Your SlideShare is downloading. ×
Demand Intelligence
Demand Intelligence
Demand Intelligence
Demand Intelligence
Demand Intelligence
Demand Intelligence
Demand Intelligence
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Demand Intelligence

1,159

Published on

Never before have marketing executives had access to the tremendous amount of information like they do today. In our latest white paper, we highlight best practice research and analysis methodologies …

Never before have marketing executives had access to the tremendous amount of information like they do today. In our latest white paper, we highlight best practice research and analysis methodologies that companies should consider to help identify meaningful insights and relevant actions in today’s marketplace.

When 70% of CMO’s confess fear of marketing data overload and 39% of marketers admit they can’t turn data into actionable insight, then research and analysis practices become critical.

The information in our white paper is valuable in helping marketing departments know where to start and how to get smart with finding the right data and innovating the right actions.

Published in: Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,159
On Slideshare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
7
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. White Paper - INTELLIGENCE ADVANTAGEDemand the Intelligence AdvantageUncovering critical insights that directly influence purchase behavior.Do you have the intelligence advantage? INFORM • ENGAGE • I N S P I R E • M O V E P E O P L E T O A C T I O N
  • 2. IntroductionKnowing what motivates customers and influences their behaviors is critical to marketers and marketing efforts.With the right intelligence, your next marketing initiative could produce breakthrough results. However,uncovering the type of intelligence that will truly impact your business isn’t easy. For example: • o you have confidence in the impact your next big marketing initiative is going to D have before you roll it out? Will it meet your key business objectives? Is the voice of your customers directly influencing your plan? • oes your research go beyond understanding “what” your customers are doing (or not doing) D to help identify “why” and how you can influence it? • an you point to a unique insight – grounded in data and extracted from the human C dimension – that has informed your communications strategy? Are you sure you’re not missing a key understanding that will directly impact the success of your marketing efforts?Those are tough and challenging questions. If you’re hesitating, don’t feel alone. Many of the nation’s largestcompanies grapple with these questions on a regular basis. Marketing is not an exact science. But it can bemuch more predictive by starting with the basics and adding unique intelligence.Insightful market intelligence will guide more confident decision-making, strengthen your brand and maximize the effectiveness of The Average Shopper Utilized 10.4your marketing initiatives. It will reveal the best ways to reach newcustomers, retain current customers and grow lifetime value.In 2011, the average consumer utilized 10.4 sources of informationto make a purchase decision – up from 5.3 sources in 2010. Theconsideration set for purchase decisions nearly doubled in just one Sources Of Information To Make A Purchaseyear! And the sources of information ranged from TV commercials Decision In 2011.and magazine articles to recommendations from friends and family, Source: Shopper Sciences study of 5,000 shoppersto websites, ratings and online blogs.As the competition for consumers’ attention continues to intensify, what you don’t know can significantly hurtyour marketing efforts. And the worst part is, many companies aren’t aware of their organizations’ informationalblind spots until it’s too late.Bottom line: The stakes have never been higher and having the right kind of intelligence has never been moreimportant. It’s NOT too late to gain the intelligence advantage.Market Intelligence BasicsBroadly defined, Market Intelligence is the systematic process of gathering and analyzing relevant data toguide business decision-making and planning processes. More specific to the marketing process, MarketIntelligence is the combination of data and analytical experience that helps turn subjective “gut instinct” intofact and “intuition” into unique insight. It’s the fuel that drives the development of smart solutions and newinnovations to help your business grow. It comes in many forms and continues to evolve at a robust pace. Summit Marketing | 1 K a n s a s C i t y • S t. L o u i s • W a s h i n g t o n , D . C . • www. s u m m i t m a r k e t i n g . c o m
  • 3. The 2012 Industry Trends Report (developed by GreenBook Research) provided an overview of the evolutionof the market research industry, stating:“An outline and direction of the future are emerging, and we can make some educated projections. We know thatthe research professional is under immense pressure to deliver value and measurable business impact. We see newtechnologies and research models less bound by traditional precepts of best practices gaining traction. We seecompanies that embed innovation into their messaging gaining mindshare (and perhaps market share as well).”Market Intelligence and research have become an essential part of the marketing decision-making process. Infact, the 2012 BRITE/NYAMA Marketing in Transition Study (conducted by Columbia Business School’sCenter on Global Brand Leadership and the New York American Marketing Association) reported that 91%of corporate marketing leaders believe that successful brands use customer data to drive marketing decisions.When the response to this question is isolated to the CMO level, that figure rises to 100%.Market Intelligence can be classified as Internal (customer contact data, campaign response, website traffic,behaviors and content consumption, research and staff knowledge) or External (published studies, marketdata/trends and competitive intelligence). It can include the development of Primary Research (involving theexecution of a customized research study) or the review of Secondary Research (tapping into existing researchstudies). And it can utilize both Quantitative and Qualitative methodologies.Is Internal Intelligence Enough?Most organizations have put some Market Intelligence gathering mechanisms in place. In some cases, they mayeven have a marketing sciences division or analytics group. Despite having these impressive Market Intelligenceresources in place, evidence shows there is still room for gaps. For real-world proof, look no further than Netflixand Coca-Cola.In the case of Netflix, the company decided to increase prices, rename one of its core business lines and beginrepositioning itself as a streaming content provider all in one sweeping announcement in September 2011.The results were nearly catastrophic. Subscribers fled. Revenue dropped. And the company’s share price cratered.After the dust settled, Netflix’s CEO conceded the decisions may not have been in synch with customer sentiment– suggesting a lack of or misinterpretation of Market Intelligence.During the 2011 holiday season, Coca-Cola introduced a special new marketing campaign that included whitepolar bear cans. According to a Coke spokesman, the marketing department wanted to create a “disruptive”campaign. In the end, they were successful – but for all the wrong reasons. The white cans looked strikingly similarto Diet Coke cans and consumer confusion and backlash was swift. Although Coca-Cola claimed it was happywith the promotion, the company was ultimately forced to redesign the cans and produce the majority of itsholiday cans in its classic red packaging. Similar to the Netflix example, it appears a fundamental misunderstandingof Market Intelligence and insight played a role in the white can controversy.The fact is most traditional “intelligence” sources have a few shared limitations. Typically, they only provideuseful data on the frequency of past behavior, not its core motivation, meaning or how to influence it in thefuture. They explain “who, what, where and when” a measured activity is happening, but rarely provide usefuldata to formulate insights on “why” it is happening. They do not account for the “human dimension” or the“emotional” reaction customers may have to your brand, product and/or service. Summit Marketing | 2 K a n s a s C i t y • S t. L o u i s • W a s h i n g t o n , D . C . • www. s u m m i t m a r k e t i n g . c o m
  • 4. It’s important to note the limitations of traditional “intelligence” are not an indication of inadequacy. To thecontrary, traditional resources provide a wide range of valuable data points that populate the overall spectrumof Market Intelligence. However, they do not provide a full view of your product lines, competitors and targetaudiences. That’s why having an external Market Intelligence resource is critical.With the right partner, your business should get a more completeview of the marketplace. You gain a valuable source of uniqueinsights to help avoid costly miscalculations in your marketing efforts. In a 2012 study, 39 %To that point, two in five marketers (39%) admitted that they cannotturn their data into actionable insight in the 2012 BRITE/NYAMAMarketing in Transition Study. Think about how the Netflix andCoke examples might have been different if a trusted resource couldhave provided intelligence and insight that forecasted potential of marketers admittedcustomer reactions to each company’s decision. For a relatively small they can’t turn their dataMarket Intelligence investment, each company could have avoided into actionable insight.serious damage to its customer relationships and saved the Source: 2012 BRITE/NYAMA Marketing in Transition Studyconsiderable expense of both the initial failed marketing effort aswell as the follow up in public relations and communications effortsto apologize to customers.The Common Gaps in Market IntelligenceYour company or organization likely maintains a robust customer database. And it’s very possible you haveresources that perform comprehensive data analysis to identify customer characteristics, purchase/behavioraltrends and the key moments of truth in the relationship continuum that drive greater lifetime value. If youdon’t have resources to effectively mine your customer data, make that a priority soon. In addition, you needto invest in a resource to help identify gaps in existing intelligence via a targeted review process, analytical overlayand filtered through “human dimension” research methodologies to be sure you’re armed for marketing battle.Don’t hesitate to dive into the following areas as you work to close the gaps: Creative Audit This audit process includes a full review of your company’s brand, message platform and communications. The creative audit is utilized to identify opportunities for improvement or enhancement of current message strategies. As part of the audit process, communications are reviewed to measure message clarity, ensure resonance with target audiences, gauge the effectiveness of offers and identify calls to action. Competitive Intelligence Gathering competitive intelligence helps you differentiate your products and services to establish a unique and compelling selling proposition within your market place. It also helps ensure your marketing does not unintentionally increase the sales of your competition. Effectively positioning your products or services results in focused communications that build equity in your brand – not the overall industry category. A full competitive analysis includes a review of messaging, channel use, offers, calls to action, key benefits and brand characteristics. Summit Marketing | 3 K a n s a s C i t y • S t. L o u i s • W a s h i n g t o n , D . C . • www. s u m m i t m a r k e t i n g . c o m
  • 5. Quantitative Studies Existing or secondary studies typically provide a solid baseline for the formation of hypotheses, but they do not always reflect the latest trends in the marketplace. Implementing a primary quantitative study with as little as 400 respondents will provide results at a 95 percent confidence level with a margin of error of +/-5%. With that level of accuracy, you can approach marketing decisions with more certainty knowing they are backed by fact rather than hypotheses or intuition. Social Media Monitoring To get a full view of your customers’ online dialogue about your company, Internet monitoring tools can be utilized. A comprehensive online listening tool will capture audience awareness, sentiment and actions – providing actionable intelligence in real-time. That intelligence can be utilized to support the establishment of an Internet monitoring/alert system to notify specific points of contact when questions/concerns are raised and prepare answers for frequently asked questions (FAQs) to facilitate meaningful interactions in online forums. Precognitive Research In addition to each methodology outlined above, Summit Marketing’s proprietary precognitive research process uncovers the closely held attitudes and beliefs people aren’t typically able to share. In fact, the precognitive methodology was developed in response to the limitations of standard cognitive research techniques – which typically allow individuals to edit and position their responses to suit their self-image rather than reveal their true feelings. In short, precognitive research uncovers the true motivations of your target audience. Utilizing proprietary data-gathering techniques and a multi-disciplinary approach to data analysis that includes psychological, sociological and anthropological filters, this research approach reveals the underlying emotional and motivational triggers that guide behavior. This is also the most fruitful technique at uncovering truly unique insights and “A-ha Moments”. Armed with new collective intelligence and insights, you will have a greater understanding of the messages and images that influence attitudes toward your company and move your customers to action. Specifically, the precognitive research approach is used to both develop and validate creative messaging. That means you will effectively “test drive” creative messaging, offers, designs and more before you “bet the farm” and roll out campaigns.So What Do You Make of All This Intelligence?You’re probably familiar with the term “analysis paralysis.” As you dive into gathering intelligence and insight,be wary and watchful for this stage of saturation that can lead you to feel forever compelled to gather onemore piece of data, then another and another before making a decision.Thomas Bullock, while serving as President and CEO of Ocean Spray commented how research is still aboutgathering data and crunching numbers, “I don’t want them (researchers) to deliver information as much asinsights.” He went on to reflect how market research (intelligence) is not a substitute for good judgment.“The risk is that rather than making a decision, people will want to go back and research again. But you needto stop at some point. That’s the job of consumer insight: to know when they’ve gone far enough.”As marketers, we never have perfect predictive information. Don’t wait on it! What you want to seek is the perfect Summit Marketing | 4 K a n s a s C i t y • S t. L o u i s • W a s h i n g t o n , D . C . • www. s u m m i t m a r k e t i n g . c o m
  • 6. balance and variety of intelligence types to empower more confidentstrategic planning, creative development and campaign execution. 70 %Generally, you’ll know you’ve reached that stage when you can stepback from the body of work and say, “That’s a really surprisinginsight I didn’t expect…and I can see how it will directly impactresults against a key business objective.” of CMOs confessThe proliferation of and demand for data is making the CMOposition in many ways harder vs easier. What to gather? How to fear of marketinggather? Where to look for nuggets of insight? What is actionable data overloadvs simply interesting? Hubspot recently conducted a study showing Source: Hubspot Blogout of 1,700 Chief Marketing Officers, 70% confessed fear ofmarketing data overload. Many claimed what they are lackingmost are true insights that enable effective decision making. Insights lead to completing the total customerengagement cycle and authentically build valuable relationships and advocates for your brand. Indentifyinginsights and formulating actions require time, expertise and specific experience many CMO’s unfortunatelydon’t have in-house and at their fingertips.Do you have the Intelligence Advantage? If so, are you leveraging it – allowing it to inform breakthroughcreative and drive measurable results? Spend some time assessing where you and your organization sit todayin this conversation. There is an advantage in intelligence. There is power in insight. And there is exhilarationwhen – as intelligence and insights are combined – goals are achieved and new definitions of “marketingsuccess” are realized.ADDITIONAL PERSPECTIVE FROM SUMMIT MARKETING…Perhaps the single most valuable outcome of our Market Intelligence process is our ability to capture the voiceof your audiences. Whether the focus is on potential customers, newly acquired customers, long-time loyalcustomers or lapsed customers, we help our clients understand the needs of their markets and develop messagingthat informs, engages, inspires and moves people to action.There are other agencies that gather data, but Summit Marketing helps you translate intelligence into effectivemarketing strategies, messaging and tactics. By extracting the key insights from Market Intelligence, we helpyou create “Informed Innovation.” This intelligence-based approach avoids the pitfalls of assumption-basedmarket planning. With the facts at your fingertips, you will move forward confidently.Our findings also fuel the strategic planning process by identifying when customers want to talk to you andwhen they don’t, their preferred communications channels and offers and communications that drive customerinteractions. These findings are leveraged creatively to establish or reposition a brand/campaign, provide amessage platform that identifies points of differentiation and benefit statements that resonate and generatetactical communications that build a meaningful and motivational dialogue. Summit Marketing | 5 K a n s a s C i t y • S t. L o u i s • W a s h i n g t o n , D . C . • www. s u m m i t m a r k e t i n g . c o m
  • 7. How Can You Gain the Full Intelligence Advantage?Gaining the Market Intelligence advantage begins with a simple conversation. Our discussion will be focusedon your needs – not our services. So whether your company is in the initial stages of establishing an intelligencegathering process or has a full complement of resources, Summit Marketing will work with you to identify thebest possible Market Intelligence solutions for your situation.As communications channels evolve at a faster rate than ever before – giving individuals the ability to shareopinions about your company at the push of a button, there’s never been a more critical time to keep yourfinger on the pulse of your customer base. To keep your edge or gain an advantage in the marketplace, contactSummit Marketing today. CONTACT INFO Doug Toomay Director, New Client Engagement 8515 Bluejacket St. Lenexa, KS 66217 (O) 913-562-3407 (M) 816-739-3112 Doug.Toomay@SummitMarketing.com Summit Marketing | 6 K a n s a s C i t y • S t. L o u i s • W a s h i n g t o n , D . C . • www. s u m m i t m a r k e t i n g . c o m

×