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Marketing Research and Customer Engagement and Why it Matters to Your Business Wednesday January 13, 2010
Marketing Research and Customer
Engagement and Why it Matters to Your
Business
Wednesday January 13, 2010
Presenters:
Mary Olushoga, Manager, Programs & Education, Count Me In
Bianca Cloutier, Coordinator, Programs & Education, Count Me In
Lynnette Leathers, President and Founder of Mindspot, Inc.
Welcome!
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The M3 Competition is designed to help you strengthen your vision, build your strategy and take your business to a million dollars in revenue in the
next 12-18 months.
You could be selected to pitch your business and win a package of coaching, financing and marketing!
Interested in applying?Join the Community and Complete the M3 Application!
http://www.makemineamillion.org/grow/content/type/tools/article/930
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PresentatioPresentation Overviewn Overview
About Mindspot, Inc.
Important Notes
Why Market Research
The Research Process
Research In Action
Advantages of Hiring an Expert
Resources
Questions
A Little About UsA Little About Us We love what we do and we are passionate
about solving business problems.
Research and technology are tools that we use to solve business problems, uncover opportunities, reduce risk, and build customer loyalty.
Research, Business Solutions Research, Business Solutions & Consumer Engagement& Consumer Engagement
Focus on innovation and technology to save time and money
Leaders in the online space
Market research AND business solution company
Experienced with FMCG, CPG, B2C, B2B, Dining, and Retail
Core offers: Cutting-edge consumer insights that utilize technology to innovate, collaborate, connect, and build loyalty with your customers
We work in real time
Research, Business Solutions Research, Business Solutions & Consumer Engagement& Consumer Engagement
Important NotesImportant Notes There are many different types and sizes of
businesses in our audience today some market to consumers and some market to businesses.
Therefore, I would like to note that you may know some things already and some things might be just a bit more than you need. However, I have worked hard to ensure that there will be learning for everyone in the next hour.
Important NotesImportant Notes Big words and statistical terminology will not
be used without easy examples (We conduct Marketing Research too!)
Definitions and Methodologies can be widely disputed and the terms used today are the terms that I use with my clients in day-to-day business use and that we use internally as our working definitions. They are as good as any…and in my opinion better than most.
Why Market Research?Why Market Research?
Helps you identify Opportunities
Conversely helps you identify Opportunities to Improve
Helps reduce/minimize risk
Helps create benchmarks and helps to measure progress
Market vs. Marketing Market vs. Marketing ResearchResearch
The terms are used interchangeably; however, there is a technical difference.
Market Research is about Markets. It is broader in scope and examines all aspects of a business environment. Specifically market size and trends.
Marketing Research is about the process- the system of gathering, collecting, analyzing and disseminating data related to the marketing of products and services.
It’s been said that consumer marketing research is a form of applied sociology that concentrates on understanding the attitudes, preferences, and behaviors of consumers and aims to understand their effects on sales and other identified metrics.
What does the What does the Internet have to do Internet have to do
with it?with it? People are the most
powerful force on the internet
Geographic boundaries no longer constrain participation
Bigger voices and greater influence
Consumers are leading the conversation
Marketers can participate — or choose not to at their peril
Groundswell: Winning in a World Groundswell: Winning in a World Transformed by Social Transformed by Social
TechnologiesTechnologies
Facebook RulesFacebook Rules Now over 350 million active
users on Facebook
1 million new users every day
The average user spends 22 minutes a day on the site
"Facebook's mission is to give people the power to share and make the world more open and connected.”
“It’s not social networking anymore....it’s social marketing.”
*Source: Mike Haines RVP Facebook November 18, 2009
Use ItUse It
More information and resources available than ever
We use it to conduct research faster, reduce our costs, and connect with consumers on their terms
Collect competitive information, market information, and public information to help your business
People Like To Be HeardPeople Like To Be Heard
Does Your Opinion Does Your Opinion Matter?Matter?
Target Market
People often tell me what they think about commercials or ads because they know I work in the business.
Do I care? Only if they are in the target market. Know who your customer is!
Define the demographic, geographic, and any other profile that you can about your customer. Research can help you discover more about them.
Typical Questions That Typical Questions That Research Can AnswerResearch Can Answer
What products or solutions will you make next?
Will my target consumer purchase?
How much?
What products or solutions will generate the most revenue, the best profit?
What products or solutions will be in demand?
When will these products or solutions be required?
Price range?
What will be the selling point or the competitive advantages?
What are the perceived benefits for the customers?
The Marketing The Marketing Research ProcessResearch Process
Define the problem/objective
Define the problem/objective again
Identify data types and sources Can you answer your questions with what you
have already?
Determine research design Can you do it yourself or not Pros – Cons What type of research is appropriate
Research Made Easy:Research Made Easy:Can You Do It Yourself?Can You Do It Yourself?
Secondary: Can your research objective be fulfilled with information that exists already?
Do you have the answer in internal data?
Can you get it easily for no cost or low cost?
Is it reliable?
Errors and accuracy?
Is it objective?
Is it biased?
How current is the information?
Is it sound?
Research Made Easy:Research Made Easy:Can You Do It Yourself?Can You Do It Yourself?
Primary: You make it from scratch and there are two types
Qualitative: Usually exploratory in nature and do not seek to quantify a market or opportunity Focus Groups Individual Interviews Ethnography
Quantitative: Seek to quantify the results and typically seek statistically reliability. They seek to measure and are descriptive.
Surveys – any kind (many types; however, common themes are: Customer Satisfaction, Attitude & Usage, Consumer Segmentation, Ad tracking, ....)
Segmentation
Research In Action - DoResearch In Action - Do
Talk to your customers
Mine the Web
Start a group
Attend conferences/forums where your customers congregate
Research In Action - DoResearch In Action - Do
Share your results if they are not confidential
Share your findings
Research In Action – Don’tResearch In Action – Don’t
Think you can do without it
Rely solely on secondary research
Rely solely on the Web - You may need to go “deep web” or pay
Rely on a Family Focus group
Think your competition isn’t doing theirs
Think it will last forever
Advantages of Advantages of Hiring an ExpertHiring an Expert
Do you have the time to do it yourself…really?
Expertise? Complexity?
Budget?
Bias?
End-use
Risk
OutliersOutliers
10,000 hours
ResourcesResources
Trade magazines
Trade associations
Industry Websites
Annual reports
Visit competitors
Chamber of Commerce
The Web!
Bureau of Labor Statistics
Internet Public Library
Fed Stats
American Marketing Association – Demographic StatisticsDemographic data by zip code for every U.S. state
Research Made Easy: Research Made Easy: Primary (what you hear Primary (what you hear
about)about)
Qualitative
Focus Groups
Individual Interviews
Ethnography
Quantitative
Surveys – any kind (many types; however, common themes are: Customer Satisfaction, Attitude & Usage, Consumer Segmentation, Concept testing, Ad-tracking, …)
ConnectConnect
Read the Babble Blog
Social Marketing
Thank You!Thank You!
Thank you!
Have any Questions?Raise Your Hand
OrType in Question
M3 Competition @ The Women’s SummitFebruary 17-18 Houston, Texas
Apply to the M3 Competition and start your journey to $1 Million!
The M3 Competition is designed to help you strengthen your vision, build your strategy and take your business to a million dollars in revenue in the
next 12-18 months.
You could be selected to pitch your business and win a package of coaching, financing and marketing!
Interested in applying?Join the Community and Complete the M3 Application!
http://www.makemineamillion.org/grow/content/type/tools/article/930
The M3 Competition is Back!
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