optimal strategix group: an introduction · 2013-11-08 · strategy and consumer research 13 •...
TRANSCRIPT
©2013 | Optimal Strategix Group | www.optimalstrategix.com
©2013 | Optimal Strategix Group | www.optimalstrategix.com
No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means whether electronic, mechanical, photocopying,
recording, or otherwise without the permission of Optimal Strategix Group.
Optimal Strategix Group: An Introduction
November 6, 2013
1
©2013 | Optimal Strategix Group | www.optimalstrategix.com
Topics for discussion
Introductions
What is market research?
How do PhDs fit in?
Who is OSG?
What makes us unique?
Our methodology
Advanced Analytics
Examples
Opportunities
A peek at OSG’s culture
2
©2013 | Optimal Strategix Group | www.optimalstrategix.com
Introductions
Alyssa Klein, PhD – Director, Delivery Services
Satya Varagoor, PhD – Head of Operations
Denise Houser – Director of HR
Julie DiPopolo, PhD – Project Manager, Advanced Analytics
3
©2013 | Optimal Strategix Group | www.optimalstrategix.com
Alyssa Klein, PhD
Background
BA in English, Nonfiction Writing (2001: UPenn)
PhD in Communication (2011: Annenberg)
Previous Experience
Medical Publishing (1999-2002)
• Gained interest in pharmaceutical industry through writing and editing for advertising agencies, pharmaceutical companies, and industry publications
Research Experience (2002-2006)
• Various health-related research teams (NIDA, CECCR, etc)
• Methods TA
Dissertation
Advisor: Joe Cappella
Evaluating dimensions of messages exchanged in online support groups for breast cancer patients (and potential effects, though there weren’t many !)
4
©2013 | Optimal Strategix Group | www.optimalstrategix.com
My market research journey…
@Futures
Nielsen
OSG
5
Modeling decision making behavior –
understanding how patient and product
characteristics lead to physician’s
prescribing choices (mostly forecasting)
Forecasting in pharma, but also exposure
to the “machine” that is Nielsen – power of
data, data, data!
Innovation! Helping companies design
new products or more effectively market
their existing products by understanding
the unmet needs of their customers
At some
point, I just
needed to
see what
research
could do in
the “real”
world….
©2013 | Optimal Strategix Group | www.optimalstrategix.com
Topics for Discussion
Introductions
What is market research?
How do PhDs fit in?
Who is OSG?
What makes us unique?
Our methodology
Advanced Analytics
Examples
Opportunities
A peek at OSG’s culture
6
©2013 | Optimal Strategix Group | www.optimalstrategix.com
What is market research?
Market research is any organized effort to gather information about customer’s needs and preferences
• Many forms (primary, secondary data)
• Many types (qualitative, quantitative)
• Many objectives (health of current brands? development of future brands? Who are my customers?)
7
©2013 | Optimal Strategix Group | www.optimalstrategix.com
How do PhDs fit in?
The goals of most market research projects are very similar to academic research in the social sciences – we are trying to understand how people are behaving and why
Academic research, introduced into the marketing world, became the father of market research
• Therefore, the process is quite similar – just faster!
• However, the applications are quite different
We need people who have the rigorous research methods and analytical skills to drive design, analysis, and interpretation of our research projects
8
©2013 | Optimal Strategix Group | www.optimalstrategix.com
A few current examples of projects…
A client wants to design a patient “rewards” program to help encourage compliance. What are the potential benefits that would be most appealing and motivating to patients?
A client wants to understand which product features will be best received by the target audience. What levels of safety and efficacy do they need to hit in order to be successful in the marketplace?
A client wants to more effectively communicate to its customers about their various brands. Who are the segments in their customer base and what messages will be most motivating to each of them?
A client wants to understand how to most effectively spend the dollars they have to sponsor medical education opportunities for physicians as they prepare to launch a new drug. What are the biggest gaps in what’s available today?
9
©2013 | Optimal Strategix Group | www.optimalstrategix.com
Topics for discussion
Introductions
What is market research?
How do PhDs fit in?
Who is OSG?
What makes us unique?
Our methodology
Advanced Analytics
Examples
Opportunities
A peek at OSG’s culture
10
©2013 | Optimal Strategix Group | www.optimalstrategix.com
Who is OSG?
OSG is a Strategic Marketing Consulting and Analytics Firm with Global Resources and World Class Clients
Primary offices in Newtown, PA and Bangalore, India
Additional offices around the country/globe
11
©2013 | Optimal Strategix Group | www.optimalstrategix.com
We create value for our clients by focusing on the customer & building a fact base to drive strategic decision making and guide activation efforts
What are the future sources of growth for business?
How attainable are the identified growth prospects?
What are the hypotheses for accessing growth? Can business satisfy requirements?
Opportunity Assessment
How does the market segment?
Which segments should we target?
What value proposition will create appeal & a sustainable competitive advantage with target(s)
Growth Strategy
What customer experience will deliver value proposition?
• Offering (Product & Service)
• Brand/Communication
• Channel
• Pricing
Go-To-Market Strategy
Empirical Customer & Market Insights
Value Identification Determine Growth
Potential
Value Creation Design Strategy To Realize
Opportunity
Value Delivery Define Go-To-Market Approach
To Capture Growth
12
©2013 | Optimal Strategix Group | www.optimalstrategix.com
OSG: Leading publications for thought leadership in marketing strategy and consumer research
13
• OSG’s senior
management have
served as expert
witnesses in high-
profile US
corporate law
cases (e.g., Apple
& Samsung patent
case) thanks to
their expertise in
market research
• OSG’s leadership
has been featured
in numerous
business
magazines in
recognition of their
depth of knowledge
in consumer
marketing
• OSG shares how
CMOs work with
CIOs to leverage
organizational data
to provide holistic
customer insight
• OSG outlines a
comprehensive
approach to
understanding
customer sentiment
and drivers of
purchase behavior
Chief Marketer,
Sept 7 2012
HBR
Nov 9 2012
Forbes
August 16 2012
Forbes
July 18 2012
©2013 | Optimal Strategix Group | www.optimalstrategix.com
ASEMAPSM informs a spectrum of business questions
Satisfaction & Loyalty
Pricing Segments &
Targeting
Messaging &
Positioning Innovation
Customer Choice
• Which
messages
resonate
best?
• How are we
perceived in
the market?
• How can we
convey our
value?
• Which
dimensions of
the customer
experience
determine
customer
loyalty?
• How satisfied
are our
customers?
• What
elements of
customer
choice
contribute to
the price they
are willing to
pay?
• How do we
price to
optimize
profit and
capture
value?
• What
features are
most
important to
customers?
• What unmet
needs exist?
• How do
customers
make purchase
decisions?
• Which
customers
should we
target that are
most
attractive?
Value Proposition Validation
Competitive Intelligence
• How are
competitors
performing in
the market?
• What are our
competitive
alternatives?
• How do we
differentiate
in the
market?
• What do
customers
value that
we can
address?
14
©2013 | Optimal Strategix Group | www.optimalstrategix.com
The Adaptive Self-explicated Method (ASEMAP℠) offers a more efficient and accurate approach to gaining insight
Efficiency
Accuracy
Insight
• Each respondent is modeled in real time • Results are available soon after field, since modeling doesn’t require aggregate data • Results tracked while project is in field – partial results can be provided • Smaller samples can be used – in total, or to profile sub-groups • Including more attributes does not require greater sample size • Can be used as a module in qualitative research
• Best-in-class predictive accuracy • Adaptive software focuses respondents on attributes of their individual greatest interest, maintaining their
interest and involvement • Greater respondent engagement improves data quality with no increase in questionnaire length
• Include all relevant choice drivers, as ASEMAP can include more attributes and levels than standard methods, and can consist of product characteristics as well as functional and emotional benefits sough
• Determine which drivers are most important, as ASEMAP generates greater differentiation among attributes • Needs-based segmentation can be done since each respondent is modeled individually
15
©2013 | Optimal Strategix Group | www.optimalstrategix.com
ASEMAP℠ - Adaptive Conjoint Trade-Off Exercise in practice Market Need
1. Review and Sort
2. Rank
3. Trade-off
4. Validation (optional)
1
2
3
4
16
©2013 | Optimal Strategix Group | www.optimalstrategix.com
Methodology: ASEMAPSM – Adaptive Conjoint Trade-off Exercise
Optimal Strategix Group uses a unique methodology (ASEMAP℠) to derive a true understanding of the importance of the many factors of the offer that influence customer decisions.
ASEMAP℠ is a conjoint methodology that is proven to perform best at understanding customer decision making in the real world.
The rich understanding of the customer is complimented by the addition of demographic, behavioral, perceptual and attitudinal data . This added context allows for more specific recommendations for growth.
• In ASEMAP℠, every respondent reviews all the stimuli in providing their preferences for drivers, providing more robust, detailed and actionable insights.
• Each respondent performs trade-offs between adaptively selected pairs of attributes, answering the question “Which one is more important to you? By how much more?”
• The smart algorithm adapts to responses given, and shows the pairs needed
1. Rank
2. Sort
3. Trade-off
4. Validate
17
©2013 | Optimal Strategix Group | www.optimalstrategix.com
ASEMAP℠ > Methodology Key Step > Adaptive Pair-Wise Comparisons
In ASEMAP℠, questions are asked using an adaptive self-explicated trade-off methodology
Every respondent reviews all the stimuli in providing their preferences for drivers of equity, providing more robust, detailed and actionable insights
Each respondent performs trade-offs between adaptively selected pairs of attributes, answering the question “Which one is more important to you? By how much more?” (see screenshot below)
The smart algorithm adapts to responses given, and shows the pairs needed
Which of the requirements below is more important to you when choosing a canine oncology drug? By how much more?
The length of the bar represents how important each benefit is to you. If, for example, one message is twice as important
to you as the other, click on the blue bar at it’s right edge and drag it to make it twice as long as the other.
Side Effects
Efficacy Onset
18
©2013 | Optimal Strategix Group | www.optimalstrategix.com
Eye Comfort
Vision Clarity
Long-Wearing
Cost
Rate the following on a scale of 1 to 5, where: 1= Not at All Important and 5= Very Important
33%
66%
60%
40%
30%
70%
Cost
Eye Comfort
Eye Comfort
Vision Clarity
Long-Wearing
Cost
Indicate the importance of each attribute in comparison to the other
More noise: Less variability of response
and differentiation
Greater Signal: High variability of response
and differentiation
Standard Approach OSG Approach
A differentiated and powerful approach: ASEMAP Trade-Offs determine the true magnitude of importance in a choice decision
19
©2013 | Optimal Strategix Group | www.optimalstrategix.com
RESULTS: What drives customer choice becomes apparent
This requires modeling how customers make choices and serves as the underpinning across the commercialization process
Concept Evaluation
Innovation Pipeline
Segmentation
Messaging/Positioning
Pricing
Customer Satisfaction
20
©2013 | Optimal Strategix Group | www.optimalstrategix.com
Outcome – Identify where the differentiated growth opportunities exist
In comparing the importance of Need Attributes against how well they are currently met in the market, the approach to growth can be revealed.
Areas where your organization leads competitors are green, where it lags are red (hypothetical)
The size of the bubble reflects the magnitude of the opportunity (hypothetical)
Maps can be created for each of the key stakeholders
This provides the foundation for offerings that address the customer experience
21
HIGH LOW
LO
W
HIG
H
Note: The above chart is for illustrative purposes only and demonstrates
possible output. It does not represent actual data or relationships.
Brand Evolution: Benefits are important; Unmet needs exist
Low ROI: Current treatments perform well and benefits are unimportant
Market Development: Benefits are unimportant/unmet needs exist
Att
rib
ute
Imp
ort
ance
Needs Addressed
Entry Ticket: Brands are not differentiated, Needs are satisfied by at least some brands
©2013 | Optimal Strategix Group | www.optimalstrategix.com
ASEMAP℠ Summary
ASEMAP℠ Adaptive Self-Explicated Method
The Adaptive Self-Explicated Method (ASEMAP℠) offers a simpler web-based approach for multi-attribute preference measurement
By using the power of interactive computer data collection, ASEMAP℠ allows for constant sum measurement of a large number of attribute importances
ASEMAP℠ produces greater variability in attribute importance relative to Adaptive Conjoint Analysis (ACA)
ASEMAP℠ provides a substantially higher predictive validity compared to ACA, Constant Sum and Maxdiff
Advantages
•Best in class predictive accuracy
•Considers higher amount of factors/attributes
•Superior results with lower sample sizes
•Entire sample responds to all attributes
Benefits
• Higher decision-making confidence
• Understand importance of all relevant choice drivers
• Specific views into profiles even with smaller samples
• More robust data set can be used for S/T/P and other analysis
22
©2013 | Optimal Strategix Group | www.optimalstrategix.com
Details About The OSG Approach
OSG recommends a proprietary conjoint methodology for certain engagements because it offers the following advantages:
This approach is more flexible, more accurate, and more respondent friendly as published in the AMA’s Journal of Marketing Research.
Allows for a larger set of benefits/attributes, and each attribute can have as many as 10 levels, creating a more actionable measure of customer preference.
It has been proven to be more accurate at predicting the choices customers make.
The approach was developed by thought leaders in the field of understanding customer decision making
It has been published in literature such as the AMA’s JMR
23
©2013 | Optimal Strategix Group | www.optimalstrategix.com
Julie DiPopolo, PhD
Background
BA in Psychology (2004: The Richard Stockton College of NJ)
PhD in Psychometrics (2011: Fordham University)
Previous Experience
Teaching (9/2008-5/2010)
• Statistics, Research Methods, Consumer Behavior
Nielsen BASES, PM&D (8/2010-9/2013)
• Supporting pharmaceutical team
• Segmentation Consultancy team
• Structural Equation Modeling team
Current Role at OSG (9/2013-current)
Project Manager on the Advanced Analytics team
24
©2013 | Optimal Strategix Group | www.optimalstrategix.com
Advanced Analytics
Analytics: using inferences based on data to drive decisions
This does not require a sophisticated statistical background (though it helps!)
Involves all phases of a study:
• Questionnaire development
• Design
• Data analysis
• Report presentation
Advanced Analytics at OSG:
Project management and execution
Research and development
• Best practices
• Innovative offerings and modeling solutions
• “Big data”
25
©2013 | Optimal Strategix Group | www.optimalstrategix.com
Topics for discussion
Introductions
What is market research?
How do PhDs fit in?
Who is OSG?
What makes us unique?
Our methodology
Advanced Analytics
Examples
Opportunities
A peek at OSG’s culture
26
©2013 | Optimal Strategix Group | www.optimalstrategix.com
Topics for discussion
Introductions
What is market research?
How do PhDs fit in?
Who is OSG?
What makes us unique?
Our methodology
Advanced Analytics
Examples
Opportunities
A peek at OSG’s culture
27
©2013 | Optimal Strategix Group | www.optimalstrategix.com
Opportunities
Analyst
Associate
Project Manager
Director
Contact Denise Houser for more information,
(P) 215-867-1917
28
©2013 | Optimal Strategix Group | www.optimalstrategix.com
Topics for discussion
Introductions
What is market research?
How do PhDs fit in?
Who is OSG?
What makes us unique?
Our methodology
Advanced Analytics
Examples
Opportunities
A peek at OSG’s culture
29
©2013 | Optimal Strategix Group | www.optimalstrategix.com
“We Love to Have Fun”
30
©2013 | Optimal Strategix Group | www.optimalstrategix.com
“We Love to Have Fun”
31
OSG Team