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Helping wrangle big data: Monte Carlo for marketing research
While at a conference for a popular Monte Carlo simulation software, I noticed something interesting: I was the only marketing research professional in attendance. There were several hundred attendees from pharmaceutical device firms, engineering, finance, computational biology, construction, telecommunications, political forecasting and design but this technique, it seemed, was flying under the radar in marketing research.
A perusal through Web sites of some of the leading marketing research firms confirmed the lack of awareness of Monte Carlo simulations and their usefulness in common research applications, such as ROI, loyalty, product development, customer satisfaction and regression modeling - the bread and butter of our industry.
Read on... |
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How P&G used agile research to keep up with consumers
By Matt Warta
The troubling truth is that only 11 percent of Fortune 1000 companies use customer feedback to make market-facing decisions (Harvard Business Review, August 2012). The evolution of the Internet and emergence of mobile computing have forever changed the stakes in the courtship with customers. If consumers can learn about products and services from Google searches, Facebook Likes and Amazon reviews, then marketers need their own set of Internet-enabled solutions that provide smarter, faster insights to stay in front of this digital marketplace. Read on... |
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How to evoke respondents' brand-related stories
By Tom Neveril
The May issue of Quirk's features a focus on emerging research methodologies. From our archives, this article explores the use of storytelling - including elements such as plot, conflict, surprise and lesson - to uncover and explore a consumer's relationship to a brand.
After several years of hyper-competition, consumers now perceive fewer rational differences between brands. So their loyalty is based on more emotional reasons. For example, the book Habit: The 95% of Behavior Marketers Ignore reported on a study on brand loyalty across several categories which showed that 85 percent of customers who defect report being satisfied with their previous brand. The critical challenge for marketers is figuring out how to be on the winning side of these more emotional decisions. And specifically, how can market research help marketing teams create more loyal relationships? The best approach to uncovering the emotional drivers of the subconscious mind is behavioral study. Patterns of behavior, like our rituals and habits, are the foundation of all emotional relationships, good or bad.
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Mining social media to boost segmentation
By Gregory Yankelovich
Marketers have used different market segmentation methods for a very long time. However, as our ability to collect and manage information continues to improve, newer methods of segmentation become available to enable more targeted marketing efforts for marketers and, in turn, better products and services for consumers.
One of the most commonly accepted strategies is a demographic segmentation based on the assumption that a specific group - based on age, gender, etc. - is the primary consumer of your product or service.
Read on...
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Are you connecting with consumers in the most effective way possible?
A complimentary one-hour Webinar about MarketTools' Touchpoint Mapping on May 13, 11:00 a.m. CSM 
Join us and learn:
> How to develop a holistic understanding of the consumer journey from start to finish
> Which touchpoints reach and influence the consumer at every stage of the journey
> The type of messaging content and delivery that is most effective
Jay Pluhar and Alexander Kleijngeld will present. Register now!
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Research War Stories: She fainted dead away...
Mary Ann Farrell tells of a focus group she heard about among women who had very recently had babies. Before the session, one of the women walked up to the mirror to apply lipstick. At that instant, as she was attending to her reflection, one of the clients in the viewing room, standing just behind the mirror, lit a match for his cigarette.
Read on...
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