Sunday, April 10, 2011

Market Research is DEAD!

  Ok, well market research isn't totally dead, but according to Martin Lindstrom market research will be changed forever with neuromarketing. In his latest book Buy-ology Linstrom shares the results of the most extensive neurological study ever done. 
   Instead of asking people what they think or asking them to share the reasons they purchase the way they do, Linstrom and his team watched the brain while asking people questions or showing them images. One of the most shocking revelations was the fact that the anti-smoking campaigns were actually working for the tobacco companies. Linstrom interviewed several smokers and asked them if the warning signs bothered them when they purchased cigarettes. One woman said that it did, however when they did a scan of her brain when she looked at the warning sign, a signal rang in the motivator area of the brain. It was doing the opposite of deterring her, it was motivating her to purchase that cigarette. While it is unknown as to why this happens it is a huge insight into the behaviors of consumers. It also answers the question of why more people aren't quitting smoking when they see those warning signs.
   Because of findings like these, Lindstrom believes current market research techniques will soon die and new ones like these (neuromarketing) will take over. While current market research techniques like focus groups and surveys have their flaws that need to be flushed out still, I think we are still a long way from actually being able to use neuromarketing as a research tool. For one it is incredibly expensive to use the machinery for tests. Second, neuromarketing is a great tool for the aftermath of a marketing campaign. It can show researchers what part of the brain is triggered by certain ads, however it will never be able to tell researchers what the consumer wants in the future. To find this information out, I think focus groups and surveys is the best way to do it!


   Where do you think market research will go? Will tMRIs become cheaper and allow more people access to using them? Will marketing start working on the neurological level- if so, how will they do that? Lots to come in the next few years of marketing and I'm excited to see!!


Sunday, April 3, 2011

The pro's and con's to Trump's market research

   While this was research done as a joke there are things to learn from this video. First, face to face interviews can reveal a lot more than an online survey or over the phone interview. Seeing the facial reactions of people to questions can help researchers will analyzing the data. However, the downside to face to face interviews like the Trump was doing here is that people are biased when they are being video tapped or looking straight at the interviewer.
   We want to please others- its simply in our genetics. So, when someone is approached on the street like this they want to answer the questions the way they think the interviewer wants them to answer. They look for facial cues of the interviewer to help guide their questions. 
   So while there are some great things to face to face interviews, there are also some downsides that need to be taken into account when analyzing data!

Wednesday, March 30, 2011

Disposal of Cigarette Research work

As I mentioned in my previous post, I am doing a research study on how students at my school dispose of their cigarettes. To understand this further I have decided I will do an observational study as well as an online survey.


The survey questions
1.) Do you smoke regularly (yes or no)
2.) Do you smoke on campus? (yes or no)
3.) How do you dispose of your cigarette? (cigarette disposal unit, dropping it on the ground, other)
4.) How often do you use the cigarette disposal unit? (every time, most of the time, occasionally, rarely, never)
5.) How often do you drop your cigarette on the ground? (every time, most of the time, occasionally, rarely, never)
6.) Do you normally smoke with friends or by yourself? (mostly with friends or mostly by myself)
7.) If your friend used the disposal unit would you be more likely to use the disposal unit as well? (yes, no, maybe/ I don't know)


The obersvational study perameters:


Objective: To understand how many people use the cigarette disposal units vs. dropping their cigarettes on the ground in hopes to identify patterns or areas of influence for behaviors.


location: at the college campus in two locations- one right outside the student life center and the second in the courtyard of the school.


Time: 1 hour in each location both on a Wednesday between the hours of 12:30 and 1:30 (peak traffic hours).


Spreadsheet/what I will be looking for-
   I will be looking to see how many people use the disposal units vs. dropping the cigarette on the ground and stomping it out. 


What do you think?! Please give me any suggestions :)

Monday, March 28, 2011

Market Research Project

   As a student at Champlain College, I have decided to put all my learnings to the test and conduct some research. The topic will be around smoking and using the appropriate disposal products that are around campus. I will conduct some observational research as well as an online survey to gage people's thoughts on top of watching their actions. As I make the survey and observational study I will post them here as well as a report at the end with all my findings!
   Stay posted! And if you have any suggestions as I go forward please comment!

Sunday, March 27, 2011

Why Black Friday is So Huge

   Black Friday is the retail industry's favorite day. It is the day people line up at the wee hours in the morning and buy products they wouldn't normally buy. Arie Kruglanski a psychology researcher believes that a major factor in the phenomenon that is Black Friday, is the theory of need for closure. Some people take a long time to make a decision then take an action based on the decision, while others are quick to make a decision and then quickly make an action. Someone's need for closure can certainly motivate them to act.
   In the case of Black Friday, it motivates people who don't think about a decision as much to take action quickly. They don't consider all the factors in that moment. They simply want the product and know they can "afford" (sometimes they have to give up things to afford the product) it, so they buy it. Retailers have noticed this is the main factor behind the success of Black Friday. Which is why they make deals that any quick decision maker would go for!
    Being a big fan of Black Friday I realize now that I am very much an impulsive buyer. Also, I can easily justify a purchase to myself. Knowing that I am a quick decision maker, maybe now I will try to take my time before making a decision on Black Friday. We will see how that goes..
    What about you?! Are you a quick buyer or do you think things out before making a decision? 

Tuesday, March 22, 2011

Not on Social Media? Reconsider NOW

For those companies who don't know whether or not to be active on social media sites here is the market research study to PROVE you need to be there interacting with your customers!


The Retail Consumer Report surveyed 4,512 social media users as well as monitored multiple social media sites and review sites. The following are the key statistics that every company should know!


1.) 68% of people who complained online (whether it was on FaceBook/Twitter or a review website) had a response from the company
2.) Of those, 18% turned into LOYAL customers of the company they had a complaint about and bought more items from that company


This shows how powerful it is for a company to see a complaint and respond to that complaint. It could change a "hater" into a lover of your product. This is also an element of surprise for the customer.


3.) 61% of customers would be shocked if a company replied to their complaints on the web.


Do we need any more proof on why companies should be online?! 

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Sunday, March 20, 2011

The Challenges of Web Analytics

Location of visitors to megcril.blogspot.com

   Currently I have web analytics running on my blog. I figure the best way to fully understand a tool like this is to simply use it! As I look at all the information, some of it can be very deceiving. A difficult measurement is number of visitors. My favorite thing to look at is where all my visitors come from. There are a few from Russia, the United Kingdom, India, Canada and of course the US. However upon closer inspection of the reports, I notice that some visitors don't spend even a second on the blog. 


Av time on site for megcril.blogspot.com

    This is an important factor in understanding how well my website is doing. On the surface it looks like its a highly successful blog that people around the world are reading. However, upon closer inspection I can see that this is true for some of the countries, but it is not true for all. Which means I have some work to do on my blog to keep people on the site as well as I have to be critical of any of the information I receive via my analytics!
    This tid bit goes for market research in general. Don't just accept something at face value. Dig deeper and find out what they numbers are really telling you! More to come on this topic in future blog posts!


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