BEST PRACTICES,
®
LLC
Best Practices, LLC Strategic Benchmarking Research
Consumer Marketing Research Innovation:
Assessin...
BEST PRACTICES,
®
LLC
Table of Contents
I. Executive Summary pp. 4-21
 Research Overview pp. 4
 Universe of Learning pp....
BEST PRACTICES,
®
LLC
Table of Contents
X. Communicating with Consumers pp. 104-108
XI. Trends in Consumer Communication p...
BEST PRACTICES,
®
LLC
Topics IncludedStudy Overview
 Innovativeness of MR Tools for:
Forecasting
Patient Flow Mapping
...
BEST PRACTICES,
®
LLC
59 Benchmark Participants Represent Nine Industries
Benchmark Class
Fifty-nine benchmark survey resp...
BEST PRACTICES,
®
LLC
Innovation Has Many Faces in Consumer Market Research
The “Innovation Insights Story” in Consumer Ma...
BEST PRACTICES,
®
LLC
Qualitative Key Findings: Mobile Research and Online Tools
 Improving Report Presentations Enhances...
BEST PRACTICES,
®
LLC
(n=59)
Q1. Please identify which industry sector your company represents
8
Copyright © Best Practice...
BEST PRACTICES,
®
LLC
Q. If you do not feel you have a highly effective market research organization, rate what factors ar...
BEST PRACTICES,
®
LLC
Positioning Lacks Innovation Across MR Processes
Q. Please rate your perceived innovativeness on the...
BEST PRACTICES,
®
LLC
Quant and Qual Working Together Create Synergy
Innovation in market research doesn’t have to be a ne...
BEST PRACTICES,
®
LLC
Q. Rate the effectiveness of various tools, technologies and channels that you use to communicate, e...
BEST PRACTICES,
®
LLC
SEO Part of Doing Business in U.S. Marketplace
One of the important – and dynamic – online consumer ...
BEST PRACTICES,
®
LLC
Best Practices, LLC
6350 Quadrangle Drive, Suite 200
Chapel Hill, NC 27517
www.best-in-class.com
Abo...
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Consumer Marketing Research Innovation: Assessing New Tools, Technologies and Approaches to Understand and Communicate with Consumers

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New technologies are transforming how consumers educate themselves and make critical purchasing decisions. Companies want to ensure that their Consumer Marketing Research capabilities are keeping pace with the marketplace where rapid advances in technology, research & analytics have advanced the overall Market Research field. Correspondingly, across industry sectors the consumer marketing research play book and analysis approaches are evolving to better identify winning tools and techniques for understanding consumers' decisions.
Because of this, many leaders of Consumer Marketing Research across multiple industries believe that identifying innovations can be useful to conducting deeper, faster and more efficient market research.

Best Practices, LLC conducted this cross-industry benchmarking study to identify current and evolving approaches for qualitative and quantitative consumer marketing research techniques and tools. This research examines the changing landscape for qualitative and quantitative research. It also reviews which quantitative research approaches market research leaders are currently utilizing most and why.

This study includes data on three segments: pharmaceutical companies, non-pharmaceutical companies and the Total Benchmark Class.

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Consumer Marketing Research Innovation: Assessing New Tools, Technologies and Approaches to Understand and Communicate with Consumers

  1. 1. BEST PRACTICES, ® LLC Best Practices, LLC Strategic Benchmarking Research Consumer Marketing Research Innovation: Assessing New Tools, Technologies and Approaches to Understand and Communicate with Consumers
  2. 2. BEST PRACTICES, ® LLC Table of Contents I. Executive Summary pp. 4-21  Research Overview pp. 4  Universe of Learning pp. 5  Innovation Widely Dispersed but Thinly Seeded pp. 6-8  Key Findings pp. 9-21 II. Universe of Learning: Key Demographics of Participating Companies pp. 22-25 III. Innovation in Marketing Research Approaches pp. 25-30 IV. Innovation in Marketing Research Tools pp. 31-74  Using Innovation to Update the Use of Analysis Tools for Key Market Research Activities V. Marketing Research Trend Changes – Qualitative Trends pp. 75-82 VI. Marketing Research Trend Changes – Quantitative Trends pp. 83-89 VII. Emerging Market Research Tools in Pharma Sector pp. 90-95 VIII.Emerging Market Research Tools in Non-Pharma Sector pp. 96-103
  3. 3. BEST PRACTICES, ® LLC Table of Contents X. Communicating with Consumers pp. 104-108 XI. Trends in Consumer Communication pp. 109-115 XII. Evaluating Direct-to-Consumer Marketing pp. 116-118 XIII. Lessons Learned and Pitfalls to Avoid pp. 119-123 XIV. Appendix pp. 124-144 XV. About Best Practices, LLC pp. 145
  4. 4. BEST PRACTICES, ® LLC Topics IncludedStudy Overview  Innovativeness of MR Tools for: Forecasting Patient Flow Mapping Positioning Segmentation Brand Research Concept Testing Brand Awareness Customer Insights Direct-to-Consumer Tactic Testing Target Product Profile Testing  Utilization of Emerging MR Tools  Effectiveness of Consumer Marketing Tools  Best Practices, Pitfalls & Lessons Learned Research Objective: New technologies are transforming how consumers educate themselves and make critical purchasing decisions. Correspondingly, across industry sectors the consumer marketing playbook and marketing research analysis approaches are evolving to better identify winning tools and techniques. This cross industry study addresses topical issues that include new media for interacting with consumers, new qualitative techniques for insight mining and new quantitative techniques for research data analysis. Methodology: Best Practices, LLC engaged 59 Market Research leaders at 58 companies through a benchmarking survey instrument. In addition, research analysts conducted executive interviews with eight selected respondents to collect qualitative data and insights. Research Project Objectives, Methodology & Results Best Practices, LLC conducted this cross-industry benchmarking study to identify current and evolving approaches for consumer marketing and marketing research techniques and tools. This study contains extensive qualitative data.
  5. 5. BEST PRACTICES, ® LLC 59 Benchmark Participants Represent Nine Industries Benchmark Class Fifty-nine benchmark survey respondents from 58 companies participated in this study. More than 40 percent are directors, VPs, and C-level and a third are manager level. The rest fall under “other.” The participants represent more than nine industries with pharma the largest segment at 30%. To add qualitative depth to the study, eight interviews were conducted with market research leaders. 5 Copyright © Best Practices, LLC Pharmaceutical Benchmark Class Non-Pharmaceutical Benchmark Class Sekisanchi LLlC R2Business Solutions (n=18) (n=41)
  6. 6. BEST PRACTICES, ® LLC Innovation Has Many Faces in Consumer Market Research The “Innovation Insights Story” in Consumer Marketing Research reveals ongoing evolutionary change – rather than revolutionary disruptive technology change. Innovation is broad reaching, incremental and assumes various forms through tools, technology, process improvements and hybrid adaptations of proven practices. 6 Copyright © Best Practices, LLC Examining Innovation Across Consumer Marketing Research Landscape 3. Innovation Is Widely Dispersed But Thinly Seeded: 80% Of Venues Are Seed Beds With 5% to 12% of Companies Innovating At Most Research Milestones 4. No Single Company Has Cornered the Market on M.R. Innovation 5. Innovation Hot Spots Exist In Customer Flow Mapping, Segmentation & Concept Testing. Innovation Has Many Faces: Process, Tools, Hybridization, Deeper, Faster & Cheaper 2. Innovation Is Evolutionary / Incremental Across the Market Research Process 6. Seed New Innovation Projects Where It Most Benefits Your Existing Brands & New Products 1. Most Companies Rate Themselves Low on Market Research Effectiveness & Innovation
  7. 7. BEST PRACTICES, ® LLC Qualitative Key Findings: Mobile Research and Online Tools  Improving Report Presentations Enhances Engagement: Finding innovative or fresh ways to present reports/studies – such as formats like Prezi or the use of dynamic visuals – is an important way to keep staff and internal stakeholders engaged.  Mobile Research Will Be a Key Tool for Market Research in the Future: Mobile research, with its rapid delivery of point-of-care and point-of-sale data, will be an important tool for marketing research in the future. Seventy percent of the Pharma Segment is using mobile research either sometimes or frequently. Meanwhile, only 36% of the Non-pharma Segment is using it either sometimes or frequently.  Online Communities Offer Bottomless Pool of Consumer Insights: Online communities are a valuable qualitative source of consumer insights and yet the tool appears to be underutilized. In the Pharma Segment, 50% said they were using online communities sometimes while the other half said they don’t use them at all. Meanwhile, 61% of the Non-pharma Segment said they use them either sometimes or frequently.  Social Media Listening Is Another Underutilized Tool: Social Media Listening is another underutilized tool that can inform market researchers across many topics, including product positioning, brand awareness and customer insights. In the Pharma Segment, 40% said they don’t use it. The Non-pharma Segment, meanwhile, had 52% not using. 7 Copyright © Best Practices, LLC The following key findings and insights emerged from interviews and qualitative survey responses in this study.
  8. 8. BEST PRACTICES, ® LLC (n=59) Q1. Please identify which industry sector your company represents 8 Copyright © Best Practices, LLC Industry: Pharma, 30% Finance, 2% Healthcare, 10% Consumer Goods, 3%Marketing/Market Research Agencies, 15% Electronics, 2% Services, 15% Telecommunications, 5% Other, 17% *Others:  Utilities  Education  Postal More than 9 Industries Participated in Innovation Study The benchmark study group was anchored by biopharma companies, which made up 30% of respondents. Healthcare (non-manufacturers), agencies, telecommunications, services, consumer goods, finance and electronics companies also participated in this marketing research innovation study.
  9. 9. BEST PRACTICES, ® LLC Q. If you do not feel you have a highly effective market research organization, rate what factors are impeding your effectiveness? 9 Copyright © Best Practices, LLC Effectiveness Obstacles (Total Benchmark Class): n = 50 51 48 50 50 47 49 5055% 49% 60% 30% 26% 21% 14% 4% 3% 43% 23% 44% 48% 48% 31% 36% 42% 8% 17% 26% 26% 31% 55% 60% Other Too Much Reliance on Qualitative Data Too Much Reliance on Quantitative Data Not Enough Attention to Online Tools/Social Media Outdated Analytical Tools Lack of innovation Not Enough Budget Not Enough Staff Not a Problem Minor Obstacle Major Obstacle Staffing & Budget Are Two Greatest Obstacles to Market Research Effectiveness Insufficient staff levels and budget are the most commonly identified obstacles impeding market research effectiveness across all participating companies. These are followed closely by a general lack of innovation, outdated tools and inattention to online/social media environments. % of Respondents
  10. 10. BEST PRACTICES, ® LLC Positioning Lacks Innovation Across MR Processes Q. Please rate your perceived innovativeness on the following market research dimensions for Positioning: 10 Copyright © Best Practices, LLC Positioning Excellence: n= 40 40 41 40 Innovative: 5% 3% 0% 3%25% 20% 28% 20% 73% 80% 70% 75% 3% 3% 5% Reporting and Communicating Analysis and Interpretation Data Collection Methodologies and Tools Not Innovative Middle of the Road Innovative % of Respondents
  11. 11. BEST PRACTICES, ® LLC Quant and Qual Working Together Create Synergy Innovation in market research doesn’t have to be a new tool or methodology – it can come from finding ways to combine work streams to reduce job timelines. One participant thought having qual and quant teams work closer together would accomplish that goal. 11 Copyright © Best Practices, LLC “We do see where qualitative is starting to inform quant where it didn’t before. I’ve been in the offices of most major market research firms in the world and there’s usually a keypad door separating the qualitative teams from the quantitative teams. We’re seeing that change with online ‘qual’…we’ve got the technologies that allow us to bring people out of a large segmentation study, a customer satisfaction survey, and bring into a qualitative discussion for a deeper dive with them. That’s allowed the quant-qual teams to co-mingle on these projects. It is unbelievably common where you do a segmentation study and find some unexplained thing and go through the keypad door and say, ‘Qual team here’s something to go explore.’ Well that can take months…today we’re radically reducing those timelines by giving them technology that the quants can run themselves or that makes the quant and qual teams work together very closely.” – Chief Innovation Officer Qualitative Component Quantitative Component Merging to provide more realistic Insights
  12. 12. BEST PRACTICES, ® LLC Q. Rate the effectiveness of various tools, technologies and channels that you use to communicate, educate, and inform consumers in your chosen markets: 12 Copyright © Best Practices, LLC Consumer Marketing & Communication Tools (TBC): n= 26 24 26 25 24 TBC Segment: Customized E-Mail Campaigns Top Second Tier of Consumer Communications Customized e-mail campaigns topped the second tier of the list of tools, technologies, or channels that organizations use to communicate with consumers. Sixty-nine percent of participants felt e-mail was either somewhat or very effective. % of Respondents 54% 36% 19% 29% 19% 4% 8% 4% 4% 4% 17% 28% 23% 21% 8% 21% 20% 46% 33% 54% 4% 8% 8% 13% 15% Viral Marketing (marketing communication designed to be passed around among users) Online Channels /Sponsorships (YouTube, Blogs) Social Media Consumer/Patient Advocacy Groups Customized e-mail campaigns Don't Use Very Ineffective Somewhat Ineffective Somewhat Effective Very Effective
  13. 13. BEST PRACTICES, ® LLC SEO Part of Doing Business in U.S. Marketplace One of the important – and dynamic – online consumer marketing tools is Search Engine Optimization. While it can bring hundreds, if not thousands, of customers to your business, the SEO rules of search engines like Google are constantly evolving. 13 Copyright © Best Practices, LLC “We have a lot of secondary reports about where consumers go to get health- related information. In this day and age, consumers go to the Internet and, for the most part, people just to go to a search engine and type something in and see what comes up. Whatever you’re selling, you better come out on top, otherwise they’re probably not going to find it.” - Senior Specialist, Global Market Research Rules for SEO Success More Focus on Keyword Portfolio than Ranking Create Problem Solving Content Publish Content on Quality Sources Use Social Media for Distribution & Promotion of Content http://www.inc.com/aaron-aders/new-rules-for-seo-success-in-2013.html
  14. 14. BEST PRACTICES, ® LLC Best Practices, LLC 6350 Quadrangle Drive, Suite 200 Chapel Hill, NC 27517 www.best-in-class.com About Best Practices, LLC Best Practices, LLC is a research and consulting firm that conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics, and winning strategies of world-class companies. 14 Copyright © Best Practices, LLC

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