SBP 061: A Better Way To Segment Markets. With Tony Ulwick.
Unravelling the enigma of customer needs can often feel like searching for a needle in a haystack, but what if we told you that the needle comes with a magnet? In this eye-opening episode of the Sleeping Barber Podcast, we delve into the inventive world of Tony Ulwick, the mastermind behind the Jobs to Be Done theory and Outcome-Driven Innovation. Tony unravels the common missteps businesses make when defining their market and identifying customer needs. He presents a compelling argument for why most companies innovate backwards and how his counterintuitive methods have led to an astounding 86% success rate in product innovation, compared to the bleak figures we see in startups. This discussion is a treasure trove for any business leader seeking a compass to guide them through the tumultuous waters of customer satisfaction and product development. Don't forget to join our hosts, Vassilis and Marc, for post-podcast banter! Our Guest: Tony Ulwick - Inventor of Outcome-Driven Innovation & Jobs-to-Be-Done Founder & CEO of Strategyn https://strategyn.com/ linkedin.com/in/tonyulwick/ Owner of 12 patents related to ODI and the processes around market needs assessments, strategy and innovation. Our Hosts: Follow our updates here: https://www.linkedin.com/company/sleeping-barber/ Get in touch with our hosts: Marc Binkley: https://www.linkedin.com/in/marcbinkley/ Vassilis Douros: https://www.linkedin.com/in/vassilisdouros/ Podcast Literature: Outcome Based Segmentation - https://strategyn.com/lp/outcome-based-segmentation/ HBR - Know your customers JTBD - https://hbr.org/2016/09/know-your-customers-jobs-to-be-done Clay Christensen JTBD Theory on Milkshakes - https://www.youtube.com/watch?v=Stc0beAxavY JTBD Free Download - https://strategyn.com/jobs-to-be-done/ What is innovation & why does it matter - https://online.hbs.edu/blog/post/importance-of-innovation-in-business Customer Centered Innovation Map - https://hbr.org/2008/05/the-customer-centered-innovation-map Startup Stats - https://www.embroker.com/blog/startup-statistics/ Why Startups Fail - https://hbr.org/2021/05/why-start-ups-fail What are CEPs and why are they important? - https://marketingscience.info/research-services/identifying-and-prioritising-category-entry-points/ Timestamps: 0:44 - Tony Ulwick Introduction 3:04 - Why are innovations typically so unsuccessful? 6:24 - Segmenting across unmet needs instead of industry verticals 9:03 - Why most innovations are done in reverse 11:15 - I need a ¼ inch hole, not a ¼ inch bit 12:49 - Kodak didn’t know what market they were in 14:50 - The goal of segmentation & why personas fail 18:54 - Circumstances, not demo or firmographics, cause segments to exist 23:22 - Customers are aware of the problems they have, but not the solutions that exist 25:01 - Marketing strategy is about finding unmet needs and fulfilling them 28:40 - How to identify the jobs customer’s are trying get done 31:59 - The difference between Jobs-To-Be-Done (JTBD) and customer needs 35:45 - Most products don’t get the entire job done 37:55 - Category Entry Points v. JTBD 43:14 - Reinventing a Banana 45:01 - Using JTBD in enter crowded markets 47:52 - Using JTBD to reposition an existing product 51:02 - Solutions mindsets aren’t as helpful as problem mindsets in innovation 53:43 - Moving from JTBD analysis into action 58:02 - Learn more about Tony 59:00 - Post-Pod with V and Marc Where to Listen: Apple Podcasts: https://podcasts.apple.com/ca/podcast/the-sleeping-barber-a-business-and-marketing-podcast/id1609811324 Spotify: https://open.spotify.com/show/4v0kaM350zEY7X2VBuyfrF?si=7083317d5afd488b Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy84MWVjYWJhNC9wb2RjYXN0L3Jzcw?sa=X&ved=2ahUKEwji_oSOopP-AhXnlo4IHTZKBgYQ9sEGegQIARAC Youtube: https://www.youtube.com/@sleepingbarberpodcast © 2024 Sleeping Barber