TRC's One-Day Market Research Seminar
Research 2.0: Innovative Choice and Social Networks Methods
When? Tuesday, October 5th, 2010; 9:30 am - 3:30 pm
Where? The Yale Club of New York City, 50 Vanderbilt Avenue, New York, NY 10017
4 sessions, 4 speakers - from TRC and Columbia University.
9:30 Registration and Breakfast
10:00 Session 1 - Product Configurator - A Simple Way to Tackle Complex Product Development Research, by Rajan Sambandam, Ph.D., TRC
Product design is very important for companies and many research techniques are available to address it. Such techniques range in complexity from very straightforward scales to quite involved discrete choice conjoint methods. These traditional methods get respondent reactions to features or full products and have many benefits. However, they do limit respondent ability to express what they truly want. Thanks to recent developments in technology and analytics we are now able to use a far more flexible, yet simple, method that allows respondents to build their ideal product and in the process provide considerable insight into consumer decision-making and choices. This is broadly known as the product configurator (or build your own product) approach and in this session we will discuss its benefits and applications for today's product development problems.
11:10 Session 2 - Marketing Research 2.0: Using Social Media in Marketing Research, by Joseph Plummer, Ph.D., Professor of Marketing, Columbia University
Social media (Facebook, Twitter, YouTube etc) offer unique and interesting opportunities to marketing researchers. For instance, unmediated interactions between consumers can be observed and analyzed, something that has never been possible in the past. Furthermore, the cultural and behavioral changes in consumers surrounding adoption and use of social media have significant effects on marketing research practice. In this presentation, I will discuss effective ways in which social media are being used by marketing researchers. I will also share the findings of some of my own recent research on social media and its practical implications. My goal is to provide marketing research practitioners and users with a better sense of the challenges and opportunities afforded by social media.
12:15 Networking Lunch
1:15 Session 3 - Insights into Purchase Funnel Dynamics, by Pankaj Kumar, Ph.D., TRC
The Purchase Funnel (also known more formally as the Hierarchy of Effects) is a well-known concept in consumer behavior as it effectively describes a consumers' transition from initial awareness to final purchase of a brand. But research often stops with understanding the prevailing levels of each stage for a brand or, at most, calculating conversion percentages across stages. Rarely is there an understanding of how these stages are influenced by the marketing actions taken by the company. In this session we will look at how advanced econometric modeling can provide insights on how exposure to marketing messages has differential effect on the various purchase funnel stages. This allows a better understanding of how to allocate resources to maximize impact on the brand.
2:30 Session 4 - Mine Your Own Business: Understanding What People Say About Your Firm Online, by Oded Netzer, Associate Professor of Marketing, Columbia University
Online gathering places in the form of blogs, forums and chat rooms have dramatically increased over the past few years and leave footprints in the form of a colossal amount of data. These data include consumers' thoughts, beliefs, experiences and even interactions. Exploring this type of information offers firms an opportunity to 'listen' to consumers in the market in general and to its own customers in particular. By observing what customers write about, the firm can get a better understanding of the market structure, competitive landscape and the features of its and the competition's products. This presentation will discuss a decoding mechanism to transform these raw qualitative data into meaningful knowledge for firms. Using examples from the automobile and pharmaceutical markets, this presentation will demonstrate how to generate perceptual maps without interviewing a single customer.