the value of a research panel for more accurate customer insights

The Value of Panel for More Accurate Customer Insights

Wednesday May 29th, 201310 AM PST

Wednesday, June 26, 13

Welcome To The 2nd Education Hour!

About Education HourThe Value Of Implementing A Panel Solution

What Not To Do & Panel Can Influence StrategyQ & A

Agenda ...

Esther LaVielleVP of Client Services

What is Education Hour?

One hour monthly education session open to all clientsBased on customer-driven feedback

You tell us what you want to learn each month!

Goal: Offer a unique training session on a variety of topics, products, and services offered by Survey Analytics

Training Planned for 2013:

Turn Your Survey Into an Interactive SurveyHow to Run Mobile Survey ProjectsRun A MR Study Using Multiple Deployment Strategies

Define Panel Management

• SurveyAnalytics's panel management tool provides services for creating your own panel portal. Create and manage your own online or mobile community!

• After recruiting your panel, create targeted segments of your panel to send surveys and other email based marketing materials online or via mobile

• Fully customizable to fit look and feel of desired online communities

• Manage point and rewards that participating panelists want to earn

What kind of companies use panel management solutions?

“ Panels are an ideal solution for companies whose customers ant engaged in social media. In industries where your products are perceived as a commodity, panels are a standout way to differentiate.

If you can manage an online survey or your Facebook profile - you can manage a panel. It's as easy as clicking through a few profile selections, sending an email and that's it.”

- Ivana Taylor, DIYMarketers.com

What Is The Value Of A Panel Management Solution For Your Company?

Low Costs

High Value

Cost Benefit Efficiency

Business BenefitProductivity & Effectiveness

What Is The Value Of A Panel Management Solution For Your Company?

Low Costs

High Value

Determine Optimum Value & Cost

Every business needs a way to objectively determine the business value of any investment decision

Value Added or Value Lost?

1. View & Analyze Value of All InvestmentsHQ, Employees, Technology: Panel, Overhead, Projects, Processes, etc.

2. Prioritize initiatives & allocate funding based on value for department or company

1. R & D 2. Technology 3. Sales 4. Staff Lunches

3. Make Better Decisions Sooner or Add Revenue Panel = $$$$$

4. Predict the impact of changes & eliminate unneeded costs

New Technology = Layoffs or New Hires?

5. Increase utilization levels of current systems & resources

What do we already have that we can use more often?

6. Balance value with possible risk High Risk = High Reward?

To Panel or Not To Panel?

Trendsetter or

Follower?

Trendsetter or

Follower?Apple or JC Penny?

Mix of Both?

What is the VALUE of staying connected

with customers in an

exclusive community?

Trendsetter or

Mix of Both?

Trendsetter or

Mix of Both?

IndustryR & D

VOC-dependent

Trendsetter or

Follower?

Commitment to set up

& maintenance

Apple or JC Penny? Mix of Both?

IndustryR & D

VOC-dependent

Trendsetter or

Follower?

Commitment to set up

& maintenance

Apple or JC Penny? Mix of Both?

IndustryR & D

VOC-dependent

Put in muscle to hustle

What Not To Do ...

Former Senior VP Retail Operations

Became CEO of JC Penny in 2011

Now: Ex-CEOFailed understanding of JC Penny’s core customers

Meet Ron Johnson

APPLE vs. JC PENNEY

“People come to the Apple Store for the experience — and they're willing to pay a premium for that.” - RJ

Demos of the hottest and newly released products, Genius Bar, convenient accessories & software, pricing is constant.

Conservative shoppers looking for bargins and deals for clothes, kitchenware, optical, etc.

Many old stores in small towns/cities that need upgrades

What I learned Building the Apple Store- Ron Johnsonhttp://blogs.hbr.org/cs/2011/11/what_i_learned_building_the_ap.html

"How do we reinvent the store to enrich our customers' lives?"

Planned to renovate its retail spaces to include a "Main Street" of 80 to 100 branded shops -- that is, stores within stores

Revamped its pricing structure to abandon sales and coupons in favor of consistently low prices

Planned to renovate its retail spaces to include a "Main Street" of 80 to 100 branded shops -- that is, stores within stores

Revamped its pricing structure to abandon sales and coupons in favor of consistently low prices

Changed JC Penney to JCP, 3 logo changes in 3 years

Added hot brands geared towards a more fashion forward consumer

Employee pay scale changed: No more commissions

Taking a bite out of Apple’s innovation strategy did not work because...

Similar to Apple, Johnson did not consider a staged roll-out.

Immediately rejected everything existing customers believed about the chain and made it clear with the first major TV ad campaign under his watch

“Testing would have been impossible because the company needed quick results...”

If he hadn’t taken a strong stance against discounting, he would not have been able to get new, stylish brands on board.

When it came to coupons, he made an arrogant assessment that customers needed to be “educated” as to how the new pricing strategy worked.

He also likened the coupons beloved by so many core shoppers as drugs that customers needed to be weaned off.

Customer Feedback on JC Penney Makeover

After changes were made, a survey was sent to 600 customers in late 2012.

67% negatively rated JCP’s facelift to clothing offered and pricing changes.

"He’s working hard to 'de-frump' the store without considering that many if not most of its customers might have shopped there precisely because they like the more conservative frumpy look. Am I frumpy? Probably. Does that bother me? No, not at all."

- Donna Jones, former JC Penney customer

What Is The Value JCP’s Strategy in 2012?

Low Costs

High Value

Low Costs

High Value

- $4.3 Billion in Losses

60% stock value plummeted

Board’s disapproval cost him 97% of his performance based pay

Low Costs

High Value

Low Costs

High Value

Business BenefitProductivity & Effectiveness Optimum

Value & Cost not achieved

Let’s Time Travel Back To 2011...

Renovate its retail spaces to include a "Main Street" of 80 to 100 branded shops -- that is, stores within storesRenovate its retail spaces to include a "Main Street" of 80 to 100 branded shops -- that is, stores within storesRenovate its retail spaces to include a "Main Street" of 80 to 100 branded shops -- that is, stores within storesRenovate its retail spaces to include a "Main Street" of 80 to 100 branded shops -- that is, stores within storesRenovate its retail spaces to include a "Main Street" of 80 to 100 branded shops -- that is, stores within stores

Create 3 different panels: Profile

Loyal customersNon customersStore Employees

Recruit Panelists through store coupons

and “Cash in store” incentives

Send survey to online & mobile community

Run Geofencing & Mobile Ethnography

studies to analyze real-time shopping experiences

Target specific segments in your panel and survey on New/Existing brands, and

pictures of store within store concept.

Analyze data received & and roll out “store within store” tests

with panelists in the area giving direct

feedback on experience.

Loyal Customer Panel Site

Employee Panel

Mall Shoppers Panel

Member Portal for Mall Shoppers

Set up Coupon and Discount Code Incentives to Recruit JCP Shoppers, Non Customers,

& Store Employees

Join and receive coupons for

Scan to tell us aboutyour shopping

experience with JCP

& Store Employees

Offer Coupons and Instant Cash

to join Panel

experience with JCP

& Store Employees

to join Panel

Use social media, website pop ups, & in-

store marketing incentive

experience with JCP

& Store Employees

to join Panel

Create QR Codes on

Recipes and Coupons to

solicit feedback

experience with JCP

& Store Employees

to join Panel

Create QR Codes on

Recipes and Coupons to

solicit feedback

Create a referral program for

targeted segments in

panel. Trackable.

experience with JCP

Run GeoFencing Survey on Loyal and Mall Shoppers Panel

Enable Mobile Panel

Community

Enable Mobile Panel

Community

Select Targeted Stores to

analyze shopping experience

Enable Mobile Panel

Community

Turn On Life Metrix Data Collection

Enable Mobile Panel

Community

Auto-send surveys based

on geo location. Collect real-

time feedback

Target Segments of Participants

Select Targeted Panelists based on profiling information/past surveys to analyze shopping experience in

renovated stores

Send follow up to targeted online & mobile panelists

Revamp its pricing structure to abandon sales and coupons in favor of consistently low prices

Survey, loyal and non customer panels, and store employees on

coupons & JCP discounts

Measure levels of satisfaction shopping experiences with and

without coupons

Introduce & test concept of new brand

names with consistently low prices

Keep existing store brands at discount/

coupon levels

Open an online forum for JCP employees

panelists to join to give feedback on new brand

pricing concepts

without coupons

coupon levels

pricing concepts

without coupons

coupon levels

pricing concepts

without coupons

coupon levels

pricing concepts

without coupons

coupon levels

pricing concepts

Create Panel Discussion Group

Online Panel Discussion :Title >> Status>> Session type

>> Time Window

Analyze Qualitative Data received from online forum

Change JC Penney To JCP & Logo ChangesChange JC Penney To JCP & Logo ChangesChange JC Penney To JCP & Logo ChangesChange JC Penney To JCP & Logo ChangesChange JC Penney To JCP & Logo Changes

Survey, loyal and non customer panels, on

name change

Run Online forum for both loyal and non

customers on the new JCP acronym

Target select panelists to review logo changes

and gather feedback before deploying new

Take data receive and incorporate to logo and name change.

Marketing message to educate existing and

new customers.

Do follow up surveys to previous

participants to give feedback on new

rolled out changes

name change

new customers.

rolled out changes

name change

new customers.

rolled out changes

name change

new customers.

rolled out changes

name change

new customers.

rolled out changes

>> Time Window

Analyze Qualitative Data on logo changes

Add hot brands geared towards a more fashion forward consumerAdd hot brands geared towards a more fashion forward consumerAdd hot brands geared towards a more fashion forward consumerAdd hot brands geared towards a more fashion forward consumerAdd hot brands geared towards a more fashion forward consumer

Survey, loyal and non customer panels, on new brand names

knowledge

Run Online forum for both loyal and non customers about

“store within store” brands.

Find out which existing brands are loyal

customers passionate about, and talk about better ways to layout shopping experiences

In test stores, select panelists in the area to participate in mobile

ethnography or geofencing survey on

new and existing brands found

rolled out branded mini stores

knowledge

Mobile Ethnography with Panel Members

Select Targeted panelists near

remodeled stores to

participate

remodeled stores to

participate

Run Mobile Ethnography

remodeled stores to

participate

remodeled stores to

participate

Auto-send surveys based

on geo location. Collect real-

time feedback

Employee pay scale changed: No more commissionsEmployee pay scale changed: No more commissionsEmployee pay scale changed: No more commissionsEmployee pay scale changed: No more commissionsEmployee pay scale changed: No more commissions

Survey a panel of employees who

receive commissions for sales to get feedback on pay

changes

Select a few employee panelists for online forum to discuss

alternative options to commissions

Send out surveys to those open to changes in pay structure to get

feedback on any changes that can boost

employee morale

field surveys on customer interaction

with new pricing model

rolled out pay structure

changes

employee morale

changes

employee morale

changes

employee morale

changes

employee morale

Field Research In Store Conducted By Store Employees

Set up iPad Kiosk at registers

Anytime a reaction to new pricing occurs

have employees document

Use opportunity to recruit to

customer panel

Use opportunity to recruit to

customer panel

Target employees / new customer panels

for further feedback on

pricing/experience

What Is The Value JCP’s Strategy With Panel?

Low Costs

High Value

Low Costs

High Value

Listening to customers and employees could have prevented $4.3 Billion in Losses

Stock value remained steady

Board’s approval of strategy based on feedback could have increased the CEO’s performance based pay

Low Costs

High Value

Low Costs

High Value

Optimum Value & Cost Achieved

Kick Start Your Starter Panel!

Panel Management Giveaway from Survey Analytics

Get entered into a drawing for a free starter panel

Coming Summer 2013

Email: Esther LaVielleVP of Client Services

[email protected]

24/5 Chat

Email Support: http://www.surveyanalytics.com/

Thank youFor Joining Us!

See you at next month’s

Education Hour!

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