Module5FactsheetSiemers (2)

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Saint Cloud State University *

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MBA 611

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Marketing

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Jan 9, 2024

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docx

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1. Brief firm background, relevant actors. Jacob Wobbrock is the ceo of Answerdask and Andrew Ko is the other cofounder and cto. Answerdash helps people find answers to questions while they browse websites and partner with companies to help them gain business and revenue by using questions and prompts to connect customers with customer sales representatives. Extra info: AnswerDash is a technology startup based in Seattle that offers a software platform that enables companies to provide on-demand answers to their customers' questions. The company was founded by Adam Carson and Jake Wobbrock in 2012, and the platform was launched in 2014. The platform uses natural language processing (NLP) technology to provide instant answers to customers' questions, which are sourced from a company's knowledge base or from crowdsourced answers provided by a team of "experts" who are incentivized to provide high-quality responses.The relevant actors in the case include Adam Carson and Jake Wobbrock, the co- founders of AnswerDash; Leslie Yuan, the Chief Revenue Officer (CRO); and several potential customers who are considering using the platform. 2. Issues/decision alternatives facing a firm. Customer acquisition did not meet expectations and it took months to have paying customers. The first customer decided to discontinue the service and ceo and cto as well as other cofounders were questioning if they were targeting the right businesses or not. Additionally, AnswerDash is facing several issues and decision alternatives, including how to increase sales and market adoption of the platform, how to differentiate itself from competitors, and how to optimize its pricing strategy. One major decision facing AnswerDash is how to target its sales efforts. The company has tried selling to small and medium-sized businesses (SMBs) and enterprise customers with varying degrees of success. AnswerDash needs to determine which customer segment represents the best opportunity for growth and focus its resources accordingly. Another decision facing AnswerDash is how to differentiate itself from competitors such as ZenDesk, which offers a similar platform but with a different pricing model. AnswerDash needs to communicate the unique benefits of its platform and pricing strategy to potential customers and position itself as a superior solution. Finally, AnswerDash needs to optimize its pricing strategy to maximize revenue while also remaining competitive. The company has experimented with various pricing models, including a subscription model and a usage-based model, and needs to determine which model is most effective. 3. Events described in the case that you believe are salient and relevant to the situation facing the firm. Most of the customers the company had were brought upon through their professional network and were not outsources or organic customers. They were using a shotgun approach which made them take any customer that was willing to partner with them and give them
business. They need to know how much to charge, who to market to, and how to advance the product. One salient event described in the case is AnswerDash's recent pivot from a subscription model to a usage-based model. This decision was based on customer feedback and the realization that customers were hesitant to commit to a subscription without first testing the platform's effectiveness. The usage-based model allows customers to try the platform without making a long-term commitment, which has increased adoption rates.Another relevant event is the difficulty that AnswerDash has had in convincing potential customers of the value of its platform. Many customers are accustomed to using traditional support channels such as email and phone, and are skeptical of the benefits of AnswerDash's NLP-based platform. AnswerDash needs to communicate the value of its platform more effectively and demonstrate how it can save customers time and money. 4. Competitive environment/issues facing the firm. Several other companies including Salesforce Desk.com and Zendesk offer the same services through self service and assisted service question categories. These questions connected shoppers with customer sales representatives through email, chart, and phone calls. Additionally, AnswerDash operates in a highly competitive market with several established players such as ZenDesk and Salesforce. These companies offer similar platforms but with different pricing models, which can make it difficult for AnswerDash to differentiate itself. Another issue facing AnswerDash is the difficulty of convincing customers to switch from traditional support channels to a new platform. Customers may be hesitant to invest time and resources in learning a new platform and may prefer the comfort of using familiar channels. 5. Current marketing strategy (segments in the market, targeted segments, overall positioning of the firm); Any future marketing strategy, if indicated, in the case. AnswerDash's current marketing strategy involves targeting both SMBs and enterprise customers and emphasizing the ease and efficiency of its platform. The company has also experimented with different pricing models to find the most effective approach.In the future, AnswerDash may focus its marketing efforts on specific industries or niches where its platform can offer the greatest value. For example, the platform may be particularly effective for companies with large and complex knowledge bases or for companies with high volumes of customer inquiries. 6. Consumer behavior, trends. Once companies saw that their bottom line was increasing, they generated more revenue. In order to do this, the customers used the question assistance in one way or another to learn about the product to see if it fit their needs or not and when it does, the customer buys the good or service. 7. The marketing mix (include both specifics such as product price, retail outlets where product is available, product details, types of promotion being used as well as overall strategies employed
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