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IPQ Research - Marketing Matters Supplement
- 1. How to Conduct Your Own Importance/Performance Research
- 2. Marketing Matters: Minimize Risk to Maximize Rewards
- 3. Lessons Learned (1) • SCG has been conducting primary research for manufacturing companies for more than 25 years • We have observed that many of our clients’ competitors are consistently miss-marketing • They focus on what they are good at rather than what we learn through research, is actually important to the market • This makes it relatively easy to steal share from them
- 4. Lessons Learned (2) • Importance/Performance research reveals or reinforces the essential truth and uncovers false beliefs. • IPQ provides practical insights into defining value • Providing quality research strengthens client relationships.
- 5. 2 Critical Points 1. Focus on what is Important to your customers and prospects. Not just what you are best at 2. Make sure your performance on the most important factors is exceptional • Audiences must define what’s essential - not companies • Discover the brand promise that resonates
- 6. Customer will tell you what is important. But you have to ask.
- 8. Discover the differentiators • What do audiences believe about: the category, your products and your competitors' products? • Where is the opportunity for you to build Leadership Equity?
- 9. What is important? • Use secondary research to reveal the issues • Identify no more than 10-12 factors to evaluate • Query current stakeholders & prospects on each factor • Employ Top 2 and Bottom 2 scoring
- 10. Importance Factors - Illustration 1 Not at all important 2 Slightly important 3 Important 4 More important 5 Very important • Trusted reputation • Availability of trailers within my timeline • Lowest cost • Comprehensive warranty • Responsive customer service • Advanced engineering and innovation • Custom-designed trailers • Dealer location/network • Breadth of selection • After-market service • Range of feature options • Stability • Durable, low-maintenance • Resale value This list includes factors you may use to evaluate side-dump trailers and trailer manufacturers. Please rate the importance of each.
- 11. How is our Performance? • Query audiences about your performance against the very same importance factors • Employ Top 2 and Bottom 2 scoring
- 12. Controlling for Neutrality is Key We use 5 to 1 scoring to create 3 more useful buckets Strongly Agree Agree Neutral Disagree Strongly Disagree Strongly Agree Agree Neutral Disagree Strongly Disagree Top Two Boxes (4’s and 5’s) 5 4 3 2 1 Bottom Two Boxes (1’s and 2’s)
- 13. How to measure enthusiasm bias Strongly Agree Agree Neutral Disagree Strongly Disagree Top Two Boxes (4’s and 5’s) Bottom Two Boxes (1’s and 2’s) 5 4 3 2 1 Positive bias is determined by more 5’s than 4’s Negative bias is determined by more 4’s than 5’s
- 14. How Do We Stack Up? • Rank order Top 2 Importance scores • Rank order Top 2 Performance scores • Find the holes: • Where do you perform better than others? • Do you perform well on factors not considered important?
- 17. Deeper Insights - Stake Claim to Category Benefit • The leader in air filtration promoted technical specs • IPQ showed “cleaner air” most important • Brand promise is now a “Power Brand” positioning: “Get Cleaner Air”
- 18. Deeper Insights - Keep Message, Modify Operations • National DesignBuild firm staked claim to “on-time completion” • Customers felt otherwise – “missing switch plate syndrome” • Small details now completed before walk-through
- 19. Deeper Insights - Reaching an Elite Market Segment • The leading maker of figure skates couldn’t break into the elite level market. • A survey of coaches revealed they moved their skaters into the skate they personally competed in - typically as soon as the skater advanced to regionals. • Began including coaches in product development and other communication programs.
- 20. Deeper Insights - Modify Message from Features to Benefits • A leading mechanical contractor was proud of their large fleet • But customers cared about responsiveness • Message shifts to “Rated #1 in Quick Response”
- 21. Your Brand promise must reach audiences through every channel
- 22. Good Luck!