Insight + Strategy
The Red Queen Hypothesis takes its name from a passage in Alice in Wonderland, and it provides a clear framework for understanding how business strategy operates in a competitive market.
When you know the cost drivers of any business you put yourself in a position where you can get the best by investing where you will get the best outcome. The same is also true when you commission market research or undertake it internally. Understanding cost drivers means you can feel more confident that when you are commissioning research it will be within budget and it will deliver against your objectives.
Imagine you are on holiday and you need to buy milk. Nothing fancy; just milk. After entering a store, you find your way to where the milk is kept. There are three brands and none of them are familiar to you. They also all have a same price for the size that you want. Which would you buy? What if one of the brands cost more, would you want to know why?
It is a truism of marketing that you need to match your message with your customers’ mindset. Understanding their mindset helps us to understand why a feature is valued and how to frame those features to create persuasive communication. So how do we go about understanding a consumer’s mindset in such a way that helps us craft persuasive communication?
Branding has many functions that go beyond its most basic requirement of identification of a product. Branding when done well frames what consumers can expect from a product and can become an important part of the proposition itself.
It seems like every week another company who you would think would know better, finds a new and creative way to undermine their business through unethical practices, unchecked rogue employees, or just finding they are seriously out of steps with the values of the rest of society. Brand reputation, that most precious of business assets that take years to establish, can quickly disappear.
Brand choice is about prediction. What will the brand deliver? While a brand could deliver many things, rarely is anything certain. Consumers know this, and where there is uncertainty it is a driver of many of their emotions during and after making a decision. While a consumer may not always voice their choices in terms of managing risk associated with uncertainty, we see it in their behaviour; we see it in their brand choices.
Becoming a customer-centric business seems simple enough in principle; keep your customers at the centre of your business decision making. What that means in practice is something else. Among the many reasons business fail to become customer-centric is that their customer understanding does reflect what drives customer behaviour.
Mobile devices are increasingly used to complete surveys that were traditionally completed on personal computer. In a number of our recent general population studies the proportion of people completing a survey with a mobile device is 25% to 30% and with 69% of adults having a smartphone the proportion using their smartphone to complete a survey is likely to increase.
When you think of ritual behaviour what comes to mind? Maybe it is the ancient chants and symbolic behaviour of priests or other religious figures or maybe the quaint traditions of people in some idyllic holiday location.
In the past few years the insight industry has looked at debated almost every facet of what we do in order to better understand consumers and deliver insights that are actionable and engaging. This tongue-in-cheek post plays with the idea that maybe we need to write more engaging report titles.
Who is likely to give you the best customer service, a human or a robot? While the answer may seem obvious (hint: the human!), automated services are hard to beat for routine types of services, and they are getting better!