SUBHENDU PATTNAIK

MARKET RESEARCHLEVERAGE THE POWER OF CROWD

SUBHENDU

• PhD Research Scholar – IIM Indore; Alum – S P Jain Singapore, NIT Rourkela

• Worked with Infosys, Tata, Mindfire, Cigniti, Gallop and many more brands.

• Co-Founder – Hyderabad Marketing Meetup & The Content Writer Connection

• Business Advisor – Startups & Enterprises on Go To Market strategy, Marketing Strategy & Innovation

• Active Blogger, Editorial Columnist

• Winner of Top 100 Most Influential Global Marketing Leaders by World Marketing Congress & CMO Asia.

AGENDA

• Power of Crowd

• What is Market Research?

• I don’t care – What happens then?

• How do you do Market Research (Steps)

• Market Research of the Future

• Connect the Dots. Generate Insights.

• Questions

THE CROWD IS CREATING INFORMATION. LOADS OF THEM

• Every second we create new data. For example, we perform 40,000 search queries every second (on Google alone), which makes it 3.5 mn searches per day and 1.2 trillion searches per year.

• Facebook users send on average 31.25 million messages and view 2.77 million videos every minute. Every minute up to 300 hours of video are uploaded to YouTube alone.

• Within five years there will be over 50 billion smart connected devices in the world, all developed to collect, analyze and share data.

• At the moment less than 0.5% of all data is ever analysed and used, just imagine the potential here.

Bernard Marr

Mind-Boggling Facts Everyone Must know.- Sep, 2015

WHAT IS THE USE OF ALL THIS INFORMATION

• Standalone information or data is meaningless. Insights derived from them are worth their weight in gold.

• What you are searching for is there. You have to find it. Overwhelming Data Noise; Cutting the Clutter

• Market research is fundamental for decision making on products & markets – the digital era provides marketing professionals with a never-ending amount of data.

• Product Launch, New Service Launch, New Office Location, New Market Entry, Competitor Intel, Account Penetration

70% OF TIME, IT IS ABOUT MARKET RESEARCH HERE IS WHY

1. Failure to Understand Consumer Needs and Wants

2. Fixing a Non-Existent Problem

3. Targeting the Wrong Market

4. Incorrect Pricing

5. Weak Team and Internal Capabilities **

6. Prolonged Development or Delayed Market Entry (Timing)

7. Poor Execution**

7 Reasons New Products Fail- Dec, 2015

Pawel Grabowski, Copywriter of Smashing Copy

INADEQUATE MARKET RESEARCHOK, I TOTALLY GET IT.

B2B Services Companies Too Suffer.

Many Startups shut down.

WHAT TO DO NEXT?

• Imagine yourself selling ice-cream.**

• Stop drinking your own kool-aid

• Forget – “If you build it, They will come”

• Stop believing that your product is your company

• Stop falling in love with your idea before product-market fit

• Do effective Market Research

Learn from mistakes of other Entrepreneurs

- Dec, 2015

Lucas Carlson, CIO at CenturyLink

STEPS TO DO MARKET RESEARCH

• Monitor with Indexing Alerts. Listen by Spending Time. Filter. Use.

• Search for Credible sources of information (Offline and Online)

• Devise your own scales or adopt existing scales and measuring instruments

• Check for external validity and not just in the labs

• Build Buyer persona ( Applicable for B2B, B2C, Startups and Enterprises)

• Identify Pain points and then map your solution

MARKET RESEARCH IS CONSTANTLY INNOVATINGTHROW OUT THE PERCENTAGES

• Market research is constantly innovating. Methods that were once costly and complicated have now become accessible and affordable. And yet, many marketers and researchers may still be influenced by conventional quantitative research, chasing after percentages.

• By nature, consumer analysis should be accurate and objective when it comes to analysing, classifying, and assessing consumer behaviour through data. An approach that was deemed second best in the past, due to high costs or complications, may now, with advent of high technology, be used as the most appropriate approach.

• In marketing, understanding the intended audience is as important as creating love for a brand’s products and services. Rather than in the conventional classifications—gender, age, loyal users, etc.—the future of marketing lies in analyses that gain insights into actual consumer behaviours.

Harvard Business Review

Business Review Series

SEARCH. CONNECT THE DOTS. BUILD INSIGHTS. GO TO MARKET

• Data always narrates a story.

• The stronger the relationship between what you needed to know for your business and what you obtain from market research, the stronger will be the narration of the story.

• The stronger the narration, the better will be the action from what you discover.

• And you definitely know if the market research is done right or

wrong based on whether the data connects the dots for you & inspires you to move or does nothing at all.

Q&A

THANK YOUWhat is one thing you are taking away from this webinar?

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