The Market Research Event 2010 is taking place this November 8-10, 2010 in San Diego, California. Every Friday leading up to the event, we'll be recapping one session from The Market Research Event 2009.
Carol Fitzgerald of BuzzBack and Amelia Strobel of Kraft gave their story of "Exploring Dimensions of Delicious with Kraft Foods" in the Explor Awards track this afternoon.
The project developed in order to build a corporate theme for Kraft. They wanted to develop a company positioning around the idea of: "make today delicious."
They wanted to know how they could communicate delicious and whether or not there was an emotional connection to a theme that tied closely to food.
They used a variety of techniques offered by Buzzback and found that delicious is: warm, intimate, and highly positive. They have extended "delicious" throughout their organization and are now sponsoring "Make a Delicious Difference Week" working with two organizations: Feeding America and Save the Children.
Please view the video because every view helps feed the hungry....
Cindy King recently look at a few of the things to look for when conducting your market research with hopes to expand into an international market. The market research is key to the planning phase, and your success in the foreign state afterwords will be a direct reflection of it.
A few things to know when going into a market to research are: -What you hope to accomplish -Cultural differences between the origin country and foreign country -How the foreign market will use the product
Read the full article here. What are other things a company should look for when doing market research when hoping to enter a foreign market?
McDonalds has seen a 4.3% drop in customer satisfaction in 2010. While sales grew, it faced it's largest drop in customer satisfaction, from 70/100 in 2009 to 67/100 this year. This comes with same store sales earnings increasing. So while they have seen huge increases in sales, they're seeing these customer satisfaction scores fall.
Claes Fornell, founder of the ACSI, commented: "This may seem somewhat paradoxical in view of McDonald's sales growth over the past year, particularly compared to the competition. But as increasingly frugal consumers have made price more salient, McDonald's acquired more customers. These newcomers seem less satisfied, and were it not for the economy some of them would probably rather eat somewhere else."
While consumers are flocking to McDonalds in higher numbers, is it natural that more consumers are going to walk out of McDonald's unsatisfied? What type of market research can be done to better understand the consumers that have lead to the increase in sales at McDonalds?
The Market Research Event 2010 is taking place this November 8-10, 2010 in San Diego, California. Every Friday leading up to the event, we'll be recapping one session from The Market Research Event 2009.
Measuring and Improving the Long-term Impact from Marketingfor Fast Moving Consumer Goods Rick Abens, Conagra Foods
Customer lifetime value (CLV) is the value to the companies see on the P&L of measuring marketing efforts over time. Conagra Foods was trying to link marketing to P&L. CLV is a forward looking metric, it’s value is measured starting now until the end of the customers lifetime.
What’s the value have for teh entire supply chain for ConAgra foods? Their goals is to measure and improve marketing and drive long-term customer value and loyalty.
The mew Marketing Accountability Standards Board invited many individuals to join in the conversation including finance, marketing, researchers and academics. It was founded to help increase that status of marketing in the boardroom.
Key issues for packaged goods companies -How do we drive long-term growth with marketing? -How do we develop customer acquisition and retention marketing strategies that are impactful? -How do we match the right offers of the most responsive customers?
Standard marketing mix modeling output: total volume and subdivide it into the volumes that are driven into trade, promotion, advertising and baseline.
If you look at the baseline as a function of long-term marketing, you can begin understanding it.
Sources of growth: acquire new customers, retain more customers or increase purchasing size. Many customers are flat lining, new customers equal lost customers and retained customers, includes Healthy Choice, and Maxwell.
Summary: -Marketing is not about getting the next incremental sale, it’s more about getting new customers and making them loyal to your brand. -Understand whether or not your strategies are working. -Back to targeting, more aggressive media happening every day in the household. Cut some advertising and target the right people. Television is very important.
In this slide show I recently found, it looks at finding your consumers' footprints. Look at where they are and what they're doing and create your segmentation according to that. Upon hearing your consumers, you can take that information and divide them in four different ways: behavioral, geographic, demographic, and psychographic. Which of the four ways do you think is the easiest way to divide your customers up?
In a recent article at the Scientific American, Piercarlo Valdesolo looks at how the desire for an object may cause distortion in the distance of the beholder's eyes. The way we think and feel about objects changes the distances we perceive in our heads.
In other words, do objects that we want or like appear closer to us than they actually are? In a series of clever experiments Balcetis and Dunning varied the desirability of target objects and asked for participants’ estimates of their physical proximity to these objects.
Read the full article here. How can this affect your consumers? If they see an object as easy to obtain, it will become more desirable for them.
The Market Research Event 2010 is taking place this November 8-10, 2010 in San Diego, California. Every Friday leading up to the event, we'll be recapping one session from The Market Research Event 2009.
Decision Pathway Modeling: Understanding How Your Customers Get To Yes Mike Mabey, CMI Anne Hale, Pfizer, Inc.
For Pharma, key metrics are adoption (will a physician prescribe this product), patient adherence and compliance, intent to fill and prescribe, brand perception and brand loyalty. Many drugs will go off patent, and the patients will still want to continue takig the name brand product. Decision pathway modeling is structural equation modeling at the practice level. The structural model, using It combines factor analysis and regression analysis, shows new strategy. It shows how constructs interrelate, such as quality service price value satisfaction and loyalty. What strategies can you put together to make the best product?
Key steps to pathway modeling: 1. Identify brand/business objectives – entire team must be on same page for results 2. Build a hypothesized brand model – they started small to find out “the big idea,” created a hypnotized patient model: ad awareness, condition awareness, information seeking, symptom severity, impact on activities, diagnosed with co-morbid condition, pill burden, length of relationship with physician – these lead to the intent to consult with a doctor (which is not the end point, jus the first step) 3. Drafting the survey – critical, best price is validated multi-item scales 4. Data Collection and Model Building – sample should match business objectives 5. Model interpretation and result read-out – larger than the path coefficient, the stronger the relationship
The only way they could increase the intent to prescribe, they had to go back to the inquiries from the patients.
Advantages of DPM • Can be used on a wade rage of models • Allows brand teams to leverage existing knowledge in drafting the hypothesized models • Caputured indirect effects • Permits simple or complex models
DPM can – -Maps your customers entire journey, from the beginning to the end how you can influence customer behaviors -Helps your prioritize resources, - Revels impact on key marketing elements -Help you understand the impact of early events in the decision pathway impact on eventual actions and outcomes
According to Gongos Research, 92% of consumers surveyed want to be a part of the product development process. They would like to be work with companies in new products and packaging in categories including snacks and beverages, consumer electronics and health and wellness.
The survey also found that: “do not necessarily expect recognition or direct compensation” for their contribution, 73% would expect to receive a sample product. Seventy-six percent said that they would be willing to forgo acknowledgement or creative license for their ideas, protecting the company from claims based on intellectual property rights of royalty expectations.
Personal care and appearance have become an obsession. Personal care product usage has increased in double digits in the past 5 years with consumers using more individual products on average every day.
In order to develop new products, companies need to identify unmet needs as well as emerging trends and attitudes. Furthermore, we need to better understand how consumers navigate through new categories.
This beauty and personal care development has created a need for new understanding. How has behavior changed? Do women feel differently about themselves?
In order to understand how the category has evolved, we need to be able to look back in time. In 2005, BuzzBack conducted a study among US women around personal appearance and their use of personal care products – from cosmetics to body and face lotion. The study utilized eCollage, our award-winning online technique for revealing visual associations and underlying emotions/feelings.
In this new webinar, five years later, we will look at what’s changed – as well as compare to new findings among women in the UK.
Attendees of this webinar will learn:
• How attitudes related to beauty and appearance have changed among females in the past 5 years and why
• How women use imagery to better express how they feel about their personal appearance on a typical day
• What remains the same -- which consumer feelings are similar today compared to 5 years ago and why
• How the recession has impacted purchase behavior and why
In addition, you’ll learn how new research methodologies, especially hybrid qual-quant online techniques, have evolved. Traditional quantitative measures will be combined with future-facing qualitative collection methods and advanced qualitative analysis.
Featured Speaker:
Brendan Light, SVP, Research and Development, BuzzBack Market Research
Brendan has been leading research development and best-practices for BuzzBack, with recent recognition by the Advertising Research Foundation as a Great Mind winner for Innovation. In addition to continually improving the quality of the quantitative and qualitative methodologies and analytics of BuzzBack's research offerings, he pioneered BuzzBack's award-winning and patent-pending eCollage and Verbatim Viewer technology, and leads a broad team of future development and research strategy for BuzzBack. He continues to focus on leveraging the transformative powers of the Internet to evolve respondent engagement, operational efficiency, and visualization of analytics and insight. He has over 10 years of client and research supplier side experience, having also served as Research Director for Grey Interactive and as the Global Director of Ipsos-ASI Interactive.
With over 125 speakers and more than 100 sessions, TMRE 2010 has the most comprehensive agenda in the industry - it's the experience of 6 conferences all in one trip!
Download the Brochure to see for yourself why more than 400 people have ALREADY signed up to attend!
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Registration Information:
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The Market Research Event 2010 is taking place this November 8-10, 2010 in San Diego, California. Every Friday leading up to the event, we'll be recapping one session from The Market Research Event 2009.
How can we grow market research? There’s a dimension missing in market research, and sometimes when you damage something you learn. Kelley’s been creating intense personal experience that’s changed the lense through which she looks at the industry. Last year, Styring presented about what people carry around in their car. Cars are now a habitat, and to do this study, she spent 30 days in a car traveling around to find out more.
She embrased a the idea that bias can contaminate one's work. When she lived the experience, she understood more of what the consumers were talking about.
Things are happening very quickly on the technology and social network side, and it’s very important to understand what’s going on. Styring is now looking at Twitter.
How does one slice all of the information you can gather on Twitter? In market research, you don’t really know what you’re looking for. You’ve got # signs some are using in Twitter (#TMRE for this conference!), which can be empirical learning, as well as theoretical panels. You can learn about anything. All of this information is collected then graphic and descriptive analysis reveal innovation and insight opportunities. Embrace your inner bias.
The Castlesford Tigers, a rugby team in England, have decided to reach out and understand their local market. They're looking to the fans and locals in the region to understand their perceptions of the club, season ticket prices and the match day experience. They will use a network of online surveys, telephone surveys, focus groups, and one on one interviews.
According to the head of Marketing and Development, Simon Mowbray, "The views of our supporters are vitally important to the future of the Club. They are at the heart of everything we do so it is extremely important to receive their feedback to highlight areas we can improve and help the Club grow. We are facing one of the most significant periods in our history. With plans to move to a new state-of-the-art stadium at Glasshoughton and with Super League more competitive than ever before both on-and-off-the-field, the operation needs to be constantly evolving to meet the demands. The market research campaign will give the fans the opportunity to let us know their thoughts on a wide range of issues and provide the Club with a valuable insight into what they think."
This club realizes the importance of connecting with their audience. They're the source of future growth. What initiatives have you taken recently to reach out and feel the pulse of your audience?
The Affiliate Marketing blog recently posted a list of the best market researchers to follow on Twitter. With the micro-blogging service being constantly updated, it's a great way to keep an eye on the market and follow the latest trends.
The list consists of:
eMarketer — Digital intelligence for marketers & advertisers on social media, mobile, media, advertising, retail, consumer products, and more.
Forrester Research — Independent research company that provides pragmatic and forward-thinking advice to global leaders in business and technology.
Google Retail Team — Uses their Twitter account to provide the latest industry news and data.
Pew Internet — The Pew Research Center’s Internet & American Life Project, a nonprofit, nonpartisan research organization.
Focus — Online resource where professionals can freely access the research and expert advice they need to make better business decisions.
American Marketing Association — Official Twitter account of AMA, a professional association for individuals and organizations involved in the practice, teaching and study of marketing.
You can also follow The Market Research Event on Twitter at @TMRE.
The University of Maryland recently did a study to test the effects of Generation Y separating from all forms of technology, in specific, iPods, cell phones and computers. Two hundred Maryland students were separated from all forms of media for 24 hours.
After 24 hours with no media interaction, the words the students used to describe the experience were much like those of drug and alcohol addictions: In withdrawal, Frantically craving, Very anxious, Extremely antsy, Miserable, Jittery, Crazy.
Generation Y uses their media not only to stay connected with the world they have built, but also as a news information source. Many don't watch the news, but instead find out about major events from Twitter and Tumblr. The article also noted that much of Gen Y was oblivious to branded news and information.
The Market Research Event 2010 is taking place this November 8-10, 2010 in San Diego, California. Every Friday leading up to the event, we'll be recapping one session from The Market Research Event 2009.
