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If you're planning on attending, speaking or sponsoring in Las Vegas October 18-21 for The Market Research Event, we invite you to add The Market Research Event to your Events on LinkedIn. Join us here: http://events.linkedin.com/pub/32743
With the current slow down of the economy, many companies are facing lay-offs due to customers who are not buying their products. One sector not facing this problem is organic foods. Although typical yearly growth of 20-30% has eased, sales of organic food were up 5.6% in December of 2008. Sales are not falling in this category. Customers are sticking to their green products, and are willing to scale back on other products instead of cut out the high cost of organic foods completely.
The dedicated consumers of this market are willing to scale back on other products to maintain a green lifestyle.
What other industries do you see like this one? What other markets sales are remaining consistent throughout this recession? Why are they appealing to consumers?
Source: Reuters
Steve King outlines easy and free ways for companies to use social networking and crowd-sourcing for market research. He outlines the uses of LinkedIn, Twitter and Blogs. He notes, that social media tools are making it much easier to connect and converse with customers, prospects, and broader audiences. And while asking questions on blogs, LinkedIn, Twitter, and other social media sites does not produce statistically valid results, you can learn a lot from the responses.
What do you think? Have you used these outlets for your market research?
If you missed the webinar Using Online Collaging to Better Engage Research Respondents last week, here’s your chance to view the archive. Martin Oxley, the managing director of BuzzBack Europe, presented BuzzBack’s recent research on US and UK consumer attitudes to Sustainability and "Being Green," and how unique interactive techniques were used to develop traditional quantitative data and qualitative insights in the same online research study. Take some time to view this hour long webinar at your own leisure.
Watch the archived webinar
At the Norman Transcript, they cite that 50% of new businesses fail within the first two years and 80% fail within the first five years. One of the key reasons for this is lack of market research before they enter the market. Companies are not taking the time to get to know the landscape of the market before the enter. Market size, creating a target market, studying the competition are all important factors that should be researched and written into a business plan at the very beginning of any business launch.
Despite the worldwide decline in mobile headsets, China is expected to see a growth in the industry in 2009. According to EETimes.com, this can be due to wireless operators continuing to attract new subscribers by reducing service fees, attracting first-time buyers and enticing existing customers to add a second number. The Chinese government has yet to issue 3G licenses to the country, but may do so in 2009. More growth will be expected. So how did China seem to grow in mobile headsets whilst the rest of the world struggles? We'd like to hear your thoughts.
Today, I'd like to introduce another guest blogger for TMRE, Frankie Johnson. Frankie Johnson is the Founder and Principal of Research Arts where she consults on emerging trends and conducts qualitative consumer research, much of it online. Her specialties include the impact of economic and environmental shifts on consumers' choices. She was educated at the London School of Economics and began her career on the client side in senior research and brand marketing roles with Quaker and Sears.
In this first full day of the Obama administration, I have been thinking about the lessons we can take away from his masterful campaign. There are probably hundreds of them, but a few seem to me to be particularly relevant for marketers:
You can probably think of many other lessons. These are the ones that occur to me today. Here's hoping and praying that this day marks a turning point in our country, and we can look towards the future with optimism and courage.
So what are customers still buying during this economic downturn? It's important to know what they're buying so a company can offer products that are still relevant in a consumer's buying options. According to Forbes, here are the top 10 things Americans are still buying in this time of economic recession:
1. Smart Phones
2. Video games and Consoles
3. Gym Memberships
4. Personal Care
5. Toy Building Sets
6. Car Maintenance
7. Dress Casual Shoes
8. Restaurants
9. Movie Tickets
10. Netbooks
Does anything on this list surprise you?
Karri Flatla recently posted on Search Engine Guide several ways on how to use twitter to research your target market. Here are a few of these tips:
"Chat up your friends and family."
Take polls and tweet about topics that relate to the market you are trying to understand. You must stimulate conversation and be interactive in order to achieve results.
“Talk to strangers."
Find people in your target that you do not know and shoot them a question.
"Immerse yourself in popular culture."
Take a notepad with you and jot down any gems you come across in Twitter.
"Divine the answer."
Follow the trends and techniques of competitors, which is rather simple to do with Twitter.
"Check the polls."
Use the search engine to track new tweeps to follow.
Are you using any of these tips for market research in your company?
With so much going on in "online social networking", I find it difficult to know just where to spend my time online. It's one more thing that has been added to my list as a B2B marketing tool.
So, I found this article in the NYTimes helpful. It gave a perspective on the sites that will most likely have staying power in the months to come. Although the audience was meant for IT professionals, I found it applicable as a market researcher, or anyone who wants to keep up with the latest business trends.
Carolyn Duffy Marson, Network World, IDG wrote the article on December 31, 2008, titled: "Nine Web sites IT pros should master in 2009."
She claims: "Master these Web sites, and you’ll prove you can innovate during the most trying economic times. And you’ll do it more efficiently than your 20-something employees, who waste too much time chasing the new, new thing on the Internet that may not survive the downturn."
Top of the list was LinkedIn while Facebook was discounted. If you're interested in seeing the full list, you can view it here at the NY Times site.
Thanks,
April Bell
I recently found this presentation on the Amarach Research Blog. The gaming market is huge, this presentation looks at how its capturing its new customers, and how it's continuing to keep the gamers already playing.
b2binternational.com has a great excerpt on their blog concerning 10 golden rules to remember when times are tough. These rules are taken from Bob Liodice, President-CEO of the ANA and provide insight into the b2b world, and for this blog's purposes, market research.
His first rule:
1. Passion And Leadership Are ImperativeThe most successful brands are headed up by strong, visible and vocal leaders, who have total belief in the business, the brand, and what it represents. Such passion is inspiring and infectious; it will spread to others in the organization, who then all play their part in ensuring success.
I find to be the most inspiring, though the other 9 are pretty fantastic. This number one rule is particularly imperative for market research. Be passionate about what you're researching, find your audience and with a full voice--move forward.
Check out the list and get back to us. We'd love to hear your thoughts.
“The days of shopping til you drop are over,” according to David Lamb, chief strategic officer at diamond giant De Beers, as stated in this post on Forbes. Lauren Sherman points out that latest market research shows us that shoppers are rethinking their shopping habits. Instead of purchasing many lower-priced trendy items like Coach bags for example, shoppers are now spending more on a single longer-lasting luxury item like a handbag from Chanel or Hermes which can run into thousands of dollars.
Many believe that 2009 will be a year for luxury brands to embrace, because the focus of products is now being shifted towards quality and dependability. What do you think?
In a new post at the B2B blog, they share research that shows marketing executives know that market research is vital for the coming year. One in every 10 US marketing executives foresees a greater use for market research and three of ten executives are expecting growth in market research activity. Read the post here.
According to market research by CEA, Blu-ray disc players have historically sold faster than their DVD counterparts. By looking at the slow rise to DVDs, its apparent that the Blu-ray's ascent into the entertainment vehicle du jour has happened much faster than previously thought. This can be due to the lowering cost in Blu-ray players and the capability by PlayStation to play the Blu-ray discs. Check out the article here and give us your thoughts.
Using Online Collaging to Better Engage Research Respondents – A Case Study
Thursday, January 22, 2009 2:00 PM - 3:00 PM GMT (9:00 AM - 10:00 AM EST)
Using a case study approach, BuzzBack will showcase its recent research on US and UK consumer attitudes to Sustainability and “Being Green,” and how unique interactive techniques were used to combine traditional quantitative data with new types of qualitative insights to yield new levels of understanding. Examples given will show how improved digital approaches can infuse your research and help you think about online research in a totally different way.
This approach was awarded the 2007 MRS/ASC Technology Effectiveness Award.
What you will learn by attending:
• Understand new online research techniques to gain richer, more emotional understanding of respondents’ attitudes
• See how to use the Internet can be used to change your research from the boring, click-a-radio-button survey to a respondent interaction that is much more interesting and engaging
• Review examples of research findings from recent research on US and UK consumer attitudes towards what “being green” means to them Featured Speaker Martin Oxley, Managing Director, BuzzBack Europe
Telemarketing does not often return an interested customer, or someone who will purchase your product. However, it can still be a useful tool for collecting market research, as you can learn something about your current products, market approach, and target markets.
Here are eight ways Vendorseek.com suggests to use your calls as market research:
Hundreds of leading design and innovation experts will gather in Monte Carlo 26-28 January for a world class information exchange focused on driving innovation forward. T
Through real life case studies, they will showcase practical strategies and techniques to guide you in developing a profitable ecosystem for innovation.Attending companies include: Shell International, Volkswagen, Nokia, P&G, Swarovski, Bombardier Aerospace, BBC, Best Buy, Cadbury Schweppes, Cisco Systems, Coloplast, Eli Lilly & Company, Halliburton, IDEO, Johnson & Johnson, Microsoft, LEGO, Philips, Siemens, Nestle, Whirlpool and many more.Space is still available.
Visit http://www.linkedin.com/redirect?url=http%3A%2F%2Fwww%2Eiirusa%2Ecom%2Ffeieurope&urlhash=_Cji&_t=disc_detail_link for more information and to reserve your spot.Mention code XM2150LQA and save 15% off the onsite rate.
Feel free to pass this discount along to any colleagues who would be interested.
There is usually a lot of work involved in niche marketing research, and marketers tend to avoid doing it. I came across this post on Web Media Networks that details 3 pillars that marketers must build on when doing niche marketing research. Here they are, enjoy!
Over at the Examiner, Scott Gringold recently posted a quote from David Morehouse, the President of the Pittsburgh Penguins.
“We wanted to see what people thought our brand was in the marketplace,” he says. “We researched people within the organization to see what we thought our brand was and then we matched them up, and as we are rolling into a new arena in two years, we decided what we wanted to do was enhance the things that are prevalent in our brand that we liked. (Then) eliminate those that are prevalent in our brand that we didn’t like, and roll out an enhanced brand strategy as we try to market this new arena and this hockey team.”
It's important to stay in touch with your customers in hard economic times, and it is necessary for you to be engaged with all aspects of your product, including your brand, your customers and your employees. Doing market research, and staying in touch with all parties, is a great way to understand and maintain your customer base.
At the B2B Blog, they reveal the latest studies about how consumers are looking at the new green revolution. Of the customers surveyed, three in four have defined themselves as green, and 57% of those have made a green purchase within the past six months. The younger generation, those age 18 - 34, 24% believe that it's trendy to be green. What is your company doing to capture this new trend?
