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Chris Brown of brandandmarket.com writes about the recent re-branding of Radio Shack to The Shack.
She writes, "I just can’t believe that they dropped Radio to keep Shack. Actually, Radio isn’t that great either. Why not abbreviate it to something like RS. Wonder if they did any research at all?"
What sort of market research went into changing the popular electronic retailer's name?
Knowing Your Target Market: Radio Shack Rebrands to The Shack
Today, we'll continue looking at the companies who are participating in The Market Research Event. Today, we're featuring Chadwick Martin Bailey.
Chadwick Martin Bailey provides custom marketing research that helps leading companies solve their most challenging business problems and attack their best opportunities. Specializing in segmentation, brand, sponsorship/event ROI, customer experience, product development, and employee research, we focus on identifying the specific actions our clients can take to get, keep, and grow customers.
Hear more from Chadwick Martin Bailey and other leaders in market research at The Market Research Event this October 18-21 in Las Vegas!
In the weeks leading up to The Market Research Event 2009, we're going to be hearing from the speakers of The Market Research Event. This week we have Dean Macko, Hyundai Motor America, who will be presenting "Hyundai's Evolving Emotional Connection With Consumers," in the Insight Driven Innovation Track on Tuesday, October 20, 2009. To learn more about The Market Research Event, download the brochure here!
1. Tell us about a project you are working on or recently completed that you are proud of?
Macko: We are just putting the finishing touches on a fantastic new segmentation here at Hyundai that exceeded all expectations. Not only is our target segment consistent with our brand direction, but if you plot current Hyundai owners on the map according to whether they bought for the right reasons (up and coming brand, quality just as good as the Japanese) vs. the wrong reasons (price, deal), the pattern points almost directly at our target segment!
2. Think ahead 5 years, what major changes for MR/Consumer Insights do you see?
Macko: I expect to see more behavioral research. We are looking at doing large-scale copytesting soon, and the techniques out there are mind boggling. I think Marketers are looking for better answers out of how an ad performs than what can be captured via surveys, so we are talking with cutting-edge companies that are scanning the brain, recording eye vacillations, facial coding, eye tracking, etc. to monitor advertising response. In the end, a hybrid approach is where I’d want to end up.
3. What inspired you to get in the field? What keeps you motivated?
Macko: The work continues to be fascinating, especially for a rising brand like Hyundai. Looking ahead, this field can take you down many paths. These analytical skills can take you into Strategic Planning, Advertising, Brand Strategy, CRM, etc. It’s a great tool to have in the kit, and who doesn’t like getting their hands dirty in a bit of data to uncover that little pearl of wisdom!
With a renewed interest in the back to better basics philosophy, the producers of The Market Research Event partnered with faculty from Notre Dame University to unveil a unique training course designed for new hires and/or transfers to market research. The Future Market Research Leaders Education series unites leading research and insights practitioners who will instruct participants on how best in class research is planned, executed and presented.
As we operate with smaller teams and fewer dollars, ensuring that fundamental skills and training are in place are more critical than ever. Market research and consumer insights has the potential to unlock innovative solutions to challenges posed by our tumultuous economic situation. Yet to uncover them, you need to be equipped to over deliver.
Not only will you be exposed to the best minds in the industry in an intimate classroom-like environment, but you will have a network of contacts and mentors for the duration of your career. As the industry evolves quicker than ever, the need to build connections that will be key to staying ahead.
When YOU attend The Market Research Event and send someone from your team to the Future Market Research Leaders Program, Save 20% on standard registration fees for both events. Get your team on the fast track to success today. Use the code FASTTRACK to get this savings.
In a recent article at Convenience Store News, they look at the wavering loyalty of today's consumers. It's critical to retain loyal customers, as they are a dependable, high profit segment.
They provided a few key ways to segment your customers and create loyalty among your regular customers:
-- Identify key customer segments
-- Create target groups of similar segments
-- Prospect for look-alikes in target markets and your customer database
-- Deliver differentiated messages and experiences
-- Implement the approach throughout the departments within your organization
-- Measure the effectiveness and adjust your strategy
InformationWeek.com reports that in the United States, Research In Motion (NSDQ: RIMM) dominates with a 52% market share of smartphones. However, the situation is fluid, as evidenced by the roaring success of Apple's iPhone, which has quickly captured 23.3% of the market. Sales of the iPhone jumped 365% in the second quarter, compared with the same quarter in 2008, according to the market research firm. RIM's shipments of BlackBerrys jumped 29% in the same quarter.
It seems that the iPhone is somewhat buffered from the chilly economic climate. What would be interesting is to see how the Palm Pre changes the game, if any to really compete with iPhone's market share.
RIM Owns Half Of U.S. Smartphone Market
In the weeks leading up to The Market Research Event 2009, we're going to be hearing from the speakers of The Market Research Event. This week we have Jared Heyman, Founder & President Infosurv Inc, who will be presenting "Prediction Markets 101: Tapping the wisdom of crowds to predict the future," in the Tools & Techniques Track on Wednesday, October 21, 2009. To learn more about The Market Research Event, download the brochure here!
1. Tell us about a project you are working on or recently completed that you are proud of?
Heyman: I recently wrapped up a validation study using the iCE (Infosurv Concept Exchange) prediction market and was proud of the results. We setup a "virtual stock market" to test 15 new lottery ticket concepts for a major state lottery, comparing the results of the market to the actual in-market sales performance of each concept in order to measure the predictive validity of this new concept testing tool. The prediction market accurately predicted the sales performance of 14 of the 15 new product concepts -- not bad.
2. Think ahead 5 years, what major changes for MR/Consumer Insights do you see?
Heyman: I'm pretty bullish on the prospects for prediction market for market research. They've been used for years to accurately forecast election outcomes, movie box office receipts, sporting event outcomes, and corporate financial performance. It's just a matter of time before market researchers are using them regularly to predict new product sales performance.
3. What inspired you to get in the field? What keeps you motivated?
Heyman: I got into the field over a decade ago because I loved the ability to answer business questions objectively -- with data, not guesses. What keeps me motivated is the innovative new research techniques that we're watching emerge -- things like neuroimaging, emotional measurement, and prediction markets.
Today, we'll continue looking at the companies who are participating in The Market Research Event. Today, we're featuring Burke Inc..
Since 1931, Burke has provided decision support solutions to companies across all major industries. Burke's areas of focus include: Custom Marketing Research, Customer Loyalty & Relationship Management, Employee Engagement & Retention, International Research, Linkage & Integration, Online Research & Reporting, Qualitative and Burke Institute, the leading provider of research training and education.
Visit Burke's website here.
Hear more from infosurv and other leaders in market research at The Market Research Event this October 18-21 in Las Vegas!
Vikrant Gandhi, analyst at market research firm Frost & Sullivan and author of "An Insight into the U.S. Smartphone Application Storefront Market," recently told InternetNews.com that the amount of smartphone apps will triple in 2014.
PDAStreet reports that downloads from all app stores will reach 6.67 billion applications by 2014, up from two billion this year. Downloads from all app stores will reach 6.67 billion applications by 2014, up from two billion this year.
Gandhi said the following factors are fueling the download app growth: free content subsidized by mobile advertising and mobile commerce; high-quality user experiences driven by next-generation devices and advanced networks; strong support from key industry players; the vast inventory of apps appealing to a broad and diversified segment of users; and operator acceptance.
Get the full story here at InternetNews.com and PDAStreet.com
The New York Times reports that despite a well-publicized oversupply of products and excess manufacturing capacity for solar photovoltaic equipment and components, some solar power industry watchers are still predicting further robust growth in production capacity. But financial analysts fear numerous makers may fail over the next few years.
But lone research firm Austin, Texas-based DisplaySearch, a division of the global market research firm NPD Group, predict the worldwide manufacturing capacity for solar cells will expand by 56 percent this year over 2008 levels. 2009 is seen as one of the weakest market years this decade, with even DisplaySearch admitting that demand is down by some 17 percent this year, while others see a decline of up to 30 percent.
Will the market research prove to be true for this fledgling market, or will we see a loss in solar energy across the United States?
World Solar Industry Appears Headed for a Shakeout
According to Media Post, within the past 30 days, 26% of Americans online have streamed a television show, while 14% have streamed a full length movie. An overwhelming amount of those numbers come from 18-24 year olds. However, the article does state that television consumption has not decreased, as the average American with internet access still watches 14 hours of TV a week. Read the full article here.
Each Tuesday, we'll begin looking at the companies who are participating in The Market Research Event. Today, we're featuring infosurv.
The Infosurv Concept Exchange (iCE) is an online prediction market system optimized for concept testing. Fueled by "the wisdom of crowds" iCE is designed to help companies test new product or marketing concepts more accurately, quickly, and affordably than using focus groups or surveys. Rather than answer survey questions, iCE respondents participate in a "virtual stock market" where they can buy and sell shares in the concepts tested. Share price movements are then analyzed to accurately predict which concept will perform best in-market. You can visit the iCE website at
ice.infosurv.com .
Visit infosurv's website here.
Hear more from infosurv and other leaders in market research at The Market Research Event this October 18-21 in Las Vegas!
The Market Research Event 2009
$400 Early Bird Discount Expires Next Week!
Register by Friday, August 14th to Secure Your Spot & Save
Download the brochure to learn more!
The Market Research Event is your one-stop shop for all your research and insight needs - it's the experience of 6 conferences all in one trip!
Join us in 2009 and we will enable you to build your bridge to a brighter, more innovative tomorrow. Register today to secure your seat.
Jeffrey Henning of Vovici.com reports that Apple does not do market research, quoting Steve Jobs "We do no market research. We don't hire consultants. The only consultants I've ever hired in my 10 years is one firm to analyze Gateway's retail strategy so I would not make some of the same mistakes they made [when launching Apple's retail stores]. But we never hire consultants, per se. We just want to make great products."
Your organization is not Apple but perhaps, as we conduct market research we can take a few cues from Apple--make products that you'd like to have. What appeals to you about the product or service that you're selling, how can you make it even better?
Apple Does "No Market Research", So You Don't Have To Either
The Market Research Industry Online recently stated that companies have come together in order to more accurately target the affluent. ChadwickMartinBailey has partnered with AgencySacks to provide information on how to target this specific audience. Together they will release four quarterly reports on the affluent customer segment.
AgencySacks Partner Andrew Sacks stated:
"We brought together a combination of researchers, practitioners, and thought leaders for the explicit purpose of making this a holistically-conceived business, much more than a traditional research product. The contributions and analyses of the group elevate the research to practical information that can and will affect a company’s bottom-line."
Read more here.
According to The Wall Street Journal, market research firm IDC is set to publish a report that outlines a 5% shrinkage in the internet ad market during the 2Q.
For the second quarter, IDC said worldwide ad spending was down 5% to $13.9 billion from $14.7 billion in the same period a year ago. The results are included in IDC's forthcoming Worldwide and U.S. Internet Ad Spend Report 2Q09.
The downturn hit most areas of the world, with the exception of the Asia Pacific region, including Japan, which saw slight gains in the most recent quarter.
U.S. Internet ad spending also declined for the second time in a row, down about 7% to $6.2 billion from $6.6 billion a year earlier. The pain was felt across all major formats, with search ads being least affected, display ads losing 12%, and classifieds shrinking 17%, the research group said.
Why the decline? We'd like to hear your thoughts.
The New York Times has a very interesting breakdown about how people spend their day, breaking down into categories such as traveling, sleeping, household activities, and socializing. It can also be broken down further by men, women, teens, unemployed, etc. See the full chart here.
