AMA: Guidewire Software VP Product Marketing, Axel Kirstetter on Market Research

Collecting and analyzing structured and unstructured data is indeed one of the hardest things with research. In general, I recommend that you partner up with your UX teams who share this pain and are usually pretty good at it. One of the popular tools in this space is Dovetail but there are many others depending on what you want to do. Website engagement, message testing, regression analysis, max diff insight and more. One of my favorite tools for pre-launch research is conjointly

A few thoughts on this: 1. Follow the business goals! If it is adoption, then research how users consume new product information. If it is to increase revenue, then identify which features are most valuable 2. Follow the pareto rule. Identify the 20% of questions that will provide 80% of the value 3. Keep market context in mind. Understand differentiation and existing anchor points. this is critical for differentiation

Data for personas can be grouped into various categories * demographic. like age, gender, residence, and education levels * product usage. feature and service preferences * career. early vs mid vs late * water holes. online / offline news and information gathering * influences. analysts, online influencers, etc who matter * Value perception. what someone is willing to pay more money for From there tell a story of who they are and what they do. I suggest a mood board. it allows you to visually see who you are talking about. Then weigh up the importance of the factors and lean into them to tell story

Sure. * Begin by clearly defining the objectives and key metrics, such as improving customer satisfaction or identifying product improvement areas. From there, map out the key touchpoints in the customer journey where feedback can be collected, such as post-purchase interactions or after customer support. * Utilize free or low-cost survey tools like Google Forms, SurveyMonkey, or Typeform to create and distribute surveys, and collect feedback through existing email marketing platforms like Mailchimp. * Engage customers directly through small, informal focus groups or phone interviews. Also, the website can have feedback channels through in-product forms. * Regularly analyze the data to identify trends and actionable insights. Obviously, share these with the relevant teams. * Focus on quick wins that require minimal resources but have a significant impact * Track the progress of changes made based on feedback and refine the VoC program as needed * be consistent vs one-off. this takes some planning

This is a big question and the answer depends on many factors, including company culture, investment scale, distribution model and decision speed. That said, here are a few things to consider: * Begin with a comprehensive market analysis to evaluate the market size, growth rate, and future projections. * Analyze the competitive landscape. Gather customer insights segment the target market based on demographics and behaviors * Conduct surveys and focus groups to understand preferences and buying behaviors. * Examine the regulatory environment to identify legal and compliance requirements, and study cultural and social norms to ensure alignment with local expectations. * Assess economic stability, including GDP growth and purchasing power, and evaluate the political climate for stability and risks. * Identify effective distribution channels and assess supply chain considerations to ensure logistical feasibility. * Conduct a SWOT analysis to evaluate your company's position relative to the new market, and assess the resources required for market entry. * Consider launching a pilot test to gauge market response and refine your strategy. * Finally, identify potential risks and develop mitigation strategies through scenario planning to ensure agility and preparedness.

In an inbound capacity, it is a source of information that allows you to back up or shape your PoV. Sometimes they are spot on sometimes their insight does not apply. That said, if you have a seat with an analyst firm, its always worthwhile to run a query with them and ask for feedback. On the quant side. Usually I find it difficult to translate their conclusions into my circumstances and environment, as definition don't line up. I go back to the source data that is more usable.

Start by conducting comprehensive customer research through surveys, interviews, and focus groups to understand the audience at each stage of their journey. Map out the typical stages a customer goes through, from awareness and consideration to purchase and post-purchase. Analyze data on customer touchpoints, pain points, and decision-making processes. Use analytics tools to track customer interactions across different channels. This research allows you to create detailed journey maps. Also, its worth contrasting a journey map with a service blueprint to see which one you really need

We are yet to use "it depends". well, it depends.. on how much time you have for your launch, how much risk is associated with the launch and how big your budget is. I recommend breaking the research into two parts. Discovery and validation. former to understand trends, topics and issues. latter to ensure you are on the right path.

My experience with the quantitative side is that its difficult to share with others. You can, of course, make it available, and you should. But unless others replicate the research exactly the way you did it, which feels redundant, its likely their data models are different. I was part of an M&A integration effort. The acquired company similarly canvassed the market but had totally different assumptions. Growth in 12 months (their model) vs 18 months (our model) made for widely different outcomes and it was quite challenging to unify the forecasting aspects of both

When deciding what data points to gather during market research, I start by aligning the research objectives with the business goals, such as understanding customer needs, identifying market opportunities, or assessing competitive dynamics. I prioritize data points that provide insights into market size, growth trends, and customer demographics. It's crucial to include behavioral data to understand purchasing patterns and preferences. Competitive analysis data points are also essential to evaluate market positioning and identify strengths and weaknesses. Additionally, gathering economic, cultural, and regulatory information helps in assessing market feasibility and potential barriers to entry.

To understand industry trends and customer behavior, i like to use a mix of quantitative and qualitative market research methods. On the quant side, lots of number crunching is done using source data from SFDC, email automation and other CRM like systems. On the qual side, message testing, website user analysis, and win/loss interviews.

Don't overthink it. there is a lot of free information and data available. Look through patterns in your CRM or call data. join Sales on pitches. Listen in to SDR calls. Reach out to LinkedIn contacts or other internal contacts and simply ask for 15-30 mins of their time and interview them

Another user asked a similar question. In terms of a tool for organizing and curating inputs, I recommend Dovetail. It takes time and diligence. There are two ways to take this. 1. for long-term planning purposes, where you need to spend the time developing your GtM strategy. Here, trend insights are critical. Over time analysis, that is. 2. for hero projects where quick fixes and wins matter. Whatever you choose to do, make sure it aligns with business priorities and goals

The number one reason to seek an external partner is to neutralize internal bias. The reverse of that coin is external partners don't understand the industry. There is also a distinction to be made between click-through w/l programs and 1:1 interviews. Former requires a good internal perspective of data and its quality. The latter is all about the ability of the interviewer to double- and triple-click into an answer to find the "why".

With existing leads one needs to check how representative they are of the market overall. Is their use case one that can be replicated. Is their brand name recognizable so they serve as an anchor beachhead. We answered a question on market research for new markets earlier. Essentially, its checking into similarities of customer base and use case, understanding supply chains and distribution factors, and getting on top of regulatory and legal realities.

In general, research should be mapped to business objectives. Specifically, and from a discovery mode, I advocate for research into value (for the purpose of pricing and packaging), segmentation (for targeting and sizing purposes), and persona (for messaging and campaigning). In terms of validation, message testing and website heatmaps. One tool that helps with many of these is questionpro

Market intelligence is distinct from competitor intelligence. They serve a different purpose. The key is to tie it into business objectives. If your sales team is doing great and your roadmap is strong, then competitive insights are not really needed. I go back to what i said a few times. tie research type, volume, time investment, area etc. with business objectives.