SMART CAPSTONE Final Report
voyage
Week2Kickoffmeeting2.pptxDigitalics Innovation
(Empowerment of tradeshow badge scanner software toward the CRM)
Mentor:
Team Leader for Wk2:
Developing Team:
My Part: B2B key Market Driver analysis
: Target market evaluations
: Market Gap analysis
: Concept Testing
: Database structure for tradeshow
1
Problem statement and business Case
PROBLEM STATEMENT : Digitalics Innovation Has new innovation software as a tradeshow scan Cam for enhancing CRM for business their clients. Therefore, it needs a study for potential market trends, customer drivers market Gaps, Concept evaluation toward market penetration, packaging and pricing for achieving consistent market target positioning.
BUSINESS CASE: Conduct market research to streamline the product (software) to facilitate increase in revenue by targeting right audience and tastes, where as software features and application more robust for market competitiveness.
Project Scope
| SCOPE | |
| IN SCOPE | OUT OF SCOPE |
| Market Gap analysis | Marketing matching analysis |
| key driver analysis (KDA) (My Part) | regression analysis and predication( My Part) |
| MaxDiff and Conjoint Analysis ( service packaging scoring) | full Pricing, Packaging Target market adjustment |
| Market database structure evaluation | Testing and pre prototype evaluation |
| Prepare different test cases Preparing Sample data (10-20) to test scenarios Manually verify that the scanner is successful in a controlled environment Validation of the data in FileMaker Full Testing Report | Testing the integration with CRM Systems |
| Testing with large amount of data |
Planning
| TIMELINE | |
| ACTIONS/MILESTONES | TARGET DATE/STATUS |
| Identify potential customer in target market | week 3 |
| Competitive analysis | week 2 |
| SWOT analysis | week 3 |
| Market segmentation | week 4 |
| Make the research about the tradeshows and industries | week 4 |
| Market database structure research | week 4 |
| Identify key evaluation factors for market data B2B insights | week 5 |
| Make the research about the survey company and methods | Week 3 |
| Prepare the survey/questionnaire | week 4 |
| Understand software features and requirements | week2 |
| Scenario evaluation | week 5 |
| Validation | week 6 |
| Concept testing result | week 6 |
| Market Gap analysis | week 6 |
| Market driver key analysis | week 6 |
| Market data packaging | week 6 |
| Strategic Marketing plan | Week 7 |
| Final Report preparation | Week 7 |
Get Weekly Client Approval on Completed Tasks:
| TASK ID | TASK LIST | ASSIGNED TO | ASSIGNMENT DATE | STATUS | COMMENTS | COMPLETION DATE |
| 1 | Team leader, follow up with the team to research for study Digitalics Innovation profiling | 10/20/2021 | Completed | 10/26/2021 | ||
| 2 | profiling interview | All team | 10/20/2021 | Completed | 10/26/2021 | |
| 3 | The problem statement, business case, scopes | All team | 10/20/2021 | Completed | 10/28/2021 | |
| 4 | Develop the First draft of the project charter, problem statement | All team | 10/20/2021 | Completed | 10/28/2021 | |
| 5 | Define Team Roles | 10/20/2021 | Completed | 10/28/2021 | ||
| 6 | Sign NDA | All team | 10/20/2021 | Completed | 10/29/2021 |
Get Weekly Client Approval on Completed Tasks:
| TASK ID | TASK LIST | ASSIGNED TO | ASSIGNMENT DATE | STATUS | COMMENTS | COMPLETION DATE |
| 1 | Market database structure research and requirement | 10/26/2021 | In Progress | ------ | ||
| 2 | Narrow down the target market industries based on the market research and availability | 10/26/2021 | In Progress | ----- | ||
| 3 | Identify the current state of the company | 10/26/2021 | In Progress | ---- | ||
| 4 | -Understand the project and clients' needs -Make the research about the tradeshows and industries | My Part | 10/26/2021 | In Progress | ------ | |
| 5 | Understand software features and requirements | 10/26/2021 | In Progress | ----- | ||
| 6 | Market database structure research and requirement | 10/26/2021 | In Progress | ---- |
(database structure for tradeshow)
Data quality is:
“The overall utility of a dataset(s) as a function of its ability to be easily processed and analyzed for other uses”
HIGH-QUALITY DATA HELPS CREATE SUCCESSFUL MARKETING CAMPAIGNS
Source: www.informatica.com
(database structure for tradeshow)
Data quality in B2B Marketing
21% of marketing budgets were waste d as a result of bad data
Inaccurate targeting, loss of customers, reduced productivity, poor customer experience, and inaccurate marketing performance
Managing bad data is a challenge
Bad data quality means:
Incomplete customer profile
Unstandardized data
Duplicate data
Multiple fields (for the same thing)
Source: https://www.hull.io/blog/b2b-marketing-data-quality.html
(database structure for tradeshow)
Data quality in B2B Marketing
Three Essential Data Sources
Contact data
Sales data
Engagement behavior data
Five criteria of data quality
Completeness
Reliable
Consistency
Timeliness
Accuracy
Source: https://visionedgemarketing.com/ten-steps-to-a-data-quality-strategy/
(database structure for tradeshow)
Consequences of bad quality data:
Inaccurate data brings in the wrong leads
Wrong leads will not convert into customers
Waste of marketing money
Waste of time/ lose market share
Overtime data becomes outdated and obsolete
If you can keep sending your potential customers marketing material that are not useful for them, they start seeing it as spam. Eventually, they will block you and put you onto a blacklist
Source: https://7digits.net/role-of-data-quality-in-b2b-lead-generation
(database structure for tradeshow)
Notes as key
Pros & Cons
Source: scantosalesforce.com
| Pros | Cons |
| Detailed information/ context | Hard to use as database |
| Time consuming | |
| Need to be cleaned up |
(database structure for tradeshow)
Ask the right questions/ survey approach for essential questions
Budget
What sort of price range are you thinking about?
Number only
Multiple choice range
Authority
Would you be deciding on the purchase?
Yes/ No
Field for a name
Timing
How soon are you looking to implement a solution?
Urgent/ Not urgent
Multiple choice options - 1 mo/ 3 mo/ 6 mo/ 1Y/ 2Y
Source: scantosalesforce.com
(database structure for tradeshow)
Next steps:
Research other companies database structure
Bring examples
Bring best practices
create samples
Identify competitors
SWOT Analysis
Market GAP Analysis
Competitors
1996, Mandeville, Louisiana, United States
Registration, lead retrieval and session tracking and event management services.
Worked with 15,000+ companies with more that 50,000 attendee.
Attendee info, Code system, Attendee status, Picture, Sponsorship, Logo & Branding
Competitors
Cheyenne, Wyoming, United States
Design and manufacture as well as rents handheld scanning, surveying and tracking equipment for the events industry
Access control, Sessional Tracking, Digital Wallet, Room Occupancy Control and Density Management with RFID
| Company | Strength | Weakness | Opportunity | Weakness |
| Aventry | The company is in its growth stage with revenues of around 45 million | Weak online presence (Social Media) | RFID/NFC Technology | No strong presence in one industry |
| Robust website (Informative) | Weak R&D team | |||
| ATS | Experienced with 15000+ clients and 50,000 attentee | Weak cash flow. | Weak Social Media presence | No research in new technology |
| Planning to expand in USA with growth rate of steady 5%. | Company is still in early growth stage. Low revenue | |||
| Expo tools | Diversified product/service | Weak Website (Non-informative) | Multiple services provided | Customer complains |
| Good investment in R&D | Weak Client base |
Market GAP Analysis
Roadmap to success by defining steps you need to take in marketing, sales and business to develop business and increase revenue
Helps in boosting sales by bridging the GAP
Questions: -
Social Media Presence?
RFID/NCF Technology?
Other services?
Target market evaluations
Maxdiff analysis
Conjoint analysis
Target industry segmentation by using cluster analysis
| Maxdiff analysis | ||
| Very important | Apparel & Clothing | Lease important |
| B2B partners data | ||
| Videos marketing | ||
| Social media marketing | ||
| Supplier relationship management | ||
| Customer churn rate |
| Conjoint analysis | |||
| Type of industry | Food & Beverage | Apparel & Clothing | Consumer Electronics |
| Revenue | US$26,774m in 2021 | US$136,301m in 2021 | US$94,009m in 2021 |
| Annual growth rate | 5.84% | 6.71% | 4.24% |
| average revenue per user | US$246.27 | US$698.14 | US$621.82 |
| Online revenue generation | 1% By 2023 | 28% By 2023 | 52% By 2023 |
My Part - Identify 5 Industries and their Attendees’ Buying Behavior
5 Industry that we are going to focus for the project
Food & Beverage (Ranking #5)
Beauty & Personal Care (Ranking #7)
Apparel & Clothing (Ranking #10)
Home Decor & Furniture (Ranking #13)
Consumer Electronics & Technology (Ranking #14)
Note: Ranking is based on the number of trade shows by industry all over the world in 2021
Source:
https://eventsinamerica.com/events/trade-shows/2022
https://10times.com/tradeshows/by-industry
My Part - Top Trade Show (Apparel & Clothing)
Top Apparel & Clothing Trade Shows
Magic Market Week - Top Fashion Trade Show in US
Location: Las Vegas
Menswear, women’s clothing, accessories, shoes, textiles
Attracts 85,000 people and 4,000 exhibitors each year
Atlanta Apparel Markets
Location: Atlanta
235,000 attendees annually
Contemporary, young contemporary, ready-to-wear, fashion accessories
Dallas Apparel & Accessories Market
Location: Dallas
More than 40,000 attendees
Running for more than 55 years
New styles for men, women and children, along with accessories, footwear, swimwear, bridal, and prom offerings.
Source: (Wilson, 2019)
My Part - Top Trade Shows (Consumer Electronics & Tech)
Top Consumer Electronics and Tech Trade Shows
Consumer Electronic Show (CES) - One of the biggest Trade show in US
Location: Las Vegas
150,000 attendees and 4,000 exhibitors, representing over 150 different countries
Pioneering home electronics such as pocket radios, VCRs, video game systems, DVDs and Blu-Rays, plasma TVs
GITEX
Location: Dubai
Up to 150,000 attendees
Renowned for its X-Labs that focus on new innovations and Tech Talks discussing forward-thinking trends
International Security Conference West (ISC West)
Location: Las Vegas
Over 30,000 security professionals including 1,000 exhibitors
Focus on security technologies
Fields on hand include drone, robotics, access control and more
Source: (Wilson, 2019)
My Part - Top Trade Shows (Home Decor & Furniture)
Top Home Decor & Furniture Trade Shows
High Point Market - Biggest Furniture Trade Show in the World
Location: North Carolina
About 75,000 attendees
12 million square feet of show space, 180 buildings, more than 2,000 exhibitors, and attendance from more than 100 countries
Atlanta International Gift & Home Furnishing Market
Location: Atlanta
Hosts about 8,000 brands with a wide range of offerings in the 7 million square foot facility.
NEOCON
Location: Chicago
About 50,000 Attendees, and more than 500 companies
Showcase for latest designs in categories such as furnishings, flooring, fabrics, and technology
Source: (Wilson, 2019)
My Part - Top Trade Shows (Beauty & Personal Care)
Top Beauty & Personal Care Trade Shows
Cosmoprof North America
Location: Las Vegas
36,000 attendees and 1,278 brand exhibitors
Attendees include top corporate executives, managers, doctors, and researchers from the beauty and healthcare industry
Premiere Orlando - Beauty Show
Location: Orlando
66, 485 attendees and 850 brand exhibitors
International Beauty Show- IBS New York
Location: New York City
Attended by 500 of the top brand exhibitors in the beauty and personal care space in the United States
Source:
https://www.exponents.com/our-blog/the-top-15-beauty-and-healthcare-trade-shows-in-the-united-states/
My Part - Top Trade Shows (Food & Beverage Care)
Top Food Trade Shows
World Dairy Expo
Location: Wisconsin
About 70,000 Attendees
Focus: Dairy Products
Sweets & Snacks Expo
Location: Chicago
About 20,000 attendees and 700 exhibitors
Focus: Sweets & Snacks
Summer Fancy Food Show (NASFT)
Location: New York City
Gathering of 35,000 visitors and 2700 exhibitors
Wide range of various bold and flavorsome foods, along with other products and services
Source:
(Wilson, 2019)
https://www.exponents.com/our-blog/the-top-15-beauty-and-healthcare-trade-shows-in-the-united-states/
My Part - Key Factors that Influence Food Choice
Biological determinants - hunger, appetite, and taste
Economic determinants - cost, income, availability
Physical determinants - access, education, skills (e.g. cooking) and time
Psychological determinants - mood, stress and guilt
Social determinants - culture, family, peers and meal patterns
Personal determinants - Age, Lifestyle, Attitudes, beliefs and knowledge about food
Source:
(Rangaiah, 2021)
https://www.eufic.org/en/healthy-living/article/the-determinants-of-food-choice
My Part - Sample Factors Using in Survey for Food Industry
Race/Ethnicity - Social
Allergens - Biological
Type of “Eater” - Biological
Type of Food Eater - Personal
Grocery Shopping Habits -Physical & Social
Number of Meal per Day - Social
Breakfast Preference
Meal Preparation Habits - Physical & Social
Weekly Spend on Meals - Economic
Dietary Behavior - Personal
Nutrition Behavior - Physical & Personal
Taste Preference - Biological
Favorite Food - Biological & Cultural
Favorite Drink - Biological & Cultural
Snack between Meals? - Biological & Psychological
My Part - Background of Key Driver Analysis
A Key Driver Analysis could help to examines the relationships between potential factors and behavior such as a positive recommendation or customer satisfaction.
It is important for the organizations to identify their customer satisfaction, loyalty, and service/product influence to better improve their business.
KDA could be generate by collecting customer’s likelihood data from NPS (Net Promoter Score) Survey.
Outcome Metric - Main questions in survey (likert scale)
Potential Driver - Rating questions
Use multiple linear regression to determine the correlations between independent variables (potential drivers) to get the best linear combination to predict a dependent variable (the outcome metric).
Important but
Poorly Rated
Important and highly Rated
Not important and
Poorly Rated
Not important but highly Rated
My Part - Next Step
Define the target audiences for the Top-rated Trade Shows
Make the researches for the survey company and survey methods
Identify the key factors that influence consumer buying behavior for each industry
Implement the Key Driver Analysis
(Concept Testing)
Testing requirements
iPhone/Mac
FileMaker Go 19 app
FileMaker Go 19 account
Adobe XD
Sample barcode test sheet (includes 2D, 1D and stacked barcodes)
Different Tradeshow BadgeScanners
Product Differentiation
Works offline
Flexible to clients
Integrates with CRM Systems
Lead distribution and lead nurturing adds value to the product
Opportunity to Opt-in
Helps customers in identifying potential leads
Rating the leads
Helps customers in identifying potential/accurate leads
Compatibility with barcode or magstripe
https://www.integrate-events.com/features/badge-scanner
Next Step
Compare our product with existing Badge Scanner and rate in regards to:
Value for money ★★★★☆
Features ★★★★☆
Ease of use ★★★★⬖
Customers support ★★★★⬖
Thank you
Westcliff team
