Customer Analysis Expert Answer
Introduction
This report is created to conduct the initial customer analysis of the firm 3. The firm develops products for virtual meeting platforms (VMP). The firm is focused to provide the different market segment with a best quality of virtual meeting platform. For this, the firm is going through the process of understanding the current position of the firm in the virtual meeting platform market. The report contents the 6Ws analysis to help in understanding the customers. There is also the analysis of the past six year, i.e. period 1 to 6, of the firms positioning to help understanding the position of the firm for the next year, i.e. period 7.
[hbupro_banner id=”6299″]Customer Analysis
The reason for carrying out a customer analysis is help examining and understanding whether the customer will likely purchase the firms products in depth. It helps understanding the different market segment of the customers and what they want from the product. The analysis can be carried by identified who are the customer and understand the customer. Another point is to look at how company can meet the needs for the customer groups (Smith, 2016). The section is divided into two parts for gaining better customer analysis. First is the 6Ws analysis for the different market segment that uses the product and the second analysis is carried out on the firm’s data for a better analysis of positioning for the customer.
6 Ws Model Analysis
The 6Ws model of customer analysis is form of external analysis that is used to carried out to help analysis the external environment of the organization. The 6Ws can be a critical part for creating a formatted strategic market plan. The 6Ws method is generally used to help analysis the customers for a company. It can help provide the required and useful insights for wishes and needs of customers based on the different segments. The 6Ws being considered or going through the analysis includes who, what, where, when and whys (Janse, 2019). There are six customer group or market segment being considered for the analysis. The six market segments are modern students, home users, hired assistants, creators, managers, and parents.
Modern Students (Segment A)
The modern student segment are those students that going to university. They use the VMP to work on projects and assignments, pursuing for extracurricular interest and communicating with family and friends. The learning capability on how to use the VMP is main concern for the students as there is a vast level of help provided by fellow students and the help center present at the university campuses. The figure bellow shows a better idea of the 6Ws analysis carried out for the segment.
[hbupro_banner id=”6296″]Home Users (Segment B)
The home user segment is a segment that has customers or user from a different type of households. The customers want a simple form of VMP that enables to communicate with other family member via video chat or leaving messages to each other. Given there are different type of member in the household, there will be different type of usage of the VMP. Though, it is mostly used for having fun and communicating with close people. the VMP should be ease of learning, with low errors problems and reasonable priced. The figure bellow shows a better idea of the 6Ws analysis carried out for the segment.
Hired Assistants (Segment C)
The hired assistants segment has customer like secretaries, administrative assistants, and other employees. The VMP is mostly used for setting up and managing the virtual meetings. The VMP needs to be easy to use and learn and quick to use. The VMP used by the assistants are suggested by them with the final decision made by the company. Many assistants use the same VMP due to bulk purchase by companies. The figure bellow shows a better idea of the 6Ws analysis carried out for the segment.
Professional Creators (Segment D)
These customer segment consist of professional that rely heavily on computers to create a varied type of content materials. The segment spent a large amount working with a VMP to help communicate their creation to others on demand. Thus, VMP should be able to take notes from the meeting between the creators and their clients. The creators need a high speed and special feature VMP to able carry out important meeting. The figure bellow shows a better idea of the 6Ws analysis carried out for the segment.
High-Tech Managers (Segment E)
The high-tech manager buys and use a VMP mostly for their job. The demand for the VMP is higher when the manager is traveling and need to conduct a meeting with colleagues or clients. This segment uses the VMP the least compared to the other customer segment. The usage of the VMP is to make it simpler and faster to create some special types of work by themselves. The members of this segment are interest in the number of features offered by the VMP. They are motived to purchase VMP partially due to social needs, like status and esteem. The figure bellow shows a better idea of the 6Ws analysis carried out for the segment.
Concerned Parents (Segment F)
The concerned parents segments generally consists of two-career professional couple that have children going to school. The couples are affluent and busy that want to offer their children with the maximum advantage of high-tech learning. This include a computer that is faster and easy to use. The member of this segment sees the usage of VMP as an important future trend. Thus, they want their children to take interest and have experience as early as possible. The member of the wants a simple VMP so that the children can learn it on their own. The figure bellow shows a better idea of the 6Ws analysis carried out for the segment.
6Ws tabular format
| Segment A | Segment B | Segment C | Segment D | Segment E | Segment F | |
| What benefits (needs / motives) does the customer seek? | ||||||
| Think Smith and Colgate, Maslow etc | Projects, assignment, communication | Communications | Meetings communication | Notes and meetings | Work | learning |
| Why do they prefer a product (value sources) | ||||||
| Importance of usage situation | communication | simple | Simple | Communication | Communication | learning |
| Sensitivity (to price or…) | Learning, prices | prices | Ease of learning | features | features | Prices, learning |
| WHAT do customers do with our products | ||||||
| Uses does the customer make of the offer | Communication projects and assignments | Simple chats and messages | Setting up meetings | Taking notes and communicating with clients | Special work tasks, meetings | Used by children for learning |
| Heavy’ vs ‘light’ users | Heavy | Light | Heavy | Heavy | Light | Light |
| WHERE (think decision making process) | ||||||
| Where do they buy the offer, | ||||||
| What channel(s) do they use | Discounted | Discounted | Indirect | Indirect | Indirect | discounted |
| Where do they consume? | Home, university | Home | Offices | Offices, home | Hotels, offices | home |
| WHEN (think decision making process) | ||||||
| When is the first decision made? | At the university | Household situation | At the office | At the office | Household situation | |
| Time (length) | 4 years | Varied | Contract period | Contract period | ||
| Process of purchase | mixed | household | Office | personal | Office | Household |
| When does the customer become affected by marketing communications (and other) efforts? | Yes | Yes | Yes | Maybe | Yes | yes |
| How (think influences) | ||||||
| How (where) do they search for information | Online | Online | Online, reviews | Online, reviews | Online | Online, reviews |
| Features, important attributes (perceptual maps) | Mixed | Simple | Mixed | Mixed | Mixed | simple |
| How – Mechanics (credit, cash, online, other…) | Online | Online | Online | Online | Online | online |
| WHO | ||||||
| Buying role(s) | Options available at university | Household | Offices | Personal | Offices | Parents |
| Psychographic / vals / helix | Students | Mixed set of people | Working assistants | Working professional | Professional | Parents, working |
| Socioeconomic | varied | Low factor on social standing | varied | varied | Social standing | Social standing |
| Demographic | University, house | Houses | Working offices areas | Offices, working areas | Hotels, offices | houses |
| Personality | Youthful, young | Mixed personality | Professional | Professional | Professional | Concerned, encouraging |
| WHO – cool ‘marketing’ name for your segment that captures all the above | ||||||
Other Analysis
The graph above indicate the average retail prices for the two channels for firm 3. It can be observed that overall, the average retail prices for channel 1 is greater than channel 2. Furthermore, it can be observed that the average retail prices for channel 2 is mostly and steadily increasing during the 6 periods. While the average retail prices for channel 1 increasement is varied over the six periods. While looking at the overall average retail prices for the channels, it can be observed that it gradually increases. Thus, it is important to look at the prices for the channel as it can help in the customer purchase pattern. Which lead to believe that the average retail price rate for the channels will increase in the same manner for the next period for the firm.
| Period | “P1_Special Commands” | “P1_Error Protections” | “P1_Ease of Learning” | Average Score of Product Features |
| 1 | 10 | 6 | 6 | 7.33 |
| 2 | 13 | 6 | 6 | 8.33 |
| 3 | 15 | 6 | 5 | 8.67 |
| 4 | 15 | 6 | 5 | 8.67 |
| 5 | 16 | 5 | 6 | 9.00 |
| 6 | 16 | 6 | 5 | 9.00 |
As mentioned int the 6Ws analysis, the different customer segments are interested in the different type of features being offered by the VMP. While observing the score for the product features, slowly but surely it is increasing between the periods for special commands. While in the case of error protection and ease of learning, it seems the values are mostly the same, with few changes between period 5 and 6. Thus, this suggest that there is a chance for firm position for these feature for the next period will mostly be the same.
When observing this graph, it can be noticed that the lowest sales to the customers are the modern student segment. While it seems that the maximum sales for the VMP by the firm is the Assistants followed by the managers. While looking at the sales for the different segments during the six periods it can be observed that the range of sales are differing for each market or customer segment. For instance, firm 3 had maximum market share for assistants in period 1, while for period 6 the maximum market share was managers instead of the assistants.
Conclusion
In conclusion, the report is created to understand the customers wants and needs from the firm for the VMP products for the next period, i.e. period 7. The process that was carried out by conducting a customer analysis to help in the examining and understanding of the customer segments. This involved looking at the six segments that the firm sell the VMP and understand their needs. There was a conduct of 6Ws analysis and other simple comparison analysis of the market shares and the retail prices to understand the pricing situation for the customers.
References
Janse, B., 2019. What is the 6W Model of customer analysis by Ferrell? | toolshero. [online] toolshero. Available at: <https://www.toolshero.com/marketing/6w-model-of-customer-analysis/> [Accessed 1 Sep. 2020].
Smith, K., 2016. How to Conduct Customer Analysis and Customer Segmentation. [online] Brandwatch. Available at: <https://www.brandwatch.com/blog/how-to-write-customer-analysis/> [Accessed 1 Sep. 2020].
