Research and Notes- IXD302

Today in class Chris covered: customers, market research and identifying your market opportunity. We also talked about Customer Lifetime value (CLV)

Customer Lifetime Value (CLV), also referred to as Lifetime Value (LTV), is the net profit that can be attributed to a particular account over their relationship with a company.

Extending the lifetime of a customer (i.e., retention) is important for sustainable growth. After all, the value of a loyal customer can’t be understated. Loyal customers…

Market research 

Market Research is the action or activity of gathering information about consumers’ needs and preferences. As designers our market is the world!

There are many different strategy’s and methods to consider when carrying out market research for a product:

Desktop Research

Desktop research is research that can be carried out online, such as looking at other online illustration courses for ideas, and help. Desktop research is also using sites such as Google and Wikipedia to gather info.

Publish Market Research

Market research intelligemce  is the process of gathering, analysing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business’s target market, the industry as a whole, and the particular competitors you face.

Field Research

Field research can be carried out by going to other shops, seeing how items are packaged, the price that the item is sold at, the type of people who are buying these items in store

Identifying customers

DETAILS MATTER

I need to identify my potential customers of my course so I can target my message towards them. This is all about detail. I will need to consider 

– What do my customers need

– Where do my customers shop

– What prices are they willing to pay.

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