Incorporating Market Research into Product Development Walter H. Zultowski, Ph.D. WZ Research +...
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Transcript of Incorporating Market Research into Product Development Walter H. Zultowski, Ph.D. WZ Research +...
Incorporating Market Research into Product Development
Walter H. Zultowski, Ph.D. WZ Research + Consulting, LLC
SOA Life and Annuity Symposium May 18, 2010
Guiding Principles
• Market research doesn’t make decisions; executives do• Market research isn’t just about big decisions • Market research is often more about what NOT to
pursue, than what to pursue• Market research is less about THE research project, and
more about ongoing market insight• Market research is better viewed as a component of the
product development/innovation process and less as a standalone department or function
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Market Research Methods – A Primer
Secondary Primary
Qualitative •Literature Reviews •Sales Reports
•In-Depth Interviews •Focus Groups
Quantitative •Syndicated Studies •Internal Data •External Data
•Experimental Studies •Surveys
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A Comment on Focus Groups
• The most abused research method• You can never do enough focus groups to get a
representative sample• Numerous potential sources of bias• They definitely have a role• Can be used in decision making
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A Comment on Surveys
• Personal interviews vs. telephone vs. online• Have become the second most abused research
method• A survey is only as good as its sample• There’s no good way to ask a bad question• Implying causation from correlation
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Should Market Research be Done Among Consumers or Agents?
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Seems Simple, Yet Frustration Abounds…
“Actuaries don’t value research.”
“Researchers are too academic.”
“The actuaries don’t bring me into the product development process early enough.”
“How do I know what to research if I don’t know the company priorities?”
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What’s the Solution?
It Depends...
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What One Means by “Product Development”
• Level I: Changes to Existing Products (Updates, Reprices, Riders)
• Level II: New To Company, But Not to Market or Industry
• Level III: New To Market, But Not To Industry• Level IV: New To Industry
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Type of Research Activity
Level I Level II Level III Level IV
Market Research
Innovation Management
Market Research in Product Development
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Product Development Needs to:
• Develop more of a marketing focus• Embrace market research as a part of the product
development process• Build time into the process for market research input• Manage for both product maintenance and innovation• Be open to disruptive product development
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Researchers Need to:
• Focus less on “PROJECTS,” and more on impact• Move from results to insights and implications• Become storytellers vs. research reporters• Take responsibility for results and implications, rely
less on vendors• Build a proactive market research plan, don’t just wait
for projects• Embrace the industry, become a “Student of the
Business” and less a market research professional• Do a better job of integrating multiple sources of
information
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