how to use market research to help drive your business forward
TRANSCRIPT
How to use market research to help drive your business forward with confidence
© Habit5 2014
2David Jones, Managing Director, Habit5
• Full Member of the Market Research Society (MMRS)
• Fellow of the Institute of Direct Marketing (FIDM)
• Chartered Marketer (CIM Diploma)
• 15 years in Planning and Strategy roles at leading regional communications agencies
• 10 years in senior client side roles, including being Head of Communications at first direct
• Balanced appreciation of research, marketing, brand and customer needs
• Led research and consulting projects for: Intercontinental Hotels, first direct, HSBC, The Open University, Travis Perkins, Budget Insurance Group, Thompson & Morgan, Bravissimo, Topps Tiles, Acdoco, Keycamp and many others
Who am I?
At Habit5 we believe that the brands that understand best, demonstrate this understanding and are in turn understood by their customers, will do best in their markets.
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We believe the brands that understand best, demonstrate this understanding and are in turn understood by their customers,
will do best in their markets.
Humans have a deep seated desire to be understood, it is a key part of the social construction of the self.
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Why
Find out more at: http://www.scoop.it/t/human-understanding
Brands need to be very well understood by their customers in order to lead their markets.
Simon Sinek – Start with why
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Why
There is a growing imperative on brands and businesses to demonstrate understanding and deliver value, based upon the data they hold on people.
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Why
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1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0Current needs
Future needs
Preferences
Use of information
Pricing
Overall Understanding
Brand Why
Brand Understanding
Comparative
Satisfaction
Recommendation
MUM Score
Mean score
Top score
Lowest score
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Why
Source: Habit5 - Mutual Understanding Measure 2013
The leading brands get a lot of things right but they can still make improvements in understanding.
But how to navigate your business into this advantageous position?
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How
Research serves to make building stones out of stumbling blocks.Arthur D. LittleFounder of International Management Consultancy 9
How
What is research, but a blind date with knowledge.William Henry1774-1836, British Chemist
Research is formalized curiosity. It is poking and prying with a purpose.
Zora Neale HurstonAmerican folklorist, anthropologist, and author
Research
Research is a means to an end.
The end is insight.
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How
"A new understanding, probably of human behaviour or attitude, as a result of which action may be taken and an enterprise more efficiently conducted.“Jeremy BullmoreFormer President of the Market Research Society (MRS)
10 ways in which research can help
drive your business forward.
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How
1. Predict future needsUsing desk research, horizon scanning, scenario planning or simply asking the ?
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How
2. Improve understanding of current needsUsing qualitative or quantitative methods 13
How
3. Learn from lifeUsing ethnography and mystery shopping 14
How
4. Build upon behaviourUsing observational techniques and nudge 15
How
5. Appreciate how customers like to do thingsUsing journey mapping to optimise the experience
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How
6. Collaborate on product improvementsUsing offline or online co-creation 17
How
7. Get the price rightUsing pricing sensitivity research 18
How
8. Evaluate brand strength & performanceUsing brand health measures 19
How
Advocacy
Satisfaction
Conversion
Consideration
Awareness
Bonding
Advantage
Performance
Relevance
Presence
Frequent lower value purchase Infrequent higher value purchase
9. Measure customer satisfaction
Using touchpoint research tools 20
How
10. Test for successUsing prototypes, beta & hothousing 21
How
The 2 T’s of Test
The Planning T
The Design T
10 ways in which research can help
Drive your business forward with confidence 22
1. Predict future needs
2. Improve understanding of current needs
3. Learn from life
4. Build upon behaviour
5. Appreciate how customers like to do things
6. Collaborate on product improvements
7. Get the price right
8. Evaluate brand strength & performance
9. Measure customer satisfaction
10. Test for success
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THANK YOU.
David JonesManaging Director
T. +44 (0) 1522 519388M. +44 (0) 7702 [email protected]
WhereMain Office Location:Habit5Unit S15SparkhouseEnterprise@Lincoln BuildingRope WalkLincoln LN6 7DQUNITED KINGDOM
If you would like a copy of this presentation. Please give me your business card or send me an email and I will provide a Dropbox link to it.
Any questions?
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What would you most like to know, to help drive your business forward?