how to use market research to help drive your business forward

How to use market research to help drive your business forward with confidence

© Habit5 2014

2David Jones, Managing Director, Habit5

• Full Member of the Market Research Society (MMRS)

• Fellow of the Institute of Direct Marketing (FIDM)

• Chartered Marketer (CIM Diploma)

• 15 years in Planning and Strategy roles at leading regional communications agencies

• 10 years in senior client side roles, including being Head of Communications at first direct

• Balanced appreciation of research, marketing, brand and customer needs

• Led research and consulting projects for: Intercontinental Hotels, first direct, HSBC, The Open University, Travis Perkins, Budget Insurance Group, Thompson & Morgan, Bravissimo, Topps Tiles, Acdoco, Keycamp and many others

Who am I?

At Habit5 we believe that the brands that understand best, demonstrate this understanding and are in turn understood by their customers, will do best in their markets.

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We believe the brands that understand best, demonstrate this understanding and are in turn understood by their customers,

will do best in their markets.

Humans have a deep seated desire to be understood, it is a key part of the social construction of the self.

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Why

Find out more at: http://www.scoop.it/t/human-understanding

Brands need to be very well understood by their customers in order to lead their markets.

Simon Sinek – Start with why

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Why

There is a growing imperative on brands and businesses to demonstrate understanding and deliver value, based upon the data they hold on people.

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Why

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0Current needs

Future needs

Preferences

Use of information

Pricing

Overall Understanding

Brand Why

Brand Understanding

Comparative

Satisfaction

Recommendation

MUM Score

Mean score

Top score

Lowest score

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Why

Source: Habit5 - Mutual Understanding Measure 2013

The leading brands get a lot of things right but they can still make improvements in understanding.

But how to navigate your business into this advantageous position?

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How

Research serves to make building stones out of stumbling blocks.Arthur D. LittleFounder of International Management Consultancy 9

How

What is research, but a blind date with knowledge.William Henry1774-1836, British Chemist

Research is formalized curiosity. It is poking and prying with a purpose.

Zora Neale HurstonAmerican folklorist, anthropologist, and author

Research

Research is a means to an end.

The end is insight.

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How

"A new understanding, probably of human behaviour or attitude, as a result of which action may be taken and an enterprise more efficiently conducted.“Jeremy BullmoreFormer President of the Market Research Society (MRS)

10 ways in which research can help

drive your business forward.

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How

1. Predict future needsUsing desk research, horizon scanning, scenario planning or simply asking the ?

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How

2. Improve understanding of current needsUsing qualitative or quantitative methods 13

How

3. Learn from lifeUsing ethnography and mystery shopping 14

How

4. Build upon behaviourUsing observational techniques and nudge 15

How

5. Appreciate how customers like to do thingsUsing journey mapping to optimise the experience

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How

6. Collaborate on product improvementsUsing offline or online co-creation 17

How

7. Get the price rightUsing pricing sensitivity research 18

How

8. Evaluate brand strength & performanceUsing brand health measures 19

How

Advocacy

Satisfaction

Conversion

Consideration

Awareness

Bonding

Advantage

Performance

Relevance

Presence

Frequent lower value purchase Infrequent higher value purchase

9. Measure customer satisfaction

Using touchpoint research tools 20

How

10. Test for successUsing prototypes, beta & hothousing 21

How

The 2 T’s of Test

The Planning T

The Design T

10 ways in which research can help

Drive your business forward with confidence 22

1. Predict future needs

2. Improve understanding of current needs

3. Learn from life

4. Build upon behaviour

5. Appreciate how customers like to do things

6. Collaborate on product improvements

7. Get the price right

8. Evaluate brand strength & performance

9. Measure customer satisfaction

10. Test for success

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THANK YOU.

David JonesManaging Director

T. +44 (0) 1522 519388M. +44 (0) 7702 596260david.jones@habit5.co.ukwww.habit5.co.uk

WhereMain Office Location:Habit5Unit S15SparkhouseEnterprise@Lincoln BuildingRope WalkLincoln LN6 7DQUNITED KINGDOM

If you would like a copy of this presentation. Please give me your business card or send me an email and I will provide a Dropbox link to it.

Any questions?

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What would you most like to know, to help drive your business forward?