Tag Archives: Business and Economy

Introducing The North American Consumer Insights Event

The team behind the World’s Best Insights Event – The Market
Research Event, and Shopper Insights in Action have done it again. Bringing the
caliber of actionable content, inspiration and peer-to-peer networking you have
come to expect to Canada.

The Canadian retail industry is in a constant state of change.  With new
entrants like Target Canada, rapid changes in technology and increasingly
discerning customers, you are being challenged to remain relevant.

Introducing The North American Consumer Insights Event, September 29-October 1,
2014 in Toronto.  A 3 day experience focused on the power of insights in
motivating smarter decision making.  In honor of its host country, the
2014 event will shine a particular lens on the local flavor of shopper insights
in Canada. Download the brochure for full details: http://bit.ly/1wm3Xz8

Keynotes include:


  • Falling in Love and Having a Relationship are Two Different
    Things, John Rocco, Director of Marketing, Brand & Category, Target Canada
  • How to Embed a Culture of Customer Experience in your
    Organization, Kelly Harper, Director Customer Experience Learning, BMO Institute for Learning
  • The Art of Engagement: The Importance of Connecting with
    Customers in a Multi-Channel World, James Ryan, VP, Living Merchandising Division, Canadian Tire
  • Walk Your Talk, (Authenticity is Key), riCardo Crespo, Chief Creative Officer, Th13teen
  • How Current Trends are Shaping The 10 Growth Areas of
    Tomorrow, Jared Weiner, Futurist and vice President, Weiner, Edrich Brown
  • Why Business is Personal: An Entrepreneur’s Journey to
    Creating Systematic Societal Change through Insights to Drive Innovation, Ken Sim, Co-Founder, Nurse Next Door
  • The Future of Big Data & Small Data,Tim Benner, Director, Consumer Insights & Analytics, Samsung
    Telecommunications America

And more!
Download the brochure
for the full agenda and session details: http://bit.ly/1wm3Xz8

Plus, as part of your conference registration, you’ll receive BONUS ACCESS
to FEI: Toronto,
brought to you by the producers of the World Leader in Advancing Innovation.

All the best,

The North American Consumer Insights Event Team

#NACI14

Live from #MediaInsight: The Future Begins Now: How Current Trends are Shaping the 10 Growth Areas of Tomorrow

Jared Weiner, Futurist and Vice President, WEINER, EDRICH, BROWN takes us through the key growth areas for the future 

The recognition of educated incapacity: knowing so much about what you know, that you are the last to see the future of your area of expertise differently.  Everyone suffers from this.  The fix is to use your “alien eyes” – explore new things and look at industries from different angles to keep yourself sharp.

The emerging metaspace economy: ten growth areas of the future, all of which will influence media and insights.  

1. Time Space: Time is becoming simultaneous, not sequential.  Everything is getting shorter.  When we didn’t have time for email we moved to tweets.  When we couldn’t take the time to tweet we moved to videos and imagery (i.e. Instagram).  This is where communication is headed.  

2. Inner Space: Neuro imaging, sensory, neuro transmitters – as we understand more about inner mechanics, our experiences will change.  Before long, we’ll have video games that use sense to complete the experience – a soccer game that pumps out the scent of freshly cut grass, a baseball game that emits the smell of hot dogs, etc.

3. Design Space: It wasn’t long ago that design was on the fringe.  Now design thinking and user experience are huge for any successful enterprise.

4. Play Space: Gamification is the new normal – think about how many reward programs you are a part of.  Adult play is growing – employees are starting to have fun at the workplace.  Amusement isn’t just for kids anymore.  

5. Storage Space: Storage of data is key – computing power and big data are increasing exponentially.  How and where do we store everything?

6. Cyber Space: The next frontiers in cyber tech, including not just apps but augmented reality (i.e. Google Glass) and virtual reality – people are using avatars in virtual environments to help inform the real world.

7. Inter Space: The Internet of Things – software, platforms, technologies that are communicating with each other without any human interaction.  The future is about the smart interconnected home.  

8. Outer Space: GPS, geolocation technology, space tourism.  It’s not just sci-fi anymore.  

9. Micro Space: Nanotechnology and new materials technology (3D printing).  

10. Green to Blue Space: the shift from doing green to being green – having zero impact on the environment – and then to blue: actually giving back to the environment.        

ABOUT THE AUTHOR

Ben Proctor is Insights Strategist at Miner & Co. Studio, a New York-based consultancy

“Multi-Screen Living” – It’s not going to be easy

Our creative director here at IIR, recently created this opus to Multi-Screen Living and pointed our attention to Nielsen Research: Mobile consumer report 2013. Here we share both and would love to hear how the impact of a FOUR screens (television, smart phone, computer and tablet) world is changing the way you work.

Latest tmreTV Video: At the Future of Consumer Intelligence 2013

Here’s a brief look at what took place this week at the Future of Consumer Intelligence in San Francisco, Ca:

Understanding Shopper Psychology

As Tammy Faye Bakker said, ‘I always say shopping is cheaper than a psychiatrist.‘ Shopping for relaxation and the term retail therapy has infiltrated minds of many since as early as the 80s, making shopping a staple. With spring on its heels and winter bygones, the US market in particular undergoes curious changes in consumer behavior that border the
lines of eccentric, blurring the line between needs and wants.

Needs and wants are actually quite
distinct, contrary to thesauruses and non-lyrical businessfolks who
interchange them frequently. As I have blogged about at great length, these are not to be confused with the basic economics-related differences of needs and wants,
when placed in a shopping context, these meanings can deviate slightly.


Needs are essential, and at times necessary for a particular point in
time, whilst wants can be more compulsive, and when looked at from a
lateral perspective, unnecessary, but good to have.  I am a shopper
motivated mainly by many, many wants! Which is why some may agree with
Cat Deeley in that ‘I don’t shop because I need something, I just shop for shopping’s sake.

Bearing in mind the needs and wants of shoppers, retailers spend
time, efforts, capital and much more to lure during the busy season.
Sales, discounts, bulk buys, freebies, multi-buy bargains, coupons,
gifts-with-purchase, and much more are common tactics utilized that have
been successful over decades. But how do these virtually compulsive
buying strategies compare to shoppers needs and wants?

Bearing in mind the needs and wants and their varying levels of
strengths, four emotive forms of enticement can be formulated, each of
which attract shoppers to the act of shopping. These allow shoppers to
grasp their shopping motivations better (if they have the ability or the
time to grasp their emotions in a flurry of dancing options). The four emotion-based quadrants of shopper psychology are as
follows.

Require: Products with a high need but a low want are generally ones that must be bought, hence required,
usually for utility purposes, technical support, or anything that is
necessary to sustain something else. Batteries, restroom essentials, a
lightbulb, or other elements that support the function of an entire
ambiance or event fall into this emotion. Some grumble over the added
cost this adds to an otherwise emotionally gratifying shopping trip,
often forgetting that these things are required for a reason.

Crave: With a high want but a low need, this feeling is best called crave. It depicts the urge to pick something up, knowing subconsciously that it may not be utilized frequently, will be a fad that loses steam quickly, and a perfect fit for the frivolous folks in the addiction framework.
Strange but attractive items like impractical but fashionable
accessory, holiday scented stuffed toys, or an nth belt, are all
examples of things that, as mom might say, we really do not need! Notice
how some of these end up taking volumes of space in closets, under
beds, in bulging drawers, or in misty attics.

Love:
For something with a low need and a low want, one may wonder why it is
bought after all! This is where impulse buying is most prominent. Ever
bought something because it was obscenely cheap (recall the 80% off
price!)? Ever bought something because it came with a freebie? Or bought
a cheap cosmetic product at a department store because of the herd of
products that come free with it? These are examples of a love driven
purchase.

Ever gazed at a magazine at checkout, or the packet of gum
staring at you with minty eyes and claims, or the sale priced food item
placed at the end of a cave-like aisle, which you find you have
purchased in no time at all?

These are all things you may not need nor
want. Besides thoughtless purchases, the mass market variety of severely
in vogue trends can fall here. Think of things you love to do because
everyone else does them: sport Ed Hardy paraphernalia, buy the Avatar
blu-ray, or pull out the Uggs in winter. Sounds like the societal pressure that retains a trend in the market, doesn’t it?

Desire: And finally, there is the golden product: the one you desire.
You definitely want it, and you most certainly need it. Which is why,
as the laws of economics go, it is either usually scarce or pricey. A
princess cut diamond ring, an authentic artifact or accessory (versus
the knockoffs), or the exorbitant initial prices of the Apple family
products when they are released, and subsequently purchased in record breaking numbers

Electronics fall into this category; and while some may argue we do not
fundamentally need or want them (thus quoting them as a love and not a
desire), since our needs are basic combinations of 
food+shelter+clothing, statistics and behavior patterns show that most
houses do not sustain themselves without electronics or basic gadgets: computers, laptops, televisions and cellphones. Talk about an electrically warped world.

 Next, we will see how retailers and “producers” of consumer goods can cater to these four segments, completing the picture on the rapidly evolving customer-retailer relationship.

Sourabh Sharma,
Communication & Social Media Research Expert at SKIM, an international
consultancy and marketing research agency, has a background in engineering,
marketing and finance from the University of Pennsylvania, and the Wharton
School and Rotterdam School of Management. Having worked in marketing and
product development at L’Oreal, followed by a stint in management consulting,
he now passionately enjoys the world of social media, and can be found on every
platform with his alias sssourabh. He is a food critic and a fashion writer,
and documents these alongside strategy on his blog called
3FS. He may be reached at s.sharma@skimgroup.com.
Follow him on
@sssourabh.