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People aren't what they seem. Using Market Research can help you figure out what really makes them tick. Presented to the Hampton Roads Chapter of the American Marketing Association (www.HRAMA.org) by Frank C. Martin, III, CEO of Martin Research, Inc. and www.MartinFocus.com, November 2007
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Using Marketing Research to Unleash your Marketing Genius
OrHow to REALLY know as much about
marketing as everyone else thinks they know
Frank Martin, CEO
RoanokeRichmondAlexandriaVB
3 Things Conferred at Birth
A sense of HumorCommon SenseMarketing Expertise
3 things everybody wants to tell you
Where you should be putting your money
How you should be raising your children
How you should be marketing your business
4 ways to develop marketing credibility
Undergraduate or graduate degreeYears of Marketing Experience in a
variety of businessesPhysician or a CEOSon or Daughter of the CEO
Marketing Crisis
CMOs are losing jobs at an alarming rate
Job is second-guessed more than any in the organization
Marketing budgets are the first ones cut, but expectations aren’t
Researchers are low on the totem pole
Problems:
We can’t even agree on what is “good marketing”
No generally accepted metrics for accountability
Perception that 1/2 is “wasted”
What’s GOOD?
Entertaining?Sells stuff?Improves image?Increases awareness or
recognition?I like it?
The Inescapable TRUTH
Marketing IS subjectiveIt’s part of the job:We face it head on
How do we get better at it?
With Better InformationWith disciplineWith unfailing curiosity about…
Why people buy from youWhy they don’tWhere your customers are coming
fromHow they hear about youWhat they want from you (and your
competition) that they are NOT gettingWhen they want it
Research is UNDER-utilized
Think it costs too much money (or that it WASTES money that could be better spent marketing)
People think they already knowResearch is boring; marketing is excitingPeople are intimidatedDon’t know how, andWonks make it too complicated
Marketing Research
Focus on Attitudes (Why?) and Behaviors (What?)
Information to help make better business decisions
Risk-reductionFinding opportunities
Marketing Research
SurveysFocus Groups and IDI’sPopulation counts and patterns
Surveys (Quantitative)
TelephoneMailEmail or InternetInterceptPanels
Qualitative Research
Traditional Focus GroupsSmall Group InterviewsIDI’sEthnographic (in home)
Population Counts and Patterns
Where people areWhere they are goingHow they are getting thereWhat they look like
What’s a marketer to do?
Introduce marketing research to your organization
It’s all about connecting with your customers and prospects
Do it better than anyone else in your organization - become - the voice of the customer
Should Have Clear Goals
Make current customers spend more each time, or spend more frequently
Get more new customers in the door
Add or improve productsIncrease market for your products
(the size of the pie)
5 Research ideas
Primary Goal: Develop EMPATHYTo make you a better marketerTo help you make smarter marketing
decisionsTo provide a foundation of
information that brings you closer to your customers
Idea 1: Talk to Customers
Talk to customers and non-customerso Call or see your BEST customerso Monthly customer focus groupso Focus groups of non-customers
Agendao Why you buy from uso Why you buy from competitorso What we could do bettero How we could make your life easiero Customer Service rating: scale of 10
Idea 2: Talk to YOUR people
Talk to people who talk to customerso Customer service personnelo Sales team
Agendao What do customers want that we don’t give
them? When customers complain - what do they complain about?
o What are competitors giving them that we aren’t?
o How can we help you sell more stuff, or make customers happier?
Idea 3: Segment your customers
Conduct an intensive internal customer analysiso Divide customers into deciles or
quintileso Where are your top 20% coming from,
and why do they choose youo How do you get more business from
the remaining quintiles?
Idea 4: Analyze the competition
Conduct an intensive analysis of your competitorso Whom they are targetingo Where advertisingo What they are sayingo Positioning strategyo Pricing o Channels of Distribution preferred
Idea 5: Make $$ for your customers
Research how your best customers make moneyo What is going on in their markets that
could affect their businesso What markets are their competitors
targeting? And how are they doing it?o What is their largest competitor
doing?
Summary
1. Talk to Customers
2. Talk to your people
3. Segment
4. Analyze Competition
5. $$ for Customers
Better marketing through better understanding