The first morning of #TDMR was introduced by conference chair Lenny Murphy with a “state of the industry” panel. First Murphy introduced the GRIT (GreenBook Research Industry Trends) results for Spring 2011, discussing an industry in transition.
According to Murphy, the industry needs to be moving from the Traditional Business Model to a Transition Model to the Future Model, which focuses on integrating and creating innovative technology and breaking down silos. He and the panel members challenged the audience to be leading technology and creating technology, move towards storytelling, and realize that human strategists are still the strongest tool available. For more about this session, read live coverage by Kristin Schwitzer here.
Up next, we jumped directly into exploring new market research technologies as Joseph Carrabis and Frank Della Rosa were “deliberately provocative” with their panel “Analytics Schmanalytics.” This presentation explored Neuromarketing. One interesting take-away from Joseph Carrabis was that the human brain is only hardwired to recognize six colors, using other colors in marketing materials or online can cause cognitive confusion and distract from your message.
Next Olga Patel walked us through some of the eye-tracking technology that has been used by Nestle. Interesting technology included heat-mapping for websites, eye-tracking glasses in a real-world shopping environment and 3D goggles for users to visit a virtual retail space. This technology can be merged with Neuroscience to measure the cognitive response and emotional response of consumers – leading to information that can guide package design.
As an example of the future of eye-tracking, Patel pointed at Text 2.0 technology like so:
After the break, Vivek Bhaskaran of Survey Analytics and Kevin Keeker of Zynga presented on using social gaming as a research methodology case study. Zynga is the number one developer on Facebook, and by tying quick 1-2 question surveys into the gaming experience and drawing from Facebook’s data they can provide enormous amounts of feedback quite quickly. Incidentally, it was also mentioned that Zynga is hiring for several Market Research positions.
Stay with us here or follow us on Twitter @TMRE for continued coverage of the rest of the event. What did you think of the morning sessions? Share with us in the comments.
Name: Stated “Versus” Derived Importance: A False Dichotomy
Date/Time: Thu, Jan 14, 2010 2:00 PM – 3:00 PM EST
Mention priority code MWS0028BLOG
Stated or Derived?
It’s a perennial question among applied marketing researchers who typically consider stated and derived importance methods as alternative ways of measuring the same construct.
But is this a correct assumption?
Find out by joining Keith Chrzan, Vice President, Marketing Sciences, Maritz Research for this informative IIR Webinar. Chrzan — one of the marketing research industry’s leading experts — will explore the two methods in greater detail and reveal how they, in fact, measure different things. Most of the criticisms directed at both methods apply only if they are done poorly, and in this presentation, Chrzan will distinguish better from worse ways of doing both stated and derived importance. He will also provide examples of importance measurement gone wrong and show how such error can cost companies millions. Additionally, the Webinar will reveal that the two methods have about equal validity when done properly.
What you’ll learn:
- Stated and derived importance measure different things
- If one method is better than the other
- As commonly done (90+% of applications) both methods are fraught with problems
- Both methods can be improved substantially using better measures and models
- Both methods have about equivalent validity when done properly
Locavores, or those who only eat food grown locally are presently a fraction of the overall U.S. food market; however, this segment is growing fast as consumers become more discerning about the quality of their food and where it comes from. The Associated Press reports that the market research firm Packaged Facts estimates demand for local food will grow to $7 billion in 2011, up from around $4 billion in 2002.
For more information about this movement and it’s effect on the U.S. food market, please click here.
As local food gains, local planners face decisions
‘By 2014 direct marketers will waste $144 million on emails that never reach their primary target,’ said Forrester Research Vice President and Principal Analyst David Daniels. ‘Successful Direct Marketing pros will alter their tactics to overcome inbox clutter and increase relevancy.’
This comes in a business wire release today as Forrester forecasts that, spending on email marketing in the US will balloon to $2 billion by 2014 ‘ a nearly 11 percent compound annual growth rate.
The report notes some of the growth areas shaping the future of email marketing:
* Retention email ‘ email that recipients have blessed with their permission ‘ will continue to replace paper communications and will make up the largest share of marketing messages. Retention emails will account for more than a one-third of all marketing messages in consumers’ inboxes by 2014, representing increased competition for marketers.
* While the bulk of the market will continue to deploy email marketing on a self-service basis, the growing complexity associated with data integration and new tactics to increase relevancy will drive healthy growth in use of email service providers.
* Spending on ad-sponsored or ad-supported newsletters will double over the next five years as traditional print publishers face falling circulation and ad revenue.
For more information on Forrester’s report, please click here.
Forrester Forecast: US Email Marketing Spending To Reach $2 Billion In 2014
Are you using Google Insights for Market Research? Blogger Ben Johnson has a great post on how exactly Google Insights may be used for Market Research. Johnson writes, “So what is Google Insights? Basically it’s a tool which allows you to compare and analyse search volume and patterns for your specified search terms over a given period of time, area of the world or a specific category.”
Not only does Google Insights allow real-time data, but the clear charts really make it worthwhile for market researchers.
What other free software is available for market researchers? What tips can you share for analyzing the market for a particular product or service?
Kathleen Vohs, PhD is featured in this week’s cover story “Recession Culture” in New York Magazine.
From the article, It turns out there are people who study our brains on money. Kathleen Vohs, a consumer psychologist at the University of Minnesota’s Carlson School of Management, is preeminent among them, and for the sake of better understanding both the past and the future of our city, it’s useful to start by looking at what she’s found. Just thinking about money made her subjects less likely to help strangers struggling with their belongings. Just handling money made her subjects less sensitive to physical pain. My favorite experiment of hers, though, was one in which she divided her subjects into groups, one of which stared at a screensaver of floating dollar bills and another at a screensaver of exotic fish. Subjects were then asked whether they’d like to work on a task alone or with a partner. Eighty percent of those who’d been staring at the dollar bills chose to work alone. Eighty percent of those who’d been staring at the fish wanted to collaborate. (One wonders if the offices of AIG couldn’t have benefited from an aquarium or two.)
For the entire article, please click here.
For more information about The Market Research Event, please visit the event’s website.
In the February edition of The Market Research Event LinkedIn Roundup’s poll questions are new closed, and we’d like to share the results with you:
Has your company downsized because of the economy?
Has the research sector of your company downsized in the current recession?
Do you believe your market research budget will be cut further?
Do any of these results surprise you?
Days after the Steelers took their big win at Super Bowl XLIII, market research experts are now parsing data to determine who won the Super Bowl XLIII battle of the brands. According to LATimes.com, the contest runs the gamut from the 30-second commercials that cost an average of $3 million to stadium signage and product placement during the game broadcast on NBC.
Only time will tell whether commercials — such as Denny’s well-received promise to serve up free Grand Slam breakfasts — spur consumers to spend during what’s shaping up to be a rough recession. (Denny’s said it spent about $5 million on Super Bowl advertising and the cost of 2 million free breakfasts.)
Who do you think won the battle?
According to econsultancy.com, Facebook is going to try its hand at market research. According to The Telegraph, Facebook executives at the World Economic Forum in Davos have been demonstrating a market research product that “will soon allow multinational companies to selectively target its members in order to research the appeal of new products.” Talk about bang for their buck, every company would salivate at the opportunity to target specific individuals based on age, sex, etc. But will Facebook lose members with their devotion to marketers?