Research Business Impact

Top 5 Insights from ESOMAR Research Rally in London

~ Nadia Morozova ~ Leave a comment

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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Video Research: Key Workshop Highlights

~ Nadia Morozova ~ Leave a comment

Co-chairing the conference “Market Research in the Mobile World: Europe 2016” in London I had a chance to participate in a workshop called: “Lights, Camera, Action- Take 2 for video research situations” led by Lightspeed.

Here I would like to share my key highlights from this workshop as well as discussions around video research which we had during the Conference.

Video research is taking a central position in consumer research. Nowadays video research can have different forms:

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The beauty of video research is that it can incorporate both qualitative and quantitative components. Thus, video script with text analytics can be leveraged for quantitative purposes.

That means that video research can be combined with or used instead of open ended questions. Research conducted by Lightspeed shows that  answers on open ended questions include on average 8 words while video responses have on average 40 – 100 words and provide much deeper insights.

Videos can also help to create shorter surveys as per Lightspeed research one video can replace 3 open ended questions. However, longer timing for the results analysis should be taken into consideration here.

Another point of consideration in video research is linked with willingness of respondents to share their videos.

During the workshop Lightspeed shared the following respondents’ concerns related with video sharing:

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We as research professionals should also always keep in mind the quality of content that we’ll receive in video research. Thus, for instance, even if consumers share a video quite often they show only house but not themselves.

So, the key hits & tips before doing a video research:

  • Ask the right questions in the video interviews: describe, show…
  • Determine the length of the video in advance.
  • Specify what should be in the video/ what you want to know.
  • Make questions individualized.

It’s also important to talk to the right people during the video research. Hence, one more watch out is a skew in people who are open to the video research. For example, Lightspeed highlights that introverts and “early mainstream” aren’t very open to participate in video studies.

Top 6 Insights from Panel Discussion about Technology Impact on Market Research

~ Nadia Morozova ~ Leave a comment

Last September I had a privilege to moderate a fascinating panel discussion on the topic: “A faster, cheaper and easier future for Market Research- or not?” in the frames of the Conference: “Market Research in the Mobile World: Europe 2016”.

In the panel were presented outstanding Market Research professionals: Ank Van Ophoven from Philips Lighting, Frank de Boer from KLM and Jocob Wieland from BBC.

I should admit that it was a great pleasure for me to discuss this topic on the stage of Millenium Mayfair London. Despite the fact that we touched different aspects of the impact of technologies on the Market Research, I still managed to make some key take away notes.

  1. We as market research professionals definitely shouldn’t be threatened by the modern technologies, in fact we can benefit from them a lot!
  2. Market researchers need to develop a set of skills to be able to leverage these technologies – like using data from connected devices and social media. However, it doesn’t mean that we as professionals are required to have an absolutely different profile in terms of the technical skills.
  3. Bringing insights into action is still a core of our job and technologies just bring us an access to a broader spectrum of information that can be leveraged for insights generation.
  4. Modern data is used differently in different industries that is also linked with an access to different type of data. However, there is one thing common- we as professionals should look and benefit from sources of cheap and fast data.
  5. Traditional market research techniques aren’t obsolete but having at our disposal a wider diversity of the data we could get deeper insights. Traditional techniques stay in the industry but while even 5 years ago they were a core for insights generation now they are just one of many.
  6. A core challenge for market research professionals continues to be a combination of various data types to create holistic insights.

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Transform your Consumer Empathy with the Use of Mobile

~ Nadia Morozova ~ Leave a comment

Today I would like to share with you highlights of my presentation which I did in the frames of the last conference “Market Research in the Mobile World: Europe 2016” in London.

I came to the idea to share my experience on the topic of building consumer empathy within the organization as I believe that currently mobile research technologies provide a lot of opportunities for companies. Even for those who don’t have a direct access to mobile data!

During my presentation I’ve shared a case where in close collaboration with one of the European mobile crowdsourcing companies I managed to create a solution with which employees of a company collected different types of pictures about their products & categories and answered a set of fast&easy questions on their mobile phones.

As a result it brought not only several successful business projects but also substantially increased an overall company’s engagement in listening to its consumers.

Even despite a high resistance that I’ve heard initially in the company towards getting more engaged in understanding consumers as we see below:

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I received an overall felling that consumer empathy is already here:

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Building on what was already available in the company, I defined what I would like to achieve at the end:

  • Consumer Empathy is a set of mind
  • For the whole Multifunctional and Leadership Team
  • That is institutionalized within the organization
  • And represents the best research ROI.

So, my solution to this case was:

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However, there are several challenges which I had to overcome to achieve my initial objectives:

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While overcoming these challenges I built my list of hits & tips that allowed me to achieve development of the projects with strong business results and significantly improve overall company’s involvement in listening and understanding its consumers.

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Qual 360 Conference Highlights: Part III – research to drive a business impact

~ Nadia Morozova ~ Leave a comment

In the last part of my Qual 360 Conference Highlights I would like to focus on the core discussed ideas on how to make consumer insights able to drive a business impact.

Blending of various research methods can allow to get holistic consumer insights that can be further utilized for a story telling. Blending of consumer research methods represents a strong combination of different research methods rather than execution of two parallel studies.

Research methods blending includes a combination of online and offline research. It can be used for instance to understand consumer journeys. One case that was presented during the Conference included face to face interviews where different stages of the journey were elaborated and online quantitative regressive story telling on what’s happened during the journey.

Another type of research methods blending includes a combination of qualitative and quantitative research. It can also utilize different communication tools like on-line panels and qualitative phone interviews, where on top can be discussed pictures or videos.

Standard qualitative and qualitative research methods can be also combined with ‘fast and easy’ research approaches like mobile research or webcam interviews.  Additionally can be leveraged big or real time data.

On top of using blended research methods, there are other opportunities to drive business impact from consumer research:

– use videos for the results presentation;

– utilize innovation research methods;

– do a workshop with business partners before a research, build hypothesis together and then check what was right and wrong;

– empower the ways of research results presentation, e.g. using actors who can play out the key insights;

– add ‘fast and easy’ research approaches to the standard set of research methods.

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