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C M I Research Webinar 1 2

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  • 1. Marketing Research and Customer Engagement and Why it Matters to Your Business Wednesday January 13, 2010
  • 2. 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. [email_address] Welcome!
  • 3. M3 Competition @ The Women’s Summit February 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!
  • 4. You are muted. Did you enter your Audio Pin? Questions?? Type into Question Box OR Raise Your Hand 15 minute Q &A – Did you enter your Audio Pin? A few Webinar tips…
  • 5. Lynnette Leathers [email_address] www.mindspotinc.com 321.278.4541
  • 6. Presentation Overview
    • About Mindspot, Inc.
    • Important Notes
    • Why Market Research
    • The Research Process
    • Research In Action
    • Advantages of Hiring an Expert
    • Resources
    • Questions
  • 7. A 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.
  • 8. Research, Business Solutions & 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
  • 9. Research, Business Solutions & Consumer Engagement
  • 10. Important 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.
  • 11. Important 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.
  • 12. 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
  • 13. Market vs. Marketing Research
    • 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.
  • 14. What does the Internet have to do 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
  • 15. Groundswell: Winning in a World Transformed by Social Technologies
  • 16. Facebook 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
  • 17. Use 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
  • 18. People Like To Be Heard
  • 19. Does Your Opinion 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.
  • 20. Typical Questions That Research 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?
  • 21. The Marketing Research 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
  • 22. Research Made Easy: 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?
  • 23. Research Made Easy: 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
  • 24. Research In Action - Do
    • Talk to your customers
    • Mine the Web
    • Start a group
    • Attend conferences/forums where your customers congregate
  • 25. Research In Action - Do
    • Share your results if they are not confidential
    • Share your findings
  • 26. Research 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
  • 27. Advantages of Hiring an Expert
    • Do you have the time to do it yourself…really?
    • Expertise? Complexity?
    • Budget?
    • Bias?
    • End-use
    • Risk
  • 28. Outliers
    • 10,000 hours
  • 29. Resources
    • 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 Statistics Demographic data by zip code for every U.S. state
  • 30. Research Made Easy: Primary (what you hear 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, …)
  • 31. Connect
    • Read the Babble Blog
    • Social Marketing
  • 32.
    • Thank You!
  • 33. Thank you! Have any Questions? Raise Your Hand Or Type in Question
  • 34. M3 Competition @ The Women’s Summit February 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!