Social Network Final Report.ppt

FINAL REPORT – DECEMBER 2011

SOCIAL NETWORKING

Project TeamProject TeamNusaiba Ally

Nabeela HanifTanzilla Yousuf

Math 110Brought to life with Addressable Minds

Social Networking Issue• An increased number of people are using social

networking sites.

• But….there are few websites that offer both business and entertainment.

• The social networks need to know how to market and advertise their websites to new/prospective users of all ages.

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Dr. Howard Moskowitz.Addressable Minds Inventor, honored by the scientific community,...

• Is a graduate of Queens College and holds a Ph.D. from Harvard University.

• Won two of the most prestigious awards in market research

• 2005 Charles Coolidge Parlin Marketing Research Award and the “Nobel Prize” of Market Research, received only by the pioneers of market research.

• Addressable Minds is used for business and social issues and defines consumer attitudes and preferences both stated and unstated.

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Addressable MindsAddressable Minds

Psychographic Segmentation - Social Class - Lifestyle Type - Personality Type

Behavioral Segmentation - Product Usage - Brand Loyalty - Attitudinal

Demographic Segmentation - Age - Gender - Income

Addressable Minds

Cuts across traditional segmentation & detects hidden preferences

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Create Addressable Minds messaging for Social Social NetworksNetworks

DEVELOP SURVEY QUESTIONS

Potential social network user

ANALYZED SURVEY RESULTS → Addressable Minds

INTERNET

IdeaMap™SUY SURVEY

IDENTIFY TARGET MARKET

Total Sample

Seg 1 Self Driven Online

Banking Seekers

Seg 2 Technology/

High Security Seekers

Seg 3 Collaborative

Online Seekers

Seg 4 Personal Touch with Technology

Base Size: (267) (105) (50) (59) (53) Constant: 31 34 28 31 26

OC1 Connect online in 'real time' with a customer rep via instant messaging, voice over IP or video conferencing via your computer 0 2 2 5 -13

OC3 Faster loan application process…work in real time online with a loan officer 0 0 -8 12 -8

OC4 Our bank's customer service reps will help you browse and use our online banking services -1 0 -6 10 -10

OC2 Use our online tool to find and schedule at your convenience an online working session with an expert such as investment broker, insurance agent, and/or loan officer -3 1 -11 6 -12

ON3 We will answer all your requests in 'real time' by email, instant or text messaging 1 7 -11 3 -1

ON4 We offer 'On demand' status reports for services requests (e.g., loan application) delivered to you via e-mail, text or instant messaging

1 6 -4 -3 0ON2 No more paper mail... We will send you statements and images of

transactions securely by email -2 5 -17 -5 2ON1 We allow you to pay bills securely using your mobile devices (cell

phone, PDA, Blackberry, etc.) -4 2 -13 -9 -2

BR3 We offer a bank-issued smart card so we can recognize you entering the branch and process your needs faster 4 2 6 -3 13

BR4 Choose a secure eye or finger security scan to identify you immediately in-branch and at ATM 4 3 10 -1 3

BR2 We have the most secure biometric system that identifies you as you enter the branch so we can process your needs faster 2 -1 8 -5 6

BR1 We will recognize our customer's mobile phone signal when entering a branch so we can recommend appropriate bank products, promotions and special services -4 -3 -6 -11 2

Online Collaborative

Online Other

In-Branch Recognition

No more paper mail – we will send you copies of statements by secure e-mail

Securely manage your account by PDA, Internet of automated telephone

Our banks customer services reps will help browse & use our on-line services

Manage all your banking needs with a state of the art kiosk and be confident that live help is available if you need it

No more paper mail – we will send you copies of statements by secure e-mail

Securely manage your account by PDA, Internet of automated telephone

Our banks customer services reps will help browse & use our on-line services

Manage all your banking needs with a state of the art kiosk and be confident that live help is available if you need it

MARKET SEGMENTATION SEGMENTATION WIZARDMARKETING PHRASES

10 – 15 minutes

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Addressable Minds’ underlying scienceuses standard Science and Mathematics

DEVELOP SURVEY QUESTIONS

Potential social network user

ANALYZED SURVEY RESULTS → Addressable Minds

INTERNET

IdeaMap™SUY SURVEY

IDENTIFY TARGET MARKET

Conjoint analysis

Ordinary Least Squares Regression

Discriminant Function Analysis

Experimental Design – Stimulus/Response

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SURVEY OVERVIEW

An Addressable Minds Survey is a survey of key ideas for social networks to prospects

Survey conducted on November 6, 2011 :◦ Population Ages 18 and over of Males/Females across the US

The team created key marketing and advertising messaging with the intent to entice the survey taker to use a social network.

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SURVEY OVERVIEW

• 52 Individuals responded

• Assess two major aspects of messages– Does it convince a prospect to use a social network?– How does it make the prospect feel?

• Data reveals the mind-sets of respondents across the United States, as well as ‘what works, what doesn’t’

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The Survey begins with an orientation screen

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First they rate how likely they are to use the social network.

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Then they select a single emotion

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What convinces?

What drives feelings?

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Total Panel – Interested in personalizing their profile. Not concerned with business news.

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The Total Panel’s Interest is Different From That in Each of Three Identified Segments

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There are three unique segments Different Users – Different Approach

Messaging for one isn’t necessary going toappeal to the other…and could actually hurt

SocializingSocializing48%48%

Versatility 37%Versatility 37%Business 15%Business 15%

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Socializing (Seg1) – Interested in meeting and interacting with new people and friends. Not concerned with news or business aspects.

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Business (Seg2) – Interested in professional and business aspects of a social network. Not concerned with socializing.

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Versatility (Seg3) – Interested in a convenient all-in-one website . Not concerned with one specific aspect.

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The “Segmentation Wizard” is a 30 second shortcut survey that is extracted from the 15 minute survey and identifies the segment

membership of that individual

DEVELOP SURVEY QUESTIONS

Potential socialnetwork user.

ANALYZED SURVEY RESULTS → Addressable Minds

INTERNET

IdeaMap™SUY SURVEY

IDENTIFY TARGET MARKET

No more paper mail – we will send you copies of statements by secure e-mail

Securely manage your account by PDA, Internet of automated telephone

Our banks customer services reps will help browse & use our on-line services

Manage all your banking needs with a state of the art kiosk and be confident that live help is available if you need it

No more paper mail – we will send you copies of statements by secure e-mail

Securely manage your account by PDA, Internet of automated telephone

Our banks customer services reps will help browse & use our on-line services

Manage all your banking needs with a state of the art kiosk and be confident that live help is available if you need it

SEGMENTATION WIZARD

10 – 15 minutes

Segmentation Wizard consists of 3 or 4 elements identified in the in-depth 10 – 15 minute survey

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The Social Network Segmentation Wizard– Online example

The Segmentation Wizard is a short survey with the questions derived from the full survey to identify

segment membership

http://mjiweb.com/mjitt/QC_Fall2011_Social/index.htm

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The Social Networking Segmentation Wizard– Online example

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Conclusions

• Social Networking is used for business and social purposes depending on the type of person

• Three Segments discovered by Addressable Minds * Socializing

* Business* Versatility

• Conclusion You can improve messaging...but you have to– Know the segmentation– Give the right message to the right segment

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