Market research techniques

UNDERSTAND MARKET RESEARCH TECHNIQUES

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MARKET RESEARCH DEFINED Provides relevant, accurate and timely information which generates evidence about customer behavior, perceptions and personas.  Relevant – what information do we need to make a decision?  Accurate – measures drivers, influencers,-- correct respondents.  Timely -- point in time predicts or supports past and future events.  Information – collect data which addresses issues.

“Market research is the systematic approach to segmenting customers by needs, values, characteristics, demographics and/or product use.”

Org a n iz at ions n e e d t h e i n s ight to re c o g n ize t h a t d i f fe re nt c us to me r s e gmen t s h ave d i f fe re nt n e e d s a n d p r i o ri ties t h e re fo re , m us t b e s e r v ic ed d i f fe re nt ly.

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Market Research Action for growth can be evoked or provoked by

Market research when

ideas or changes.

proactive results in:

Evoke

Innovation

Provoke

•Opportunity from ideas -- Innovation

When things happen:

• Opportunity from change in environment--

reaction market research prepares organizations for what’s next

Are you ready to go where the evidence points too?

Proactive

Reactive

Insights

New Products

Opportunity

New Markets

Intelligence New Technology

Economic & Social Mergers & Acquisitions

Are observations supported by data?

Customer

Are benefits great than costs?

Satisfaction

$

Customer DisSatisfaction

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The number of areas market research supports directly with evidence for go-tomarket strategy.

T YPES OF MARKET RESEARCH Primary Research – 

Requires the gathering of specific reactions to your product or service. It is information collected for a specific purpose/project. It is used for measurement purposes.

Secondary Research – Involves a close look at industry trends and



information about what your market is doing. Refers to data that has been previously gathered for a purpose other than your project. It is like doing research in the library for a term-paper.

Quantitative Research –  Deals with numbers -- statistics and answers questions about now many, how much or how of ten.

Qualitative Research – 

Deals primarily with the feelings and attitudes that drive behaviors.

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MARKET RESEARCH INSTRUMENTS Should probe and ask direct questions to determine:  Attitudes  emotions, feelings and expectations

 Images  the mental picture developed – metaphors -- associations

 Decisions  what are the influencers?

 Behavior  what actions are taken?

 Demographics –  indicating the make-up, who, what, where, etc.

 Go beyond first impressions

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Surveys  on-line, telephone, mail

 Interviews  one on one, telephone  field

 Observations  in customer environment

 Focus Groups  formal or informal  on-line panels

 Databases  database mining  lists, directories

 Internal Environment  SWOT Analysis  Strengths, Weaknesses, Opportunities, Threats

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MARKET RESEARCH TECHNIQUES Qualitative Research Methods Market research evolved using strict quantitative techniques which measure variables. However, today, qualitative methods are more prevalent as organizations listen to customer conversations through social monitoring to discover more and more niche markets to expand uses of products and services.

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UNCOVER YOUR VALUE PROPOSITION with Market Research Characterize –

Determine – • your customer’s definition of value

• who your customers/ prospects are:

• your customer’s principal purchase criteria

• Market Segment • Industry

• Why, Who, Where, When, How

• Decision maker • End-user

• buyer’s success criteria • How do they measure?

• decision process

• How are they measured?

• Group • Individual • Budgeted

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Benefits of Value Proposition – – – – – –

Differentiate Offering Enable Customer’s Justification Shorten Sales-Cycle Value Pricing Increase Customer Satisfaction LTV of Customer Increase

CREATING A VALUE PROPOSITION For you and your customers Evaluation Process —What do we do for our customers?

—What’s in it for the customer?

—Who is our target market?

—How can customers be identified?

—How do we reach our customers?

—How do we want to be perceived?

—What’s in it for us?

Delivery Channel/Process

Offer Product/Service

ROI for the Business

Business Goals

Value Return on Experience for the Customer

“Its all about the customer-- the more you know about the

customer the higher the probability that you can offer the right product, at the right time, at the right place, with the right price.”

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Custom er Goals

BENEFITS OF MARKET RESEARCH Market Directions identifies 16 benefits from implementing market research: 1. Discovers what your customers want and value 2. Discovers loyalty drivers 3. Discovers competitive position 4. Basis for marketing plans 5. Gathers evidence in support of actions 6. Keeps marketing plans on track 7. Did we meet our goals?

8. Were our goals reasonable in relation to market?

9. Do we need to change direction as environment changes?

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10. Applies universal findings to sample markets and segments 11. Enables you to benchmark 12. Strengths, Weakness, Opportunities, Threats--- relative to competition 13. Avoids cost of bad marketing campaign 14. Saves costs by targeting right message to right audience 15. Improves effectiveness of marketing campaigns 16. Is a learning and educational tool.

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WHY MARKET DIRECTIONS? Experienced  20+ Years in Business

Expert  Proven Track Record

Efficient  On budget, on time  Internal controls, process design

Effective  Our clients get results, take action

Excellence in everything we do.

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DISCOVER YOUR CUSTOMERS What We Do Market Directions is a full service custom market research firm that helps companies to identify and clarify distinct marketplace opportunities.

Since 1994, we have enabled organizations, both large and small, to understand their customers in new ways.

By asking the right questions and analyzing the answers, our unique, hands-on methodology enables CFOs, as well as senior marketing and sales executives, to significantly increase sales and gain measurable competitive advantage.

We do this by using a variety of market research tools—from individual interviewing to broad-based electronic data gathering—and present our clients with new, exciting, and profitable ways to understand their customers and their environments.

Our promise to you? That as a result of our work, you will understand your customers and your business in a whole new way. You will see your products and services as your key customers see them, and, equipped with this critical information, that you will save both money and time, delivering your products to new markets of eager, highly-qualified buyers.

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Mary Malaszek 617.323.1862 617.869.4037 cell www.marektdirectionsmr.com mary@marketdirectionsmr.com

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