Exposing A Better Way Through Thought Leadership Blogs
The Problem: As a small startup, CubeYou was developing a novel approach to understanding consumer behaviors by using social media. Their successfully piqued the interest of investors and landed them a spot a prestigious accelerator program. They now needed to drive demand and to do this needed to establish themselves as thought leaders in a newly burgeoning space.
The Project: Write a series of blog posts for CubeYou to establish thought leadership as a focal point in their content marketing strategy. The blog posts were used in email marketing and social media campaigns.
Eight Myths of Market Research — Part 1
Advances in marketing over the last 30 years have been amazing, and as marketing
professionals, it has been a very exciting time to be in this field. However, market research has not seen the same kind of advances that have appeared in other marketing disciplines. As a result, many research and insight professionals have held onto older beliefs that simply may no longer be true.not seen the same kind of advances that have appeared in other marketing disciplines. As a result, many research and insight professionals have held onto older beliefs that simply may no longer be true.
professionals, it has been a very exciting time to be in this field. However, market research has not seen the same kind of advances that have appeared in other marketing disciplines. As a result, many research and insight professionals have held onto older beliefs that simply may no longer be true.not seen the same kind of advances that have appeared in other marketing disciplines. As a result, many research and insight professionals have held onto older beliefs that simply may no longer be true.
The importance of understanding your customers has not changed, but the methods and tools available for increasing this understanding are beginning to change the landscape radically. Here are a few of the changes that have turned the market research industry on its head.
Myth #1: Market research takes too much time.
This is just not true anymore. Traditionally, market research was a very time-consuming
process. Market research firms would work with companies to design the project, create the survey, determine sampling size, and recruit participants. Then the survey itself would start, and only after that would the actual analysis take place. The entire process would take weeks — and sometimes several months. This was a huge time sink, and by the time you got your results, the insights you gained may no longer have been valid.
process. Market research firms would work with companies to design the project, create the survey, determine sampling size, and recruit participants. Then the survey itself would start, and only after that would the actual analysis take place. The entire process would take weeks — and sometimes several months. This was a huge time sink, and by the time you got your results, the insights you gained may no longer have been valid.
With today’s online capabilities, we have entered a new age. Research can now move at the “speed of social,” and massive amounts of data can deliver valuable insights that tell us more about the consumer than ever before. With the right tools, such as market research automation, the data is available in near real-time. No more time-consuming surveys to conduct. No more waiting for weeks until you get the answer you need. This new speed allows marketers to react to rapid changes in the market and make informed decisions much more quickly.
Myth #2: Market research is too expensive.
There is a rumor that the phrase “time is money” was coined to describe lawyers. But it could be used to describe market researchers with equal exactitude. Time is precisely what makes market research expensive. The traditional approach involves teams of market research professionals, preparing, compiling, editing, analyzing — and watching the minutes and hours tick away. We have worked with market research professionals for years and can personally attest to the fact that the vast majority work very hard and produce excellent results. But paying for all of this can be very expensive.
The new tools available today produce real, actionable results in a fraction of the time.
Consequently, they have reduced cost dramatically. A full year’s worth of research can now be had for the cost of a single traditional survey. With these reductions, all marketers should include an array of research and insight reports in their war chest.
Myth #3: Market research only needs to be done once.
Because of the time and expense associated with traditional market research, cost-conscious marketing departments have habitually limited the number of surveys that they conducted. Even today, many marketers mistakenly believe — or perhaps simply resign themselves to the premise — that one survey should be enough to understand their customers.
However, consumer preferences change often and change quickly. Skipping or postponing
market research can be a critical misstep that causes companies to miss significant
opportunities. To keep ahead of the curve, market research must be an ongoing activity that is part of the successful marketer’s toolkit. Today’s tools deliver crucial insights quickly and inexpensively — a game-changing innovation for delivering the messages that match consumer sentiment.
Myth #4: Market research requires extensive experience to glean insights.
Traditionally, marketing departments often turn to external firms filled with analysts or “experts” who sift through the data looking for the next trend. There is a certain mystique to what these analysts can do. They commonly have a background in statistical methods and have years of experience summarizing results and “predicting” opportunities. They know how to conduct research. Demand for their time is high, and marketing teams have depended on them for decades, often waiting weeks for their market analyses.
Marketing teams no longer need to wait so long. Today’s agile marketers know that they can get the insights they need from the volumes of data generated online each and every day.
Marketing teams no longer need to wait so long. Today’s agile marketers know that they can get the insights they need from the volumes of data generated online each and every day.
Tools using market research automation and analytics now create reports with clear, detailed, and actionable insights. And this happens in near real-time, so marketers can put these insights into immediate use. This “democratization of market research” lets marketing departments deploy and adjust campaigns quickly, without needing to wait for a statistical translator.
More Myths... Check out Part 2 to review the next four myths of market research .
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Contact Cubeyou today to speak with one of our research consultants about how we can help streamline your research and grow your business.
Eight Myths of Market Research — Part 2
This is the second part of the “ 8 Myths of Market Research .” Check out the first four myths in Part 1.
Myth #5: Finding the right customer samples it too difficult.
Planning your market research often creates the same problems that Goldilocks faced. How big or small should your sample size be? If too few respondents, the survey is invalid. Too many, and the survey drags on and on at considerable cost. Further, once you’ve identified the right size, many candidates are weeded out for not fitting the target profile. Finding the right customer sample has not always been as easy as should be.
This is why it make sense to use the massive scale of social media to get the information you need. With millions of profiles and thousands of data points, consumer insights are readily available. Depending upon the tools you choose, you can now include panels of tens or hundreds of thousands of “virtual respondents” without the cost associated with traditional approaches. No more worries about finding the right sample size. Just pick a direction and get whatever size panel you need — fast.
Myth #6: Market research should only test one variable at a time.
Solid market research is all about identifying and testing a range of variables that allow you to better understand your customers. But each variable introduces an additional level of complexity into the study. As a result, many marketers settle for testing only one variable at a time. This approach artificially limits our capabilities. We live in a world made of numberless small complexities that combine to paint a bigger picture. Testing one variable at a time does not accurately reflect reality.
New technologies like market research automation and observational analytics draw the lines that connect the dots more readily. This allows marketers to include multiple variables to gain valuable insights. The limits on the number of variable are no longer an issue, so fire away. Add as many variable as you like. Each step in the process with help you get a more complete story about your customers.
Myth #7: Only analysts should be using market research.
“Freeze! Put your hands up and step away from the data.” This seemed to be the law enforced by the majority of market research firms in the past. Data was not meant for everyone. It was often treated as the exclusive domain of market researchers, who would interpret the “hidden” message for other marketing professionals. Well, not anymore.
With advanced tools like market research automation and analytics, the data is there for
marketers of all disciplines to plan, adjust, and refine effective campaigns — quickly.
With advanced tools like market research automation and analytics, the data is there for
marketers of all disciplines to plan, adjust, and refine effective campaigns — quickly.
Whether a brand manager, content manager, or product manager, you now can have access to the right insights to develop the right messaging for the right audience.
Myth #8: Direct-response surveys are the best way to get consumer insights.
You want consumer insights, and you want them to be accurate. The trend today dictates a simple approach: just do a simple online direct-response survey to get the information directly from your customers. However, these online surveys are like potato chips. You can’t have just one. Go ahead and have another. And another. Before you know it, you’ve wasted a lot of time and money — just to learn a lot of things you probably already knew, and maybe a few you didn’t.
Surveys still have their place, but newer technologies let you go way beyond what a survey can do. As stated in the TV show The X Files , “the truth is out there.” The data already exists —more data than can ever be gathered through direct-response surveys. And because it’s based on observation, the data is unbiased. There are no questions to influence the response. Having virtually instant access to such massive-scale data provides a broad range of insights, including several that you may never have thought of.
Beyond the Conventional
The myths reviewed here have deep roots based on conventional market research techniques, but the foundation for these roots has been eroded. Big Data has changed the entire landscape. The ability to automate the process of analyzing data and generating reports will continue to make market research more efficient.
The myths reviewed here have deep roots based on conventional market research techniques, but the foundation for these roots has been eroded. Big Data has changed the entire landscape. The ability to automate the process of analyzing data and generating reports will continue to make market research more efficient.
While there are times when traditional techniques will still be useful, market research automation is the future, leveling the playing field by bringing valuable consumer insights to all marketers. The days of market research being the exclusive domain of research firms are over. By debunking these old myths, new tools and technologies have significantly enhanced our ability to gain valuable insights and focus on what is truly important—our customers.
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As the leader in market research automation, CubeYou provides on-demand market research that gives marketers the customer insights they need to understand their customers better—fast. To learn more about how CubeYou can help your marketing research, contact us now.
Nike Has a Higher Percentage of Female Fans Than Reebok
The sportswear market in the United States is exploding. Many apparel companies are trying to figure out how to capitalize on this wave, so we thought we’d take a look at two footwear companies that have significantly expanded into the activewear market: Nike and Reebok.
The sportswear market in the United States is exploding. Many apparel companies are trying to figure out how to capitalize on this wave, so we thought we’d take a look at two footwear companies that have significantly expanded into the activewear market: Nike and Reebok.
A Sportswear Market Comparison
For a long time, the traditional market for sportswear had been focused on men in their 20s and 30s, but this is no longer the case. If Nike and Reebok are smart, they both should be looking to increase their appeal to women, for good reason. On average, women spend 21% more on clothing than men, even though men typically spend more overall (source: Intuit Consumer Spending Index ).
As of July 2014, one of these two companies seems to have gained a stronger foothold in the women’s market. The percentage of Nike fans who are women numbers 43%, vs. only 30% for Reebok fans.
Aspiration vs. Perspiration
So how has Nike gained this lead? Sending the right messages can make all the difference. Nike clearly understands that most women want to know how to look good without a lot of sweat and over-the-top advertising. Elite athletes deliver a subtle message to women, as they strive to improve themselves and climb the pedestal of
success. When it comes to inspiring an audience, Nike delivers.
So how has Nike gained this lead? Sending the right messages can make all the difference. Nike clearly understands that most women want to know how to look good without a lot of sweat and over-the-top advertising. Elite athletes deliver a subtle message to women, as they strive to improve themselves and climb the pedestal of
success. When it comes to inspiring an audience, Nike delivers.
By comparison, Reebok ads tend to focus on average people working up a sweat, straining to build muscles and strength. The ads don’t make it look easy. For example, many of Reebok’s recent ads have focused on crossfit. As a result of this hard-hitting approach, Reebok may be missing out on the female sports apparel enthusiast. In this huge market, Reebok seems to be focusing on males with an interest in fitness.
Choosing the Right Message for the Right Audience
Understanding your market is critical to the success of any marketing campaign. The trick is to make sure you get the information you need in time to react to changes in the market — and more importantly, understand what the target customer is thinking.
Traditional market research tools continue to provide value, and newer technologies like market research automation help accelerate a company's ability to react to the likes and preferences of its target audience. In the world of ladies’ activewear, it is clear that the message matters, and the right tools can help you get the right message when you need it.
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As the leader in market research automation, CubeYou provides on-demand market research that delivers customer insights quickly to marketers. Contact CubeYou today to speak with one of our research consultants about how we can helpstreamline your research and grow your business.
