A cursory glance at today's market research news makes it immediately clear that big data and advanced analytics are hot topics. So why all the hoopla? What is big data in the context of market research and what are some working examples? What is the real promise of big data market research (Big Data MR)? And most importantly, what immediate next steps can you take to harvest some near-term Big Data MR benefits?
Are you conducting data-driven research? Custom online research panels continue to be one of the most effective tools to reliably reach your customers for surveys, focus groups, and online communities. Designed and used correctly, an online panel allows you to tap your customers for quick and accurate answers to your most pressing research questions. This includes concept tests, customer satisfaction and engagement, product and package design, and more. In addition, with the advent of customer and consumer data appends, custom online research panels are transforming the way companies mine insights from their available data. As you begin to consider if a custom online research panel is right for you, consider these five advantages vs. sourcing a general online panel.
You know the age-old struggle in market research – get as many questions answered as you possibly can - without actually crossing that obscure line where you risk collecting bad data from fatigued respondents? Let’s face it, we’ve all been there. A lot. It’s something I’ve tried to carefully balance over the last 10 years as I’ve had my hand in many research questionnaires. Fortunately, my quest for additional data has become much easier over the past year. So, that's the topic of my blog post today. Here's my market research story. It has a pretty sweet ending.
Executive Summary Today's member-based organizations (or any direct marketing company) can combine predictive analytics with research to efficiently identify which members will respond to cross-selling, which members won't, and which sales messages will be most effective. The result is optimum sales, reduced direct marketing costs, and an ROI that is higher and demonstrable. Editor's Note: This blog topic applies to any company that relies on direct marketing via digital, social, mobile, email, direct mail and tele-marketing.
EMACS 2015 Highlights Another excellent EMACS conference has wrapped up in San Diego. Here's a brief recap of the conference along with a few useful links for more information. Some of the key highlights that attendees liked most include: How TXU is using advanced technology (natural language) to drive its IVR solution How Ameren Missouri is focusing on the “return on customer satisfaction and engagement” How National Grid is pioneering the use of social media strategies in the utility industry
Analytics or intuition? What’s most important? There’s a spirited debate around this question. Are the big data and analytical “quants" really going to rule the new world? Or, will the more intuitive and creative types offer leading companies the competitive edge? A quick review of three independent surveys across thousands of companies yields this answer: analytics is your winner. Let’s take a look at our three sources: Bain & Company, MIT Sloan Management Review, and the Product Development Institute (related to Stage-Gate International).
Are you losing millions of dollars as your term life policies lapse at PLT?
When you have a bad experience with a company, what’s the first thing you do? If you’re like a lot of consumers, you probably tell your friends and family about it. This scenario can be a nightmare for a company if it happens with a large number of customers on a frequent basis. But the good news is that by taking the time to understand customers, those negative reviews can be turned into positive ones. That’s where Net Promoter Score (NPS®) comes in. What is NPS?
In a chaotic global economy powered by escalating consumer expectations and hyper competition, simply having a great product idea is no longer enough to guarantee success. Instead, companies that seek profitable growth must commit to research-driven product and service innovation to keep up with—or surpass—the competition. Put simply, companies must continually bring the voice of their customers into their innovation labs, engineering offices, marketing teams and executive boardrooms if they want to guarantee consistent growth.
After attending the 2013 EMACS and my 5th Chartwell conference, the trending strategies for utilities is becoming clear: Listen. Connect. Understand. Participants at the conference show us how they're doing this: Listening leads to better business.