Tag Archives: luxury

This Week In Market Research: 8/31/15 – 9/4/15

One of the most important things in market research is finding out what makes a consumer trust specific brands and in turn, remain a loyal customer to that brand. This week, Adweek released an article that discovers the CPG brands men and women trust the most. According to the article, male consumers ranked Band-Aid No. 1 with Heinz Ketchup and Neosporin Antiseptic following close behind. Comparatively, women placed Band-Aid second behind Ziploc bags. Reynolds wrap and Neosporin, respectively, came out to third and fourth. In analyzing this data, Mike de Vere, Managing Director of Consumer Insights as Nielsen, stated that ”For men, brand trust is a bit more diversified’ [than it is for women.]” And in remarking on the choices from women, he claimed that the majority of the products on their list helped to make their lives simpler in different ways. ”For women, trusted brands are tried and true and have stood the test of time.’” These surveys on consumer insights open up doors to learn more about the way a product can be more marketable and trustworthy to the consumer.
An infographic that was released this week on Adweek, discusses and details the various purchases of the very wealthy in America. According to market research, these individuals are reviving the business of luxury goods and keeping it alive. ”The good news for luxury marketers, their agencies and the media alike is that consumers with really deep pockets are digging into those pockets with gusto, even more so than their merely affluent counterparts. According to Bob Shullman, the Shullman Research Centers founder and CEO, these high income and wealthy consumers are not just purchasing, but they are also purchasing with more frequency. So what are these people purchasing? The infographic shows that among other things, fine wine/beer/spirits, fine jewelry, and home furnishing/antiques are some of the top items bought by these wealthy individuals. The infographic itself is extremely detailed and details numerous purchases that you may or may not have assumed.
As many of the ‘baby boomer’ generation begins to retire and those business hotels are no longer required, how should hotels respond to this newer generation? According to an article on AdWeek released this week, hotels like Marriott are shifting their marketing approaches in order to reach the ‘millennial’ travelers. ‘So how does a tradition-rich lodging brand stay relevant in a changing marketplace? For Marriott Hotels, the signature brand of lodging giant Marriott International, the answer was simple: If you want to know what next-generation travelers want, just ask them.’ In their new marketing strategy Marriott is crowdsourcing the client’s ideas and opinions on what would make their business hotel experience more enjoyable. Already, this strategy appears to be working well for Marriott, as the grassroots approach generated 2,000 from a suggestion to provide vending machines that stock healthy snacks. This move by Marriott is an excellent example of why market research is crucial to innovation and business growth.
This week Entrepreneur released an article written by contributor Matt Mayberry, Maximum Performance strategist, which discusses the three best ways to develop a healthy mindset. The first point discussed is to build a grand vision for your life. Mayberry states that one of the many reasons people struggle with controlling their minds and realizing the beauty in life is due to a lack of vison. ‘It’s important that we create a grand vision for our lives because that’s what pushes us forward despite whatever hardship or negative situation may be present at the moment.’ The second tip he suggests is to make a ‘trigger card.’ In other words, write down two of your most important goals on a notecard. The way you write these goals however, will be written in the past tense as if you’ve already conquered them. ‘When Jim Carrey was a broke, struggling actor, he took a blank check and made it out to himself.’ Finally, Mayberry suggests that you sit down and ‘answer some of life’s biggest questions. Now this last one may sound like an impossible task, however the meaning of this last task is what’s important here. ‘What do you want your life to stand for? How do you want to be remembered? What do you want your contribution to the world to be’? For those of you who were worried about answering questions like ‘what lies in the deep depths of the unexplored ocean floor’, you can take a deep breath. These ‘big life questions’ really pertain to the person you want to be and how you want to be remembered in life. All three of these tips, according to Mayberry, should result in a healthier mindset.

Nichole Dicharry, is a Digital Marketing Assistant at IIR USA, Marketing and Finance Divisions, who works on various aspects of the industry including social media, marketing analysis and media. She can be reached at Ndicharry@iirusa.com

4 Key Trends for 2015: From Consumer Insights Canada to TMRE 2014 via Trendhunter

For those of who may not know the lovely Shelby Walsh, she is President at TrendHunter and soaks up trends for breakfast, lunch and dinner. We had a chance to catch up with her and her team at the Front End of Innovation Toronto and Consumer Insights Canada event last week.

Here’s what she told us:

How did you find the experience at FEI Toronto & Consumer Insights Canada?

The experience at FEI Toronto was fantastic. The breadth of sessions everyone had to choose from was incredible — from the Internet of things, to the mind/body connection and authenticity. 


On top of the takeaways from all of the sessions, there was an impressive array of individuals in attendance, which made breakfast, lunch and networking breaks all of the more interesting. 

FEI Toronto - Consumer Insights Canada
Can you share the biggest takeaway from your Trendhunter partner and fiancee, Jeremy Gutsche’s talk? 
The biggest takeaway from Jeremy’s Better & Faster talk was that we need to focus on overcoming the psychological traps that are blocking successful people everywhere from realizing their potential. 

We need to awaken our “inner hunter” and instead of “farming,” creating only incremental change, we need to be open to destroying in order to create breakthrough innovation. 

Jeremy’s keynote was very personal and touched on drawing inspiration from his dad and how he proposed to you, as a social media strategist I know there can sometimes be a fine line between what you share and what you keep private. I understand the video he shared is up on YouTube, can you tell us a bit about the proposal, the video and sharing it online.
I personally never share anything that could put me in an unprofessional light or is negative about other individual or brands. Social media is supposed to be a great way for people to connect with others and a lot of times, celebrate the most interesting parts of our lives. 

I didn’t hesitate to share our engagement video to over 20,000 of our closest friends because the way Jeremy proposed was creative and very Trend Hunter-esque. It was an authentic expression of who we are and a touching moment that we wanted to share with others who’ve felt the same or hope to one day!
We had planned a field trip to tour your Trendhunter headquarters but received such an overwhelming response, we decided it made more sense to open it up to everyone and do a cocktail mixer instead. Can you tell us a bit about the research you shared during the tour and gives a bit of insight into how your office environment inspires your innovative culture?

Trend Hunter had a blast hosting a cocktail mixer for FEI! Our office space lends it well to the creative environment we have, as well as events like this! People loved our bar complete with Trend Hunter marquee lights, our London telephone booth and our open-concept, brick and beam space. 

It’s a great environment to let ideas flow!


The 4 key trends discussed during our Trends in 2015 presentation include

Beacon – This burgeoning technology has been utilized by those on the cutting edge in the art, retail and charity worlds. The next generation of these location-responsive devices will make communicating with consumers even more customized, interactive and ultimately, effective.

Makeshift Luxury – Retailers are turning to pop-up events that are super lavish. These temporary luxe shops and consumer experiences are the next evolution in brand marketing that’s more experimental and temporary.

Meta-Marketing – Millennials are approaching peak purchasing power, and marketers are keen to capture their attention by creating ads about ads that self-mock and have a focus on being authentic.

Flavor Reversal – Bacon beer cupcakes and avocado donuts are just a couple of examples of how sweet and savory are being experimented with creatively to create buzz and appeal.

FEI Toronto & Consumer Insights Canada 2014
FEI Toronto & Consumer Insights Canada 2014
FEI Toronto & Consumer Insights Canada 2014FEI Toronto & Consumer Insights Canada 2014


We’re looking forward to joining you, Jeremy, and the rest of the Trendhunter Team at The Market Research Event stateside in Boca Raton. Fl. Later this month. Can you give us a little preview into what we can expect? 

We work with brands creating custom monthly reports to help identify consumer needs and track emerging market trends. These reports are based off of a 100,000,000 person virtual focus group and over 2 billion views of data. For those attending TMRE, we’re offering some reports on the house, so make sure to find us at the event! 

Just as exciting, there has been a lot of talk recently about Oculus Rift — a platform that allows for one to experience augmented reality like never before and other cutting edge virtual reality applications that tap into 3D gaming, simulations, and rich immersive experiences. Now, I can’t give away what Trend Hunter will be doing, but I can tell you that it will be an experience you don’t want to miss out on

ABOUT THE AUTHOR

 

Valerie RussoFormerly a senior copy editor at Thomson Reuters, a research editor at AOL,  and a senior web publicist at Hachette Book GroupValerie M. Russo is editor at large of The Front End of Innovation BlogThe Market Research Event BlogThe World Future Trends Tumblr, the Digital Impact Blog, and also blogs at Literanista.net. She is the innovation lead and senior social media strategist for the Marketing and Business Strategy Division of the Institute for International Research, an Informa LLC., and her poetry was published in Regrets Only on sale at the MOMA Gift Shop. Her background is in Anthropology and English Literature. You can reach her at vrusso@iirusa.com or @Literanista.