Market Research on Shoestring Budgets

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ProductCampRTP, April 12, 201 1 © Innovate |2| market, All rights reserved Market Research on Shoestrings - A Product Management and Development Perspective

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From opportunity identification to customer and user satisfaction, Market Research is a key component to the product / service development and management process and contributor to the success (or lack of) of products and services. Marketing and product teams, and their market research departments when available, are often challenged to do market research with shrinking or no budget. This presentation to ProductCampRTP covered the following angle: - Know your goals. Pick your battles. High risk versus low risk projects - When and how to do Market Research on a budget: Quantitative Research, Qualitative Research - Traditional vs new data collection methods (such as online, mobile) and sampling (online panels) - Communities and Social Media - International research considerations - Where to go for more information Known as an innovation, marketing and product management professional, Claire-Juliette Beale has extensive experience conducting quantitative and qualitative market research for companies of all sizes in both B2B and B2C industries, in the US and internationally. As a member of the founding Executive team of Global Market Insite (GMI), a leading global provider of online market research solutions and services, she contributed to the development and success of new research methods and products including Internet (online) survey research, mobile survey research, online panels, as well as qualiquant research. She is New Product Development Certified from the Product Development and Management Association.

Transcript of Market Research on Shoestring Budgets

Page 1: Market Research on Shoestring Budgets

ProductCampRTP, April 12, 20141© Innovate |2| market, All rights reserved

Market Research on Shoestrings - A Product Management and Development Perspective

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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

[email protected]

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

© Innovate |2| market, All Rights Reserved.

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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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

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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

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Artis: Research plan

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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

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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

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3M: The approach

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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

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• 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

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Let’s discuss and share needs, expertise and tips!