Tag Archives: MRE

Top 3 Questions You Must Ask in Doing Market Research

One big reason why many businesses fail is because of the lack of market research. Many companies believe that you only need to locate a hot product and promote it on the internet. A business can not succeed far if this methodology is implemented, instead companies should find out the needs of the market before entering to ensure that it is the right product for the market.

Since we started this week with a couple of lists, I’d figured I would keep the trend going. Shawn Lim has listed the top 3 questions a business must ask in doing market research in this post. Enjoy!

1. Is your market profitable? You have to locate a profitable market, if your market is not profitable; people in your market are not willing to spend. And if your market is not willing to spend, you will be having hard times making sales. Therefore, make sure that your market is a profitable market where the people in your market are ready to buy from you. You can find out your market’s profitability by looking at the numbers of advertisers in your market. The more advertisers there are, the more profitable your market will be. .

2. Is your market highly competitive? If you are a beginner in internet marketing, I suggest that you start from a less competitive market. This is because it is always easier to dominate a less competitive market than a highly competitive one. Think about it, if you are still new and you have to compete with the big boys in the market, do you think you will have advantage over them? That is why it is always a wise choice to go for a less competitive market. Of course there are some exceptions for this, but do you think you are capable of doing this?

3. Is your market niche enough? In fact, niche marketing is the only marketing that works wonder in internet marketing. You have to focus your market very specifically in order to build much targeted prospects. Just like if you are targeting sport market, which sport are you targeting? Is it tennis? And even if it is tennis, you should still further focus your market, like woman’s tennis and so on.

What are some questions your company asks before entering a new market?

Market Research on a Shoestring Budget

One of the major complexities in the business realm includes executing an efficient market research strategy, but what happens if your company is on a shoestring budget? I came across this post on LEADSExplorer that lists 9 methods for market research on no budget. As budgets are tightening up due to the financial mess we are currently in, it might be a good idea to minimize spending on your research. Here’s the list:

1. Spying your competitors
2. Investigating the market
3. Listen in to webinars
4. Spy your customers and leads on your website
5. Blogging for reactions
6. Search social media and blogs
7. Generate responses on social media
8. Use RRS feed filtered using Yahoo pipes
9. Do not spend on industry analyst reports

All of these methods involve the internet in some shape or form. For industry reports, if you are able to come across one online for free, then better yet!

Market Research and Online Communities

Matt Rhodes recently posted on the FreshNetworks Blog that the market research industry should embrace online communities. One of the reasons why he believes communities should be taken advantage by market research professionals is because of the staggering numbers of online community adoption. According to the latest report form Gartner, more than 60% of large US firms will have built an online community used to engage with clients by the year 2010.

With the growing number of people turning to social media, the market research industry can use these communities as a great source of insight. Communities provide a great platform on collecting data on demographics as well as feedback and information on products directly from clients and the consumer.

How to Reduce Respondent Fatigue In Online Survey Design

I came across a series of podcasts from Vision Critical in which Amir Bozorgzadeh, Vision Critical Account Manager, tells us about respondent fatigue and how to reduce it using two techniques. I’d thought this would be a great free resource to close out this holiday weekend. Also, don’t miss Vision Critical’s presentation ‘The Keys to Respondent Engagement’ at The Market Research Event next week at the Disneyland Hotel in Anaheim California.

Make Your Schedule Ahead of Time!

In my own experience, attending a conference can be quite hectic if you don’t have a preplanned schedule of sessions you want to attend. This year, The Market Research Event has put together a social scheduling app so that attendees can make their schedules ahead of time!

Attendees can create and save custom schedules, view mobile and print versions, search across the entire event schedule, view the most popular sessions, view a full list of other customer schedules, and easily add sessions that colleagues are attending with a click of your mouse. Start scheduling today! Here’s the link: http://tmre08.sched.org

Why is Marketing Research Important?

Sure the title line seems very basic and straightforward, but it’s always good to have a refresher on why we do certain things. I came across this great post from Linda Morton in the Strategic Market Segmentation Blog in which she lists why market research is so important. She answers some of these questions in her post: Why Is Marketing Research Important Before You Create Your Product? Why Is Marketing Research Important To Your Competitiveness? Why Is Marketing Research Important To Determine Your Target Market? Why Is Marketing Research Important In Developing and Evaluating Marketing Campaigns? Take a couple of minutes to look over her post as I’m sure you will find it valuable.

Dr. Pepper Snapple Group’s Targeted Shopper Marketing Approach

This latest article in CPB Matters highlights a sophisticated targeting process Rob Colarossi, vice president of customer development for Dr. Pepper Snapple Group, implements in order to get a greater understanding of shopper needs. Colarossi states that partnering with retailers is extremely important because shoppers want customizable options. He mentions: ‘One size for all does not fit anymore. National programs are not working anymore. The retailer wants {programs} that are customized. We’ve got to understand what’s important to Kroger and what’s important to Wal-Mart. They have platforms and are very clear about what they want to do.’ Dr. Snapple Group recently partnered with Kroger for a direct mail campaign They targeted shoppers that had a higher propensity to buy the product. He then lists three criteria for choosing a retail partner:

  • Do they have scalability?
  • Do they truly understand consumer-centric marketing?
  • Are they truly trying to build loyalty with their core shoppers?

Is your company taking advantage of partnerships with retail companies?

Do Emotions Help or Hurt Decision Making? Pt. 2

Yesterday we posted an excerpt from The Market Research Event keynote speaker Dr. Kathleen’s Vohs’s book ‘Do Emotions Help or Hurt Decision Making? A Hedgefoxian Perspective.’ As promised, here’s the 2nd portion of the excerpt from the book. Enjoy! Of course the foxes are right; each of these polar positions is simplistic in its extremity. But that observation doesn’t take us far. In the waning hours of the emotion research party, we have arrived at the point where debates between extreme and obviously untenable positions are not as productive as they once were. In short, we need answers to the when question. When do emotions or cognitions predominate? When are moral judgments driven by reflexive emotional reactions and when by logical thought? And, when are emotions helpful or harmful? The chapters of this book provide nuanced, synthetic, answers to these types of questions. Decision making is the other half of our topic. It too has seen explosive growth in research interest in recent years. As with emotion, its few early hedgehogs (e.g., groupthink, rational choice, framing) have had to withstand a stampede of foxes. Some decision-making researchers are starting to think that their field’s destiny is merely to develop lists of departures from rationality, without much prospect of integrative theory. Yet others are confident that new grand theories will emerge. The time is ripening for hedgefoxes to impose limited order on decision theory also. Are hedgefoxes born or made? Most likely, the latter. What emerges from reading this book is common language, a shared understanding of a number of issues, and most characteristically of hedgefoxism, a nuanced theoretical perspective that makes sense of, what had previously appeared to be contradictions. So what is the answer to the question of whether affect helps or hurts decision making? The hedgehog would argue either that it helps or that it hurts decision making. The fox would argue that both are true, or that the question doesn’t make sense. The hedgefoxes who make up the authors of the chapters in this book will tell you, however, that the correct answer is “it depends.” If you want to know what it depends on, read on.