder of Garage Technology Ventures, will also speak, of course. Check it out ... maybe I'll see you there.

Recession Strategies for Small Businesses

noreply@blogger.com (Curtis Research Group) — Mon, 22 Jun 2009 19:31:00 +0000

Brad Sugars wrote an article over on entrepreneur.com a year ago. But his 6 ideas are still very relevant. I particularly like giving your customers something to talk about (idea #2) and using sites like elance.com and guru.com to find smart folks to help you grow (idea #4). If you've been in my classes at Renaissance Entrepreneurship Center, then you've heard all of this already.

CompUSA: The Smell Lingers ...

noreply@blogger.com (Curtis Research Group) — Fri, 12 Jun 2009 21:16:00 +0000

If every there was a reason to provide great customer service, the lingering anger customers feel toward the now defunct CompUSA should give you pause. In the last week - I cannot tell you why -- two different people have talked disparagingly about their terrible experience shopping a the stores. Russell Shaw's post, "CompUSA is Closing for Good. Good" says it all.

Lululemon: Learning thru Downward Dog

noreply@blogger.com (Curtis Research Group) — Tue, 12 May 2009 14:23:00 +0000

I like to use stories that illustrate the techniques I teach at the Renaissance Entrepreneurship Center. Fast Company published an article about Lululemon. One particular bit was great for highlighting the importance of getting out from behind your computer when you're doing research for a business start-up:

As much as a year before it opens in a new market, it sends missionaries to attend every yoga and exercise class they can find, sniffing out and befriending the most influential instructors.

That kind of research allows Lululemon to really understand its partners - yoga instructors - who then help them understand what the company's core local customers - yoga students - want in yoga gear.

Yelp: Tools for Business Owners

noreply@blogger.com (Curtis Research Group) — Wed, 29 Apr 2009 19:31:00 +0000

Yelp is helping business owners provide better customer service. A new suite of tools allows you to to: send a message customers who have reviewed their business; see how many have viewed the page of their businesses; update information like when they are open; and get instant alerts when their business is reviewed - key to instantly joining the conversation about your business.

There's also a business owner's guide that is very useful.

Although the rants on Yelp get almost all of the press, according to Yelp, 85% of the posts are neutral to great (3 stars and up, as of Sept. 2008).

Scream and Shout

noreply@blogger.com (Curtis Research Group) — Wed, 01 Apr 2009 06:00:00 +0000

The voice of the consumer rings loud on Yelp, and it strikes fear in many consumer-facing businesses. Many beginning entrepreneurs ask what they can do to control what customers say on Yelp.

But you can't.

If you make a mistake, own up to it. If you didn't (but someone thinks you did), explain your side respectfully and show you're always open to making your customer's experience better. Whatever you say, no matter how loud the screams directed at your business, don't shout back.

Vote!

noreply@blogger.com (Curtis Research Group) — Mon, 03 Nov 2008 21:06:00 +0000

I know I've been quiet for several months, but it's only because I've been crazy-busy. However, I will NO WAY be too busy to vote, as I've done even when I was living abroad.

Go vote!

Microsoft Xbox 360: Open Sesame

noreply@blogger.com (Curtis Research Group) — Tue, 18 Mar 2008 19:50:00 +0000

Reading Patricia Seybold's Outside Innovation post on Microsoft opening the Xbox to the world's coders, I had a thought that maybe this will be Microsoft's path to the living rooms of America.

How? Women dominate casual gaming. Yet Xbox games created by Microsoft cater to a different crowd. It may only take a few totally sick casual games (Diner Dash on steroids?) to get the CHEO (Chief Household Executive Officer, AKA Mom/Wife) to move the Xbox front and center.

Anyone for a little gaming before dinner?

Adios CompUSA?

noreply@blogger.com (Curtis Research Group) — Tue, 19 Feb 2008 16:43:00 +0000

I found out in December that CompUSA was closing its doors because it's losing money. I am not surprised; I've been in my local CompUSA and watched employees actively avoid engaging with customers who clearly were looking for help.

Really. I'm not kidding: I've watched employees in their red shirts almost run the other way. The Emeryville, California store is notorious for this.

Much to my surprise, however, was that I also discovered (when doing a bit of research on the supposed store closings) that the company was purchased by Mexico's magnate, Carlos Slim. So it got me wondering: could CompUSA's poor customer service -by American standards, mind you - be the result of cultural differences in customer service standards?

The stores appear still open, so now I wonder what's really going on.

Personalized Starbucks Card: Final Thought

noreply@blogger.com (Curtis Research Group) — Tue, 19 Feb 2008 03:32:00 +0000

This is a bit tardy, but just to wrap up ... the card looked pretty good, but most importantly, me mum appreciated the thought. And enjoyed her cuppa joe.

Wikipedia External Peer Review

noreply@blogger.com (Curtis Research Group) — Wed, 05 Dec 2007 17:08:00 +0000

I've written a few posts on the quality of Wikipedia and its move to make the entire wiki available to developing countries free, and my concern that we (those of means) provide high quality information to students who don't have access to competing information.

I wasn't alone; Wikipedia continues to draw attention from others who want to compare its content to other sources like Encyclopedia Britannica. Now you can track all the articles written about this on Wikipedia's External Peer Review.

Personalized Starbucks Card: Round 2

noreply@blogger.com (Curtis Research Group) — Sun, 02 Dec 2007 00:55:00 +0000

I just went through customizing a Starbucks card - I can't tell you who for because it's a family member. It wasn't quite as much fun as I 'd hoped. There were quite a lot of choices, but frankly, I was hoping to upload a design of my own creation.

Oh well.

My second issue - and this is more of a beef -you don't find out until the very, very last page that there's a $4.00 customization fee. This is in addition to loading the card to buy coffee. And that's my other, related issue - you can't load the card for less than $15.00. Yet without a doubt, if you send this card to someone who goes to Starbucks regularly, they will load and reload this card. The gift should really be in taking the time to create a cool card.

Of course, for Starbucks, that means that each order is a minimum $19.00.

I won't be giving too many friends a $19.00 card. And that's too bad, because I'd take the time to design a LOT of these if the total amount I had to pay was, say, $10.

Next up: how the card looks. Stay tuned ...

Apple Leaves A Customer High & Dry

noreply@blogger.com (Curtis Research Group) — Sat, 01 Dec 2007 17:18:00 +0000

Last Sunday, while standing outside on the patio at the end of an event, my partner brought our friend Susan over to me then delicately beat a hasty retreat.

Susan's hard drive had crashed. And her back-up hadn't backed up properly in a year. (Note to self: check your back up every now and again.)

She'd been trying to get some assistance from Apple and it wasn't going well. Even though she'd bought a replacement Mac, she still needed her hard drive salvaged if at all possible. When she asked at the Apple store how to do this, they gave her a handful of companies where she could take her hard drive.

That's it.

So Susan was reduced to asking me - a non-Apple user but, okay, a bit of a geek - what I thought she should do. I might add that she was fairly spittin' mad at this point, and talking about returning the Mac she'd just bought. She felt ill-used, in fact; a non-geek amongst the scary techies.

Many of you may have followed Heidi Miller's and Shel Holtz's experience last year when her hard drive failed. Believe it or not, that was the information I drew on to give Susan some advice (with all the appropriate caveats, of course).

Uh-oh: we have PC people repping Apple!

I haven't spoken to Susan since regaling her with all the horrors she can expect from Apple's infamous customer service, but I'll be seeing her in a few days and will get the details then.

Personalized Starbucks Card

noreply@blogger.com (Curtis Research Group) — Fri, 30 Nov 2007 23:24:00 +0000

I can't wait to give this a try: Starbucks is now letting customers design their own card! I've always appreciated the Starbucks cards designed by employees, but really -- aren't we all designer wannabes?

I'm going to take the plunge and try it. I'll let you know how it turns out.

Third Avenue Funds

noreply@blogger.com (Curtis Research Group) — Wed, 28 Nov 2007 22:46:00 +0000

I have shares in a Third Avenue Fund. A month ago (or so) I received the quarterly "Letters to Our Shareholders," a 20-page pamphlet that lays out the Fund's quarterly activity. This is the second I've received - and it is the only quarterly report I read. leisurely, over several days.

The second quarter letter was written by Martin J. Whitman and Curtis R. Jensen. Martin is Chairman of the Board, Co-Chief Investment Officer and a portfolio manager. Curtis is Co-Chief Investment Officer and a portfolio manager. The letter is incredibly shareholder friendly while not "dumbing down" the message they want to get across. I can't help but wonder if they write it themselves, or if they have a ghostwriter.

In any event it's a joy - yes, a joy I tell you - for me to read, and oh yeah: educational too.

I'm So Happy, Oh So Happy ...

noreply@blogger.com (Curtis Research Group) — Thu, 28 Jun 2007 03:40:00 +0000

Oh yes, I am happy, because (a) I had to get a new bookkeeper and it turned out to be the best thing that's happened this month; and (b) Rhonda, my new bookkeeper, has amazing customer service. No - I mean it: so far, top-notch eye-popping service.

It started with her giving me her client agreement to sign. Here's what it states:

Our telephone is monitored between the hours of 7am to 7pm, and it is our policy that if we cannot take your phone call immediately, we will return your call within one hour.

This client agreement was such a shock to me: rather than the usual mumbo-jumbo, it was a bit less than one page and a whole paragraph laid out her customer service credo.

Do you think I wanted to sign this agreement?!? Oh yeah, despite the fact that I was spending money. And with that start, Rhonda turned this whole process from one of pain to one of (hopefully inestimable) gain.

I look forward to blogging about how the process proceeds over the next year.

Go Rhonda!

Airline Customer Service

noreply@blogger.com (Curtis Research Group) — Fri, 15 Jun 2007 13:57:00 +0000

What is is about the airline industry that has spawned such bad customer service? Despite there being so many carriers, the fact is - as a whole - the airline industry has no effective competition. That means customer service for all carriers can fall to the lowest common denominator.

For example, though I love Jet Blue and Virgin Airlines, neither of those carriers goes everywhere I want/need. None of the carriers do. So I'm captive; unless I want to drive (which I choose to do in California and sometimes Nevada too), I don't have a choice but to fly the carriers that will take me to my destination.

USA Today has an active discussion carrying on: Flight Attendants Feel Wrath of Fliers, and Readers' Opinion.