Presentation on how market research online communities are changing the way insight is managed through examples in financial services

1. How Market Research Online Communities
are changing the way Insight is managed
through examples in financial services
Paul Barnes, Questback
Martin Grimwood, GfK

2. THE GfK MROC STORY
The difference between a panel and a community is subtle, but powerful
Community v Panel
With a community, along with
scripted research, members are
encouraged to engage in forum
discussions to generate organic
insights
With a panel members are
approached to conduct scripted
research actives, and remain dormant
between research exercises.

3. THE GfK MROC STORY
§ There is now an opportunity to:
– Get closer to your customer
– Engage in real
two-way conversations
– Listen to peer to peer discussions
– Co-create and collaborate
– Understand their “experience”
§ Consumers want to (and will)
be heard…
– They have the tools and
technology to make a major,
immediate impact
– Blogs, discussion boards and
social media apps are
commonplace
Social media has created a new norm
55% of mass affluent
have discussed
investments with others
GfK Roper Trends 2012

4. THE GfK MROC STORY
Three benefits of an online community
Creating a place
for a customer
centric brand to
understand
their customers
“(MROC) helped reduce
our departmental
research costs by 20%
while also providing
ongoing, real-time
access to our
consumers that we had
never had in the past
— CMO, Car
manufacturer
“I'm so happy I can
speak for all of us.
Maybe this way our
voice can be heard
— Project X
Panel Member

5. THE GfK MROC STORY
GfK Opinion Planet
Understand your customer
Innovation, Co-creation,
and Crowdsourcing
Concept Testing

6. THE GfK MROC STORY
GfK Community
Manager
COMMUNITY
Marketing
Product
research
Customer
Experience
Typical community insights map
OBSERVATION
INSIGHTS
Discussion
groups
Quick
poll
Forums
Surveys
Activities

7. THE GfK MROC STORY
Insight through forums
§ Forums:
– Peer to peer discussions
– Initially seeded by GfK moderator
– Now a go to place for members to
post questions
– Interesting debates are
summarised in a newsletter
0 20 40 60 80
Feb
Jan
Dec
Nov
Oct Guided Spontaneous
Automotive Community

8. THE GfK MROC STORY
Investor Community

9. THE GfK MROC STORY
§ Activities:
– Discussions seeded by the GfK
community manager
– Managed using HTML with
provision to include links to
websites, PDF files, images and
videos
– Each activity runs for 1-2 weeks
– Analysis conducted by GfK
or client
Insight through community activities
Fund manager webinar
Product video
iPad app design
Pricing transparency
ISA proposition
Investment newsletter evaluation
Greece and the Eurozone

10. THE GfK MROC STORY
Cost saving evaluation
* Including community design, build and licence/hosting costs
** Not including insights from forums
30
31
6
Quick polls
Community activities
Traditional qual and quant
67
insight
pieces**
First year costs compared to
conducting the research outside the
community @ 24% saving *

11. THE GfK MROC STORY
With benefits, come challenges
Leaving recruitment and set-up costs
aside, the biggest challenge is client
side resource commitment
– Populate a monthly research plan
– Identifying relevant insights from
forum discussions
– Providing insightful feedback

12. THE GfK MROC STORY
At a glance:
▪ 7,000 members in both Forums
▪ Employee Forum: 12,262 completed surveys,
337 Discussion Threads, 33 Survey reports
▪ Customer Forum: 4,492 completed surveys,
278 Discussion Threads, 11 Survey reports
UniCredit Bank Austria
Objectives:
▪ Inclusion of Customers and Employees in
decision-making in time of change
▪ Strengthen the brand image – position bank
as innovative „customer“ bank
▪ Reduction of development costs for
products and services
Results:
▪ Improvement in Customer Trust & Employee Engagement
▪ Integrated Customer and Employee Feedback and Insights
▪ New brand positioning and image

13. THE GfK MROC STORY
Summary – the key elements
4.
Data
security
3.
Panel
management
system
1.
Research
acumen
2.
Flexible
research
ecosystem

14. THE GfK MROC STORY
What’s next?
Develop the process
§ Ideas Management
Develop the platform
§ Text analytics
§ Annotation
Develop the people
§ Blogging

15. Thank you
For more information, please
contact
Paul Barnes, Questback
Martin Grimwood, GfK