Some notes from the Right-It by Alberto Savoia
- Avoid groupthink. Actually this is one reason why big corporations only seldom succeed especially if ideas come from your boss
- Hyperzoom: from Market Engagement hypothesis (e.g. Sleeptech will be the next big thing ) to XYZ hypothesis like 3% of male middle managers between 30 to 49 will by an electronic gadget such as Oura Ring to improve sleep quality.
- Get YODA (your own data) as opposed to OPD (other people's opinion) from THOUGHTLAND. Remember: opinions are biased judgements
- YODA should have Skin in the game and not "will you buy it". Willingness to buy is the greatest sin of marketing research in my opinion.
Law of Market Failure
- Punch 1 Most new products will fail in the market
- Punch 2 They will fail even if competently executed (about 80%)
1. Failure due to launch (marketing)
3. Premis (no one cares)
Make sure you build the right it before you build it right
Right it = an idea for a new product that if competently executed
Most Market Research is Thoughtland
- Lost in Translation ( an idea is an abstraction)
- Prediction problem (users will not know whether they will really use it)
- Skin in the game
- Confirmation Bias problem
Data beats opinion
- your own
- significant --> look at p-value . As rule of thumb to 3-5 experiments
MEH marketing engagement hypothesis identifies your key belief or assumption about how the market will engage with the idea
XYZ Hypothesis "At least X% of Y will Z"