All marketers who conduct research should know that in order for findings to be of value and use, they must be both reliable and valid. But how well do you know these terms?
Whether you're writing a questionnaire for marketing research or building a five year company strategy, you must start with a clear, sustainable target (avoiding a "moving target"). As obvious as this seems, the lack of a well defined target is a critical mistake we see time and time again. Learn why the execution formula - set a sustainable target, align your strategy to the target, and execute according to your target - is critical to success.
The way we experience something is not the way we remember it. According to peak-end theory, we don't remember our feelings throughout an event or experience, but rather our emotions at the peak and end of that experience. By utilizing the peak-end rule, you can take customer satisfaction into your own hands and influence the way your customers remember you.
Conducting Marketing Research is something that nearly every successful company does. But not all research is equal - some companies are much better at thinking strategically and getting the most out of their research than others. In this article, we'll arm you with the 5 important questions to ask when conducting marketing research in order to fully maximize your research plan and objectives.
One of the most difficult (and in certain times, the most difficult) aspects of research is the need to draw conclusions from results. Sometimes the difficulty lies in the “Monday Morning Quarterback” assessment: we asked the wrong question. Other times, the results are counterintuitive, and speak to the opposite spectrum of accepted theory and practice.
Then there are simply human errors of perception and judgment, notably relating to results interpretation and the expectation of research outcomes. Sometimes we have lofty, and even unrealistic, expectations of our research. What we often do not realize is that, when unmet, this in-and-of-itself is a spectacular outcome.
All this noted, let’s explore four interesting paradoxes of research.
A new science is emerging in the field of marketing that allows you to get in the minds of consumers and understand what they want and why! Neuromarketing can reveal the unconscious motives and behaviors of consumers, allowing you to perfectly design marketing efforts based on the brain's responses.
When you see something, you don't just see the physical object in front of you. You see what it means to you. And when that product has emotional value, you chose it over competitors. This instinctual pull towards a brand is your subconscious mind guiding your decisions. Every experience you have with a brand is automatically added to a massive subconscious network of feelings and associations about the brand. These subconscious associations form the gut feeling you have towards a brand, which becomes your intuition, motivating and influencing your buying behavior.
Whether you're writing a questionnaire for marketing research or building a five year company strategy, you must start with a clear, sustainable target (avoiding a "moving target"). As obvious as this seems, the lack of a well defined target is a critical mistake we see time and time again. Learn why the execution formula - set a sustainable target, align your strategy to the target, and execute according to your target - is critical to success.
Understanding the difference between correlation and causation is a critical skill for any business or marketing analyst, as well as any managers or executives using data analysis to drive business decisions. Knowing how they work, and being able to distinguish between a causal and non-causal relationship could be the difference in a multi-million dollar decision working in your favor, or helping out your competitors.
Part 1 of The "Marketing Analyst's Guide to Business Statistics" Series
The way we experience something is not the way we remember it. According to peak-end theory, we don't remember our feelings throughout an event or experience, but rather our emotions at the peak and end of that experience. By utilizing the peak-end rule, you can take customer satisfaction into your own hands and influence the way your customers remember you.
