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The World of Marketing Research
Mark MichelsonMichelson & Associates, Inc.
Atlanta, Georgia
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Introduction
Knowledge is power Accurate knowledge is power when it is organized to create
actionable plans Thoughts are things - they define our realities We are in the information age - accurate and timely
information has tremendous value Information without understanding is useless data Bad information will lead to failure
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What is Marketing Research?
Marketing research involves a study of real customers and prospects. – An organized effort to gather and analyze information relevant to
marketing products/services to people. How to improve the process of meeting customer/prospect needs,
wants, desires, etc. How to improve stores, websites, products, and services.
– A process through which we gain a thorough understanding of ourselves, our competitors, our customers, and prospects.
Market research is a study of market conditions - trends, size of industry, competitive landscape.
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What is Marketing Research?
Two uses for research information:– Decision Making
New product/concept development & testing Opportunity / feasibility analysis Market size / dimension
– Measuring/Monitoring Performance Customer satisfaction Competitive positioning Brand awareness
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What is Marketing Research?
Two sources of information:– Secondary Research
Existing studies, census data, articles Internet, library, trade journals
– Primary Research Create your own questions Find your own answers by asking people what they think, feel,
know, etc. Common methods include:
– Focus groups, surveys
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What is Marketing Research?
Two types of information:– Qualitative
“How do people feel about the color purple?” Not predictive of market behavior Qualify needs, wants, preferences Focus Groups, In-depth interviews
– Quantitative “How many people like the color purple?” Predictive if done correctly Surveys: Telephone, Mail, Intercept, Internet
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The Process
Design DataCollection
DataPrep
Reporting
Objectives Secondary Data entry Key Findings
Questions Primary Data cleaning Graphs & charts
Methods Qualitative Data analysis Back-up materials
Timing Quantitative Formatting Presentation documents
Cost Observational Archive documents
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Getting Started
Objectives– Determine what
information is relevant to your business
– Define what you need to know
– Understand what you will do with answers once you have them
– 4-6 objectives are normal
Study Design– Cost is important
– Time is critical
– Ease of participation
– Shorter is better
– Clarity in questions
– Easy analysis
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Getting Started
Gathering Data– DIY
– Outsource
Methods– Use a mix of methods
– Start with Secondary research
– Use Primary research to fill in specific gaps
– Mix qualitative & quantitative
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Which Methods Work Best?
Focus Groups– Explore how people feel about your concept and why
they feel that way.
– Show concepts, get immediate feedback
– Change questions on the fly
– 4-10 people make a group
– Recruit the right people - offer an incentive
– 1.5 to 2 hours on average
– Audio/video recording
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Which Methods Work Best?
Observational Research (Ethnography)– Roots in anthropology - observe people doing
things in specific environments.– Record observations - video, paper, audio– Quantify observations to analyze– Enrich information with understanding of why
people do what they do - ask them.
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Which Methods Work Best?
Surveys– Mail, telephone, intercept, internet – Establish measures of awareness, quality,
service, market share – Predict how many people will buy “x”– Statistically valid findings if...
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Rules for Predictability
Sample must be chosen at random from defined population
Sample size determines confidence in data More confidence = more predictable
– n 100 = 90% ±5– n 400 = 95%±5– n >1,000 = 98% ±3
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Marketing Strategy: Definition
What is it? Why is it? What is the value of it? What does it stand for? What’s in it for the customers? Why are you building the business?
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Marketing Strategy: Positioning
What do people really buy? Why do they buy it? Why should they buy it from you? What is the competitive landscape? Create new categories 1st one to own a category wins
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Marketing Strategy: Branding
Battle for share of mind Recognition of name/image Association with benefits/qualities Understanding of value Clarity and consistency in communications
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Marketing Strategy: Selling
People like to buy - not be sold to Make it easy for people to buy from you Most people avoid risks Eliminate their fears People buy what they know - from
companies they trust– help them know your product/service and
company
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Marketing Strategy: Retention
Customer satisfaction studies measure actual/real customer satisfaction.
Satisfaction = Experience / Expectation Best customers are repeat customers Proactively ask how you are doing and how
you can improve
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Words of Wisdom
If you don’t ask, you’ll never know– No such thing as a stupid question
Keep it simple– Make it easy for participants
– Make sure you can analyze the data you gather
Timeliness is important - but not at the sacrifice of quality.
Qualify respondents to ensure quality information
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Words of Wisdom
Test questionnaires before fielding data collection
Foresight is less expensive than hindsight “The important thing is to never stop
questioning” - Einstein
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The World of Marketing Research
Mark MichelsonMichelson & Associates, Inc.
Atlanta, Georgia