Insight + Strategy
Brand tracking studies, whether done continuously or periodically, represent one of the largest research investments a company makes.
There is a rule of thumb you can use to work out potential advertising effectiveness for your campaign. After looking at the creative and ticking off that it meets the creative brief put it away and then after several hours, ideally the next day, try and remember what you saw, read or heard. Then ask yourself these four questions:
Creating a customer-centric business is not just about creating products and services that satisfy; it is also about creating an experience that drives business outcomes. A win-win situation for you and your customers. An approach that has helped many businesses to create a customer-centric business is customer engagement mapping.
What drives customer retention and repeat buying? Having the right product at the right price is definitely key to keeping your customers. However, when products are easily substituted and prices are competitive it is the service experience that can create your sustainable competitive advantage.
With each encounter a customer’s experience with your business changes and so do their expectations, the products they use, and which service delivery channels they rely on. Similarly, as a customer – business or consumer – moves through their lifecycle with your business the relevant management decisions reflecting business growth change.
In a previous post, I discussed how the EAST framework, built from behavioural economics, can help diagnose compliance problems and be used to increase the number of your customers. In this post, I’m going to show how I use the framework for fine-tuning research design to improve response rates in both qualitative and quantitative studies.
You have the product that you know customers will want, the price is right, you have distribution, and the advertising achieved that all-important top quartile result. So where are all the sales? Likewise, your charity is just and your name is known but people are not making donations.
Who is your market? The answer to this apparently simple question (or answering the better question of ‘who are your markets?’) has major implications for business strategy and your business model. Even the simplest of products have multiple types of stakeholders that can drive demand. These relationships exist at category and individual levels, exerting influences that can affect product access and consumption.
A friend of many years helps you to re-turf and landscape the backyard over the long weekend. As a sign of your appreciation, you decide to give them $100 for the effort. After all, he spent his time and incurred costs to help you. Smart move? Surely your friend would appreciate the cash! When you start with price, you end with the price, and that price may be more than you bargained for!
Every now and then a company launches a product that fundamentally changes a category; sometimes creating a new category. iTunes transformation of the way we buy music, Nespresso turning homes into cafés, Wii making gaming physical, and R in creating a revolution in big data, and data visualisation are some recent examples.
Watching her Wednesday night drama on TV with a glass of red in one hand, Karen noticed a new TVC for a bank she had seen recently on a website that morning, and it got her thinking.