Welcome visitor you can log in or create an account

800.275.2827

Consumer Insights. Market Innovation.

blog-page
In today’s fast paced, high stakes business environment, where budgets are tighter than ever, finding the time and dedicating the resources needed for generating breakthrough product ideas can be very challenging. Many companies we’ve worked with either have no process in place or rely on internal brainstorming to come up with their next product ideas.

As we know, brainstorming sessions often include a variety of stakeholders. Our academic colleague, Jacob Goldenberg, points out in his book “Inside the Box,” that a better approach to coming up with new ideas is to brainstorm on your own independently, and then bring ideas to the drawing board anonymously for further discussion and feedback. 
 
In addition, while ideation brainstorming sessions often draw upon a wealth of information and trends accumulated via various types of past research, it is difficult to come up with product ideas that are truly new. Thus, most efforts result in close-in modifications or adaptations to existing offers.
 
However, there are some key advantages to such a process as well. Likely, the most important of those is early stakeholder engagement. Having the team onboard early and throughout the process certainly increases your odds of success, and those odds increase even more when consumers are also included early in the process.
Recent Comments - Show all comments
  • Maria Panizo
    Maria Panizo says #
    Liked your webinar very much. To collect consumer feedback what would you say are the most efficient ways of doing it?
  • Kevin Dona
    Kevin Dona says #
    I am glad that you liked the webinar! The most efficient way somewhat depends on how you define “efficient” and the end purpose o

resolutions market ResearchWe are now officially two months into 2017, which means it’s time to keep up with those New Year’s resolution goals. Resolutions can be difficult to attain in both personal and professional life settings. Recently, I stumbled upon an article by Crawford Hollingworth, an interesting read about behavioral science and its effect on New Year’s resolution goal attainment. As I was reading the article, I realized the suggestions for preparing resolution goals provided in the article also relate to the process of preparing a market research study. The four steps for developing a New Year’s resolution recommended in the article are: Make a plan, Substitute old behavior for new behavior, Make it easy, and Make only one New Year’s resolution. My view on how these strategies relate to market research is as follows:


1. Make a plan

The first step of the market research journey is to make an action plan. Figure out what the objective of your research is going to be – what do you want to know and from who do you want insight? Next, consider the methods through which you will obtain the most meaningful and useful results for your research objective. Finally, put together a schedule that includes every aspect of the research, including questionnaire design, fielding the survey, data delivery and reporting the research findings.


2. Substitute old behavior for new behavior

In the grand scheme of market research methodologies, there are plenty of approaches to choose from that will provide the results needed to make powerful decisions about your product or service. Of course, it is normal human behavior to have the desire to stick to what you know, and market research isn’t much different. However, methodologies are continuing to evolve and can provide findings in various ways. For example, TRC has developed methodologies such as Message Test Express™, Idea Mill™ and Bracket™, along with other solutions that are increasingly popular among the research we conduct. This is an opportunity to be creative and try methodologies that have been tested and offer proven results, which will allow you to view research findings from an alternative perspective.


3. Make it easy

In order to get reliable results from your research, it is best to start with consideration of the questionnaire design. Plan the design with the end in mind first, then work your way to the front; if you consider what you want to know first, the questions themselves will come together easily. This will allow you to easily interpret and analyze data during the final reporting stages. On the other hand, in terms of the actual survey, you want to avoid developing questions that are overly complicated or time consuming for respondents. Make sure the questions asked make sense and the instructions are clear and concise so that respondents can quickly grasp the idea of what you are asking of them.


4. Make only one New Year’s resolution

A colleague of mine, Rajan Sambandam, provided insight during a recent meeting about the scope of market research studies being “Broad and Shallow” versus “Narrow and Deep” that I found to be interesting. A take-away from his statement is that you should either have a broad and shallow scope through which you will have less informative findings about a larger group of topics, or a narrow and deep scope through which you will have an abundance of detailed findings about one topic. Instead of striving to accomplish both “broad and shallow” and “narrow and deep” research in one initiative, focusing on one or the other will provide the most meaningful and useful information to be applied to your product or service.

...

economistOver the years our clients have increasingly looked to us to condense results. Their internal stakeholders often only read the executive summary and even then they might only focus on headlines and bold print. Where in the past they might have had time to review hundreds of splits of Max-Diff data or simulations in a conjoint, they now want us to focus our market research reporting on their business question and to answer it as concisely as possible. All of that makes perfect sense. For example, wouldn’t you rather read a headline like “the Eight Richest People in the World Have More Wealth than Half the World’s Population” than endless data tables that lay out all the ways that wealth is unfairly distributed? I know I would…if it were true.

The Economist Magazine did an analysis of the analysis that went into that headline-grabbing statement from Oxfam (a charity). The results indicate a number of flaws that are well worth understanding.

•    They included negative wealth. Some 400 million people have negative wealth (they owe more than they own). So it requires lots of people with very low positive net worth to match the negative wealth of these 400 million people…thus making the overall group much larger than it might have been.    

•    For example, there are 21 million Americans with a net worth of over $350 Billion. Most of them would not be people you might associate with being very poor…rather they have borrowed money to make their lives better now with the plan to pay it off later.

•    They were looking at only material wealth…meaning hard assets like property and cash. Even ignoring wealth like that of George Baily (“The richest man in town!”), each of us possesses wealth in terms of future earning potential. Bill Gates will still have more wealth than a farmer in sub-Saharan Africa, but collectively half the world’s population has a lot of earnings potential.

...

recycle market research pricingIn my two previous blogs about recycling, I reported on gender gaps in recycling behavior and general knowledge about what is curbside-recyclable and what isn't.

Now we turn to the real question: why aren't consumers recycling on a more consistent basis? Again we turned to our online consumer research panel and asked those with curbside recycling access who don't recycle regularly a simple question: Why not? What behaviors and attitudes can Recyclers act upon to educate their customers and encourage more recycling?

Well, like any complex problem, there's no one single answer. Lack of knowledge of what's recyclable and being unsure how to get questions answered play a big part (28%). Recyclers can raise awareness through careful and consistent messaging.

But just as significant as knowledge is overcoming basic laziness (29%). Sorting your recycling from your trash takes effort, and not everyone is willing to expend energy to do so. Recyclers may not be able to motivate them, but another concern is addressable, and that's scheduling – having trash and recycling pick-up on different days can de-motivate consumers to recycle (15%).

Another challenge is forgetfulness. Some folks are willing to recycle, but it slips their mind to do so (25%).
Education could help promote a feeling of responsibility and elevate recycling's importance:


•  I don't feel that whether or not I recycle makes a difference (14%)
•  Recycling isn't important to me (10%)
•  I'm not convinced recycling helps the environment (8%)

...

pets pricing-researchIn a recent survey we conducted among pet owners, we asked about microchip identification. We found that cat owners and dog owners are equally likely to say that having their pet microchipped is a necessary component of pet ownership. That’s the good news.

The bad news is that when it comes time to doing it, the majority haven’t taken that precaution. 69% of the cat owners and 64% of the dog owners we surveyed say they haven’t microchipped their companion.

Why is microchipping so important?  Petfinder reports that The American Humane Association estimates over 10 million dogs and cats are lost or stolen in the US every year, and that 1 in 3 pets will become lost at some point during their lifetime. ID tags and collars can get lost or removed, which makes microchip identification the best tool shelters and vets use to reunite pets with their owners.

One barrier to microchipping is cost – it runs in the $25 to $50 dollar range for dogs and cats. Not a staggering amount, but pet ownership can get expensive – with all the “stuff” you need for your new friend, this can be a cost some people aren’t willing to bear. Vets, shelters and rescue groups sometimes discount their pricing when the animal is receiving other services, such as vaccines. Which begs the question, if vets want their patients to be microchipped, what’s the best way for them to price their services to make this important service more likely to be included?

It seems that pet microchipping would benefit from some pricing research. Beyond simply lowering the price, bundle offers may hold more appeal than a la carte. Then again, a single package price may be so high that it dissuades action altogether. Perhaps financing or staggered payments would help. And of course, discounts on other services, or on the service itself, may influence their decision. All of these possibilities could be addressed in a comprehensive pricing survey. We could use one of our pricing research tools, such as conjoint, to achieve a solid answer.

...

Want to know more?

Give us a few details so we can discuss possible solutions.

Please provide your Name.
Please provide a valid Email.
Please provide your Phone.
Please provide your Comments.
Enter code below : Enter code below :
Please Enter Correct Captcha code
Our Phone Number is 1-800-275-2827
 Find TRC on facebook  Follow us on twitter  Find TRC on LinkedIn

Our Clients