How to Conduct Successful Marketing Research Projects Amy Siadak June 3, 2011 Today’s Presenter Amy Siadak President Amy Siadak joined House of Marketing Research (“HMR”) in 1990. In 2001, Amy became President and Owner of HMR. Amy has a solid and proven experience working on marketing research projects that range from non-profit organizations, small businesses, and Fortune 500 companies. About HMR Established > Founded 1976 Office > Pasadena, CA Diverse Staff Languages spoken: English, Tagalog, > Mandarin, Cantonese, Korean, Vietnamese, and Spanish Broad Client Base > Global Corporations, Market Research Firms, Advertising Agencies and Small Businesses Our Focus > General Market, Consumer Reach, Business-toBusiness, Asian Research, Latin/Hispanic Research Impact of Economy On Businesses 1.Reduced budgets and discretionary spending 2.Increased pressure to show clear visible outcome of each project Need for Market Research Professionals 1. Get it right the first time 2. Provide timely quality data to help businesses make informed business decisions Understand your objectives Know Your Goals • Know your business goals • Know what is in and out of your scope • Be specific about what this study is meant to accomplish Agree On Deliverables > Make > Hold a clear statement of work a kick off meeting – Invite all stakeholders – Set a clear agenda – Set timeline and milestone Traditional Views of Research Methods What is the goal of your research? > Understanding the consumer > Evaluate a concept or brand positioning > Testing a new product > Determine product viability > Understanding purchase behavior > Updating current and past research methodologies – Tracking study – Brand equity Research Methods Method Qualitative Quantitative Perspective Exploratory Confirmatory Tools Focus groups, in-depth interviews, Social networks, observation (ethnography), bulletin board chats, online focus groups, Surveys, tabulations, multivariate analysis, graphical reporting Analytical Aim Themed, behaviors, reason why Numerical descriptions Primary Research Consumer Creative Communication or key drivers Design Components Method Qualitative Data Collection Inductive development of strategies to product characteristics Collection of textual/visual/oral materials Data Analysis Quantitative Prior development of brand measurements Quantitative and testing multivariate testing Textual analysis (memos, Numerical descriptives coding, quotations) Estimation of population variable Narrative approaches Most Common Method Qualitative methods Used to develop Quantitative design Qualitative Quantitative Results Overview of Qualitative Methods Traditional In-person Groups / Mini Groups > 8-10 participants/Mini 4-5 Research Input > Sight, Sound, Smell, Taste, Touch Typical Data Collection Time > 1.5 – 2 hours sessions Observer Experience > Focus Group Facility/one way mirror Level of Observer Engagement > Moderate Speed of Participant response > Immediate Project Timetable > 2-4 weeks Data Delivery > 5-7 days (depending on report format) Average Costs > $5K-$10K/group/Mini $3K - $5K # of Participants Online Focus Groups > -8-10 participants Research Input > Sight, Sound Typical Data Collection Time > 1- 1.5 hours Observer Experience > Online platform/backroom private chat Level of Observer Engagement > Moderate to easy Speed of Participant response > Immediate Project Timetable > 2-3 weeks Data Delivery > Instant (transcripts)/5-7 days full report Average Costs > $5K-$8K/group # of Participants Key Points to Setting Up Focus Groups Recruiting – Garbage in/Garbage out – Reputable and ethical recruiting – Identify your target market audience – Participants are sourced, screened and pre-qualified Facility – Traditional Face-to-Face/Focus Group Facilities are nationwide and globally • Geographically desirable for participants – Online platforms Key Points to Setting Up Focus Groups Moderator – Knowledge in industry – Hire a Professional • Personality, skill and understanding of your objectives – Interview Analysis – Top line summary report – Full report with recommendations and next steps Benefits of Doing Focus Groups • Allow diverse opinions and different perspectives • Informal and free flowing discussion - exploratory • Elicit deeper levels of thought and feelings • Immediate feedback • Non-verbal behaviors and facial expressions • Tremendous amounts of data at a reasonable cost Overview of Quantitative Methods Surveys • Data Collection Methods • Data Collection Methods – – – – • • Telephone • Intercepts • Mail • Online Talk to the right audience/Identify different customer types Your own customer list • Sample Purchase lists Panels • Talk to the right audience / Identify different customer types Ask The Right Questions – – – • Telephone Intercepts Mail Online Sample – – – – • Surveys Question sequences • Your own Remember your research objectives • Purchase Length of survey • Analysis and Actionable Data – – Measurement Statistical data Panels customer list Lists Surveys • Data Collection Methods – – – – • • Ask the right questions • Question sequences • Remember your research objectives Talk to the right audience/Identify different customer types Your own customer list • Length of Survey Purchase lists Panels • Ask The Right Questions – – – • Telephone Intercepts Mail Online Sample – – – – • Surveys Analysis and Actionable Data • Analysis and Actionable Data – – Measurement Question sequences Remember your research objectives • Statistical Length of survey Measurement Statistical data Data Surveys • Data Collection Methods – – – – • • To answer “How many?” or “How much? • Answers levels of satisfaction or dissatisfaction with a product or service Talk to the right audience/Identify customer types • Allowsdifferent measurement against competitors product Your own customer list services Purchase lists Panels • Obtain a composite profile of the population • Graphs and tables/numbers Ask The Right Questions – – – • Telephone Intercepts Mail Online Sample – – – – • Benefits of Doing Surveys Question sequences • Quantifiable Remember your research objectives Length of survey Analysis and Actionable Data – – Measurement Statistical data or Case Study Look Before Leaping – Case Study Category: Smart Phone Dating App Methods: Concept Testing, Product Testing, Sales Forecasting Budget: $8K Research Objectives • The primary objective was to assess the market potential represented by the new app product, and to determine if the app was optimal in terms of consumer acceptance and probability of purchase. • If the product were optimal, then what retail prices would be optimal? • If the product were less than optimal, how should it be modified to maximize consumer acceptance? • Get investor funding Research and Design • • • • Sample size = 500 Who – College students Surveys were conducted by doing intercepts on school campus Series of 3 mini groups conducted – Males – Females – Mixed Gender • On-going participant panel arranged to test the beta version and subsequent versions – Online diary – Surveys • Additional follow up focus groups Results • We learned that because the internet has a plethora of dating sites, this app could get overlooked as “just another dating site”. • In order to succeed, the marketing messages need to highlight the apps feature for it being a “location based” app paired with social network aspects. • We also uncovered several concerns, particularly with the female segment. This allowed the team to address security issues prior to launching the beta test. • We uncovered the top five buying motivators and established the price points. • The clients were able to secure $250,000 investment money. It allowed the new start-up company to continue working on the technology, fine tune the app features and begin creating their marketing messages. Resources For Research Partners To find recruiters, facilities (traditional and online) and moderators:  Quirks.com  Bluebook.org  Greenbook.org  hmr-research.com Take Aways • Plan your strategy • Carefully select the right research methodology • Insightful research information will help you make better informed business decisions Thank You ! FREE CONSULTATION Amy Siadak House of Marketing Research PH: 626.486.1400 x204 EM: [email protected]