UNIT 3: Customers and Market

ETEM: The Entrepreneurial Mind

Carmelio M. Doromal Jr. ǀ DVM-1A ǀ PROF. Vivian Natabio ǀ SEM 1 FINALS
Market and Customers kind of shopping experience may create
loyal customers.
• “Market” is any place where
manufacturers, distributors and 3. DESIGN
retailers sell and consumers buy.
- The design of the product must always
• It may also speak of the whole be appealing to customers.
group of buyers for a product and
4. FUNCTIONALITY
'or service.
- It is always expected by the customer
• Inside the markets are competitive
that the product he is buying can serve
companies that offer similar products
its purpose. Simply all the functionalities
and,' or services. The prices of
that are expected oi the product should
products and/or services are dictated
be present.
by the market due mainly from
demands and competition. 5. CONVENIENCE
• Physical shops, high streets, or - The product and/or service must be
websites are examples of a market. always readily available for the
customer, otherwise, he will not buy the
Things customers look for when product and possibly look for an
buying an offering whether a product alternative.
or service or both:
6. RELIABILITY
1. PRICE
- The product should be dependable and
- Majority of the customers look at price it should meet the customer’s
when buying a product or availing of a requirements and expectations every
service. It is a reality that every time he buys it.
customer purchase within budget limit.
Not unless a product and/or service is 7. COMPATIBILITY
exceptional customers may be - The product should be well-matched
compelled to spend outside his with the other products that the
limitation. customer is already consuming.
2. EXPERIENCE
- These days, almost everyone is busy
doing their activities. Most customers
wanted to buy things that are readily
available. The market today contains so
many alternatives to choose from.
Hence, it is essential to provide a
worthwhile experience in addition to
good product and/or service quality. This
UNIT 3: Customers and Market
ETEM: The Entrepreneurial Mind
Carmelio M. Doromal Jr. ǀ DVM-1A ǀ PROF. Vivian Natabio ǀ SEM 1 FINALS
Types of Customers • It is vital to create a smooth adoption
period for Netnot.
• An investment of time to explain how
1. The Potential Pandoy (Potential
a product and/or service offering
customer)
works may lead to success in more
• Pandoy cannot be considered a future business from the same
customer yet. However, he needs a customer.
little bit of convincing and assistance
• Hence, it is best to offer applicable
to hopefully change into quickly
assistance and make contact option
making him a paying customer.
open with this customer. Establishing
• He may show interest in the product a customer relationship would help in
and/or service offering by filling out a converting Netnot into a loyal
contact form, signing up in a customer.
newsletter or asking a question
3. Impulsive Icoy (Impulsive Customer)
through live chat or personal
message (PM). • Impulsive Icoy is a customer that
make instant buying decision based
• Said interest should be capitalized by
on craving or whim provided that the
an entrepreneur by providing him the
conditions are right.
information about the benefits of the
offering. • He is highly influenced by his current
mood when shopping. He needs not
• The entrepreneur must make Pandoy
much convincing to buy for as long
aware that he is available for help or
as he wants to buy something with
advice any time for him.
less steps.
• Surely Pandoy shall appreciate such
• He is even less interested in value
gesture even if he does not have any
proposition, so an entrepreneur must
immediate need for said assistance.
not waste said buying impulse when
2. New Netnot (New Customer) it comes. When Icoy makes a query,
an entrepreneur should give a quick
• New Netnot is the fresh customer
and short response or else his
who has just bought something for
impulse will drop.
the first time from a business.
• It is a challenge to handle Icoy
• An entrepreneur must always be
because he always wants fast and
watchful in dealing with first time
brief help for all the useful products
customer, as the saying goes "first
available at that point of time.
impression is the last impression".
• He wants all the useful products in
• It is understood that he bought that
his front in order to buy what he likes
product and/or service for the first
from the display. Although, when
time and a beginner at using it.
UNIT 3: Customers and Market
ETEM: The Entrepreneurial Mind
Carmelio M. Doromal Jr. ǀ DVM-1A ǀ PROF. Vivian Natabio ǀ SEM 1 FINALS
treated properly, Icoy could provide Target Customer Group
high percentage of sales for the
There are some approaches in exactly
company.
describing the perfect customer,
5. Loyal Lando (Loyal Customer) namely:
• Loyal Lando is a satisfied customer 1. Consumer or business
that keeps coming back to one's
- A product and/or service may be
store for more purchase.
intended for a business-to-business
• Lando is a good brand's ambassador (B2B) or business-to-consumer
that can make recommendation of a (B2C) market.
business to his family and friends,
2. Demographic
thus all attracting a stream of new
customers. - The target market here is describing
by means of age, gender, income
• A customer like him can help an
level, educational background,
entrepreneur grow his business using
marital status and other areas of an
word of mouth. The role of an
individual customer's life.
entrepreneur is to make certain that
Lando stays happy about the product 3. Psychographic
and/or the service as well as the
- Psychographic characteristics are
business.
based from the intrinsic traits of a
• An entrepreneur may ask Lando customer such as personality,
what makes him so pleased with the lifestyle, social status, AIO (activities
business and then replicate his interests, opinions) and attitudes.
experience with the rest of the
4. Geographic
customers.
- This is defining the target market
• Normally the segment of Lando is
according to the place where
just 20% of the total customers, but it
possible customers live or work, take
is responsible for the most part of the
vacation or do business. For
company's profit. There should be
instance, in a local brick-and-mortar
regular communication with Lando
store, potential customers may come
who wants individual attention on a
from two-meter radius or inside the
polite and respectful way from the
barangay.
business.
5. Generation
- A lot of businesses these days
define their target market based on
which generation they were born in,
namely Baby Boomers, Gen X,
Millennials and even Centennials.
UNIT 3: Customers and Market
ETEM: The Entrepreneurial Mind
Carmelio M. Doromal Jr. ǀ DVM-1A ǀ PROF. Vivian Natabio ǀ SEM 1 FINALS
6. Cohort Step 1: Create a Header
- Some companies look for their • The header consists of a fictitious
target market using cohorts. A cohort name, a picture and a quote which
is a group of subjects who share a sums up what is the most important
significant characteristic or typically to the persona that is related to the
subjects who experienced a common product and/or service offering.
event in a selected time period, such These simple features are intended
as birth or graduation. for memorability, so that the designer
entrepreneur is focused on these
7. Life stage
users as he forms his offering for
- Other businesses use the stage of them.
life for target marketing whether its
Step 2: Include a Demographic Profile
infancy, childhood, adolescent,
adulthood or old age. • Demographic profiles of the users
are based from facts and user
8. Behavioral
research. These profiles include
- Another way of finding the target personal background, professional
market is based on customer loyalty, background, user environment, and
occasion-based, consumer usage psychographics.
and others.
Step 3: Include End Goals
Customer Personas
• It provides the details on the want/s
• User persona - is a short fictional and need/s of users that can be
profile of an ideal user or customer. satisfied by using the product and/or
service offering of a company. The
• Entrepreneur must need to conduct
end goals define the things the
market research to produce a brief
persona wants or needs that have to
combination of actual or acceptable
be fulfilled.
customer details.
Step 4: Include a Scenario
• This user persona includes a
fictional name and photo, important • An everyday life scenario is a story
demographics, user needs and that describes the interaction of the
desires, goals, motivations, activities, user to a product and/or service in a
pain points, and quotes. Except for particular situation to reach his end
the name and photo, all details are goal/s. The scenario details the
from real user data or customers that when, where, and how of the story
have been served and market that happens. The scenario is
research or customers that the normally written from the data
entrepreneur would like to reach. gathered from the angle of the
persona and may describe important
details about the future. The rule of
UNIT 3: Customers and Market
ETEM: The Entrepreneurial Mind
Carmelio M. Doromal Jr. ǀ DVM-1A ǀ PROF. Vivian Natabio ǀ SEM 1 FINALS
thumb here is to omit that information like the online grocery shopping, designing
which will not affect or influence the a process or those that comprise a set of
final design. switches over time or those that considers
using several channels.
Customer Journey Map
3. Journey Phases
Customer journey map - is a
representation of a typical customer's - Journey phases are the various high-level
experience over time instead of a snapshot. stages in the journey of an actor. These
It is different from the discussed customer phases are responsible for the information
persona. about actions, thoughts, and emotions in
the map. Obviously, for each scenario there
The emphasis of a persona is on the
would be different phases. Each company
person, while a customer journey map
should have data in order to determine the
highlights their experience.
various phases for a particular scenario.
A customer journey map is basically a story Here are some examples, such as:
intended to give awareness of the
a. An e-commerce scenario -
customer's complex buying trip.
Buying a set of Bluetooth speakers
Key Components of Journey Map may have discover, try, buy, use,
seek support phases.
b. A huge or expensive purchase -
1. Actor
Test driving and buying a car may
- The actor is the viewpoint of the journey include stages such as
who actually the persona or user. Coming engagement, education, research,
from the data gathered, the actors must be evaluation, justification.
in relation with personas and their
c. A business-to-business (B2B)
respective actions. Hence, there must be
scenario - Rolling out an internal
one map for each persona in order to
tool may consider the stages like
create a solid and rich story that captures
purchase, adoption, retention,
their particular journey.
expansion, advocacy.
2. Scenario + Expectations
4.Actions, Mindsets, and Emotions
- is simply the situation which the journey
- These include behaviors, thoughts, and
map talks about in relation to the actor's
feelings the actor has during the journey
goals, needs and expectations. When the
and that are drawn within each of the
product is still in the development stage,
journey phases.
scenarios could be those that are projected.
However, for existing products and 1. Actions - These are the concrete
services, scenarios should be what are behaviors and steps engaged by
real. Journey maps are useful when users. This element is not meant to
scenarios are created as a series of events be a granular step-by-step record
UNIT 3: Customers and Market
ETEM: The Entrepreneurial Mind
Carmelio M. Doromal Jr. ǀ DVM-1A ǀ PROF. Vivian Natabio ǀ SEM 1 FINALS
of every isolated interaction. Importance of a Customer Journey Map
Rather, it is a story of the steps the
1. Refocus a company with an incoming
actor undertakes during that phase.
perspective - With inbound marketing
2. Mindsets - These correspond to entrepreneur may discover his customers.
the thoughts, questions, Inbound marketing also known content
motivations, and information of the marketing is creating blog posts, social
actor at various steps in the media, infographics, white papers, email
journey. Ideally, these are newsletters, and other content that people
customer exact words from actually want to read. Customers are
research. actually interested and searching for this
content. It catches the attention of
3. Emotions - They are drawn as
customers first and then later starts to buy
distinct line across the journey
things that they have read about. Through
phases. This line accurately
journey mapping, an entrepreneur can
indicates the emotional "ups" and
understand what interest and help his
"downs" of the experience. This line
customers about his company and website
gives the idea of the related layer
as well as what drives them away. The
of emotion that the actor feels such
company may construct the type of content
as very happy against unhappy.
which will draw the attention of customers
5. Opportunities and help to keep them.
- Opportunities are insights that are
obtained from mapping. These
2. Form a new target customer base -
opportunities they can be used to identify
On the part of the entrepreneur, it is risky
the ways of optimizing the actor’s
not to know fully the demographics and
experience. Insights and opportunities are
psychographics of his customers because
useful in getting knowledge from journey
he will not also correctly realize his
map in terms of:
customer's journey. It's actually of time,
a. needs to be completed with this money and effort to target a broad segment
knowledge who shows interest in the company’s
products and/or services. The needs and
b. owner of respective change
pain points of usual customers must be
c. the biggest opportunities researched on. Journey mapping will
actually provide a good picture of the types
d. ways of measuring improvements
of people who are trying to accomplish a
as they are implemented
goal with the entrepreneur's company.

3. Form a customer-focused mindset all

over the company - As a company
becomes bigger, it turns to be challenging
UNIT 3: Customers and Market
ETEM: The Entrepreneurial Mind
Carmelio M. Doromal Jr. ǀ DVM-1A ǀ PROF. Vivian Natabio ǀ SEM 1 FINALS
to be as customer-focused like the
customer service support, and success
teams. Most often, sales and marketing
goals are no longer what the customers
want. Since, the journey map outlines each
single step of the customer journey from
initial attraction to post-purchase support
that concerns marketing, sales, and
service, then it can be shared with the
whole company.