Strategem Samosa - Cracking the code on innovation. Chiwda Lives.

Why do humans participate in human interaction in business. Because they have a give an take. They give their time and they take back value.

So how to create value.

• Understand the requirement and identify different ways of creating value.
• Understand the other person and find new ways of appealing to his/her senses. 
• Find Gaps between what the person already gets and deliver the missing.
• Giving back again the same old, same old but at a lower price.

As we saw in the last post  the process of Market Research can be time consuming and requires a lot of discipline.

So the basic simplified version of any research is to set a certain amount of rules and follow it through to get a solution to the problem.

If you refer to one of my earlier posts innovation station. What I missed out in that post was the fact that innovation station needs to be built, just like the Chiwda needs to be positioned as a product in a multiplex.

So to help understand this lets use Chiwda for some more time. (Chiwda is a metaphor, use your core product!)

So we have the objective. - To sell Chiwda.

To sell Chiwda in a Multiplex is an innovation as it has never been done before.  But its not a innovation when others do it as well.

So innovation has to be continuous and consistent. 

So the group selling Chiwda in the multiplex has to have a feedback group (external) which would be reporting them about the delivery, quantity and quality of Chiwda and the audience reaction to it. 

(this works out like VRP's - Value Rating points- for the product).

Also they need to be on a look out for other growth opportunities without diluting the main core. - A good quality Chiwda.

Also dont be myopic and say I am in Chiwda Sales - say I am in Lifestyle food sales.

So to create innovation station there are 2 methods.

1. Internal - Setting time for employees to ideate and take their suggestions. Acknowledge workable suggestions timely and reward them .

Groom the people who can ideate or have the raw material to ideate. Yes 100 ideas will be bad but 2 good ideas mean more profit.

Resources to start something new will always be scarce but I will let you know on a little secret, its not the resources or experince which make ideas work but its the execution and dedication. If you have a team which can do that for you, let them. They may fail. But mostly they wont. If a group of people with a fairly good idea tries honestly, they will do well.

2. External- Setting social media , traditional platforms where people can reach out to you with feedback or suggestions. If you can set up a system where the consumer can give you new ideas or help you promote your product, you can achieve a lot. (see Bazooka Bubblegum).

So set up an innovation Station.

Make mistakes. Have success. Test your waters.

Do comment on this post.

By Ninad Tatke. 

Stratagem Samosa- Market Research Basics part 2

Continued from part 1
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Lets understand it to the core – systematic – with a structure. Gathering, recording and analyzing of data about problems- (that’s the objective of any research) related to the marketing of goods and services.

To better understand how research works- lets take the product Chiwda. The Manager wants to find out if Chiwda can be marketed in multiplexes.

So here are the steps for any basic level of Market Research.

1. Defining the Problem / Identifying the opportunity.

Simplified: Chiwda needs to increase its market share / sales. He thinks that it can be achieved my making Chiwda available in the multiplexes. Does it have a potential. Why would anyone eat Chiwda while watching a movie. 


Manager must ask the following questions to devise effective marketing strategies:

• Who are my customers and potential customers?
•  What kind of people are they?
•   Where do they live? 
• Can and will they buy?
•  Am I offering the kinds of goods or services they want - at the best place, at the best time and in the right amounts?
•  Are my prices consistent with what buyers view as the product's value?
•  Are my promotional programs working?
•  What do customers think of my business?
• How does my business compare with my competitors?

     These questions can be included by a simple questionnaire or one can take a help of a professional market research firm/person to do so.

     The market research process begins with identifying and defining the problems and opportunities that exist for your business, such as:

•         Launching a new product or service.
•         Low awareness of your company and its products or services.
•         Low utilization of your company's products or services. (The market is familiar with your company, but still is not doing business with you.)
•           A poor company image and reputation.
•           Problems with distribution, your goods and services are not reaching the buying public in a timely manner.

2. Setting up the Objective Budgets and plans. 

Simplified: objective - its setting a goal - for finding out the possibility to launching Chiwda in multiplexes.
Money - What is the budget the Chiwda company can spend on this activity.

Thus we decide on research method. (more on that in the next point)

Timetable  - Setting up time frames.

Mr. Sodhi. " Plan your work, work your plan".

3. Select Research types Methods and Techniques.

• Primary - a first hand research.

There are a lot of methods and ways to carry out this research.

Simplified: Chiwda needs to understand its competition, its current goodwill/image and also the possible /ways of re positioning it can carry out.

This can be done through -

•  focus group (calling 10/15 people and having them discuss about the matter)
• Interview - One to one questions.
• phone surveys
• web surveys

 

• Secondary- using  existing research material to gain knowledge.

4. Design the research instrument

The most common research method is questionnaire.

The following are key points to have a effective survey.

• keep it simple
• have general questions and then move on to specific questions.ie.ask do they like movies before asking them if they buy stuff in the multiplex at intervals 
• pretest the questionnaire
• mixed structure for questionnaire helps. ie. open ended question followed by a question on rating something on a scale of 1-10.

5. Collect data
Stick to the objectives and methods /rules you have set as per point 2 and 3 and try to be as objective as possible.

6. Analyze data.

Try to make sense of the data.

read between the lines. If people are saying that it feels odd to pay Rs.70 for a Samosa which they get for Rs.10 outside, they are saying that they find a gap between value and service. See if Chiwda can fill in that gap. if yes why . if no why.

7. Presenting and Using the findings.

The result should be readily available to the decision makers and that too with reasoning as it helps them to make informed choices.

This is work your plan stage.

So now you know if you should be launching chiwda in Multiplex. Go ahead. Test for Waters.

Do comment on this post.

By Ninad Tatke.

Stratagem Samosa - Market Research basics part 1

So planning to carry out an activity for a Brand, product or service. Do you know for sure if there is any demand for it. How should you price it. What do you know about your consumer. What is the value that I am offering. How is my product, service or Brand in comparison with the competitors. 

According to the American Marketing Association, marketing research is the systematic gathering, recording, and analyzing of data about problems relating to the marketing of goods and services.

Lets understand it to the core – systematic – with a structure. Gathering, recording and analyzing of data about problems- (that’s the objective of any research) related to the marketing of goods and services.

Every Manager thus should ask certain questions periodically. Even though Market Research is not a perfect science as it deals with people and constantly changing feelings, it certainly can help to take informed decisions and can contribute to growth.


To better understand how research works- lets take the product Chiwda. The Manager wants to find out if Chiwda can be marketed in multiplexes.

So here are the steps for any basic level of Market Research.

1. Defining the Problem / Identifying the opportunity.

2. Setting up the Objective Budgets and plans. 

3. Select Research types Methods and Techniques.

4. Design the research instrument

5. Collect data

6. Analyze data.


7. Presenting and Using the findings.


(Part 2 will carry out the break up of a research in steps... so do read it and comment freely)


By Ninad Tatke.