Questback "How MROCs are changing the way insight is managed through examples in financial services"
-
Upload
questback-uk -
Category
Business
-
view
361 -
download
0
Transcript of Questback "How MROCs are changing the way insight is managed through examples in financial services"
![Page 1: Questback "How MROCs are changing the way insight is managed through examples in financial services"](https://reader033.fdocuments.us/reader033/viewer/2022042907/5877ee501a28ab20088b682f/html5/thumbnails/1.jpg)
How Market Research Online Communities are changing the way Insight is managed through examples in financial services Paul Barnes, Questback
Martin Grimwood, GfK
![Page 2: Questback "How MROCs are changing the way insight is managed through examples in financial services"](https://reader033.fdocuments.us/reader033/viewer/2022042907/5877ee501a28ab20088b682f/html5/thumbnails/2.jpg)
THE GfK MROC STORY
The difference between a panel and a community is subtle, but powerful
Community v Panel
With a community, along with scripted research, members are encouraged to engage in forum discussions to generate organic
insights
With a panel members are approached to conduct scripted
research actives, and remain dormant between research exercises.
![Page 3: Questback "How MROCs are changing the way insight is managed through examples in financial services"](https://reader033.fdocuments.us/reader033/viewer/2022042907/5877ee501a28ab20088b682f/html5/thumbnails/3.jpg)
THE GfK MROC STORY
§ There is now an opportunity to: – Get closer to your customer
– Engage in real two-way conversations
– Listen to peer to peer discussions
– Co-create and collaborate
– Understand their “experience”
§ Consumers want to (and will) be heard…
– They have the tools and technology to make a major, immediate impact
– Blogs, discussion boards and social media apps are commonplace
Social media has created a new norm
55% of mass affluent have discussed investments with others
GfK Roper Trends 2012
![Page 4: Questback "How MROCs are changing the way insight is managed through examples in financial services"](https://reader033.fdocuments.us/reader033/viewer/2022042907/5877ee501a28ab20088b682f/html5/thumbnails/4.jpg)
THE GfK MROC STORY
Three benefits of an online community
Creating a place for a customer centric brand to
understand their customers
“ (MROC) helped reduce our departmental research costs by 20% while also providing ongoing, real-time access to our consumers that we had never had in the past
— CMO, Car manufacturer
“ I'm so happy I can speak for all of us. Maybe this way our voice can be heard
— Project X Panel Member
![Page 5: Questback "How MROCs are changing the way insight is managed through examples in financial services"](https://reader033.fdocuments.us/reader033/viewer/2022042907/5877ee501a28ab20088b682f/html5/thumbnails/5.jpg)
THE GfK MROC STORY
GfK Opinion Planet
Understand your customer
Innovation, Co-creation, and Crowdsourcing
Concept Testing
![Page 6: Questback "How MROCs are changing the way insight is managed through examples in financial services"](https://reader033.fdocuments.us/reader033/viewer/2022042907/5877ee501a28ab20088b682f/html5/thumbnails/6.jpg)
THE GfK MROC STORY
GfK Community Manager
COMMUNITY
Marketing
Product research
Customer Experience
Typical community insights map
OBSERVATION
INSIGHTS Discussion
groups
Quick poll
Forums
Surveys
Activities
![Page 7: Questback "How MROCs are changing the way insight is managed through examples in financial services"](https://reader033.fdocuments.us/reader033/viewer/2022042907/5877ee501a28ab20088b682f/html5/thumbnails/7.jpg)
THE GfK MROC STORY
Insight through forums
§ Forums: – Peer to peer discussions
– Initially seeded by GfK moderator
– Now a go to place for members to post questions
– Interesting debates are summarised in a newsletter
0 20 40 60 80
Feb
Jan
Dec
Nov
Oct Guided Spontaneous
Automotive Community
![Page 8: Questback "How MROCs are changing the way insight is managed through examples in financial services"](https://reader033.fdocuments.us/reader033/viewer/2022042907/5877ee501a28ab20088b682f/html5/thumbnails/8.jpg)
THE GfK MROC STORY
Investor Community
![Page 9: Questback "How MROCs are changing the way insight is managed through examples in financial services"](https://reader033.fdocuments.us/reader033/viewer/2022042907/5877ee501a28ab20088b682f/html5/thumbnails/9.jpg)
THE GfK MROC STORY
§ Activities: – Discussions seeded by the GfK
community manager
– Managed using HTML with provision to include links to websites, PDF files, images and videos
– Each activity runs for 1-2 weeks
– Analysis conducted by GfK or client
Insight through community activities
Fund manager webinar
Product video
iPad app design
Pricing transparency
ISA proposition
Investment newsletter evaluation
Greece and the Eurozone
![Page 10: Questback "How MROCs are changing the way insight is managed through examples in financial services"](https://reader033.fdocuments.us/reader033/viewer/2022042907/5877ee501a28ab20088b682f/html5/thumbnails/10.jpg)
THE GfK MROC STORY
Cost saving evaluation
* Including community design, build and licence/hosting costs ** Not including insights from forums
30
31
6
Quick polls Community activities Traditional qual and quant
67 insight pieces**
First year costs compared to conducting the research outside the
community @ 24% saving *
![Page 11: Questback "How MROCs are changing the way insight is managed through examples in financial services"](https://reader033.fdocuments.us/reader033/viewer/2022042907/5877ee501a28ab20088b682f/html5/thumbnails/11.jpg)
THE GfK MROC STORY
With benefits, come challenges
Leaving recruitment and set-up costs aside, the biggest challenge is client side resource commitment
– Populate a monthly research plan
– Identifying relevant insights from forum discussions
– Providing insightful feedback
![Page 12: Questback "How MROCs are changing the way insight is managed through examples in financial services"](https://reader033.fdocuments.us/reader033/viewer/2022042907/5877ee501a28ab20088b682f/html5/thumbnails/12.jpg)
THE GfK MROC STORY
At a glance:
▪ 7,000 members in both Forums
▪ Employee Forum: 12,262 completed surveys, 337 Discussion Threads, 33 Survey reports
▪ Customer Forum: 4,492 completed surveys, 278 Discussion Threads, 11 Survey reports
UniCredit Bank Austria
Objectives: ▪ Inclusion of Customers and Employees in
decision-making in time of change
▪ Strengthen the brand image – position bank as innovative „customer“ bank
▪ Reduction of development costs for products and services
Results:
▪ Improvement in Customer Trust & Employee Engagement
▪ Integrated Customer and Employee Feedback and Insights
▪ New brand positioning and image
![Page 13: Questback "How MROCs are changing the way insight is managed through examples in financial services"](https://reader033.fdocuments.us/reader033/viewer/2022042907/5877ee501a28ab20088b682f/html5/thumbnails/13.jpg)
THE GfK MROC STORY
Summary – the key elements
4. Data
security
3. Panel
management system
1. Research acumen
2. Flexible research
ecosystem
![Page 14: Questback "How MROCs are changing the way insight is managed through examples in financial services"](https://reader033.fdocuments.us/reader033/viewer/2022042907/5877ee501a28ab20088b682f/html5/thumbnails/14.jpg)
THE GfK MROC STORY
What’s next?
Develop the process
§ Ideas Management
Develop the platform
§ Text analytics
§ Annotation
Develop the people
§ Blogging
![Page 15: Questback "How MROCs are changing the way insight is managed through examples in financial services"](https://reader033.fdocuments.us/reader033/viewer/2022042907/5877ee501a28ab20088b682f/html5/thumbnails/15.jpg)
Thank you For more information, please contact
Paul Barnes, Questback Martin Grimwood, GfK