market research on shoestring budgets
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ProductCampRTP, April 12, 20141© Innovate |2| market, All rights reserved
Market Research on Shoestrings - A Product Management and Development Perspective
ProductCampRTP, April 12, 20142
CLAIRE-JULIETTE BEALE,貝心潔Marketing: research, strategy and execution
Innovation management and new product development
New business strategy and development
B.A English and cultural studies
Master Business Management, ICT, e-marketing and e-commerce
New Product Development Professional (NPDP) certified
cjbeale@innovate2market.com
1991 McKinsey & Company
1999 Global Market Insite (GMI), Director EMEA, VP Business Development
2004 Bresslergroup, Director Strategy and Business Development
2006 Touch360, co-founder, President and Director, Market and User Research
1994 Business Development International, Founder, President
1993 KPMG Peat Marwick, Analyst
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2008 Innovate l2l market, Chief Consultant
2011 Innovate l2l market, Chief Consultant
2010 Bank of America, SVP Insight & Design
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Warm up
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http://www.cbsnews.com/video/watch/?id=50144483n
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Market research: definitions
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Information about the firm's customers, competitors, or markets. Information may be from secondary sources (already published and publicly available) or primary sources (from customers themselves). Market research may be qualitative in nature, or quantitative.
Source: The PDMA Glossary for New Product Development
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My definitionMarket research is the systematic gathering, analysis and interpretation of information and data needed to inform product development and management decisions. Information may be from secondary sources (already published and publicly available) or primary sources (directly gained from individuals). Market research may be qualitative, quantitative, or a combination of both. Market research is often backed by statistical and analytical methods and techniques from applied sciences to gain insights and predict customer or user actions or behaviors.
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Surveys, focus groups, lead users, panels…
NPD Process: Insight Methods
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ProductCampRTP, April 12, 20148
You need to plan ahead!
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Include / budget your market research in annual or mid year planning!
Pick your battles!
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Secondary sources• Start with Google; set Google alerts; look up Google trends• Build list of favorite web sites
• Analysts / consulting firms• Government• Industry / associations (Gale Encyclopedia of Business and
Professional Associations)• Job function• Journals • Blogs, communities, etc.
• Track down leads
Brand metrics HowSociable?
Blog Search Google Blog SearchTechnorati
Discussion Board Search
OmgiliBoardTracker
Twitter Search TweetBeepTwilert
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More secondary resources:
On slideshare.net
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Primary sourcesAffordable ExpensiveCustomers and users* Sample vendors (low incidence
samples)
Your partners’ customers
Sample vendors (high incidence sample)
Panels and custom panels
External online communities
Your communities / forums and social media groups (e.g. LinkedIn, Facebook, Google+)
Experts (consultants)
Intercept (conference, store, event, etc.)
Experts (associations, reporters…)Target and sample size must be based on research objective!Ensure representativeness; avoid bias!
* In some cases this could include you, your social circle, your fellow employees
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Primary data collection methods
Traditional Newer
Interviews Web conferencing
Ethnography
Observation
Observation
Pocket-cam diaries
In person focus groups Online focus groups, bulletin boards
Full service survey platforms Online survey tools
Research panels Online communities
Note: traditional research is often but not always more expensive!
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Online surveys
2013 data:http://www.relevantinsights.com/free-online-survey-tools
Source: whinot.com; January 31, 2012
Key considerations. Do you need?•Flexible survey look and feel. •Skip logic. •Piping. •Randomization. •Conjoint.
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Data analysis and reporting
But will you need quantitative analysis techniques, such as ANOVA, regression analysis, factor analysis,
and cluster analysis?
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International research•Culture codes vary. Some of your questions may not be allowed / legal or perceived well in other countries. Similarly, answers and expressions may differ from what you would expect in the US.
•Market research standards and regulations vary.
•Most countries have at least one marketing research organization that can help guide you. Search them via the ESOMAR directory:•http://www.esomar.org/knowledge-and-standards/research-associations.php
•You can / should also look into ESOMAR, the leading world organization for market research professionals: www.esomar.org.
If you need research abroad, plan your US research accordingly!
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Competitive intelligence
On slideshare.net
ProductCampRTP, April 12, 201417© Innovate |2| market, All rights reserved
Case study: Artis, B2B, technologyContext:Guidance to the commercialization of Smartmat™, a system for “knowing where people are and knowing traffic patterns”. Artis was looking at a number of options ranging from licensing to the spin off of Smartmat to a new business entity.
Targeted industries included (but not limited to): retail, mass transit, transportation, and gaming Product development steps completed included:•Patent research and filing of a utility patent. •Online research into existing products.•Research of security markets.•Development and testing of one beta prototype
Scope: market research and early exploration of manufacturing and production issues
Objective:Verify / articulate the opportunity for Smarmat
Issues: Budget, scope
ProductCampRTP, April 12, 201418© Innovate |2| market, All rights reserved
Artis: Research plan
ProductCampRTP, April 12, 201419© Innovate |2| market, All rights reserved
Artis: results
1. Opportunity identified• Potential for higher margin than
competitors due to unique product feature.
• Technology and pricing challenges.
2. Report Appendix included• Transit Market Estimates• City Transit Authority RFP and
acceptance Test Procedure and Results• Primary research contact list: 38
companies and influencers, including potential partners
ProductCampRTP, April 12, 201420© Innovate |2| market, All rights reserved
Case study: 3M, B2C, multi-country The context: •NPD•Strategy: have the consumer move from a purely functional purchase to an emotional purchase:
oDoes an object like the Teapot allow 3M to reach this objective? oWhat is the impact of such an approach on the image of the Scotch® brand?
Objective:•Verify the acceptance of the design of the new dispenser and validate the new strategic approach in this category of products• Estimate the business potential of this type of product prior to starting to invest in the casts
Issues: •Timing, budget, European scope
Source: “Global marketing: use of the Internet in multilingual and « multi country » market studies The Teapot case » - Tuesday 12 December 2000, SEMO, Paris - Annie Lexcellent, European Marketing Director of 3M; Van Terradot, Managing Director of NovaTest; Claire-Juliette Beale, Vice-President, Business Development, Global Market Insite
ProductCampRTP, April 12, 201421© Innovate |2| market, All rights reserved
3M: The approach
ProductCampRTP, April 12, 201422© Innovate |2| market, All rights reserved
3M: resultsTeapot• Seduced the vast majority of interviewees• Gives more modernity, innovation and proximity to
the Scotch® brand• Performance about similar in all five countries• Clearly takes over the current dispenser: more than
70% prefer Teapot to the existing C 38.
Perception was even better after trial
ProductCampRTP, April 12, 201423© Innovate |2| market, All rights reserved
• Marketing Research Association: www.marketingresearch.org• Council of American Survey Research Organizations:
www.casro.org• Qualitative Research Council of America: www.qrca.org• American Marketing Association: www.ama.com• ESOMAR: www.esomar.org• SCIP: www.scip.org• American Marketing Association: www.ama.org• Quirks (portal and magazine): www.quirks.com/• LinkedIn groups: Future Trends; Consumer Insights Interest
Group; Next Gen Market Research; Online Qualitative Research: The Next Evolution; Market Research Online Communities
Resources
ProductCampRTP, April 12, 201424© Innovate |2| market, All rights reserved
Let’s discuss and share needs, expertise and tips!
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