Reducing Risk - Putting Market Research to Work Julie Luers, FSMPS Director of Marketing HGA...
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Transcript of Reducing Risk - Putting Market Research to Work Julie Luers, FSMPS Director of Marketing HGA...
Reducing Risk - Putting Market Research to Work
Julie Luers, FSMPSDirector of MarketingHGA Architects & Engineers
Goals for Today An overview on the
basics -- types and applications of market research
Provide helpful resources
Give YOU the opportunity to see first-hand the power of research
What is Market Research? The process of using
data to link the customer to the marketer.
Information that is used to identify and define marketing opportunities and problems.
Market research will reduce, not eliminate risk in decision making.
Why Conduct Market Research?It’s good business:
– Financially New business costs
between 10-20% of initial fee
Repeat business costs between 1.5-2.5% of project fee
Firms that use research grow 3 to 10 times faster and are up to 2 times more profitable.
– Competitively 41% research
potential clients 38% research
competition & business leads
28% research emerging markets and new market positions
Types of Research Macro vs. Micro
– International or National markets vs. local markets
– Industries vs. targeted clients
Long-term vs. immediate– Strategic planning
vs. proposal information
Types of Research
Primary research: data you gather specifically to respond to your information needs.
Secondary research: data that has been gathered for another purpose, but is applicable to your needs.
Research Methodologies
Primary data collection methodologies– Telephone – Mail– E-mail– Personal
Interview– Focus Groups
Secondary data collection methodologies– Literature search– Internet search
How Do You Use Research?
Strategic market analysis and trends
Firm positioning and perception– Brand awareness– Competitor analysis
Prospecting Client Satisfaction
How to Use Research
Strategic Market Analysis and Trends– General state of the economy– Legislation pending that will affect your
market– Current trends– Demand and future demand (service or
facility type) based on demographics, financing
How to Use Research
Firm positioning, brand awareness – Primary research
Phone interviews with past, current and prospective clients
Debrief with clients, following up after submitting proposals
– Secondary research Industry trends; compare what you’re doing
with published articles on industry trends. Are you keeping up?
How to Use Research
Competitor Analysis– Primary research
Debrief clients following proposals Talk w/ colleagues
– Secondary research Competitor’s web sites Read press releases and articles published
by competition
Research Data Sources
Primary data sources:– Interview current
or prospective clients
– Proprietary surveys
– Observation
Secondary data sources:– Professional/Trade
Organizations– Market Forecasts– E.D. Agencies – Government
Agencies– Social Media
Research Data Sources Information sources have
not changed; the access to the information has...
Technology has created access to information to the point of overload
Web based searches do not necessarily save you time, and the source of information may not necessarily be credible or current - know your source
How to Use Research
Prospecting and client analysis
New clients Existing clients
Research Resources
Strategic Analysis and Market Trends www.mckinsey.com/insights www.forbes.com/cmo-network www.census.gov
– Public Libraries www.nypl.org/research (New York City Public
Library) www.jjhill.org (James J. Hill Library, Saint
Paul, MN)
Research Resources
Strategic Market Analysis and Trends– Higher Education: Society for College &
University Planners - www.scup.org– K-12 & Post-secondary: American School
& University magazine - www.asumag.com
– Healthcare: Modern Healthcare magazine - www.modernhealthcare.com
– Corporate: CoreNet Global - www.corenetglobal.org
Research Resources
Strategic Market Analysis– Real Estate Advisory Firms
www.colliers.com www.joneslanglasalle.com www.marcusmillichap.com www.cassidyturley.com www.cbre.com www.cushmanwakefield.com
Research Resources Geographic
Expansion– www.citymayors.co
m (City Mayors)
The largest US cities:Nine cities with more than one million peopleNew York City and Los Angeles grow fastestBy Tann vom Hove and Josh J FechtIntroduction to largest US cities | Largest US cities 1 to 100 | Largest US cities 101 to 200 | Fastest growing US cities | The fastest shrinking US cities | Historical ranking of America's largest cities |
These are some of the results of the 2012 survey by the US Census Bureau.
Research Resources
Project Leads– Subscription databases
such as the McGraw Hill network and Onvia
www.onvia.com
– Consultants, vendors, other partners
– News / Google alerts– Your personal network
Research Resources
Client Satisfaction / Branding Studies– Pre/post proposal debrief meetings– Post occupancy evaluation surveys– Survey to clients, potential clients,
vendors, strategic partners to measure brand perception and awareness
The Research Project
When can we do our own research?– Secondary research– Debriefing sessions with prospective or
current clients When do we need to work with an
outside consultant?– Large scale perception and satisfaction
studies– Studies where confidentiality is key
The Research Experience
Let’s Try It: Over the next 20 minutes, you’ll use both primary and secondary resources to experience market research in action, studying and analyzing one of the following topics:New market analysis Positioning for the proposal
Assignment #1
Your firm has expertise in student housing market. Your Principals feel they can leverage this expertise in the condo / apartment market.
Assignment: Conduct a brief market analysis to support this move or show evidence that it may not be the best time to invest.
Assignment #2
You are submitting a proposal for the Regional Sports Stadium at the Rochester Community and Technical College
Assignment:Find information about the selection team – members are from RCTC, the City of Rochester, Lourdes High School, and the Rochester
Amateur Sports Commission. What information about this team could be helpful in your proposal response?
Wrap Up
Were you able to see the potential value in the research?
What challenges did you encounter in this assignment other than the time constraint?
What great resources did you find that you intend to bookmark?
Q / A
Thanks for your time and attention. If you have additional questions, I can be reached at [email protected]