Tag Archives: market

6 Things of Note For Segmentation

Segmenting seems straightforward but is something that most companies fail at. Gretchen Gavett explains in her article that it is harder than it appears to break down segments. Segmenting is the separation of customers with different needs into a subgroup of customers with similar needs. 

Overcoming Obstacles:

John Forsyth, of Mckinsey’s, describes three pitfalls that companies fall into when thinking about segmentation:
 
1. Companies rarely create a segment, they usually uncover one

2. Segmentation and demographics are very different things

3. Asking why you want to segment and what decisions will be made based on the info

Approaching Insights:

There are six characteristics to consider when coming up with a useful segmentation.


1. Identifiable – You should be able to identify customers in each segment and be able to measure their characteristics

2. Substantial – A segment must be large enough to be profitable

3. Accessible – You should be able to reach you segment via communication channels

4. Stable – A segment should be stable enough to be marketed to effectively

5. Differentiable – The people should have needs that are visibly different from other segments

6. Actionable – You have to be able to produce products catered to your segment

These are basic explanations for a more complex set of characteristics, but they are essential in figuring out segments. There are other things to consider when searching for a segment including such as learning from prominent failures. Forsyth also mentions that focus groups are antiquated and the best way to learn about customers is to spend time with them in their homes. Segmentation is far more difficult than people assume and companies are not even close to being adequate at it yet. 

About the Author:

Ryan Polachi is a contributing
writer concentrating his focus on Marketing, Finance and Innovation. He can be
reached at rpolachi@IIRUSA.com.

Research Insighter Video: 2013 EXPLOR Winner Conversation

Dr. Steve Gittelman is the CEO of Mktg. Incorporated and an EXPLOR Award winner discusses why he won in this episode of TMRE’s Research Insighter brought to you by The Market Research Event (TMRE).

The Next Gen Market Research Award recognizes companies and individuals that have demonstrated outstanding leadership as change agents and made significant contributions to harnessing disruptive innovation to drive research industry progress.

Explore:

  • Predicting the Future:

Using Facebook Likes to predict where people will live the longest.

  • Unexpected Results:

In social sciences, the correlations and connections being made are not expected. It could also be applied in other areas.

  • What Can It Be Used For:

Combination of hard data and Facebook Likes to determine the life and death of a box store.

About the Author:
Ryan Polachi is a contributing
writer concentrating his focus on Marketing, Finance and Innovation. He can be
reached at rpolachi@IIRUSA.com.

Get ready to ROC! (MROC, that is)

Today’s post comes from TMRE Guest Blogger, Katie Clark. She is also known as @InsightsGal on Twitter and is a client-side market researcher, project manager, and social media maven.   




I have a confession to make’

I have a favorite. Favorite research method, that is’

Market Research Online Communities (MROCs)!

You see, I spent some of my formative market research years at one of the industry leaders in MROCs and I’ve seen firsthand the benefits of online communities to gather deep insight and perform some really interesting longitudinal studies. 

Are there things communities are not good for? Sure! For example, they’re not the place for large quant studies (obviously), and they’re not the place for a final go/no go on a product launch (where you’ll want big numbers to back you up). But they are fantastic for research like longitudinal studies as they allow for iteration, for getting to the language and emotions around a product or service, and many other uses. Not only having that researcher-to-respondent interaction, but being able to have a view into the member-to-member interaction in a community can be research gold.

One of my favorite uses of a MROC is digging deep into a topic that is difficult to discuss in a traditional researcher to respondent format.  What’s a difficult topic? Death, disease, bullying, family issues, and products that deal with those markets (think hospice care, etc.).  Sometimes a quant survey can’t get you what you need and a community can give you rich insight through hearing how members talk to each other and discuss these difficult issues, and through creative formats in the community software such as photo galleries.  I won’t name names, but a former client who worked in an industry dealing with some of those difficult issues was able to really get to the language and emotions around those topics  which led them to more nuanced and polished marketing and advertising.   

When I started in MROCs, it was the Wild West out there with only a few players in the marketplace’ 

Now other powerful and productive players are in the space (Ypulse, C+R Research, and 360 Market Reach to name a few). Some offer short-term communities for a single project, others have communities that have been up and running for 3+ years. It’s also no longer such a hurdle to convince clients that utilizing a community for research can yield some great insights

MROCs definitely have a presence at #TMRE13 this year, from presentations that focus on utilizing communities such as ‘Exploring Brand Affinity Across Hispanic & Gen Pop Generations: Stretching Online Panels and Communities’ to talks where the research came out of a community such as ‘A Fresh Perspective on the Aging Consumer.’ Sponsors and exhibitors in the community space will also be there.  

Have you used MROCs for your research? 

How do you feel MROCs are changing from the early days?  

Share your thoughts in the comments below!

_______________

More about Katie: Based in Portland, Maine, Katie is the Senior Research Manager at Diversified Business Communications, managing a team of skilled researchers busy gleaning insights for products around the globe. She has worked with companies large and small in industries such as software, seafood, fragrance and entertainment to help companies move their business forward supported by actionable insights derived from market research. She loves to find the story in the numbers and is passionate about bringing the ‘Voice of the Customer’ inside the organization. Active on social media as @InsightsGal, Katie actively tweets and blogs about the market research industry. The opinions expressed here are her own and not those of her employer.

Live from FOCI 2013: Utilizing Mobile Devices to Obtain Customer Timely Feedback on New Products

Presented by Nina Leask ‘ General Motors

An inside the box presentation about mobile research on new
product launches.  Nina stressed the
importance of translating tech talk to consumer language when conducting
research ‘ and then translating the insights into technological language for
application by engineers and product developers.
Nina took the audience through a consumer market research
assignment designed to obtain consumer perspective about a new car design.  The up-front mobile market research risks
that Nina highlighted included: respondent commitment; level of engagement;
quality of feedback, and video quality.  Clips
of ethnographic videos produced by consumer respondents were a great value-add.
Camera operation by consumers was generally quite good, and
functioned as a useful companion tool to their in-situ comments in the vehicle for which they were providing
feedback.  Respondent commitment was
good, with consumers providing both verbal and visual input.  Consumers took hold of the conversations,
embellishing on the questions market researchers asked.   The video quality was sufficient to give a
‘living with it’ feeling, and was not distracting.
With mobile engrained in our lives, Nina illustrated how
easy it is to see and hear ‘first hand’ what the consumer experienced.  Market researchers could be engaged with
respondents throughout their assignments. 
Responses are provided on the consumers’ schedule, and there were no
geographic limitations.
Overall, this was an excellent presentation with practical
tips about using mobile devices to conduct market research. The high quality
illustration of the concepts presented underscored the strength of this
approach’one that consumers seemed to enjoy. 
This was a fantastic session.  Check out Nina’s contact information and learn more. 
 ~Gigi DeVault
Market Research Guide