In generic terms, the risk is a product of severity and frequency. Death is almost a certainty in a plane crash. However, they happen very infrequency. Thus, it is a safer mode of transport compared to road travel. A similar concept can be used to position our products. Products that stick in the user's mind are either used frequently (F) or have a high perceived utility (U). Making this assessment is critical to design products along these two dimensions.
Lux has high perceived utility (glowing and soft skin!) and is bought frequently. However, everybody would like to be in this sweet spot. It creates clutter in this segment. On the other hand, Moti has high perceived value (its purity!) and is bought infrequently (during Diwali). And it sells. So, products can succeed in an area where the frequency and perceived utility are above a cut-off. However, if our product falls in the range of low frequency and low utility, we need to act asap.
After we assess the F and U of our product, we need to analyze why it is what it is. Most often, that depends on the motivation (M) and ability (A) required from the customer for consuming the product. Gyms are a better way for weight loss than consuming weight loss supplements. However, exercising needs a higher level of motivation. It is also not easy. On the other hand, diet supplements are easy to use and require a lower level of motivation for usage. Assessing the motivational level and ease of use for our product is critical for making it successful. When that is taken care of, the user action can be initiated by employing appropriate triggers.
Metrics:
Assess your products/services using the FUMA Model.
If your product falls in the death valley, take actions to enhance the frequency of usage or improve its perceived utility. It can be done in many ways like a smaller pack size, lower price, more applications, etc.
Design triggers to motivate people to use your products. And make it easier to use. For example, putting a social media post, using an influencer, using referrals are some of the possible triggers.
Subodh
PS: Subscribe to these blogs by clicking here - Big Small Metrics
留言