Best Practices in Innovating within Market
Research to Reach Consumers:
How New Tools, Technologies and Approaches Improve...
Table of Contents
I.

Executive Summary

pp. 4-20



Research Overview

pp. 4



Universe of Learning

pp. 5



Innovat...
Table of Contents
IX. Trends in Consumer Communication

pp. 92-98

X. Evaluating Direct-to-Consumer Marketing

pp. 99-101
...
Research Project Objectives, Methodology & Results
Best Practices, LLC conducted this cross-industry benchmarking study to...
59 Benchmark Participants Represent Nine Industries
Fifty-nine benchmark survey respondents from 58 companies participated...
Innovation Has Many Faces in Consumer Market Research
The “Innovation Insights Story” in Consumer Marketing Research revea...
Qualitative Key Findings: Mobile Research and Online Tools
The following key findings and insights emerged from interviews...
More than 9 Industries Participated in Innovation Study
The benchmark study group was anchored by biopharma and market res...
Non-Pharma Spot Many Hurdles to MR Effectiveness
The segment of non-pharma companies identify many impediments to Market R...
Positioning Lacks Innovation Across MR Processes

Q. Please rate your perceived innovativeness on the following market res...
Quant and Qual Working Together Create Synergy
Innovation in market research doesn’t have to be a new tool or methodology ...
TBC Segment: Customized E-Mail Campaigns Top
Second Tier of Consumer Communications
Customized e-mail campaigns topped the...
SEO Part of Doing Business in U.S. Marketplace
One of the important – and dynamic – online consumer marketing tools is Sea...
About Best Practices, LLC
Best Practices, LLC is a research and consulting firm that conducts work based on the
simple yet...
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Best Practices in Innovating within Market Research to Reach Consumers: How New Tools, Technologies and Approaches Improve Understanding and Communicating with Consumers

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With new technologies, consumers’ decision-making process is constantly evolving; directly impacting market research. Tools in both qualitative and quantitative fields are expanding to capture a consumer decision, and this has prompted companies to upgrade their research capabilities. In line with this, researchers across industries are attempting to adopt innovative approaches to identify winning tools and techniques for understanding consumers’ decisions.

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 two segments: non-pharmaceutical companies and the Total Benchmark Class.

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Best Practices in Innovating within Market Research to Reach Consumers: How New Tools, Technologies and Approaches Improve Understanding and Communicating with Consumers

  1. 1. Best Practices in Innovating within Market Research to Reach Consumers: How New Tools, Technologies and Approaches Improve Understanding and Communicating with Consumers Best Practices, LLC Strategic Benchmarking Research BEST PRACTICES, ® LLC
  2. 2. Table of Contents I. Executive Summary pp. 4-20  Research Overview pp. 4  Universe of Learning pp. 5  Innovation Widely Dispersed but Thinly Seeded pp. 6  Key Findings pp. 7-20 II. Universe of Learning: Key Demographics of Participating Companies pp. 21-23 III. Innovation in Marketing Research Approaches pp. 24-28 IV. Innovation in Marketing Research Tools pp. 29-66  Using Innovation to Update the Use of Analysis Tools for Key Market Research Activities V. Marketing Research Trend Changes – Qualitative Trends pp. 67-74 VI. Marketing Research Trend Changes – Quantitative Trends pp. 75-80 VII. Emerging Market Research Tools in Non-Pharma Sector pp. 81-88 VIII. Communicating with Consumers pp. 89-91 BEST PRACTICES, ® LLC
  3. 3. Table of Contents IX. Trends in Consumer Communication pp. 92-98 X. Evaluating Direct-to-Consumer Marketing pp. 99-101 XI. Lessons Learned and Pitfalls to Avoid pp. 102-106 XII. Appendix pp. 107-118 XIII. About Best Practices, LLC pp. 119 BEST PRACTICES, ® LLC
  4. 4. 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. Study Overview 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. Of the 58 participants, 41 were from non pharma segment. In addition, research analysts conducted executive interviews with eight selected respondents to collect qualitative data and insights. Topics Included  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 BEST PRACTICES, ® LLC
  5. 5. 59 Benchmark Participants Represent Nine Industries 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. Benchmark Class Pharmaceutical Benchmark Class Non-Pharmaceutical Benchmark Class R2Business Solutions Sekisanchi LLlC (n=18) (n=41) 5 Copyright © Best Practices, LLC BEST PRACTICES, ® LLC
  6. 6. 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. 1. Most Companies Rate Themselves Low on Market Research Effectiveness & Innovation 6. Seed New Innovation Projects Where It Most Benefits Your Existing Brands & New Products 5. Innovation Hot Spots Exist In Customer Flow Mapping, Segmentation & Concept Testing. Innovation Has Many Faces: Process, Tools, Hybridization, Deeper, Faster & Cheaper Examining Innovation Across Consumer Marketing Research Landscape 4. No Single Company Has Cornered the Market on M.R. Innovation 6 Copyright © Best Practices, LLC 2. Innovation Is Evolutionary / Incremental Across the Market Research Process 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 BEST PRACTICES, ® LLC
  7. 7. Qualitative Key Findings: Mobile Research and Online Tools The following key findings and insights emerged from interviews and qualitative survey responses in this study.  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. Thirty-six percent 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. Sixtyone percent 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. Fifty-two percent in the Non- Pharma segment don’t use it. 7 Copyright © Best Practices, LLC BEST PRACTICES, ® LLC
  8. 8. More than 9 Industries Participated in Innovation Study The benchmark study group was anchored by biopharma and market research agencies. Healthcare (non-manufacturers), telecommunications, services, consumer goods, finance and electronics companies also participated in this marketing research innovation study. Q1. Please identify which industry sector your company represents Industry: *Others:  Utilities  Education  Postal Other, 17% Pharma, 30% Telecommunications, 5% Services, 15% Finance, 2% Healthcare, 10% Electronics, 2% (n=59) Marketing/Market Research Agencies, 15% Consumer Goods, 3% 8 Copyright © Best Practices, LLC BEST PRACTICES, ® LLC
  9. 9. Non-Pharma Spot Many Hurdles to MR Effectiveness The segment of non-pharma companies identify many impediments to Market Research effectiveness. They wrestle with budget, staffing, lack of innovation, outdated tools, inattention to social media and over-reliance on quantitative data. Q. If you do not feel you have a highly effective market research organization, rate what factors are impeding your effectiveness? Effectiveness Obstacles (Non-Pharma): Not a Problem Minor Obstacle Not Enough Budget 16% Major Obstacle 19% Not Enough Staff 6% 23% Outdated Analytical Tools 25% Too Much Reliance on Quantitative Data Too Much Reliance on Qualitative Data *Other 56% 37% 36 35 40% 33% 33% 48% 30% 51% 36 33% 42% 33% 37 *Other Major 65% 39% Lack of innovation Not Enough Attention to Online Tools/Social Media n= 36 21% 40% 61% 4% 9% 35% 33 35 23 Obstacles Cited: • "Company does not care about customer opinions” • "Don't know how" • "Driving own agenda, sucking too much resource away from business issues into own Insight world" • "Lack of knowledge (how-to)" • "Need for improved data visualization" • "Not enough knowledge of the clients business" % of Respondents 9 Copyright © Best Practices, LLC BEST PRACTICES, ® LLC
  10. 10. Positioning Lacks Innovation Across MR Processes Q. Please rate your perceived innovativeness on the following market research dimensions for Positioning: Positioning Excellence: n= Not Innovative 40 Methodologies and Tools 40 Data Collection 41 Analysis and Interpretation 40 Reporting and Communicating Middle of the Road Innovative 20% 75% 28% 70% 20% Innovative: 5% 5% 3% 3% 80% 25% 73% 0% 3% 3% % of Respondents 10 Copyright © Best Practices, LLC BEST PRACTICES, ® LLC
  11. 11. 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. “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 Merging to provide more realistic Insights 11 Copyright © Best Practices, LLC Quantitative Component BEST PRACTICES, ® LLC
  12. 12. 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. Q. Rate the effectiveness of various tools, technologies and channels that you use to communicate, educate, and inform consumers in your chosen markets: Consumer Marketing & Communication Tools (TBC): Don't Use Very Ineffective Somewhat Ineffective Customized e-mail campaigns Consumer/Patient Advocacy Groups Social Media Online Channels /Sponsorships (YouTube, Blogs) Viral Marketing (marketing communication designed to be passed around among users) Somewhat Effective 19% 4% 8% 29% 54% 4% 21% 19% 4% 8% 54% n= 15% 4% 17% 20% 24 8% 46% 28% 26 13% 33% 23% 36% Very Effective 26 8% 25 21% 4% 24 % of Respondents 12 Copyright © Best Practices, LLC BEST PRACTICES, ® LLC
  13. 13. 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. More Focus on Keyword Portfolio than Ranking “We have a lot of secondary reports about where consumers go to get healthrelated information. In this day and age, consumers go to the Internet and, for the Use Social Media for Distribution & Promotion of Content Rules for SEO Success Create Problem Solving Content 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 Publish Content on Quality Sources not going to find it.” - Senior Specialist, Global Market Research http://www.inc.com/aaron-aders/new-rules-for-seo-success-in-2013.html 13 Copyright © Best Practices, LLC BEST PRACTICES, ® LLC
  14. 14. 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. Best Practices, LLC 6350 Quadrangle Drive, Suite 200 Chapel Hill, NC 27517 www.best-in-class.com 14 Copyright © Best Practices, LLC BEST PRACTICES, ® LLC

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