The future of market research
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A talk I gave as a guest lecture in the University of Reykjavik 4th of March 2009 on my thoughts about the future of market research.
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The future of market research
- 1. University of Reykjavík Course: Market Research Speaker: Gunnar Hólmsteinn 4. Mars 2009 The Next Market Research
- 2. Brand Trend number one Trend number two Trend number three Trend number four CLARA ? From the mass media to you. From the audience to involvemet. From a message to a conversation. From asking to listening. Where we are going
- 3. I’m CEO at CLARA Project Manager for a full 3-year research grant at Icelandic Center for Research Brand Manager and Market Researcher at The Coca-Cola Company Studying Industrial Engineering and Entrepreneurial Business
- 6. Are today’s methods sufficient for defining your brand?
- 9. Format Mass Media TVC Radio Spot Press Ad Poster Billboard Classified Ad Transit Ad User Generated Content Video Blog Podcasting Blog RSS Rich Media Craigs List Viral Email Wiki
- 10. Trend number oneA shift in where content is created and served
- 11. Audience REACH and TOUCH TARGET RATING POINTS AUDIENCE MEASUREMENT LISTENERSHIP MEDIA RESEARCH VIEWING HABITS MEDIA MARKET TELEVISION MARKET AREA DESIGNATED MARKET AREA
- 12. Involving the community Barack Obama Case Study Edelman, 2009 • Create a profile • Post a comment • Make a donation • Sign up for e- mail/sms • Friend on social Network Personal • Post pictures, videos • Write a blog post • Join a group Social • Recruit others to donate • Host an event • Create a group Advocate
- 14. Message
- 15. http://www.youtube.com/watch?v=FZ 1st1Vw2kY EA Sports Case Study Conversation
- 16. Tone Mass Media Passive One-way Mass-Marketing Message User Generated Content Active Two-Way Narrowcasting Conversation
- 17. The Economist The less control a company has over it's marketing message, the greater it's credibility” “
- 18. Trend number three Join your customers in a conversation
- 19. Conversation Realizing the power of word-of- mouth
- 20. How can you possibly measure this this?
- 21. Have a seat... How do you feel, about our product? Ask?
- 22. Steve Jobs Co-Founder, Chairman & CEO Apple May 1998 It's really hard to design products by focus groups. A lot of times, people don't know what they want until you show it to them.” “
- 23. Henry Ford If I had asked people what they wanted, I would have built a faster horse.” “
- 24. Listen!
- 25. Akio Morita Co-Founder Sony Corporation We don’t ask consumers what they want. They don’t know. Instead we apply our brain power to what they need, and will want, then make sure we’re there, ready” “
- 26. Trend number four From asking to listening
- 27. Brand Trend number one Trend number two Trend number three Trend number four From the mass media to you. From the audience to involvemet. From a message to a conversation. From asking to listening. Where we’ve been
- 30. Skate to where the puck is going to be, not where it has been. - Wayne Gretzky
- 31. Contact me! Gunnar Hólmsteinn t. +354 664-3730 e. gunnar@clara.is
Editor's Notes
- I am going to engage you guys in a conversation about the future of market research and analysis The main theme will be some emerging trends that we have noticed. I'm going to name a few and would like your input on those observations. I'm going to talk about the trends in marketing as well as what market research has done to follow those trends. I'm truly interested in your opinions and thoughts on the matter.
- A few words about myself. My Marketing Experience comes mostly from my job at CLARA, which I will tell you more about later on. But also as a brand manager and then a market researcher for the Coca-Cola Company.
- Can I see hands? How many of you have worked in Marketing? How many of you have worked in Branding?
- Measuring a brand is one of Marketing’s biggest challenges What is your definiton of an Brand? The definition I prefer is quite simple; A Brand is the Consumers Experience of a product, Service or a person. What do I mean with that? I mean that a brand is not something that the brand manager or the marketing manager defines in his notes and puts in his power point presentations. A Brand is not the product or Logo. Its what they say it is. They, the users, the consumers, not just your customers but the general public. Its what they say it is. It's what they feel it is It's what they think it is It's the collective emotions people have towards brands. It's definitely not what you say it is. However, it's your job to influence their feeling about your product, their conversation. What do you guy's feel about this explanation? Now! how do we effectively measure a brand, be these means?
- The question I would like to go over here is this, Are today’s methods sufficient for define your brand?
- Here we detailed a plot which represents the Consumer Power as a function over time. What do I mean by Consumer Power? You've probably heard some form of the saying: Those who are unhappy with your product will tell 10, Those who are happy with your product will tell 3 WELL, then the Internet arrived,
- Now each and everyone has the opportunity to tell millions and millions. The Internet is extremely efficient in shifting information from those who have it, to those who don’t
- We have waves after waves of User Generated Content hitting us. In the last 30 years the effect of word of mouth has gone from 67% to 92%.
- How does this shift affect the way we think of measuring? We have all these means, and many more, to track the progress of our advertiesmetns, but do we have any ways of truly knowing how our message affected the audience? Traditional Market Research was like a tiny window into the minds of the Audience
- When looking at Barack’s Obama campaign from a Marketing Perspective. He did some truly interesting stuff. He created a way for each and every one of his supporters to take a part in his campaign, in as much of a way as they felt like He made it easy to be found, and for others to forward, share and act. He channelled online enthusiasm into specific, targeted activities that further the campaign’s goals As well as integrating online advocacy into every element of his campaign. This generated 400,000 blog posts solely at MyBarackObama.com
- We've seen that a change in the format has changed how we are reaching our customers.
- A fan video was posted on youtube where a glitch was noticed Be replying; EA Sports acknowledged that they engage their costumers, they are listening to what they are saying OR – You could also think that EA Sports did all of this on their own. That they placed the first video online, ready with a great ,,comeback”. What do you guys think?
- The tone is no longer passive, one-way, broadcast of your message to your audience Instead it’s an active, two-way, conversation between you and your loved ones, the customers.
- So that brings us to trend number three Conversation marketing requires a completely different set of skills than those which have dominated the marketing profession for the last two generations. It means throwing out the spreadsheets and the mailing lists. It means ditching terms like "reach", "frequency", "impressions" and "click-through rates". It means understanding who your customers are, who influences them and how to engage with those influencers. It means exchanging information, not delivering a message.
- When people are surveyed, the market researcher makes the respondents make up their mind on the spot, Do they truly think that way? Are they trying to please someone or rebel against something? Who knows?
- This is summarized in a great quote, which exemplifies the limits of focus groups, surveyed methods and in a way the method of Traditional Market Research
- And another one: BUT WAIT, can we step back? What was the point of asking in the first place? To find out what people think of the Brand? Right? But the problem is that when method was conceived, the tools weren't available to do it any other way. If we could start over with today's technology. How would we do it?
- Wouldn’t it just be better listen? What does it mean to listen? Get to know your customer, - what they are talking about? - Are you targeting the right customers - Is your product the right one for the costumers you are targeting - what are people complaining about? - the service? - the look - are people trying to help you without your knowledge?
- So trend number four.