Lesson 6 - Finding the customer – branding, data collection methods, customer behavior, pricing strategies.

Now that your team has selected the product or service, you must start working on the branding and positioning. A brand has a myriad of important aspects to be taken into account: it can have its own voice and personality, it conveys a set of values, it should be supported by a mission and transmit a certain vision. You will get acquainted with this ‘brand behavior and experience’ by going through terminology related to the topic.

To further define the brand, your team will discuss your brand values and the way it should position itself in the mind of consumers, that is, how it should be perceived by the desired market segments and in which way it differs from the competition.

To find your customer you need to do a great deal of research. Data collection methods will be explained, with emphasis on questionnaires. You will perceive that they can be divided into desk and field research, and also that we may conduct different types of surveys.

Similarly to products and services, the customer also has a life cycle: the needs and behaviour changes along the years and the way we purchase may be considerably influenced by effectiveness of the brand’s marketing strategy. At this point, your team should brainstorm on the needs and wants your brand is expected to fulfil.

Now you have an idea of the product/service you want to sell and to whom you want to sell it. It’s now time to understand how much the customer would be willing to pay for it.

A field research will take place at this point. For the purpose of the course, the data collection method suggested will be the street interview. Based on all of the items already brainstormed for each product/service, groups will prepare a questionnaire and interview up to 15 people. The results will be analysed and incorporated in the presentation.

You will practice terminology related to brand, market research, graph description and pricing strategies. Based on the brand mission, vision and values, your team will be asked to imagine a logo and a slogan for the product/service you will launch.