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Tag: insights

  • The Value of Primary Research In Marketing Planning

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    The Marketing Doctor Podcast, Season 1, Episode 1 – Pilot

    The Value of Primary Marketing Research in the Planning of Marketing Outreach Campaigns.

    Ever wonder how product or service companies figure out what to offer, what products should look like, be called, feel like, or how much they should cost? Ever wonder how they know what you want in a product or service, or how they knew you’d appreciate a particular product or feature?

    Primary research is the best way to get inside the head of the customer and find out their preferences, needs, wants, likes and dislikes. By gathering information and data directly from customers, potential customers, ex-customers, and other direct stakeholders, marketers can determine buying behavior, product features, and more, and turn them into best-selling products and services.

    You’ll learn:

    • What methods of primary research work best?
    • How to analyze and present data that doesn’t yield numbers or graphs
    • How big a sample do I need to gather significant data I can use
    • How to use the insights uncovered to convert them into something I can use to improve my marketing

    The fastest thirty minutes of insight available, The Marketing Doctor will answer your questions about primary research and how to use it to set your marketing program on fire!

  • Insight Versus Data – Don’t Mistake The Two

    Insight Versus Data – Don’t Mistake The Two

    Contrary to popular belief, not only can’t “everyone do marketing”, but the myth that “the Marketing department dreams this stuff up every day . . .” still persists in modern corporate America. I’d like to dispel that last myth, and cover one other as well, that “We have lots of customer data, we can use that to guide our copy and creative platforms with greater success,” that has arisen again and again in discussions of big data with regard to marketing.

    Myth 1 – Marketing comes up with offers, images, copy, color palette, tag lines, slogans, ads and social media posts on their own, every day, just any old idea that surfaces can be put into play and used.

    Nothing could be further from the truth. This myth originated with and has been propagated by those who DON’T work regularly in marketing. Those who are on the outside looking in, so to speak, see a hive of analytical and creative activity going on, with seemingly little input from them or anyone else on the premises. This makes sense on it’s surface, because aside from the initial vetting of a campaign internally, people in the building have little to do with outreach marketing of the firm, unless by some chance they fit the target customer profile as well. We’re not marketing to staff, folks, we’re raising awareness among some very specific individuals outside of here, and their input is used heavily by our marketing pros to shape, craft and refine messages, offers, imagery, brand resonance, media choices and a host of other elements to make sure that those outreach efforts are as successful and cost p-effective as humanly possible. We work in a vacuum at our own peril, and avoid it like the plague as a result.

    Just because we create multi-page printed pieces, video and radio copy, social media posts and potentially entertaining memes and vines, doesn’t mean we’re all having “fun” in the marketing department, “making creative stuff up” all day.

    Myth 2 – “We have lots and lots of data points from our customers, we can use that in our marketing efforts, we don’t need customer insight research,” is the refrain we’ve heard.

    Not true. Customer insights are gleaned through a variety of methods, using all kinds of data. No single source is likely to yield enough information to form a truly overarching customer insight that will effectively cover the segment and guide creative and media elements accurately. Most customer data gathered today is transactionally-based data, either that they purchased something or attended something, (to become a customer), or relational data, (like logging into a website or social media outlet to view a product, referred or recommended our product to someone, or as part of a search). These are very tiny snapshots of singular incidents in the past, and we have no way of knowing what may have lead to or motivated those actions, or if they will ever take place again. Taken in aggregate, they can give you an inkling of preferences or trends, or show patterns with regard to seasonality, economic cycles, or changing needs, but they do not fully and accurately reflect any real human truth with regard to your product or company.

    In short, customer insights should be derived from an amalgam of different inputs, including former customers, potential prospects who fit the audience, staff, industry stakeholders and a host of others to provide a fully rounded, robust portrait of a single verifiable insight that can be extrapolated across the full sector, and applied to actionable efforts to drive emotional resonance and push to purchase. Short of that, true customer insight derived from a single set of data will likely be flawed and less than fully successful in driving marketing results forward.

    Gaining, analyzing and actualizing customer insights involves a specific process, involves a significant number of people, and still needs to have the resulting insight tested in the real world before being applied across the board in outreach marketing efforts. Anything less, and the insights you should be seeking are about your own marketing chops . . .

  • How Marketers Can Use Customer Advisory Boards to Engage Customers, Engender Brand Loyalty, and Much More

    How Marketers Can Use Customer Advisory Boards to Engage Customers, Engender Brand Loyalty, and Much More

    Guest Blogger Rob Jensen provides some great insights about how you can get reliable customer insights to improve your engagement and profitability.

    Marketers are giving a lot of attention of late to the topic of customer experience. Indeed, ensuring that companies optimize interactions with their top clients, obtain the highest level of value and maximize ROI from their precious customers seems to be a universal desire the significance of which is of little debate. The more challenging aspect of achieving these outcomes seems to be HOW marketers are supposed to do so. It is our experience that customer advisory boards (CABs) are the most effective and impactful way to engage with key customer executives and achieving these desired results.

    For those who are unaware, customer advisory boards (also known as a customer advisory councils) are forums to review industry trends, address mutual challenges or opportunities, and offer unvarnished insights and guidance. For vendors, these councils are ideal for validating corporate strategies, gathering input on product development, and deepening relationships with key customers. In turn, there is just as much to be gained by the participating customers.
    Indeed, while engaging customers, gathering their feedback and input to your strategic plans and product roadmap helps engender brand loyalty, the benefits of CABs go much deeper than that. Here then are the top 5 benefits your company can get from a well-run customer advisory board program.

    1. Insight into Business Strategy: Your customers—the consumers of your products or services – are the best (and surprisingly most often overlooked) resource to provide input to your company’s overall direction and business strategies. Such customers should be able to advise you on the products and services they desire, what they would pay for them and how they want them delivered. After all, everything you do is designed to appeal to their needs, so there really is no one more qualified to counsel you on how to best target, approach and serve your client base. Your council can provide invaluable direction regarding which markets to pursue, how to capitalize on market trends, what customer pain points to address, which companies to partner with or acquire, how to best exploit competitors’ weak points, and how to position your company for optimal advantage.

    2. Feedback to the Product Roadmap: A customer advisory board is ideal for providing feedback and desired direction on the host company’s offerings. Your advisory council can offer an insider’s view of what your target buyer needs and wants from your products and/or services. A council also serves as a great platform for securing beta testers of your new offerings, helping you introduce your solutions and providing immediate validation before you go to market.

    3. Increased Revenue: The often unspoken (yet highly desired) benefit from your council is the positive impact you will see in incremental sales revenue. Your members’ organizations will likely increase their overall spend with your business over time. This is due in large part to the fact that they are privy to your growth strategy, are early testers of your solutions and feel closer and more faithful and dedicated to you and your offerings. In fact, Ignite’s experience shows that B2B companies that have active and successful customer advisory boards enjoy a 9% increase in new business among advisory members starting after year one of advisory programs above non-advisory council customers.

    4. Customer Approval and Brand Champions: An additional benefit to running an advisory council is that you are building a close-knit group of company advisors and brand champions. By bringing members into your company’s “inner circle” as trusted advisors, you are also transforming them into even bigger raving fans of your company. In our experience, this almost always happens with council members. As they take on the responsibility of helping to guide your business, they inherently become professionally and emotionally invested in your success, and their enthusiasm and passion tends to permeate their immediate team and sometimes beyond. The result is a group of highly loyal customers who have a vested interest in your success – and not defecting to your competition. Furthermore, your members will likely refer other prospects to you as they talk about you with peers at conferences, events, and throughout their day-to-day operations.

    5. Marketing Campaigns and Messaging: Another often less-recognized area of value a client advisory council delivers is feedback to how your company markets itself. You will gain the rich insight necessary to understand how to position (or re-position) the company against the competition. Your advisory board will advise you as to what makes your business unique and what differentiators you should highlight. Just as important, the council can guide you on which mediums are the most viable in terms of reaching your desired audience. Members can also serve as wonderful client references for testimonials and case studies. Likewise they may also be willing to develop and publish joint articles or white papers with you. This lends industry validation and credibility to your advisory board program, your own organization, and serves as a means of promoting the member and bolstering his/her own company and career.

    While engaging with customers and engendering brand loyalty may be all the rage with marketers these days, in our experience, customer advisory boards are the best method to deliver this – and much more. A well-run customer advisory council will undoubtedly provide your organization with significant input that will put your company on a better, more targeted and profitable course for years to come.

    Rob Jensen is VP of Marketing for Ignite Advisory Group (www.igniteag.com), a consultancy that helps B2B companies manage their customer and partner advisory board programs.  http://www.igniteag.com

     

    If you found this valuable or enlightening, don’t forget to pick up your copy of “The Marketing Doctor’s Survival Notes”

     

  • Don’t Assume You Know Your Customers

    Don’t Assume You Know Your Customers

    Adam Richardson provides exquisite validation to Granite Partners’ research based marketing approach, in this well thought out blog post from Harvard Business Review. I couldn’t have said it better, so I bring it to you in it’s original form. Enjoy!

    Don’t Assume You Know Your Customers

    by Adam Richardson  |

    If the recent U.S. election taught us anything, it’s that you have to be careful assuming that others see the world the way you do. It’s very easy for any organization — political, commercial, not-for-profit — to get caught up in its own echo chamber of like-minded believers. After certain blogs, social media outlets, pundits, and talk shows whipped themselves into a self-reinforcing frenzy, many people were stunned by the election outcome. How could so many “experts” have gotten it so wrong?

    Shared enthusiasm and beliefs are valuable assets when pushing for a goal. In a business context, it’s vital that your employees are emotionally invested in your company’s vision. But there need to be checks and balances to make sure that the vision matches external reality, or you could be enthusiastically charging toward a similar shock. As the science fiction author Philip K. Dick once remarked, “Reality is that which, when you stop believing in it, doesn’t go away.”

    Getting an objective view of who you, as an organization, are trying to serve is critical, but it’s easier said than done.

    Most companies are the centers of their own universes. It’s a natural enough impression; after all, the products and services they offer are on their minds 24/7. The trap is in those companies deluding themselves into thinking that they are as important to their customers as they are to themselves. This is almost never the case. This delusion interferes with understanding customers and their needs, and frequently leads companies to talk to customers in ways that seem foreign or confusing.

    Financial services, the area that I work in now, is an example. It is rampant with confusing jargon and terminology, such as compound interest, ETFs, or the now infamous CDO, or collateralized debt obligation. A 2008 AARP study found that 79% of Americans think prescription drug instructions are easier to understand than materials from financial firms.

    But the financial services industry is not alone. Health care, wireless communications, real estate, information technology, and airlines are all major industries that consistently confuse and turn off their customers, leading to mistrust and disloyalty.

    Jargon in communication is just the surface of the problem. People who work in these industries day-to-day become infused with insider knowledge, techniques, and perspectives. After a while they forget their former lack of expertise and start to assume that everyone must also possess their knowledge — customers included.

    Employees are like hostages suffering from Stockholm syndrome — they take on the worldview of their employer and industry, and forget what it’s like to be a “regular” person without this specialized knowledge. Over time, employees start to talk mostly about tangible product features and become distanced from customer needs and benefits. Value propositions become more abstract and lose the naïve freshness of seeing of who customers really are and how they think, behave, and feel. It becomes increasingly difficult to see your company and industry as nonexpert outsiders do.

    How do we fix this? There are many research methods for better understanding customers, and you may be using them already: ethnographic research, focus groups, surveys, in-store intercepts, and so on. It’s also important to encourage employees to use competitors’ products, so they don’t develop tunnel vision. These are good and necessary, but you can have lots of data and still not see what it’s saying.

    There are two things that can stand in the way getting real insight:

    1. Admitting you may be wrong. If the organization isn’t willing to recognize that it’s not connecting with customers, dismisses indications that customers are confused or uninterested as “irrelevant outliers,” or avoids the message by shooting the messenger, then all the research in the world won’t help. Yes, there are times when an organization needs to be visionary and do things that at first most customers don’t get. Salesforce.com’s pioneering role in the nascent area of cloud computing services is an example of a company that was willing to lose some customers early on in pursuit of the bigger market later. But you have to be very confident in the size of the potential opportunity — and have the organizational fortitude — to pull of that big of a bet. Silicon Valley is littered with companies that made similar bets and failed because ultimately their proposed view of reality never came to align with that of their target customers’.

    2. Garbage in, garbage out. If you’re talking to too narrow of a sample (as was the case with many of the conservative pollsters) or framing research questions in ways that subtly pre-bias the answers, you could be inadvertently creating ever-better products for a shrinking audience. Don’t just meet with your best and current customers; get outside the echo chamber by meeting with ex-customers or people who have never been your customers but love your competitors and the upstart disruptors. (Yes, this often stresses out the sales team.) Years ago, when I was at Sun Microsystems, many at the company initially dismissed the cheap servers then being introduced by Dell and Compaq. Our loyal customers at large companies with massive IT budgets weren’t interested in these low quality machines. Not then, anyway. Sun couldn’t bring itself to lower its standards, and as a result, it ceded a huge part of the market to competitors moving up from the PC space.

    Don’t wait for a catastrophe to show you when you’ve become too caught up in your own hype. Make sure you are continuously seeking a more thorough and objective understanding of your customers, harness the fresh perspectives of new employees, and have the humility to recognize that your customers may have needs and lives beyond your company.

    For more on research and customerinsights, pick up your copy of “The Marketing Doctor’s Survival Guide”