IN TODAY’S SESSION
‣ What is market research?
‣ How it applies to the business cycle
‣ How does it work?
‣ Making it real with DIY resources
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“Advertising people who ignore research are as dangerous as generals who ignore decodes of enemy signals.”
- David Ogilvy
WHAT IS MARKET RESEARCH?
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“It’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them.”
- Who Else? (Steve Jobs)
WHAT IS MARKET RESEARCH?
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“Without data you’re just another person with an opinion.”
– William Edwards Deming
http://startupquotes.startupvitamins.com/
WHAT IS MARKET RESEARCH?
14MARKET RESEARCH IN BUSINESS
BUSINESS MATURITYBUSINESS INCEPTION
GREEN-FIELDS IDEA
PITCH FOR $$
USER TESTING
GO TO MARKET PLAN
HOW TO SCALE
BRAND / VOICEVALIDATE MVP
MAKING THINGS BETTER
18MARKET RESEARCH IN BUSINESS
BUSINESS MATURITYBUSINESS INCEPTION
GREEN-FIELDS IDEA
PITCH FOR $$
USER TESTING
GO TO MARKET PLAN
HOW TO SCALE
BRAND / VOICEVALIDATE MVP
MAKING THINGS BETTER
MARKET RESEARCH IN BUSINESS
MAKING THINGS BETTER
“By proactively seeking customer feedback… we’ve ‘saved’ $60 million worth of home loans…”
- ANZ Executive, 2015
MARKET RESEARCH IN BUSINESS 19
http://vinomofo.com/http://www.vision6.com.au/ https://www.youtube.com/watch?v=Ei5qVoYqzMc
VINOMOFO uses research and insights to drive their ‘unignorable’ email and content strategy.
WATCH: Andre Eikmeier, co-founder, Joint CEO of VINOMOFO
BRAND / VOICE
KEY CHALLENGE/QUESTION
How might you apply market research help the MM and PM in this situation?
CASE STUDY
SUMMARY
To increase sales for a particular product, a Marketing Manager (MM) and Product Manager (PM) were asked to create an offer to entice new customers.
The General Manager of the business thought that a significant discount would be appropriate and put pressure on the MM and PM to make it happen.
The MM and PM knew that this would cost the business a lot of money, and might not have guaranteed results - but also want to make their boss happy and hit their sales targets.
A BANK21
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1. DEFINE THE PROBLEM
2. DEVELOP THE RESEARCH PLAN
3. DO THE RESEARCH!
4. INTERPRET AND REPORT
THE MARKET RESEARCH PROCESS
5. CHOOSE BUSINESS ACTIVITIES
MARKET RESEARCH - TYPES
Quantitative ‣ Data-driven - volume ‣ Statistical, choices ‣ Check-boxes, scales ‣ Closed-ended questions
‣ Do you like ice cream?
‣ How often do you..?
‣ Rate your experience…
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Qualitative ‣ In-depth, more emotional ‣ Interviews, focus groups ‣ Picture descriptions ‣ Open-ended questions
‣ “Complete this sentence…”
‣ “How do you feel when…”
‣ Tell me about a time…”
‣ “What do you associate with…”
2. DEVELOP THE RESEARCH PLAN
HOW DO YOU DO QUANTITATIVE RESEARCH?
Methods
‣ Desktop research
‣ Mobile - SMS, voice, MMS
‣ Online surveys, APIs on your website
‣ Web/email forms
‣ Point of sale - QR codes, receipts tablet positioned on table
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Expert help - online
• rantandrave.com
• Stable Research
• researchnow.com
•medallia.com
•mobivity.com
•Farron Research
•Toluna - community style
3. DO THE RESEARCH!
DIY QUANTITATIVE RESEARCH
‣ SurveyMonkey.com
‣ OptimalWorkshop.com
‣ Optimal Sort
‣ SoGoSurvey.com
‣ buzztable.com - Guest Manager
‣ Facebook surveys
‣ Google Forms
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•FluidSurveys.com
•OpinionLab.com
Blend with other solutions
• Square - squareup.com/au
• Salesforce Small Business Solutions
3. DO THE RESEARCH!
HOW DO YOU DO QUALITATIVE RESEARCH? 27
‣ OptimalWorkshop.com - Reframer
‣ survata.com to find an audience
‣ Target market - interview or focus group requests
2. DEVELOP THE RESEARCH PLAN
‣ Human analysis, more time consuming
‣ Observations or one-way glass!
‣ Cheese and wine nights / dinner party style
MARKET RESEARCH RESULTS 9
‣ Think about your audience ‣ Charts and tables
‣ Verbatim quotes
‣ Pictures / videos (especially for UX)
‣ Personas / Customer segments
‣ Be aware of bias in response (and your own)
7%8%
10%
11%
29%
35%
COMMERCIAL TVPAY TV / NETFLIXRADIOSOCIAL MEDIANEWSPAPERSBLOGS
CHOICE OF MEDIA
4. INTERPRET AND REPORT
RECAP 31
‣ Market research is the science of understanding our customers
‣ It can be applied at all stages of the business lifecycle, and can take many different forms
‣ Qualitative / Quantitative
‣ Digital / In person
‣ DIY / with expert help
‣ Make sure you have clearly defined your research objectives before you make decisions
‣ Humans are not black and white - your job is to interpret the results to uncover insights and actions
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