comparability Archives - c3centricity | c3centricity

+41 79 93 39 789 info@c3centricity.com

Is there a Future for Information & Insight? Yes, if we learn these new skills

Last week I had the privilege of presenting at the European Pharmaceutical Market Research (EphMRA) Annual Conference in Brussels. My talk was on the important topic of the future of the Market Research profession.

My invitation came as the result of one of the committee members seeing a question I had posted at the end of last year on several LinkedIn groups: Does your organisation need a market research department? And in the future?” Whether you are a researcher or a user of research data, the following summary of that presentation should help you underst and the need for us all to change the way we work with information and data, in order to increase their value to the business. Recent studies by both IBM  and Business Intelligence about the information needs of top management in general and marketing in particular give us some great clues about what they dislike and what we need to change.

Management don’t get what they need

Executives complain that their information currently comes from numerous, disparate sources, is rarely available in real-time, cannot be easily accessed without the help of IT, and anyway takes too long to customise it to their needs. The good news is that they don’t seem to get too much; in fact it looks as if they actually want more, but more of what they need.

Executives don’t get it in the format they need

Management currently get their information primarily via emails and spreadsheets, which I find shocking.  Why do we expect them to take the time to sift through all the information to draw their own conclusions? Are we still too scared to voice our own opinions, or to make recommendations? Only one in eight receive dashboards and yet this is their preferred medium. They want someone to have thought about their needs and then to provide a simple form that is easy to scan, interpret and take action on.

Marketing needs their data in real-time

It’s a hard time to be a CMO or head of marketing these days. They are being challenged more than ever before, to prove the ROI of their spending. They want more real-time information so they can take better informed decisions. They also need consistency so they can compare across channels and link sales back to individual campaigns and lead-generation efforts.

Marketing don’t feel ready to manage even more information

More than two-thirds of CMOs feel totally unprepared for the current data explosion, especially as it relates to social media. They also feel that they aren’t keeping up with all the rapid market changes, even when they have the money to do so.

The solution is as easy as ABC

Taking into account what management have said about their current information sources, providing what they need is as easy as ABC:

  • Accessibility to the information they need, where and when they need it.
  • Business impact so that what they receive enables them to identify and take the actions needed.
  • Consistency so they can compare across br ands, categories, countries or regions.

In addition to these three essential elements, it is important for us to ask the right questions of the data. As with good market research, getting the right answers depends upon asking the right questions (>>Tweet this<<). And we can only do this if we have a good underst anding of what the business needs. In order for us to increase the value of market research and planning in organisations, analysts need regular interaction across all departments and divisions.

For some companies, this has meant placing the experts in each business unit, but I personally feel that whilst it does increase their interaction with the business itself, they lose independence as well as integration across divisions. From my experience, the most valued market research departments are centralised  and individuals or teams have identified responsibilities by business or region. This frees them to give honest, unbiased feedback without the pressure of over-keen bosses to influence the analysis and results. Additionally, in order for market researchers to maintain the interaction needed to underst and the whole business, they will need to learn some new skills:

  • Socialising with both internal clients and external customers will provide analysts with a better feel for the business and how to support their needs. They must also accept to work more with social media data. Some claim it is not representative, but I beg to differ. From what one can read online, it is probably the closest an organisation will ever get to the true feelings of their customers.
  • Synthesising of both integrated data and the sharing of the knowledge and underst anding resulting from its analysis. Storytelling is such a hugely popular topic that I don’t think I need to go further on it, but the integration and synthesis of information from multiple sources will become essential. As the “internet of things” increases the flow of information into companies, someone will have to manage and make sense of it all and I believe that market research is the best equipped for this role.
  • Surprising management with exciting new ways to gather a better underst anding of customers. Technology is providing more and more ways to do this without even asking questions of our customers. Whether it is virtual reality, facial imaging and emotional coding, neuroscience and biometrics, market research now has a wealth of new tools available, so they need to reconsider how they gather their information. Whilst it means that they will have to get out of their comfort zone of st andard methodologies, the benefits in terms of surprise and delight of their management will more than compensate.

I concluded my presentation by saying that market researchers will have to become “Bionic” to encompass the three new areas of expertise that are necessary to meet management’s needs. These are:

  1. Methodological expertise, as well as project management and analytical skills
  2. Intellectual curiosity to synthesise information from all sources and generate actionable insights
  3. Improved communication skills to tell stories that influence business decision-making

Whether suppliers will take the first role alone or help with the second and third as well, will depend upon the client-side teams treating them as true partners and not mere information gatherers. Do you think this is possible in your own organisation? I would love to hear your thoughts either way. C³Centricity used an image from Kozzi in this post.

Why Most Marketing Plans Fail & 9 Ways to Succeed with Yours

This Monday is Memorial Day in the US, when Americans everywhere think back to those in the US Armed Forces who gave their lives in the line of duty. I too am thinking back, but to all the marketing plans and ideas that have been sacrificed!

The reasons why some plans are accepted and others aren’t are many. Non-alignment with corporate plans is one of the most usual, but lack of clarity, consistency, preparation or budget are also common. And even when accepted, they aren’t always executed as planned. So I thought that it would be useful to take a look back at our own marketing plans that we set earlier this year and review what is and isn’t working. We still have time to make changes and meet our 2014 targets, so which of the following is your current issue?

Declining market share

Firstly, you should be ashamed that you’ve let your br and slide so much that you are actually losing share! Br and equity measures would have given you a clear warning that something was going wrong, months if not years ago! Did you ignore the numbers or were your efforts too small to have the necessary impact? Either way, it’s time to start working out what’s going wrong. Review the 5P’s of marketing for starters and prioritise actions based on what you find.

Stable market share

So your br and’s growth is slowing? This happens in the normal life-cycle of a br and, so no panic, but you do need to take action to renew growth. But don’t think that small tweaks will be enough. Competition is ruthless these days and you will need to create some buzz around your br and. Surprise and delight is the name of the game to win (back) consumers. Start from your strengths and then ramp one or two of them up a couple of levels.

Declining image

As mentioned above, your br and image will start to weaken before market share is affected (>>and%20image%20will%20start%20to%20weaken%20before%20market%20share%20is%20affected%20%20[tweetlink]” target=”_blank” rel=”nofollow”>Tweet this<<), so in theory you still have time to prevent significant share loss. But you must act now! It is more effective to review your image ratings by experience group, to see what you need to do to recover lapsed users or convert more trialists. In my experience the answers should be clear from a regularly run and thoughtfully analysed br and image study using a well-developed attribute list.

Losing consumer trust

This is a serious issue. (as if the others aren’t!) Trust in companies and br ands is what enables consumers to forgive mistakes or accept higher prices. (>>and%20br ands%20is%20what%20enables%20consumers%20to%20forgive%20mistakes%20or%20accept%20higher%20prices%20%20[tweetlink]” target=”_blank” rel=”nofollow”>Tweet this<<) And it tips the balance in your favour in product comparability when performances are similar. Trust is a complex principle built out of a number of influencing factors, such as integrity, reliance, confidence, quality and worthiness. Which of these has resulted in your consumers’ loss of trust? Once identified, you will need to review how you can influence it. It will take time – sometimes a lot of time – to change perceptions.

Inconsistent communications

Since most companies have one product manager or group in charge of each br and, this shouldn’t happen and yet it still does. Multiple suppliers with differing interpretations of the br and promise, and annual revamps of simply the previous year’s work, makes for communications that gradually slip from the original positioning and message. Instead of just looking at the latest or planned communications, it is vital to also review the previous five years’ work. It then becomes obvious how messaging has shifted. (>>Tweet this<<)

Inconsistent product performance

As with communications, most product testing compares current to the proposed new product and sometimes also versus the competition. Unfortunately small changes made can be undetectable to consumers even in direct comparison, or are within statistical errors and so are ignored. But over time, consumers are likely to come to realise that the product to which they have been loyal for many, many years, is no longer what it used to be. Therefore it is useful (essential) to compare product ratings to those from previous years, as well as to the current product.

No emotional attachment

This is a dangerous situation to be in, since if consumers have no emotional attachment to your br and, they can switch without too much thought. In fact your br and is no longer a br and, it’s a commodity! It needs to st and for something in the hearts and minds of consumers, so that they will choose you rather than a competitor. Especially in categories where performance differences are minimal, emotional attachment is what keeps consumers loyal. (>>Tweet this<<)Review how your consumers feel about your br and and what you can do to build more emotional attachment. The stimulation of the senses is a great way to do this. (read more here).

Confusing br and hierarchy

Your line extensions are like family members. There should be a well-defined parent br and and each variant should have clear resemblances to it. As mentioned above concerning product and communications consistency, line extensions can drift away from the look and feel of the parent br and, especially in dynamic categories where innovation and renovation are vital. When was the last time you looked at your whole product range – together? Differences in fonts, colours, sub-br and descriptions and design become quickly obvious. Make the changes needed to get the family back in line.

Lack of (the right) social media presence

I couldn’t end this list without including social media and the internet as this is where most consumer product br ands “live” today. (>>and%20the%20internet%20is%20where%20most%20consumer%20product%20br ands%20%E2%80%9Clive%E2%80%9D%20today%20%20[tweetlink]” target=”_blank” rel=”nofollow”>Tweet this<<)It is not enough to launch a website and Facebook page for every br and and promotion. Living is the operative word here, so it’s much better to have one site that is regularly updated than tens that are visited by twenty people a month ( and yes I’ve found that in many major CPGs in the past). Also make sure that your tone online fits your tone offline and portrays the same personality. Social media is not new media, it’s just another channel, so it must fit into your overall communication’s strategy.

Hopefully this list has given you some food for thought and ideas on which to take action this week. If you are facing a different challenge I’d love to hear about it and possibly offer you some solutions. Just drop me a line here.      

C³Centricity used an image from Kozzi in this post.

Join Global Customer First Strategists!

Get our latest posts before everyone else, and exclusive content just for you.

* indicates required

FREE DOWNLOAD “Secrets to Brand Building”

Everything You Need To Know To Improve Your Marketing & Brand Building

* indicates required