Using Marketing Research to Unleash your Marketing Genius Or How to REALLY know as much about marketing as everyone else thinks they know

Frank Martin, CEO Roanoke  Richmond  Alexandria  VB

3 Things Conferred at Birth A sense of Humor Common Sense Marketing Expertise

A sense of Humor

Common Sense

Marketing Expertise

3 things everybody wants to tell you Where you should be putting your money How you should be raising your children How you should be marketing your business

Where you should be putting your money

How you should be raising your children

How you should be marketing your business

4 ways to develop marketing credibility Undergraduate or graduate degree Years of Marketing Experience in a variety of businesses Physician or a CEO Son or Daughter of the CEO

Undergraduate or graduate degree

Years of Marketing Experience in a variety of businesses

Physician or a CEO

Son or Daughter of the CEO

Marketing Crisis CMOs are losing jobs at an alarming rate Job is second-guessed more than any in the organization Marketing budgets are the first ones cut, but expectations aren’t Researchers are low on the totem pole

CMOs are losing jobs at an alarming rate

Job is second-guessed more than any in the organization

Marketing budgets are the first ones cut, but expectations aren’t

Researchers are low on the totem pole

Problems: We can’t even agree on what is “good marketing” No generally accepted metrics for accountability Perception that 1/2 is “wasted”

We can’t even agree on what is “good marketing”

No generally accepted metrics for accountability

Perception that 1/2 is “wasted”

What’s GOOD? Entertaining? Sells stuff? Improves image? Increases awareness or recognition? I like it?

Entertaining?

Sells stuff?

Improves image?

Increases awareness or recognition?

I like it?

The Inescapable TRUTH Marketing IS subjective It’s part of the job: We face it head on

Marketing IS subjective

It’s part of the job:

We face it head on

How do we get better at it? With Better Information With discipline With unfailing curiosity about…

With Better Information

With discipline

With unfailing curiosity about…

Why people buy from you Why they don’t Where your customers are coming from How they hear about you What they want from you (and your competition) that they are NOT getting When they want it

Why people buy from you

Why they don’t

Where your customers are coming from

How they hear about you

What they want from you (and your competition) that they are NOT getting

When they want it

Research is UNDER-utilized Think it costs too much money (or that it WASTES money that could be better spent marketing) People think they already know Research is boring; marketing is exciting People are intimidated Don’t know how, and Wonks make it too complicated

Think it costs too much money (or that it WASTES money that could be better spent marketing)

People think they already know

Research is boring; marketing is exciting

People are intimidated

Don’t know how, and

Wonks make it too complicated

Marketing Research Focus on Attitudes (Why?) and Behaviors (What?) Information to help make better business decisions Risk-reduction Finding opportunities

Focus on Attitudes (Why?) and Behaviors (What?)

Information to help make better business decisions

Risk-reduction

Finding opportunities

Marketing Research Surveys Focus Groups and IDI’s Population counts and patterns

Surveys

Focus Groups and IDI’s

Population counts and patterns

Surveys (Quantitative) Telephone Mail Email or Internet Intercept Panels

Telephone

Mail

Email or Internet

Intercept

Panels

Qualitative Research Traditional Focus Groups Small Group Interviews IDI’s Ethnographic (in home)

Traditional Focus Groups

Small Group Interviews

IDI’s

Ethnographic (in home)

Population Counts and Patterns Where people are Where they are going How they are getting there What they look like

Where people are

Where they are going

How they are getting there

What they look like

What’s a marketer to do? Introduce marketing research to your organization It’s all about connecting with your customers and prospects Do it better than anyone else in your organization - become - the voice of the customer

Introduce marketing research to your organization

It’s all about connecting with your customers and prospects

Do it better than anyone else in your organization - become - the voice of the customer

Should Have Clear Goals Make current customers spend more each time, or spend more frequently Get more new customers in the door Add or improve products Increase market for your products (the size of the pie)

Make current customers spend more each time, or spend more frequently

Get more new customers in the door

Add or improve products

Increase market for your products (the size of the pie)

5 Research ideas Primary Goal: Develop EMPATHY To make you a better marketer To help you make smarter marketing decisions To provide a foundation of information that brings you closer to your customers

Primary Goal: Develop EMPATHY

To make you a better marketer

To help you make smarter marketing decisions

To provide a foundation of information that brings you closer to your customers

Idea 1: Talk to Customers Talk to customers and non-customers Call or see your BEST customers Monthly customer focus groups Focus groups of non-customers Agenda Why you buy from us Why you buy from competitors What we could do better How we could make your life easier Customer Service rating: scale of 10

Talk to customers and non-customers

Call or see your BEST customers

Monthly customer focus groups

Focus groups of non-customers

Agenda

Why you buy from us

Why you buy from competitors

What we could do better

How we could make your life easier

Customer Service rating: scale of 10

Idea 2: Talk to YOUR people Talk to people who talk to customers Customer service personnel Sales team Agenda What do customers want that we don’t give them? When customers complain - what do they complain about? What are competitors giving them that we aren’t? How can we help you sell more stuff, or make customers happier?

Talk to people who talk to customers

Customer service personnel

Sales team

Agenda

What do customers want that we don’t give them? When customers complain - what do they complain about?

What are competitors giving them that we aren’t?

How can we help you sell more stuff, or make customers happier?

Idea 3: Segment your customers Conduct an intensive internal customer analysis Divide customers into deciles or quintiles Where are your top 20% coming from, and why do they choose you How do you get more business from the remaining quintiles?

Conduct an intensive internal customer analysis

Divide customers into deciles or quintiles

Where are your top 20% coming from, and why do they choose you

How do you get more business from the remaining quintiles?

Idea 4: Analyze the competition Conduct an intensive analysis of your competitors Whom they are targeting Where advertising What they are saying Positioning strategy Pricing Channels of Distribution preferred

Conduct an intensive analysis of your competitors

Whom they are targeting

Where advertising

What they are saying

Positioning strategy

Pricing

Channels of Distribution preferred

Idea 5: Make $$ for your customers Research how your best customers make money What is going on in their markets that could affect their business What markets are their competitors targeting? And how are they doing it? What is their largest competitor doing?

Research how your best customers make money

What is going on in their markets that could affect their business

What markets are their competitors targeting? And how are they doing it?

What is their largest competitor doing?

Summary Talk to Customers Talk to your people Segment Analyze Competition $$ for Customers

Talk to Customers

Talk to your people

Segment

Analyze Competition

$$ for Customers

Better marketing through better understanding