Do you want ROI from market research instead of it being a cost? Research anew.

19-02-17
Word of Mouth marketing Co-creation Market Research Improving market research marketing ROI

Market research has, to all intents and purposes, remained unchanged for years. Essentially organisations do quantitative market research to get the numbers and qualitative research to understand the why. Market research is regarded as a cost and it's not always trusted by organisations. 

There is a massive opportunity hidden in doing qualitative research, which most organisations don't embrace, I've run in excess of 500 focus groups, they are useful for brand perceptions and understanding behavioural drivers. Typically members of the public are 'recruited', thrown behind a one-way mirror, a moderator talks to them asking 'non leading questions' and they are turfed out with 20 dollars or euros or pounds sterling never to be seen again. Regulars to focus groups are called 'groupies'. 

There is a massive hidden opportunity here. Around 10-30% of any market are Advocates of a brand, they honestly like it. In a third of occasions when I'm a moderator I have to literally call it a day because people won't go away. We used this approach to increase sales of a soft drink by 15%, instead of 'turfing them out', we said, we'd like to invite you to have an on-going dialogue with us. And I don't mean a panel. I mean moving from research to co-creation. 

Here's the main difference. Market research mines people for information, they aren't truly respected, we talk about 'putting the customer first' but we don't treat customers as partners in the main. What we've done is take customers who are keen, invite them back again and teach them ideation techniques in their own right. Once you've done that, you start building a relationship with them and you can invite them back again and ask them to help you improve or create new ideas for your company or service. The metaphor is simple, run your business like a club. 

You'd be amazed how once you start to think like that, you move from market research, to co-creation of products and services to a digital incubator. Even better, people are so excited to feel they are contributing that they talk about your brand more and this drives Word of Mouth. 

So you don't need to think of market research as a one-off cost, think of it as a journey.  For more information feel free to e-mail me jake@jakepearce.com  

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About the author

Jake Pearce

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"Different to get better results". Jake is obsessed with marketing ROI. He helps companies amplify word of mouth to get business more easily. He uses Meanomathics to boost Comms cut through 10-30%. He uses co-creation to future proof innovation - he turned around a drinks category providing 15% growth using professional co-creation. And he helps top CEO and celebrities with their personal branding. 

Worked with Vodafone,Kellogg'sMcDonalds,ANZ,McDonalds,Suntory,Danone,HSBC,Barclays,BAT,Meat Brands,Saatchi&Saatchi,Draft FCB,Fairbrother Industries, Les Mills, Holmes Place, Grey and a host of digital start-ups.

Jake Pearce is a specialist in brand planning, development & innovation. Jake is currently working on a Word of Mouth Marketing start-up, a personal branding start-up and new delivery systems for wellness products. 

www.jakepearce.com - for brand development and innovation

www.womtwo.com - for word of mouth marketing expertise

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