Marketing Articles About Market Research

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How Toyota Followed Baby Boomers. Last week I presented on a panel with Professor Arturo Perez-Reyes (UC Berekeley) at an event in San Francisco we put on with Jupiter Research. One story the Professor shared about Toyota was something I hadn't heard before... He said that Toyota followed the baby boomer generation as a market. They looked at the demographics and spending power of that generation. I think it went something like this... They started with the Corolla, then Celica for when they got into college, then Corona/Camry, then launched Lexus when they had discretionary income. They followed the 'bulge' of spending the baby boomers had. It's an interesting way to think about the markets you're going after. Is it big? how will it evolve? How will it effect your product strategy? (04/03/09 09:00 PM)

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8 Tips for Selling Social Marketing to CFOs. Marketers are usually challenged to justify word of mouth social media marketing programs to the finance department. With economic challenges ahead, your job doesn’t get easier. As someone who’s focuses on both creative and measurement, and as Interim CFO at Bazaarvoice, I started thinking more about the question of what marketers need to sell CFOs on the social marketing opportunity. Ultimately everything comes down to the bottom line – drive revenue, margin or costs down – but every marketing strategy has a different familiarity, timeline to ROI, or measurements that have to tie back to the P&L. So the approach to start, grow and sustain social marketing through the eyes of the finance department will differ from doing business as usual. And the justification needs to span beyond the numbers to get the entire management team to understand the ‘ecosystem’ effect of how customers make purchase decisions in a networked world.I posed a question on LinkediN question to my marketing peers and colleagues: With the economic downturn, how will you convince the CFO that "social" marketing is a priority?I’ve summarized the 25 answers to the question into these 8 tips: Provide financial leaders with hard facts—give numbers representing the anticipated dollar value of social media marketing compared to its cost (ex: anticipated ROI) for your company, cite research on the proven effectiveness of social media (ex: reviews/testimonials turn potential customers into actual customers, which is crucial, especially during an economic downturn) and emphasize that a company should always aim to... (02/24/09 09:00 AM)

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Insight for Ad Agencies - Listen or Go Back to Print.

This is quite possibly the most timely and exciting article I've read as of late (come to think it, this I've been rather busy and this might be the only thing I've read of late...nope, this really is the best).

Joseph Dumont penned a piece for Imedia entitled "Why Agencies are Failing" in it, he lays out several of his own observations that are founded in a report from Forrester (might be worth the $279 price tag if you're seeking some Forrester Research Therapy for your agency) and compiled from his keen insights into the agency world.

This article really hits home as it comes at a time when I'm doing a bit of work with a few agencies that I regard with the utmost respect and I can't help but see some of their challenges echoed in this article. Those are the agencies that are truly students of advertising, marketing, customer behavior and have a genuine purpose in this world. They will succeed because they can learn, they can grow and like energy (you know, never at rest) they are always moving and changing and they're on the right path.

On the other end of the spectrum are agencies who are truly stuck. They're afraid of stepping outside of their comfort zone, afraid to admit that they need help, don't have a mastermind group internally that's challenging their age-old positioning and their clients are suffering as a result by way of crusty old strategies, reheated ideas and basically an ignorance of the end customer that we're all trying to reach. Those agencies will fail a they aren't even on a path - they're standing still.

Here are a few observations that I took from Joseph's article. I really recommend read though it with you highlighter handy - there are some real nuggets in there. If you're an agency, take this to your next staff meeting and discuss it. It's that important. If you like, buy the Forrester report (and tell me if it was worth it!)

1. Damnit, get out there and do the hard work to really understand how your client's consumer has changed their habits, where they hang out and what they want to hear from you. Media kits are for armchair advertisers. You need to get out there, listen, react and move. Oh, and get your client's leadership and front line folks on the same page too. Customers are smart. They see through the disorganization.

2. Watch political marketing. I've said this for years and I'll say it again "the harbingers of the next generation of marketing are working in politics". Watch all 3 candidates and how they leverage the digital space. Also, pay attention to their budgets. They're moving mountains and spending very little (comparatively) online...they reach the masses on TV and the influencers through digital (online) means...it's a great country we live in!

3. Interactive does NOT mean Internet. It means really in-ter-acting... get people involved, acting and interacting and engaging. Most of what's called "interactive" is anything but.

4. User generated content is not the holy grail. User generated genuine interest in a brand that excites consumers and pushes their 'loyalty button' is what we're really seeking. There are many UGC campaigns that are bolt on piles of crap... If UGC is not aligned with your brand and the only respondents are professional contestants, you should rethink things a bit. Just because it's cool doesn't mean it's you (or that an agency should sell it to you)

5. I actually think that we're in pretty good shape - there is BRILLIANT marketing going on out there (just read iMedia, Marketing Sherpa and others to see the kick ass campaigns and strategies that are rocking the marketing world)...but there's always room to do better. Both agencies and internal marketers can't afford to get lazy. The entire profession of marketing is founded on a "faith in the future" perspective! That's why we market - for the future...so hurry up and let's all get there!

(06/09/08 09:00 AM)

Insight for Ad Agencies - Listen or Go Back to Print.

3. Interactive does NOT mean Internet. It means really in-ter-acting... get people involved, acting and interacting and engaging. Most of what's called "interactive" is anything but.

(05/29/08 09:00 PM)

The Gap in Customer Engagement. Late post from the Forrester Marketing Forum Conference I attended a couple weeks ago. The topic was “Customer Engagement”, which is heralded by many publications as the new marketing buzzword. I love buzzwords…they get buzz! Which gets people talking, which gets people trying things, which causes failures, which creates learning, which (hopefully) creates better companies. I digress. The primary research and paper behind customer engagement was conducted by Brian Haven, who’s a great Forrester Analyst. I’ve known him for years and spoken in his workshops on Social networking and UGC. I’m a big believer in the idea of customer engagement. But I have 2 cents to add on where customer engagement comes from and where the gap is in achieving this goal in organizations. The conference was a balance of ideas to measure customer engagement, with tools, principles and experiences that result in more engaged customers. During the show I posted to Facebook “Customer Engagement is a more measured way of defining Customer Experience”. Said another way, Customer Engagement is an outcome…and outcomes (as well as inputs) are measurable. There are a lot of metrics that can point to engaged customers. I don’t think the absolute figures of these measures matter as much as trending to understand if you’re winning or losing customer engagement. But what is a point of customer engagement worth in revenue, margin or saved costs? Some of the metrics for customer engagement – such as time on site, Net Promoter, or Brand awareness -- could track... (04/23/08 09:01 PM)

9 Guerrilla Marketing Answers. A few weeks ago I was on an Austin Technology Council panel for the topic of Guerilla Marketing (YouTube Videos here). I’ve always loved Guerrilla marketing, and wrote a book on Guerrilla and Word of Mouth Marketing in 1997 with foreword from Jay Conrad Levinson, the "father" of Guerilla Marketing. I also have this unpublished book of 193 Clever marketing ideas ... I’m not going to do anything with it, so I posted it to Scribd for people to read for free. I made a few notes to answer the questions the moderator was going to ask for the panel. I’m on a long flight back from London right now...a good time to expand these notes and publish them... 1. What criteria do you use to choose where to spend marketing dollars for new technology companies? Start with sales first. You need very little marketing in the beginning. They are the most productive form of research and recon for the market, because they're selling at the same time, adapting the message and learning what works. From this intelligence you build your foundation for the marketing plan and priorities. The bulls eye spend is on establishing outside credibility, typically through press and case studies. Also identify the customer objections from the sales team and work on overcoming those first. Finally, build and leverage partnerships. Leverage their spend and be associated with brands that are larger and more credible than yours (for now!). 2. What is the most efficient way to get... (04/21/08 09:01 AM)

Workweek.

Is "workweek" one word or two? I think it used to be two, but has now morphed into one. Or maybe not. Anyway, there's a lot going on out here in proposal land. Over the weekend I finished up revising the Corporate Experience section of my law firm client's resubmission and e-mailed it to her. Due to the nature of that resubmission, my client ended up with over 400 pages that had to be scanned and put on a CD to send off to the government. She also needed to reproduce the entire proposal and submit a hard copy to accompany the CDs. It took her all weekend to get everything together and then, of course, the scanner broke down. I could have told her this would happen.

I'm now preparing the technical section of a DOD proposal for a long-time client. Much of it is similar to a proposal I helped prepare for her late last year, so I can recyle parts of it. But I still need to do some background research and gather information on the local market for a couple of categories of healthcare specialists. My client doesn't like to do this research, and neither do I. But I'm doing it anyway.

Then on Monday, re-compete #3 arrived. Oh joy. It is due at the end of May, so we have six weeks to work on it. My client sent me the RFP, which I haven't read yet. I did open the file, but when I saw that the RFP was over 125 pages, I closed it up without actually looking at it. Maybe I'll read it today. My client and I have been playing telephone tag, so we haven't talked about the proposal yet. But this assignment will keep me pretty busy for the next month and a half.

Then maybe I can take a little vacation.

(04/16/08 09:00 AM)

Learn Word of Mouth Marketing -- WOMM-U, May 8-9. This year the Word of Mouth Marketing Association is doing something completely different (disclosure: I'm on the board). It will be WOMM-U (Word of Mouth Marketing University), the first training-based conference full of case studies, operational cookbooks, and practical advice to make Word of Mouth Marketing work in your organization. The tracks will include topics on Managing a blog program Activating WOM in Social Networks Building a Sustained WOM Program Measurement: The ROI of Fans Selling into the CEO ...and much more. Keynote presenters includes my friend Joseph Jaffe (author of "Join the Conversation") and Jeffrey Graham, who leads research for NYTimes. Join me at this unique conference, May 8, 9 in Miami. Register here. (02/28/08 09:01 PM)

VP of Marketing Responsible for Shipping & Logistics?. Harry Joiner, a marketing recruiter and good friend, asked me to comment on his blog regarding what a VP of eCommerce or VP Marketing candidate should be asked or should answer regarding shipping & delivery logistics. Here's what I said... As you know, I believe word of mouth is the most powerful form of marketing and sustainable growth. So, a VP of marketing candidate needs to have an appreciation for the overall customer experience. Shipping logistics are a huge part of that experience. You can weight the satisfaction and loyalty impact of each part of the customer experience – researching products, buying, receiving and using a product (support). The weight of impact is correlated to the the emotional residual for that part of the experience. Shopping and research is a relatively forgettable experience, unless there is severe frustration. The buying experience is overshadowed with the emotional weight of the receiving and the out of box experience, as well as resolving customer service and support issues (downstream activities). Amazon is consistent with shipping and logistics. Apple and Chumby have great out of the box experiences. So, word of mouth and branding (and thus, top line revenue over the long term) are driven from upstream decisions (great products, packaging) and downstream logistics (shipping, service, support). A great VP of marketing should realize they have to balance between immediate, short term tactics to drive revenue and the sustainable long-term activities that may even be out of his direct control. In this case, marketing... (01/31/08 09:00 PM)

Prioritizing Marketers Top Priorities. This morning I got a research brief from Mediapost summarizing the findings from the Marketing Effectiveness Networking Group (MENG) and Anderson Aanlytics study. This study surveyed marketing executives to identify key trends and strategies of effective marketing. The subject line of the email said: "Marketing Execs Say Basics Are Most Important in 2008". By "basics" I thought they meant strategies such as becoming measurement-oriented, shifting ad portfolio, investing in email infrastructure, build operational data warehouse, and improve web site. However the 'basics' by definition from this study were more customer-centric and more concepts and objectives rather than strategies. And unfortunately for most companies, they're not all that 'basic' in achieving success. 60% of marketing executives said the following 'marketing basics' were important: Customer satisfaction Customer retention Segmentation Brand loyalty ROI I have a copy of the study. To be clear, the study asked marketing executives to choose from over 60 concepts or buzzwords (such as the 5 above) which were then categorized. Other categories, in order of votes, included: SEO (by itself) Personalization: concepts include Data mining, CRM, Lead Generation, Personalization, Ecommerce, Competitive Intelligence Green Marketing: Multicultural / Ethic issues. Breakdown of old media Innovative Branding Viral / WOM: concepts include viral, WOM, blogging New Media: concepts include Web 2.0, Mobile, CGM, Long Tail, Social Networking Macro Economics Tech Strategy Outsourcing Social Issues Other Now, as a marketer, if I participated in this study I may have answered the same way. After all, the 'marketing basics' are overarching objectives. What... (01/02/08 09:00 AM)

Future of Online Retailing -- Four Predictions. Forrester and Jupiter report that more than 70% of online shoppers seek out user reviews before making a purchase decision. MarketingSherpa reports that 84% of consumers prefer the opinion of other consumers vs. experts. Hundreds of retailers including WalMart, Best Buy, HP, and the Home Depot have followed Amazon’s lead by allowing their consumers to review products in the online channel. Consumers demand social commerce solutions and retailers are driving measurable results. As consumers are presented with increasing choices, channels, and messages, they will continue to turn to peers to discover, research, and make decisions about products and services. Retailers will need to utilize technology and best practices to provide authentic, relevant, and effective social commerce solutions to retain their customers into the future. 1) SOCIAL CONTENT IS GOING MULTI-CHANNEL The future of reviews and social content is going beyond the product page and into other channels such as mobile phones, kiosks, print collateral, online advertising, and social networks. It is clear that consumers rely on social content to make purchasing decision. They will expect to be able to access to this content regardless of channel in order to inform their purchasing process. The retailers that provide this multi-channel access will develop competitive advantages in their markets to attract and retain consumers. Additionally, more retailers will see the value of integrating social commerce with CRM and other “back-end” channels. Retailers will start to leverage social content as a key input into driving decisions in marketing, sales, advertising, customer support, and... (12/09/07 09:01 PM)

Yahoo Prez Susan Decker Bets $1 Million On Its Stock. Yahoo President Susan Decker is buying up shares the company's beaten down stock (YHOO), to the tune of $1 million. CNNMoney reports:The buy was Decker's first ever open-market stock purchase, according to filing tracker InsiderScore.com, and came one-day after the stock fell to $22.44 - its lowest level since March 2004. Decker's buy was just the fourth by any Yahoo insider in more than four years; and, the largest by any Yahoo insider in more than four years, InsiderScore analysts wrote in a research note FridayThat's quite a vote of confidence. Is she just trying to shore up the stock, or does she know something we don't?... (08/10/07 09:01 AM)

Tips for CIO / CMO Relationships. Forrester just published an in depth research paper titled Partnering for Success: The CIO - CMO Relationship They interviewed me months ago for this paper based on my experience working with IT in startups and Dell. Bottom line: the most important aspect to good relationships is open and frequent communication. Here was the sidebar on my answers to these questions:How can CMOs and CIOs build a more effective partnership? In my experience, there are four key principles for a culture ofeffectiveness: 1) agreement and accountability, 2) face-to-face work with no “over the fence” mentality; 3) open communications andsharing of plans and results; and 4) investment by the CIO, CMO, and their employees to build relationships. What can marketers learn from their IT peers? Marketers can learn that IT is interested in how its solutions impact the business and customer, and, by sharing this, IT is more invested in their work and have a better understanding of requirements. IT thinks in terms of architecture and how things are done. It needs to fully understand the spirit, intent, and detailed requirements of what needsto be done in order to avoid missteps. The more that marketing shares with IT, the better.... (07/18/07 09:01 AM)

Small Business Fundamentals - The List. When I went through business school I wasn't taught the fundamentals of small business. It wasn't until I started researching online business after graduating that I came across practical advice regarding the core facets of successful small business. There was one thing in particular that was continually hammered into me as I read more and more about building profitable businesses - the targeted mailing/contacts list is vital - and the web is the perfect vehicle to collect and maintain a list whether your business operates on or offline. List Based Direct Marketing As I delved further into online marketing I... (04/06/07 09:01 AM)

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