Copyright 2014 by Saurage Research, Inc. All rights reserved. No part of this document may be reproduced by any means whatsoever without permission in writing from Saurage Research, Inc. Susan Saurage-Altenloh May 2014 Shaping Your Strategy: Integrating Market Research
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Copyright 2014 by Saurage Research, Inc. All rights reserved. No part of this document may be reproduced by any means whatsoever without permission in writing from Saurage Research, Inc.
Susan Saurage-Altenloh
May 2014
Shaping Your Strategy:
Integrating Market Research
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• Know [everything] about
customers and how they make
choices
• Convert any and every thing you
know into advertising strategies
that expand the business
• Leverage [all of] this knowledge
for stronger positioning, greater
share of wallet, enhanced
customer loyalty and a stronger
bottom line…in any economy
The strategic communication challenge…
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• Know [everything] about
customers and how they make
choices
• Convert any and every thing you
know into advertising strategies
that expand the business
• Leverage [all of] this knowledge
for stronger positioning, greater
share of wallet, enhanced
customer loyalty and a stronger
bottom line…in any economy
• …on a “reasonable” budget
The advertising communication challenge…
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Today's Growing Need for Marketing Information
• Rise of global marketing
• New emphasis on buyer's wants
• Fast paced growth in social media and consumer
engagement
• Trend toward non-price competition
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Market Research
• The systematic design, collection, analysis and reporting
of data and findings relevant to a specific marketing
situation facing a company
• (Companies typically budget marketing research at 1-2
% of sales)
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Reasons for Market Research Insights
• Identify market opportunities,
emerging trends, shifts, etc.
• Aid in preparing sales forecasts
• New product or service
development
• Estimate future demand for
product or service
• Measure effectiveness of ad or
marketing campaign
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Metrics for Successful Audience Engagement
• Revenue Metrics: Marketing’s aggregate impact on
company revenue
• Marketing Program Performance Metrics: The
incremental contribution of individual marketing
programs
• Customer Profitability: Lifetime value of an
incremental customer
• Web Analytics: Measures Web visibility to target
audiences against potential audiences, and compares
against industry and competitor benchmarks
• Advertising & PR: Measures impact of communications initiatives
• Product Performance: Comparatively measures the total sales and margins of
individual products
• Brand Preference and Health: Assesses brand preference in relation to preference
for competing brands
• Sales Tool Usage: Measures which product marketing materials are being used the
most
Marketo.com’s “Definitive Guide to Marketing Metrics”
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The Market Research Process
1. Define the challenge or issue and research objectives
2. Develop a research plan to gather data
3. Collect the data
4. Analyze the data
5. Present the findings
6. Decide strategy
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The Objectives
1. Define the challenge or issue and research objectives --
What do you want to know and why?
• Some research is exploratory -- shed light on what's
really going on and suggest some possible
solutions
• Some research is descriptive -- calculate or
measure numbers data
• Some research is causal -- tests a cause-and-effect
relationship
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The Research Plan
2. Develop a research plan to gather data
• Sources: secondary, primary or both kinds of data
• Approaches: observation, focus groups, surveys,
behavior and experiments
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Insights are gathered in many forms…
Quantitative
• Measurable, structured, projectable, expressed in numeric form
• Format: Statistics (metrics)
• It asks: How many? What caused it?
Qualitative
• Subjective, exploratory, open-ended, anecdotal
• Format: Metaphors, symbols, stories
• It asks: What? Why?
Competitive Intelligence
• Gathering, analyzing, and managing external information that
affects plans, decisions, operations
• Format: Interviews, info retrieval, market analytics, empirical data
• It asks: Status, history
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13 Image from ProvalisResearch.com ad in AAPOR 2013 conference guide