Top 5 Insights from ESOMAR Research Rally in London

Today I would like to share with you my key ideas & insights from the ESOMAR Research Rally that recently took place in London.

Overall, it was a magnificent event that give Marketing Researchers a fantastic chance to collaborate closely on very inspirational business ideas across various industries.

Combined with my experience in collaboration with different start-up companies in Switzerland, France and the UK, I’ve decided to share my vision on where start-ups need the most support from the side of the Consumer & Market Insights experts and what can be the best way to approach these business need.

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Start-ups love their idea and work a lot on it! Some efforts fail, new ideas come up and quite soon many start-ups face the situation that they go in very different directions. Even more, they have lots of directions!

Consumer & Market Insights experts are always able to stay behind and identify this problem that requires a holistic analysis of the markets and their potential. It should allow to identify the Size of The Price for each business idea and decide which of them can have the biggest long term potential.

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Being a start-up you are forced to think about your financials 24 hours a day! But quite often it makes you too much focused on your margins that can lead to a very big challenge for the company.

Consumer & Market Insights experts are to support companies with the most effective and efficient pricing model, keeping the end consumer in mind. Important watch out, traditional pricing research is too much claimed. One of the most attractive solutions here was discussed in the previous post: https://bestinsightsphere.com/2017/02/27/getting-consumer-insights-as-real-as-possible/

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We all love numbers! That’s why start-ups are so much eager to jump into quantitative studies. Seriously, “Are you a researcher? I need a questionnaire!”. And this can bring a big threat in terms of where numbers will lead business decisions.

Consumer & Market Insights experts should always keep the final business objective in mind. Start-ups are about the initial stage of the development both of the business and product offering. This means that explorative research could be much more beneficial for them. And explorative doesn’t mean very expensive – observations, quick charts with shoppers, asking questions on forums & blogs, looking at social media, all these can be done almost for free.

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Despite very disruptive business ideas start-up companies usually don’t look broadly enough on the potential communication channels. Yes, Digital is important, but it’s still not only one!

Consumer & Market Insights experts can provide a broad understanding of the different communication tools and touch points with which consumers are engaged.

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Start-ups come with brilliant product/service ideas, but they often miss a lot the initial consumers feedback.

Consumer & Market Insights experts can facilitate the process of the product/service development via co-creation workshops, which can allow to achieve a stronger product offering.

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Top 6 Insights on Digital

Digital continues to bring to marketers more questions than answers. Here I would like to share a set of holistic insights on Digital that comes from an academic research.

1. Higher effectiveness of consumer generated vs company created content.

“Online community participation enhances loyalty and influences new product adaptation. Communication originating in online communities has more pronounced long-term effects than firm-initiated communication” (Yadav and Pavlou, 2014).

“Customer-initiated communication is significantly more effective than firm-initiated communication for acquiring and retaining customers” (Yadav and Pavlou, 2014).

2. Personalization of the digital content is a core.

“Personalization of e-mail significantly increases perceived interactivity and clicks rates up to 62%” (Yadav and Pavlou, 2014).

3. Lower consumers price sensitivity in eCommerce vs offline stores.

“Buyers at online stores are less price sensitive than those at offline stores” (Yadav and Pavlou, 2014).

4. Building loyalty in Digital is more fruitful than in offline.

“… [there is a] strong evidence of higher brand loyalty for online purchases compared to online” (Danaher, Wilson and Davis, 2003).

“Loyalty-based price promotions are more effective in online versus offline contexts” (Yadav and Pavlou, 2014).

5. Price promotions in Digital don’t lead to strong consumers loyalty.

“Customers acquired with online price promotions make shorter-term commitments, whereas those acquired with informational e-mails or search engine ads lead to longer-term commitments (Yadav and Pavlou, 2014).

6. Social Listening can provide critical consumer insights to companies.

“Reviews, particularly their dispersion across heterogeneous customer groups, are predictive of new product success or failure” (Yadav and Pavlou, 2014).

“Negative word-of-mouth behaviors are motivated primarily by a desire to address a perceived injustice” (Yadav and Pavlou, 2014).

Overall, marketers can benefit from these insights by focusing on: 1) Digital activities that will trigger consumers to generate content; 2) creative ways to build personalized consumer content; 3) creation of strong price mix between on-line and offline trade channels; 4) enhanced loyalty programs specifically created for Digital channel; 5) Social Listening programs for new product launches and product/brand ‘always on’ monitoring.

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Source: https:// aimia. worldsecuresystems. com/ BookingRetrieve.aspx?ID=315717

Sources: 1. Danaher, P.J., Wilson, I.W., Davis, R.A. (2003). A Comparison of Online and Offline Consumer Brand Loyalty. Marketing Science, 22 (4), pp. 461-476; 2. Yadav, M.S., Pavlou, P.A. (2014). Marketing in Computer-Mediated Environments: Research Synthesis and New Directions. Journal of Marketing, 78, pp. 20-40.