Market research: why it's broken, how you can fix it.
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Transcript of Market research: why it's broken, how you can fix it.
[ “If I‘d asked my customers what they wanted, they’d have said
a faster horse.”H. Ford ]
People don’t know what they’ll want in the future
[ “Consumers’ ability to discriminate and make consistent preferences is low,
and lower that they believe it is.”P. Raghubir ]
People don’t know what they want today
[ According to a survey we run when working on a toiletries brand,
consumers replaced their toothbrush once a month.
If that were true, we could have all
retired and moved to Florida ]
People lie (consciously and unconsciously)
we’re asking consumers to look at our life and make it easier,
while we should be looking at their life and make it better.
#2 LISTEN TO EVERYONE
[ Early adopters, late adopters, recent quitters,
designers, distributors,
influencers… ]
#3 HEAR THE SILENCES[ Just like jazz, research is about the silences and the notes not played.
What is not said can be as important as what is said. Look for omissions and facial expressions ]
#5 LOOK FOR UNEXPECTED ANALOGIES[ People don’t know how they will react to the change that you’re about to bring in your industry, but they might have experienced something similar in adifferent environment ]
#6 BE INVISIBLE[ People don’t behave naturally when questioned by a stranger in an alien environment. Try to disapper ]
#8 BE CLEVER[ “The ability to ask the right question is more than half
the battle of finding the answer” – T M Disch ]
We don’t ask the right questions
[ We tend to rely on a standard set of universally accepted KPIs, instead of taking time to ask ourselves what is really important ]
We make it harder for them to answer
[ Showing storyboards for a campaignis like miming The Lord of The Rings and then asking who’d go watch it ]
we don’t know what we’re asking people
that wouldn’t know what to tell us
about something that we’re not giving them.
#1 REFINE YOUR AUDIENCE[ “Joe Public” are the toughest audience to make sense of, because they’re defined by the lack of any meaningful attribute ]
#2 IMPROVE YOUR STORYTELLING
[ Make them “feel” what your product is like, rather than describing the details or sharing a poor mock-up that is nothing like the finished
product ]
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#3 FOCUS ON WHAT REALLY MATTERS
[ Not everything that is important can be measured, and not everything that can be measured
is important – A. Einstein ]
#4 RE-EVALUATEYOUR KPIs
[ Over time every performance indicator becomes insignificant, as actions are going to be designed to address the formal indicator, rather than the
substantial goal that it is meant to represent.
Make sure that the metric serve the work, and not the other way around ]
#6 YOU DON’T HAVE TO BE EVERYONE’S BEST FRIEND[ That’d be spooky. And in most markets, being loved by 20% of people is more profitable than being considered by 80% ]
#7 DON’T ASK CONSUMERS TO FIX IT[ Or if you do, take their feedback as insights, not as amends. Marketing is not a democracy. If you think that superficial thoughts from random consumers are more reliable than your creative agency or your staff, there’s only one thing you should do: fire them ]
#8 BE CLEVER[ Even when we all watch the same data,it doesn’t mean that we’re all going to seethe same insights ]
Thanks to Marc van der Chijs, Jill Greenberg, Mksavage, Katerha, 92YRTribeca and Mishelle Lanefor allowing use of their beautiful pictures under license