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Market research101 rs_2011


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Market research101 rs_2011

  1. 1. La Sridhar Founder/President [email_address]
  2. 2.
  3. 3. <ul><li>Impact of Market Research </li></ul><ul><li>Philosophy of Market Research </li></ul><ul><li>ResearchSense Marketing Research Process </li></ul><ul><li>Case Study- 20% Membership growth at a Museum </li></ul><ul><li>Types of Market Research </li></ul><ul><ul><li>Tool kit </li></ul></ul><ul><li>Market Research Segmentation </li></ul><ul><ul><li>Insights on Generational Differences </li></ul></ul>
  4. 4. <ul><ul><li>Facilitates a strategic process for listening and paying attention to your constituents (donors, prospects, clients, volunteers) </li></ul></ul><ul><ul><li>Aids in effective and targeted marketing and fundraising of your constituents </li></ul></ul><ul><ul><li>Helps anticipate issues coming down the pike and strategically plan for it </li></ul></ul><ul><ul><li>Clarifies your purpose and helps plan for the future (strategy, identity, branding, etc)-integral part of your marketing strategy </li></ul></ul><ul><ul><li>Builds competitive advantage by providing insights on building your “unique selling proposition (point of difference) </li></ul></ul><ul><ul><li>Provides grantors’ acceptance & believability through objective research and metrics </li></ul></ul><ul><ul><li>Prevents you from navel gazing and be aware of the market trends </li></ul></ul><ul><ul><li>Supports and validates internal hypotheses, and builds action and traction </li></ul></ul>
  5. 5. <ul><li>A sk </li></ul><ul><ul><li>Internal and External constituents </li></ul></ul><ul><li>L isten </li></ul><ul><ul><li>Make the changes </li></ul></ul><ul><li>L earn </li></ul><ul><ul><li>Go with the right “gut” </li></ul></ul><ul><li>Who? </li></ul><ul><li>Where ? </li></ul><ul><li>What? </li></ul><ul><li>When ? </li></ul><ul><li>Why ? </li></ul><ul><li>How ? </li></ul>
  6. 6. <ul><li>Understand why Research is needed? </li></ul><ul><ul><li>First understand the organizational/ business issue: “what do we need to find out and what decisions are to be made”. </li></ul></ul><ul><ul><li>What type of information and knowledge will aid the org decision making process? </li></ul></ul><ul><ul><li>Then, articulate the key research questions and objectives. </li></ul></ul><ul><li>Design the research process (data needed) according to the objectives: </li></ul><ul><ul><li>Primary Data: Qualitative (focus groups/ interviews/ observational) or Quantitative (survey based) </li></ul></ul><ul><ul><li>Secondary Data: Market trends and databases already available </li></ul></ul><ul><ul><li>Internal data: Data already available in-house </li></ul></ul><ul><li>Conduct the research: Guide internal resources or collaborate with external resources in implementing the research </li></ul><ul><li>Analyze the findings (statistical; tabulation, transcripts, etc) and interpret/simplify the findings </li></ul><ul><li>Be the champion messenger: Create impactful insights & recommendations, and build clear implementation and follow-up action steps. </li></ul>Step 1 Understand why Research is needed? Step 2 Design the Research Method Step 3 Conduct the Research Step 4 Analyze and Interpret the Data Step 5 Champion and Create Mission-impact with Research
  7. 7. Step 1: Understand why Research is needed? Process: There was a detailed discussion with director of marketing and PR, a board member, and competitive review of local attractions. The questions also revolved around what was already available, what was the strategy of organization and the point of view of the board. Step 2: Design the Research Method Process: We first talked to the patrons visiting the museums, to gut-check our questions and get a constituent perspective/language, prior to conducting the online survey (with members and prospects). So we used both qualitative and quantitative research tools. We also conducted a competitive review of the website and brochures of the competitive attractions. Step 3: Conduct the Research Process: Both phases of research were completed. We used museum interns to assist in the constituent interviews and used 15 min Zoomerang online survey for the quantitative phase. The constituent list was obtained from the museum and purchased through InfoUSA. The qualitative data was first analyzed, and thoughts and hypotheses were tested in the quantitative research. Step 4: Analyze and Interpret the Data Process: Excel and Statistical Analysis in SPSS was conducted to understand data summary and patterns. We analyzed data of close to 500 people. We looked at the data among members/lapsed members/non-members; households with and without kids. Step 5: Champion and Create Mission-impact with Research Process: The findings and recommendations of the research were shared with key stakeholders (programs, board, marketing, etc) with simple and clear action items-for change in plans and increased funding. This museum has seen 20+% increase in membership, due to change in exhibits and events (focused on key members based on research vs. “gut feeling”.
  8. 8. <ul><li>Focus Groups (onsite or at facility) </li></ul><ul><ul><li>Donors, Members, Prospects, Clients/Participants </li></ul></ul><ul><li>Surveys/Questionnaires (online, mail; phone) </li></ul><ul><ul><li>Current/lapsed/Potential Members, Current/lapsed Donors, Outcome metrics, Fundraising success metrics, </li></ul></ul><ul><li>Observational Research </li></ul><ul><ul><li>Mystery Shopping (event experience, ticket sales) </li></ul></ul><ul><ul><li>Patron experience (interactive exhibits, fundraising events) </li></ul></ul><ul><li>One on one Interviews (phone; face to face; online chat) </li></ul><ul><ul><li>Donors, Prospects, Volunteers, Board members, </li></ul></ul><ul><li>Testing Scenarios (smaller investment) </li></ul><ul><ul><li>Messaging tests, Fundraising scenarios, Feasibility scenarios </li></ul></ul>
  9. 9. <ul><li>Demographic/Geographic segmentation (also called geo-demographic segmentation) </li></ul><ul><ul><li>Age, Gender, Religion, Income, Occupation, Household composition, Location </li></ul></ul><ul><ul><li>Easy for data capture; Limited for messaging and motivational information </li></ul></ul><ul><li>Psychographic segmentation </li></ul><ul><ul><li>Lifestyle- Generational research (pg 10-11) </li></ul></ul><ul><ul><li>Behavioral-Attitudes, barriers, choice research </li></ul></ul><ul><ul><li>Values- VALS research </li></ul></ul><ul><ul><li>Great for in-depth values and underlying motivations and loyalty, great for targeting; Detailed research and surveys; need to connect better to ROI. </li></ul></ul>
  10. 10. *Sources: Iconoculture, AFP 2011 conference, online sources Generations Gen Y (Millennials) Gen X Boomers Matures Who are they? Other names Born btw 1981-1995 Gen We/Echo Boomers Born btw 1965-1980 Latch-Key Gen Born btw 1946-1964 Generation Me 1900-1945 Traditional Gen Lifestyle Passion for direct social change (do good) Busy, motivated, results-oriented Picky, seasoned, Status-oriented, Philanthropy is part of their wiring What makes them tick? Multimedia, Social Networking & Friends Family (soul-mate) Finding themselves Staying relevant, kids, grandkids Staying in shape; volunteering, independence What ticks them off? Missed Connections Mass Marketing Jobs, Privacy violations, lack of work-life balance Letting go, wrinkles, and retirement Aging, drug costs, loneliness NP Introduction Triggers Involve through friends Involve their children Involve them with interest and trust Involve by impact on community Best approach to engaging them? Ask for cash/time involvement via their friends (and fun!), to champion the org Need to be heard Make them aware of the organization and ask for cash and time (volunteering) Use them wisely through their kids Give to fewer causes, more peer to peer, think on how to reach them before the ask Directly ask them for money AFTER they are aware of your charity Want to help those who have less Messages that motivate “ You will work with other bright/creative people” “ Do it your way” “ Forget the rules” “ You are valued/ needed” “ Your experience is respected”
  11. 11. *Convio Findings, March 2010 ** From already aware charity Use this as rule of thumb- customize and target per your donors Don’t guess; diligence is the best answer for effective targeting Generations Gen Y Gen X Boomers Matures *Average # of Charities ($ for top charity) 3.6 ($161) 4.2 ($272) 5.2 ($211) 6.3 ($280) *Average Contributions/Yr (Annual Contr.) $341 ($9.7B) $796 ($28.6B) $901 ($47.1 B) $1066 $32.7B ) *Predominant Vehicle for Asking* <ul><li>Website </li></ul><ul><li>Email/ </li></ul><ul><li>Newsletters </li></ul><ul><li>3. Social Media </li></ul><ul><li>Mail </li></ul><ul><li>Email/Website </li></ul><ul><li>Social Media (FB) </li></ul><ul><li>Mail </li></ul><ul><li>Email/Newsletters </li></ul><ul><li>Website </li></ul><ul><li>Social Media </li></ul><ul><li>Mail </li></ul><ul><li>Emails/ </li></ul><ul><li>Newsletter </li></ul><ul><li>Website </li></ul>*Best way for Giving <ul><li>Friend asks </li></ul><ul><li>Letter/Msg** </li></ul><ul><li>Supporters on social media </li></ul><ul><li>(Multichannel) </li></ul><ul><li>Friend asks </li></ul><ul><li>Letter/msg** </li></ul><ul><li>Supporters on social media </li></ul><ul><li>(Multi-channel) </li></ul><ul><li>Friend asks </li></ul><ul><li>Mailed letter/msg** </li></ul><ul><li>Email from charity </li></ul><ul><li>(Trending multi-channel) </li></ul><ul><li>Mailed message** </li></ul><ul><li>Friend asks </li></ul><ul><li>Phone call from charity </li></ul>Engagement with Top charity <ul><li>Direct Donations (F2F) </li></ul><ul><li>Website </li></ul><ul><li>Promote online </li></ul><ul><li>Advocacy </li></ul><ul><li>Direct donations, etc </li></ul><ul><li>Visit their website </li></ul><ul><li>Volunteer </li></ul><ul><li>Donations directly </li></ul><ul><li>Visit their website </li></ul><ul><li>Cash or goods donations directly (highest) </li></ul>
  12. 12. <ul><li>La Sridhar </li></ul><ul><ul><li>Founder/President, ResearchSense </li></ul></ul><ul><ul><li>Email: [email_address] </li></ul></ul><ul><ul><li>Phone: 630-290-9363 </li></ul></ul><ul><ul><li>Website: </li></ul></ul><ul><ul><li>Twitter: @philresearch </li></ul></ul>