10 New Marketing Classics Every Researcher Should Know About
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Transcript of 10 New Marketing Classics Every Researcher Should Know About
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10 NEW MARKETING CLASSICSEVERY RESEARCHER NEEDS TO KNOW
insight for innovation
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clickadvisorinsight for innovation
The Tipping PointThe Big Insight...
★ Ideas, products and behaviours have “tipping points” - take-up thresholds where network effects take over and dramatically accelerate adoption. Social epidemic theory teaches us the three small things marketers can do to get products to their tipping point
★ Law of the Few - focus marketing spend on influencing the influencers (network hubs)
★ Stickiness Factor - tweak product experience to be psychologically ‘sticky’ (compelling and contagious)
★ Power of Context - ensure product ‘fits’ its context of consumption
Malcolm Gladwell 2000
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clickadvisorinsight for innovation
Purple CowThe Big Insight...
★ “Stop advertising, start innovating” is today’s recipe for marketing success - clutter and choice mean the days of pushing unremarkable products with mass advertising are over
★ Today, the best kind of advertising is a product that advertises itself - because it’s genuinely worth talking about (like a purple cow)
★ Purple cow marketing involves shifting spend in the 4Ps of marketing from promotion to product - creating remarkable products (purple cows) that advertise themselves
★ “Is it worth talking about?” the acid test marketers should apply to everything they do
Seth Godin 2003
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clickadvisorinsight for innovation
How Customers ThinkThe Big Insight...
★ Why people say they like things is rarely the reason why they do
★ People have no privileged access to why their brains tell them they like something, so it is often pointless asking them
★ 80%+ failure rate of new product introductions is largely the fault of market researchers using outmoded survey and group techniques - that ask people why they do stuff and like things
★ The future of marketing research is understanding how the mind works - for example understanding the as the importance of evoking memories for effective advertising
Gerald Zaltman 2003
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clickadvisorinsight for innovation
Psychology of InfluenceThe Big Insight...
★ People are influenced less by rational argument than by simple rules of thumb (“heuristics”) we use to make most decisions
★ Some heuristics are universal - hardwired into every human mind: authority, majority, scarcity, likeability, consistency and reciprocity
★ Understanding the heuristics used to choose can be a rich source of insight and influence
★ Embedding heuristics in products and communications makes them more compelling
Robert Cialdini 1993
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clickadvisorinsight for innovation
BlinkThe Big Insight...
★ The power of intuition rather than deliberation drives most decisions
★ Intuition is not magical - it’s based on “thin-slicing” - fast automatic mental processing
★ Intuitive decisions based on thin-slicing fit mental schema - ideas that fit our pre-existing mental schema get selected
★ Focus groups can fail precisely because focusing is unnatural - a better source of insight is understanding how people thin-slice information
Malcolm Gladwell 2005
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clickadvisorinsight for innovation
FreakonomicsThe Big Insight...
★ Economics can be a powerful insight generator - understanding behaviour in terms of the incentives that drive it and the data patterns that describe it
★ Incentives are the cornerstone of life - economic, social and moral incentives explain much of our behaviour
★ Small changes to incentives can have dramatic effects
★ Conventional wisdom is often wrong - use data mining to uncover patterns in the data and look for the incentives that explains them
Steven Levitt and Stephen Dubner 2005
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clickadvisorinsight for innovation
The Ultimate QuestionThe Big Insight...
★ “Would you recommend it?” is the ultimate acid test of brand health, and the answer is linked to sales performance
★ The Net Promoter score (propensity to recommend) is a validated easy to use, easy to communicate metric for tracking brand health
★ Good innovation and good marketing should increase propensity to recommend (NPS)
★ Understanding what drives propensity to recommend is a key source of insight
Fred Reichheld 2006
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clickadvisorinsight for innovation
The Long TailThe Big Insight...
★ Parallel niche marketing - marketing to the “long tail” of multiple niches with multiple offers is a powerful marketing strategy in a world of near-infinite choice
★ “One size fits all” mass offers no longer work - people expect mass personalisation and demand choice
★ Low demand/low sales products collectively sell more than best sellers and blockbusters - and this a big business opportunity made possible through the radical reduction of sales and distribution costs of e-commerce
★ Selling less of more, rather than more of less by marketing to the long tail is profitable and less risky than relying on blockbusters
Chris Anderson 2005
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clickadvisorinsight for innovation
The World is FlatThe Big Insight...
★ The Web has ushered in a new era of globalisation (“Globalisation 3”) flattening the world, creating a global village of consumers and a level playing field for business
★ Think global, act global - focus on what people have in common rather than what makes them different
★ Think global, act global - (2) identify local market trends, successes and suppliers that can be commercialised globally
★ Constant change is a feature of a flat world, creating a market need for dealing with change - agility and adaptability rule
Thomas Friedman 2005
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clickadvisorinsight for innovation
WikinomicsThe Big Insight...
★ The Web is a powerful platform for doing market-led innovation; businesses can innovate with markets rather than simply for them
★ Boost your innovation pipeline with online idea, design and technical challenges that turn the world into your R&D department
★ Turbo-charge innovation programs with online collaborative tools (Wiki is Hawaiian for “fast”) that efficiently harness distributed collective intelligence
★ Think of the online marketplace as a platform for innovating not just selling; however smart your business, most of the smartest minds don’t work for it
Don Tapscott and Anthony Williams 2006
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For reprints/research enquiries: [email protected] +44 777 95 77 248
clickadvisorinsight for innovation
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clickadvisorinsight for innovation
About Clickadvisor★ Hello, we’re Clickadvisor, a new digital insight agency that uses crowdsourcing
technology to help brands do market-led innovation
★ Instead of running traditional groups and interviews, we uncover needs, opportunities and solutions using online idea and design contests
★ Innovation Idea Contests
★ Trendspotting Contests
★ Brand Naming Contests
★ Pack/Cover Design Contests
★ Our idea and design contests help brands do collaborative innovation, delivering creative insight fast and cost-effectively
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clickadvisorinsight for innovation
About the SpeakerPaul Marsden is director at clickadvisor.com, a digital insight agency specialising in innovation
An experienced market researcher, career highlights to date include:
★ Product management, sales and market research at Astra Zeneca★ PhD in social psychology (social influence) - development of online
research tool featured in The New Scientist★ Led London School of Economics team validating the link between
brand advocacy and sales growth - worked on innovation research projects for BBC, LVMH, Nokia, Economist, and Unilever
★ Co-founded two successful digital marketing agencies (Spheeris (online communication) and Brainjuicer (online research))
★ Co-authored popular business book ‘Connected Marketing’
Paul’s latest venture, clickadvisor.com, helps brands do collaborative innovation through brand-sponsored idea and design contests
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clickadvisorinsight for innovation
FlipsideA reformed bodybuilder, Paul is a diving fanatic and a qualified divemaster