Posts Tagged ‘insight’
Thursday, December 15th, 2011
We recently received and reviewed an excellent book summarizing practical findings from academic marketing research. It is called Consumer Insights: Findings from Behavioral Research. It is published by the Marketing Science Institute and we highly recommend it. Why is it so good and useful for corporate researchers and marketers?
- It provides a quick overview of what we know in various areas of marketing
- It is organized into 42 useful topics, most of which are relevant to nearly all marketers
- Each topic provides universal findings based on research from hundreds of studies, not just one or two
- Each topic/chapter is short and to the point (just two or three pages)
- Each topic outlines insights, the evidence base, and managerial implications
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Tags: insight, Market Research, marketing, research
Posted in Market Research, Resources and Recommendations | No Comments »
Wednesday, November 16th, 2011
Friends often solicit from me quick advice about conducting do-it-yourself customer satisfaction surveys. What questions should they ask? How many questions should they ask? What measures and scales should they use? And, of course, shouldn’t they be using NPS (Net Promoter Score) like everyone else?
I tell them that, by far, the most useful question they can ask is an open ended question that would be something like this: (more…)
Tags: insight, open-ends, satisfaction research, Survey Design
Posted in Survey Design, Survey Tips | No Comments »
Thursday, October 20th, 2011
Earlier this month Arthur C. Nielsen, Jr. died. He left behind a giant and reputable market research company and a brand name recognized throughout the world. The A.C. Nielsen company was started by his father and in its early years tracked the sales of goods through grocery and drug stores. The company then moved into media tracking and became the authoritative source for measuring audience size and demographics. Nearly every company with an advertising budget continues to rely on Nielsen data to determine where to advertise and how much to spend.
Nielsen’s legacy is that he demonstrated the value of collecting and tracking data, and lots of it. Every item we purchase is now logged, counted, and tracked. Every television and radio show is tracked for how many viewers it has and in what markets they live. And of course everything we do on the Internet is recorded and tracked. Even our bodily locations are tracked via GPS or cell phone signals. Most market research firms today generate the bulk of their revenue simply by collecting, tracking, tabulating, and reporting data.
This important legacy has left us with tons of data, growing at an exponential rate, and a monumental challenge of how to synthesize it and move beyond mere tabulation and reporting. The question is, how do we meet that challenge and take Nielsen’s legacy to the next frontier? In our view, it will involve two key efforts:
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Tags: analytics, communication, data, insight, Market Research, stories, tracking studies
Posted in Data Analysis & Analytics, Data Collection, Future Trends, Market Research, Turning Data into Stories | No Comments »
Thursday, September 22nd, 2011
Two researchers at the U.S. Census Bureau recently outlined an emerging innovation in survey research that could reverse the trend towards passive, boring, self-administered surveys that characterizes much online research. The idea is to use internet avatars in real-time interviewing with survey respondents.
Beyond just the heightened interest of having an animated survey, the avatars would be programmed to register and interpret respondents’ verbal answers, facial expressions, and body language through webcams.
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Tags: Data Collection, insight, Internet, Market Research, Online Surveys, stories, survey technology
Posted in Data Collection, Future Trends, Market Research, Methods & Tools, New Products and Innovation, Online Surveys | No Comments »
Thursday, August 25th, 2011
Recent social psychological research on consumer decision making suggests that making choices and deciding among alternatives depletes mental energy. With each choice we make, it gets harder and harder to make the next choice, and our brains start looking for “shortcuts” to make the task easier. The research, reported this week in The New York Times Magazine, found that when our brains get fatigued from too many choices,
one shortcut is to become reckless: to act impulsively instead of expending the energy to first think through the consequences. . . . The other shortcut is the ultimate energy saver: do nothing. Instead of agonizing over decisions, avoid any choice.
But give the brain a hit of glucose (the basic fuel that runs cell functioning), and our willpower and rational decision-making are restored.
The findings are from multiple experiments over the past decade that relied on a variety of scenarios that both academic researchers and marketing people care a great deal about: selecting (and paying for) options on new car purchases, buying computers, shopping in malls or grocery stores, selecting fabrics for customized products, and making critical financial decisions that involve trade-offs between short-term rewards and long-term gains. (more…)
Tags: choice, consumer insight, financial services, insight
Posted in Future Trends, New Products and Innovation, Uncategorized | No Comments »
Thursday, July 28th, 2011
An issue we continually struggle with at Versta Research is how to automate the research process and leverage new technologies without losing the essence of what good research does. Good research does not report data, build charts, or generate dashboards. It learns, answers new questions, interprets data, and helps users focus on information and findings that are relevant to their needs.
The last couple of weeks we have been working with a group that specializes in coding and tabulating text responses to open-ended questions on surveys. They have tools and technology that undoubtedly make the process easier and more efficient (we have used those tools, and they are impressive). They are also have a singular focus and expertise that is supposed to help streamline the process, cut costs, and improve speed and efficiency.
The results have been mediocre at best, even with human coders working the technology and making the critical decisions. (more…)
Tags: data, insight, Market Research, open-ends, qualitative research., survey technology
Posted in Data Analysis & Analytics, Future Trends, Market Research, Methods & Tools | 2 Comments »
Thursday, June 16th, 2011
Executives who lead entrepreneurial firms have dramatically different attitudes about market research from their counterparts at larger established firms, according to a recent study from Saras Sarasvathy, an associate professor of business administration at the University of Virginia.
The study suggests that entrepreneurs are more focused on immediate and practical questions that will help them get their products into the hands of customers, and that traditional market research may not be the best way to get the right data and answers. That makes sense.
But according to an article in the February issue of Inc. magazine, “when asked what kind of market research they would conduct for [a] hypothetical start-up, most of Sarasvathy’s subjects responded with variations on the following: (more…)
Tags: data, insight, Market Research, product innovation, research, satisfaction research, segmentation, tracking studies, value
Posted in Future Trends, Market Research, Methods & Tools, New Products and Innovation | No Comments »
Saturday, May 21st, 2011
We like this cartoon because it highlights the unrealized potential of really smart research, but also the potential perils of research gone bad.
The cartoon brings to mind three lessons worth pondering:
- Customer satisfaction research is often “not fun”—but it can be
- Internal data can be a goldmine of insight and there is often a lot of it lying around
- Ethical considerations dictate that just because research can be done does not mean it should be done (more…)
Tags: data mining, ethics, insight, satisfaction research, tracking studies
Posted in Data Analysis & Analytics, Funnies, Market Research | No Comments »
Thursday, May 12th, 2011
We are often surprised by the number of senior researchers in the market research industry who never touch raw data. Often they don’t even have the tools, since “data processing” is outsourced to lower levels or other countries. It is surprising because we almost always engage in work where getting into the data and puzzling over anomalies or hypotheses yields much deeper insight.
Here is an example of how critical it can be to look closely at your data, and in this case, very early in the data collection process. We launched an online survey last week and got reports back from our sample supplier that incidence was just one-third of what we expected, which would have serious feasibility and cost implications.
But once we looked at their report portal, we saw that for every qualified respondent completing the survey, two qualified respondents quit before finishing. That’s an unusually high ratio of “suspends” as we call them. So what was the problem? Were we just getting lousy respondents who did not want to seriously participate in a survey? Was the survey was too difficult, tedious, boring, or confusing? One source of answers (rarely examined) is to look at the data question by question to identify where in the survey people are quitting.
The story in this data: Something is wrong with your survey
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Tags: data, Data Collection, data quality, insight, research, stories, survey, survey respondents
Posted in Charts and Data Visualization, Data Analysis & Analytics, Data Collection, Methods & Tools, Survey Design | No Comments »
Thursday, April 7th, 2011
I’ve always been intrigued by the promises of data mining because it offers such a magical solution to much of what we do in market research. If only we had a tool or technology that would discover hidden patterns and insights in our data. We would not have to think so hard, or work so hard, or hire really smart people to help our clients design research, analyze data, and present findings to their executive teams.
Finding Gold in Your Data Mine
The truth, however, is that while technology and tools can multiply our capabilities and help us work better and faster, they cannot discover meaningful patterns or find hidden insights. Only smart people can do that. The reason is that market research data only become meaningful within a context of questions that need to be answered, or stories that need to be told. Tools and technology cannot supply that context.
We are working with a client who has been struggling for the last five months to find a story in survey data. They commissioned the survey to generate data for a whitepaper for presentation to business level clients and prospects. They’ve been staring at tables and banner tabs, pie charts and bar charts, correlations and gap analyses. But squeeze the data as they might, the story will not emerge. (more…)
Tags: communication, data, data analysis, data mining, insight, Public Relations, stories
Posted in Uncategorized | No Comments »
