So much has been written about conducting research for new product development. Not surprisingly, as this is an area of research almost every organization, new or old, has to face day in and day out. As market research consultants, we deal with it all the time and thought it would be beneficial to provide our audience with our own recommendations for some useful sources that explain conjoint analysis – a method most often used when researching new products and conducting pricing research.
This is a relatively brief article from Sawtooth Software, the makers of software used for conjoint, that provides an explanation of the basics of conjoint. The paper uses a specific example of golf balls to make it easy to understand.
For years now, my colleague Jessica would solicit donations to the American Cancer Societythrough its annual Daffodil Days® campaign. Each year I'd give Jessica my donation and a few weeks later I'd receive 10 daffodil buds. I'd arrange them in a vase in my office and watch as they opened up into beautiful blooms over the course of a few days. And in doing so I'd be reminded that my donation is being used to find ways to eradicate cancer and help people in need.
It was announced that this year would be the final year for Daffodil Days®.
I have to admit, my first thought was not, "how will I donate to ACS now?" My first thought was that something was being taken away from me! Which, of course, irritated me. My second thought was that I'll have to look for another way to get daffodil buds next spring. And then it dawned on me that by cancelling the daffodils promotion, the ACS could be losing a long-time supporter.
Businesses are faced with product optimization decisions all the time – what will happen if I remove a product, service or distribution channel from the market? Will customers be lost? What will the short- and long-term effects be?
On vacation I read a number of books (love my Kindle) including Why Nations Fail by Daron Acenoglu and James Robinson and Imagine by Jonah Lehrer. While clearly quite different, one on what has allowed some nations to grow and endure while others fail and the other one about unlocking the creative processes of the brain; I took away lessons for my work from both.
“How Nations Fail” isn’t a business book. It is more of a history book than anything, but I saw parallels with what we are facing. The book details a long string of historical examples of nations that either failed outright or that saw some success but then reversed course. The central core is that nations that succeed over time always feature the same factors which feature truly inclusive systems. Meaning, everyone has a chance to succeed on an equal footing.
Over the past couple years there have been few topics as hot as “bank fees”. The financial collapse of 2008 started a chain reaction that included lots of consumer outcry and intense regulatory scrutiny. As a result, banks got squeezed…hard. Whether they deserved it or not is a debate for others who are smarter and better informed than I am, but what even I can figure out is that when a business starts to lose money and has its revenue streams cut, it has to identify ways to stop the bleeding. In bank-speak, that means raising fees.
As a consumer, I don't like fees any more than anybody else does, but I also recognize that a business is in business to make money. Rather than curse the fates, or fees in this case, I did what I do best...I researched the issue.
Over the past year I’ve blogged about the things that I think will drive the future of Market Research and I’m pleased to announce that for our Frontiers of Research annual conference (May 8th, in NYC, view full agenda or register) we have assembled speakers who will drive that conversation forward. The conference will cover the full spectrum of buzz-worthy topics (Behavioral Economics, Neuroscience, Gamification, Predictive Analytics). And the focus, as always, will be on ideas presented in an easy to understand way (no math!). With speakers from four Ivy League schools, and presentations that range from poker to motion picture box office, this should be an informative and enjoyable day.
Leonard Murphy will set the table by calling on his extensive knowledge of the industry to illuminate how academia can and is driving us forward. Anyone who follows his blog knows that he is not only one of the most knowledgeable industry leaders around, but that he has a provocative view of where we are heading.
In my last blog, we learned that the answer to the question as to whether 3D can save the American Movie Box Office is Probably Not. The adult consumers we surveyed do not view 3D as important to them in selecting a movie to see.
But what is important?
We polled 829 US consumers age 18+ who are part of TRC's online panel. They were part of a broader test in which we experimented with various methods to determine the best way to differentiate importance factors in the decision-making process. We chose movie decision-making as our topic, and participants evaluated 18 factors in their decision which movie to see and where to see it.
3D is all the rage in Hollywood and is coming to a TV set near you if it isn't there already. 3D@Home Consortium lists no fewer than 20 movies planned for theatrical release in 2012 that will be offered up in 3D. These include Men in Black 3, Star Trek 2 and The Ring 3D.
But is Hollywood's push toward 3D the result of consumer demand? Holly McKay reporting for FoxNews.com says that less than 50% of the box office earnings for Kung Fu Panda 2, Pirates of the Caribbean, Green Lantern and Cars 2 in 2011 were from 3D showings.
But how does 3D fit in as a draw relative to the other decisions a potential movie-goer makes? Does 3D motivate an American adult to select a movie to see on a given day?