Listening through Customer Insights
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In this presentation, part of Multiplicity's ongoing speaker series about Launching and Growing: Your First 100 Customers, AskingCanadians Vice President Raj Manocha focuses on how insights can help companies better understand their customers and what’s important to them. The presentation highlights the role insights can play in innovation, cost effective ways for start-ups to collect insights and how research can make you a thought leader.
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Listening through Customer Insights
- 1. Turning data into action is the top organizational issue facing business leaders and marketers today. Source: IBM Global Report
- 2. Quick Facts. Established in 1998, Privately held Located in downtown Toronto Award Winning, Industry Leadership A fusion of research, consulting and design
- 4. What is Market Research? -the organized practice of gathering information about target markets or customers The Who?
- 5. Why you need to do it!
- 6. Good vs. Bad Questions Q1. Do you know the main usage of Prebiotics? - Yes - No - No sure Q2. To the best of your knowledge, which of the following statements about Prebiotics usage is correct (please don’t guess)? - Prebiotics are used to treat high cholesterol - Prebiotics are used to restore healthy bacteria - Prebiotics are used to feed healthy bacteria - Prebiotics are used to kill harmful bacteria - Don’t know While over 50% of the respondents in the general adult population responded “Yes” to Question 1, only 13% were able to answer correctly for Question 2 (“Prebiotics are used to feed healthy bacteria”).
- 7. Good vs. Bad Questions Q. Why do you like our magazine? - Because it’s informative - Because it’s available on line - Because it’s free - Because it has great ads - Other (please specify) Well, if one conducts this survey to better understand his or her customer, wouldn’t it be more meaningful to ask what is missing in the magazine and what can be improved? Q. How much would you pay for the product? - $10.99 - $11.99 - $12.99
- 8. Comparison of Options Online Panels DIY Communities/ Crowd Sourcing Profiling Strong Limited Limited Work involved Limited Heavy Limited Cost $/$$ $ $/$$/$$$ Technical Capabilities Strong Limited Strong Creative Capabilities Medium/Strong Limited Strong Research Understanding Limited/medium Medium/strong Limited/medium/ strong Rigour Medium/strong Medium/ Strong Limited/medium/ strong
- 11. Do customers believe brands are really listening to them?
- 12. feel it’s 91% important for brands to offer a feedback channel and test new ideas
- 13. provided 69% feedback to a brand in the past year.
- 14. feel that 50% brands are more receptive to feedback today than 3 years ago.
- 15. WHY?
- 16. Support tickets Order history Contact Data Contact Information Lead source Research Customer Satisfaction Support Experience Voice of the Customer Data Social Media Conversations Product Enhancement Feedback
- 17. What do customers want in return for their feedback?
- 18. ACTION
- 19. 69% 40% Acknowledge or reply message Evidence that you took action 31% Extrinsic reward
- 20. Cost Effective Ways Start Ups Can Collect Insights
- 21. Secondary Data
- 22. DIY Insights
- 23. CSATs
- 24. Social Monitoring. Social Monitoring Monthly Reporting
- 25. Omnibus Ask 1 Question for Quick Insight Weekly survey of 1000 Canadians Demographically representative of Canadian Population Results include your proprietary questions cross-tabulated by key demographic variables (age, region, gender, income)
- 28. Aggregated Data Generation5 has created an algorithm that “predicts” how every residential postal code in Canada is demographically evolving with 98% accuracy; data can be used to target your best customers Environics Analytics provides companies the ability to understand habits and trends of Canadians in every postal code via their proprietary Prizm C2 Segmentation algorithm
- 30. The Role Insights Can Play in Innovation
- 31. CUSTOMER EXPERIENCE MAPPING Today's path-to-purchase is nonlinear and dynamic. Customers use multiple channels, devices and expect a seamless, integrated and consistent experience.
- 32. What is a Customer Journey Map? A visualization of a customers’ objectives, needs, feelings and barriers throughout the path-topurchase for a product, service or brand. Attract Attract Interact Interact Engage Engage Convert Convert Trigger aaneed Trigger need Understand the Understand the need need Provide solutions Provide solutions Act Act Objectives Needs Feelings Barriers • • Remind or trigger Remind or trigger aa need need • • Recognize I I have Recognize have aa problem problem • • Address aa pain Address pain point point • • I I don’t know what I don’t know what I don’t know don’t know • • Draw me aa Draw me scenario scenario • • I I have questions have questions • • Deal with the Deal with the immediate need immediate need • • Be relevant Be relevant • • Personalize Personalize • • Partnership Partnership • • Privacy/trust Privacy/trust •• •• •• •• •• •• •• •• •• •• •• •• •• •• •• •• • • Resolved Resolved • • Loyal Loyal • • Confident Confident Anxious Anxious Defensive Defensive Distracted Distracted Hopeful Hopeful Ambivalent Ambivalent Curious Curious Guarded Guarded Open Open Relevance, trust, fear, Relevance, trust, fear, acknowledgement, time, acknowledgement, time, convenience, distraction convenience, distraction Interested Interested Frustrated Frustrated Excited Excited Feel good Feel good Style, approach, language, Style, approach, language, expectations, time, expectations, time, knowledge of client knowledge of client Clarify Clarify Validate Validate Satisfaction Satisfaction Reality Reality Literacy, risk tolerance, Literacy, risk tolerance, convenience, time, convenience, time, commitment commitment
- 33. What is a Customer Journey Map? Action Map A visualization of a customers’ objectives, needs, feelings and barriers throughout the path-topurchase for a product, service or brand. Mobile App Front Line Staff QR / UPC Code Click to Chat
- 34. What is a Customer Journey Map? A visualization of a customers’ objectives, needs, feelings and barriers throughout the path-topurchase for a product, service or brand.
- 35. Operational Improvements. Direct-to-Consumer business increased from 9% to 30% Unique visitors increased by 15% Online Applications increased by 38%
- 36. Branded utility to support their travel experience.
- 37. Why create a Journey Map? Recognize customer pain points Improve the experience Prioritise business objectives Deploy resources effectively Increase revenue & profit
- 39. Crowdsourcing
- 40. Crowd Sourcing
- 41. Future of Market Research in Canada
- 44. Dashboards
- 45. Holistic View of Data (Big Data)
- 48. Data Enablement -Data Simulators -Real Time Data Visualization -Data and Augmented Reality
- 49. How Research Can Make You a Thought Leader
- 50. Research for Presentations -Conferences are looking for data to back up point of view -90%+ of all presentations at the CMA national conference had a research metric in the presentation -Consumable pieces of research in presentations have the ability to go viral
- 52. Thought Leadership as a Sales Generator -Credibility -Expertise -Understanding
- 53. It's all about capturing customer insights and acting on them!
- 54. THANK YOU.