Tag Archives: MRE

Speaker Profile: Kathleen Vohs

With the The Market Research Event quickly approaching, we would like to begin to introduce you to the keynote speakers we will have this year at our event. This year, The Market Research Event will take place from October 13 – 16, 2008 in Anaheim, California at the Disneyland Hotel. This week, we would like to introduce you to Kathleen Vohs, PH.D. Vohs is a McKnight Land-Grant Professor at the University of Minnesota in the Carlson School of Management. Kathleen Vohs specialties include: self regulation, self process, effects of making choices on self regulatory ability, the mere presence of money, heterosexual relations as predicted by the economy. She has published over 70 scholarly publications including: : Do Emotions Help or Hurt Decision Making? A Hedgefoxian Perspective, Self and Relationships: Connecting Intrapersonal and Interpersonal Processes ,and Making Choices Impairs Subsequent Self-Control: A Limited-Resource Account of Decision Making, Self-Regulation, and Active Initiative.
Find the results of some of Voh’s studies here. Humans and ability to make decisions The Purpose of Pranks Behavior: An Absence of Free Will, a Tendency to Cheat On A Diet? Don’t Go Shopping. We invite you to come see Kathleen Vohs at The Market Research Event as she presents his keynote speech on Thursday, October 16th, Money Talks: Even Small Reminders of Money Change People. (Source: Carlson School of Management)

Google Insights for Market Research

An important step in online marketing research includes understanding search patterns and visitor behavior. Tino Triste’s latest post on I-com details how you can use Google Insights to help do just that. Google Insights helps marketers in several ways by finding popular key phrases for your market as well as generating geographical heat maps which shows where there is greater demand for products and services. Tino gives the example of searching for the term ‘gardening supplies’ for a fictitious company called Gardening Outlet Ltd. By searching in the United States, Tino was about to figure out that there was a greater demand for ‘gardening supplies’ in states like Oregon and Colorado. This step in preliminary market research is crucial and it can help companies analyze results before moving forward with a new business venture. Tino describes how Google Insights can be used for marketing research, but what are some other applications and methods that your company uses to conduct preliminary research?

Personas or Target Market Research

Many businesses toggle between both qualitative target market research strategies, but which does your company prefer? This post on Strategic Market Segmentation outlines some of the advantages and disadvantages of using personas as opposed to target market research. The advantages listed are that personas allow the marketer to create a more visualized picture of the customer, since they use experiences and instinct instead of research to form the potential customer. Also, personas help provide marketers with an imaginary person that be used to represent the customer. Many marketers will argue that experiences are more valuable than research but the downside is that traditional research still remains more consistent, reliable, and verifiable. Personas can lead to failed marketing campaign since there is a chance of misinterpreting your imaginary person that is supposed to represent your customer. Which of these two methods, if not both, is your company using to help visualize your potential customers?

Social Media and Market Research

I came across Kari Rippetoe’s latest post from The Caffeinated Blog in which she discusses a couple of social media sites where marketers can conduct their own market research for free. Even though traditional market research can not be completely wiped out, take a look at how monitoring conversations in real-time can improve your market research process. Kari lists 5 ways social media and social networking sites can be used for market research:

  1. StumbleUpon: This site not only presents a list of relevant sites about a topic, it also compiles a list of users who are interested as well. By clicking on their profile you can find demographics, location, ages, genders, and other interests.
  2. LinkedIn: This professional social networking site is primarily used as B2B research tool. You can look for people in LinkedIn by searching for company, job title, industry, and keywords.
  3. Twitter: This micro-blogging service initiates conversations, and this provides a great opportunity to hear what is being said about a particular service, product, or market space.
  4. Forums: Before web 2.0 was popular, forums were the ideal conversation tool used by people. Forums are still thriving in almost every niche.
  5. Niche Social Networking Sites: If there is a topic, the chances are very high that there is some sort of social networking site designed just for it. Research the web for a variety of niche subjects; you will gain some knowledgeable insight about your target audience.

Benefits of Online Surveys

The benefits of the internet have blossomed throughout the past decade. One area the internet is making much more efficient, is data collection for market research. According to this case study at Marketing Minds Research, they have found that better research comes when research is polled online. They also found that the following proved to be benefits when gathering data online: faster results, less expensive, the ability to affordably interview lots of people, better customer insights, better reach, better targeting, better respondent selection, easy to get verbatim comments, able to use multi media, to ensure respondents answer in context, more comprehensive, fewer drop-outs, greater relevancy, no “interviewer effect”, and avoiding diminishing returns on research investment.