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  • Traditional Segmentation : - Identify segments in database by behaviors, psycho-demographics - Create marketing messages … deliver them…hope they buy - These segments may seem homogeneous -- but minds are not These segments have minds that are HETEROGENEOUS Response-Based, Addressable Mind Segmentation - Expose customers to message vignettes by Experimental Design - Identify profoundly different mind-sets that pervade the customer base - Type a customer into a mind-set using ‘scratch test’ + data mining - For a person …. RIGHT MESSAGE, RIGHT EXPERIENCE *not looking at traditional forms but at future
  • *demographic, phsycho and elements *online survey, shut off after 2 days.

Transcript

  • 1. Math 110 Brought to life with Addressable MindsFINAL REPORT – DECEMBER 2011 “TO BUY OR NOT TO BUY A CD” Project Team Maclynn Kornreich Dejon Lofton Alexa Tanney
  • 2. Topics• Identify a business or social issue to which surveying will get to the mind of the consumer• Addressable Minds… what is it, and how it works• Review the study process and the results and conclusions © 2011 2
  • 3. Purchasing of CD’s Issue• An increased number of people have begun to download music illegally off of the internet.• Many artist have begun to feel discouraged within their careers• Artist and record labels need to know how to hold their consumers interest and how to produce more sales of their CDs. © 2011 3
  • 4. About Addressable Minds• Addressable Minds is a scientific, actionable form of “predictive consumer intelligence” for business and social issues accurately defining consumer attitudes and preferences both stated and unstated.• It has been described by Malcolm Gladwell and others as discovering the “DNA of the Consumers Mind”.• This patented science created by Dr. Howard Moskowitz, author of “Selling Blue Elephants” (Wharton Press) and the Wharton Business School has achieved critical acclaim and financial success across: – product design and development, – consumer messaging, – more effective consumer engagement physically and digitally. © 2011 4
  • 5. Dr. Howard Moskowitz.Addressable Minds Inventor, honored by the scientific community,... s the Chairman of iNovum, a graduate of Queens College and holds a Ph.D. in Experimental Psychology from Harvard University. on two of the most prestigious awards in market research 005 Charles Coolidge Parlin Marketing Research Award The “Nobel Prize” of Market Research, received only by the pioneers of market research. Recipients include Arthur Nielsen, George Gallup, Michael Porter, David Ogilvy and Philip Kotler. 010 Walston Chubb Award for Innovation across all sciences, Sigma Xi, The Scientific Research Society, © 2011 5
  • 6. Addressable MindsCuts across traditional segmentation & detects hidden preferences Behavioral Segmentation - Product Usage - Brand Loyalty - Attitudinal Addressable Minds Psychographic Segmentation - Social Class - Lifestyle Type - Personality Type Demographic Segmentation - Age - Gender - Income © 2011 6
  • 7. Create Addressable Minds messaging for sales IDENTIFY TARGET MARKET DEVELOP SURVEY QUESTIONS 10 – 15 minutes INTERNET SUY SURVEY IdeaMap™ Potential buyers of CDs or illegal downloaders ANALYZED SURVEY RESULTS → Addressable Minds MARKET SEGMENTATION MARKETING PHRASES SEGMENTATION WIZARD Total Seg 1 Self Seg 2 Seg 3 Seg 4 Personal Sample Driven Online Technology/ Collaborative Touch with Banking High Security Online Seekers Technology Seekers Seekers Base Size: (267) (105) (50) (59) (53) Constant: 31 34 28 31 26 Online Collaborative OC1 Connect online in real time with a customer rep via instant messaging, voice over IP or video conferencing via your computer 0 2 2 5 -13 OC3 Faster loan application process…work in real time online with a loan officer 0 0 -8 12 -8 No more paper mail – we will send you copies of statements by secure e-mail OC4 Our banks customer service reps will help you browse and use our online banking services -1 0 -6 10 -10 OC2 Use our online tool to find and schedule at your convenience an online working session with an expert such as investment broker, insurance agent, and/or loan officer -3 1 -11 6 -12 Securely manage your account by PDA, Internet of automated telephone Online Other ON3 We will answer all your requests in real time by email, instant or text messaging 1 7 -11 3 -1 ON4 We offer On demand status reports for services requests (e.g., Our banks customer services reps will help browse & use our on-line services loan application) delivered to you via e-mail, text or instant 1 6 -4 -3 0 ON2 messaging No more paper mail... W e will send you statements and images of transactions securely by email -2 5 -17 -5 2 ON1 We allow you to pay bills securely using your mobile devices (cell phone, PDA, Blackberry, etc.) -4 2 -13 -9 -2 Manage all your banking needs with a state of the art kiosk and be confident In-Branch Recognition that live help is available if you need it BR3 We offer a bank-issued smart card so we can recognize you entering the branch and process your needs faster 4 2 6 -3 13 BR4 Choose a secure eye or finger security scan to identify you immediately in-branch and at ATM 4 3 10 -1 3 BR2 We have the most secure biometric system that identifies you as you enter the branch so we can process your needs faster 2 -1 8 -5 6 BR1 We will recognize our customers mobile phone signal when entering a branch so we can recommend appropriate bank products, promotions and special services -4 -3 -6 -11 2 © 2011 7
  • 8. Addressable Minds’ underlying science uses standard Science and Mathematics IDENTIFY TARGET MARKET DEVELOP SURVEY QUESTIONS INTERNET SUY SURVEY IdeaMap™ Potential buyers of CDs or illegal Experimental Design – downloaders Stimulus/Response ANALYZED SURVEY RESULTS → Addressable Minds Ordinary Least Squares Discriminant FunctionConjoint analysis Regression Analysis © 2011 8
  • 9. A Survey Was Performed by the Team in the area of CD Sales• To serve as a learning vehicle for the application Addressable Minds to a practical business or social issue• Sufficient to show the power of the method © 2011 9
  • 10. SURVEY OVERVIEW (1 of 2) An Addressable Minds Survey is a survey of key ideas for CD sales and illegal downloading. Survey conducted on November 6, 2011 : ◦ Population Ages 18 and over of Males/Females across the US The team created key marketing and advertising messaging with the intent to entice the survey taker to purchase CDs instead of downloading music illegally. © 2011 10
  • 11. SURVEY OVERVIEW (2 of 2)• 51 Individuals responded• Assess two major aspects of messages – Does it convince a prospect to purchase CDs? – How does it make the prospect feel about illegal downloading?• Data reveals the mind-sets of respondents across the United States, as well as ‘what works, what doesn’t’ © 2011 11
  • 12. The Survey begins with an orientation screen © 2011 12
  • 13. Each respondent evaluates 48 unique combinations of elements First on overall interest © 2011 13
  • 14. Then selects a single emotion © 2011 14
  • 15. What convinces?What drives feelings? © 2011 15
  • 16. Total Panel – Interested in purchasing the CD and not downloading music illegally 1) How likely are you to buy a CD based on this information? Sorted by <-- Not likely at all Very likely - -> Total 1 2 3 4 5 6 7 8 9 Sample Sorted by Total Sample : Highlighted >+9 winners & <-9 losers Base Size 51 Constant 40B1 16 When purchasing the latest CD by your favorite aritst, you will receive an autographed cover.B4 One day, this CD will be a collectors item and be worth a lot of money. 14C4 12 When you purchase the CD, you will receive a code for a free music video off of ITunesB3 The CD includes lyrics to all of the songs on the disk 9A1 Purchasing a CD by your favorite aritst helps better their career. -9F6 Your ISP (Internet Service Provider) can ban you from internet access. -13 © 2011 16
  • 17. The Total Panel’s Interest is Different From That in Each of The Two Identified Segments 1) How likely are you to buy a CD based on this information? Sorted by <-- Not likely at all Very likely - -> Total Seg1 of 2 Seg2 of 2 1 2 3 4 5 6 7 8 9 Sample Sorted by Total Sample : Highlighted >+9 winners & <-9 losers Base Size 51 32 19 Constant 40 48 28 16 11 25When purchasing the latest CD by your favorite aritst, you will receive an autographed cover.One day, this CD will be a collectors item and be worth a lot of money. 14 11 20 12 11 15When you purchase the CD, you will receive a code for a free music video off of ITunesThe CD includes lyrics to all of the songs on the disk 9 6 15The CD booklet includes many pictures of the aritst and fans. 9 -2 27Special CD packages contain bio features or other things of the artist choice. 6 14 -7 6 4 9Purchasing a CD by your favorite artist includes a track-list of all the songs on the CDThis CD is a limited addition and will not be available for a long period of time. 3 -8 20You encourage and enable the artist to continue producing CDs. 2 -3 10 2 12 -15Music on CD’s have professional sounding tracks, as if you were in studio yourself.Most songs when illegally downloaded are not even the song, but instead just a random person -4 1 -12speaking.Purchasing CDs by your favorite artist will boost their career financially. -6 -3 -10 -6 -13 7Federal law states downloading music illegally can be a fine of $150,000 per song.Hackers target those who download music illegally and they send viruses and can destroy your -9 -20 11computer.Purchasing a CD by your favorite aritst helps better their career. -9 -12 -5Your ISP (Internet Service Provider) can ban you from internet access. -13 -17 -7 © 2011 17
  • 18. There are two unique segmentsExtras/Promo Realist/True Fans Hunters 37% 63% Messaging for one isn’t necessary going to appeal to the other…and could actually hurt © 2011 18
  • 19. Extras/Promotion Hunters (Seg1)- Interested in the extra bonus features of the CD’s they purchase. 1) How likely are you to buy a CD based on this information? Sorted <-- Not likely at all Very likely - -> by Seg1 of Seg2 of 1 2 3 4 5 6 7 8 9 Total 2 2 Sorted by Total Sample : Highlighted >+9 winners & <-9 losers Sample Base Size 51 32 19 Constant 40 48 28 Special CD packages contain bio features or other things of the artist choice. 6 14 -7 Music on CD’s have professional sounding tracks, as if you were in studio 2 12 -15 yourself. When purchasing the latest CD by your favorite aritst, you will receive an 16 11 25 autographed cover. One day, this CD will be a collectors item and be worth a lot of money. 14 11 20 When you purchase the CD, you will receive a code for a free music video off of 12 11 15 ITunes 9 6 15 The CD includes lyrics to all of the songs on the disk Purchasing a CD by your favorite artist includes a track-list of all the songs on the 6 4 9 CD Most songs when illegally downloaded are not even the song, but instead just a -4 1 -12 random person speaking. The CD booklet includes many pictures of the aritst and fans. 9 -2 27 You encourage and enable the artist to continue producing CDs. 2 -3 10 Purchasing CDs by your favorite artist will boost their career financially. -6 -3 -10 This CD is a limited addition and will not be available for a long period of time. 3 -8 20 -9 -12 -5 Purchasing a CD by your favorite aritst helps better their career. Federal law states downloading music illegally can be a fine of $150,000 per -6 -13 7 song. -13 -17 -7 Your ISP (Internet Service Provider) can ban you from internet access. Hackers target those who download music illegally and2011 send viruses and can © they 19 -9 -20 11 destroy your computer.
  • 20. Realist/True Fans (Seg2)- Interested in not only bonus features, but also the artist themselves and the music. 1) How likely are you to go to this resort? Sorted <-- Not likely at all Very likely - -> by Seg1 of Seg2 1 2 3 4 5 6 7 8 9 Total 2 of 2 Sorted by Total Sample : Highlighted >+9 winners & <-9 losers Sample Base Size 51 32 19 Constant 40 48 28 The CD booklet includes many pictures of the aritst and fans. 9 -2 27 When purchasing the latest CD by your favorite aritst, you will receive an 16 11 25 autographed cover. One day, this CD will be a collectors item and be worth a lot of money. 14 11 20 This CD is a limited addition and will not be available for a long period of time. 3 -8 20 The CD includes lyrics to all of the songs on the disk 9 6 15 When you purchase the CD, you will receive a code for a free music video off of 12 11 15 ITunes Hackers target those who download music illegally and they send viruses and can -9 -20 11 destroy your computer. You encourage and enable the artist to continue producing CDs. 2 -3 10 Purchasing a CD by your favorite artist includes a track-list of all the songs on the 6 4 9 CD Federal law states downloading music illegally can be a fine of $150,000 per -6 -13 7 song. Purchasing a CD by your favorite aritst helps better their career. -9 -12 -5 Your ISP (Internet Service Provider) can ban you from internet access. -13 -17 -7 Special CD packages contain bio features or other things of the artist choice. 6 14 -7 Purchasing CDs by your favorite artist will boost their career financially. -6 -3 -10 Most songs when illegally downloaded are not even the song, but instead just a -4 1 -12 random person speaking. Music on CD’s have professional sounding tracks, as if you were in studio 2 12 -15 yourself. © 2011 20
  • 21. The “Segmentation Wizard” is a 30 second shortcut survey that is extracted from the 15 minute survey and identifies the segment membership of that individual IDENTIFY TARGET MARKET DEVELOP SURVEY QUESTIONS 10 – 15 minutes INTERNET SUY SURVEY IdeaMap™ Potential buyers of CDs or illegal downloaders ANALYZED SURVEY RESULTS → Addressable Minds SEGMENTATION WIZARDSegmentation Wizard consists of 3 or 4 elements No more paper mail – we will send you copies of statements by secure e-mail identified in the in-depth 10 – 15 minute survey Securely manage your account by PDA, Internet of automated telephone Our banks customer services reps will help browse & use our on-line services Manage all your banking needs with a state of the art kiosk and be confident that live help is available if you need it © 2011 21
  • 22. The CD Project Segmentation Wizard– Online exampleThe Segmentation Wizard is a short survey with the questions derived from the full survey to identify segment membership http://mjiweb.com/mjitt/QC_Fall2011_CD/index.htm © 2011 22
  • 23. The CD Project Segmentation Wizard– Online example © 2011 23
  • 24. © 2011 24
  • 25. © 2011 25
  • 26. © 2011 26
  • 27. Conclusions• The two segments created by the Addressable minds survey for CDs now allows music promoters to know what to use to entice customers.• Restating what the CD already comes with and then adding a legacy to it can effect the way people view the product.• You can improve CD sales, but you have to show consumers that there are benefits to spending their money rather than downloading illegally. – Know the segmentation – Give the right message to the right segment © 2011 27