Tag: marketing research

Predictive Analytics

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As humans we have always had this quest for knowledge, a constant curiosity that allows us to come up with new inventions or inspire creativity. Wouldn’t it be great to take that curiosity a step further, to understanding and even predicting future behaviors? As marketers we have this ability now, through the use of predictive analytics. We take a deeper look into historical data collected from our consumers to driver consumers to make decisions. Since it’s very difficult for people to predict the future we use machines and AI (Artificial Intelligence) to make these predictions. We use historical data as a source of information, input this data into a machine, and now based on similarities or certain pattern we can make predictions. For instance, Netflix uses the same thought process. After watching multiple movies, Netflix will then make a recommendation on which types of movies you would most likely be interested in. Because of this you would then choose that recommended movie to watch, therefore my decision to choose a movie is already made. Predictive analytics allows marketers to drive consumers to make a decision, which comes to an actual interesting thought. Can consumers actually think for themselves? (insert X-files intro music.)

Curiosity Never Killed the Marketer

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As humans we are naturally curious, we want to build, understand why things work, and create solutions to everyday problems, so that we can innovate our lives. Why not use this same curiosity towards marketing.    “As a marketer you need to be curious” stated by Britney Muller, Senior SEO Scientist at Moz. During her presentation at the Digital-Branding-Analytics-Miami 2019 Conference (#DBAmiami), Britney Muller emphasize the importance of being curious. Has marketers we need to gather as much data as possible to make the best marketing decisions for our companies. Being curious, answers the important questions needed to collect data for your clients. Questions such as: What platform does my target audience use the most? Why does my target audience prefer to click a blue button than a red one? How likely is my target audience to make a purchase after reading testimonials? and etc. Being curious is the only want to truly discover your consumers behavior.

Make-Up My Mind: Cosmetics Branding

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Taking a trip to your local cosmetics store always ends with empty pockets and uncertainty. When you look at all the different brands and posters plastered all over the store you become confused as to what brand you really want. Usually many makeup consumers would ask the makeup sales representative to choose a brand based on skin type, color, or texture. Even then, after their recommendation, you still aren’t completely satisfied that you purchase the right product. When it comes to cosmetics most consumers purchase make up brands based on the companies they know, the representation they hold or by branding. In the cosmetics industry branding is everything from seasoned companies to new makeup brands. The question that comes to mind is how can I effectively brand my products? Well, you came to the right place.

What Makes You Different

You have to do your research. Finding out what the competition already does gives you an idea on what you can produce next. The Blue Ocean Theory is a great example on how to find your niche and what separates you from your competitors. The Blue Ocean is the untested marketplace in which you can create new demand. In order to do this, you need to come up with factors with in your product and three other competitors’ products that the consumer needs. Let’s take makeup foundation for example, a few factors that I would choose is cruelty-free, shade ranges, SPF, Skin type benefits, and buildability. Now we take these factors and rate them on a scale of 1-10 per company. Which company satisfies all factors? Which factor is the least represented in the marketplace? Now you can determine what factor your company will focus on to separate yourself from the competitors.  

Use Your Fans

The development of YouTube has opened a world of creators. Ordinary people can make videos to attract subscribers to watch their content. Makeup artist and enthusiast use this outlet to create make up tutorials, explaining how to apply your favorite make up. Well, use this! Search for a creator that is a fan of your product, with a large number of subscribers and have them sponsor you. Usually these creators will use your product to influence their subscribers to purchase the product. A lot of makeup brands do this. They send exclusive make up kits to YouTubers to test and recommend their product. Some companies even go as far as to offer discounts to the creators’ subscribers.  

Give Back

Most consumers want to be a part of a change. They want to promote inspiration around the world. That’s why make up brands like MAC and NYX hold make up competitions, to which the winner receives recognition, along with a plethora of different gifts to nurture their talents. When you give back to your supporters or even charity your company increases its value to potential consumers. For your make up brand, think about holding competitions using your products to which the winner will receive a gift, or just show the company donating to a non-profit organization on social media. Posting these events will diffidently raise your company’s value. A higher value means a stronger brand, which will ultimately help consumers choose your product over its competitors.

These are just a few ideas to get your makeup brand noticed by consumers. If you are just starting a cosmetics brand, utilizing at least two of these techniques to help build your brand. The next time a consumer goes shopping and sees your brand they automatically remember their favorite You-tuber talking about how great your products are. Or they might remember a factor that separates your product from others. Or they might simply remember scrolling through Instagram and seeing that your company donated to the Boys and Girls club. So, instead of trying to make up their mind on what product to purchase, your brand speaks for its self

Statistical Significance

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As marketers, when we’re conducting research surveys, we want to get the most information out of our data. In doing so, we need to make sure that the results are analyzed properly. Just by simply looking at the numbers won’t give us the in-depth analysis that we need to make the best marketing decision for our clients. So, we dig deeper, we run statistical test such as a T- Test to determine if there is an actual statistical significance. If the results of the T-test indicates that the p-value equals .05 or less, there is a significant difference. If the P value equals .051 or higher, then the results are not significant. For instance, after conducting a survey we received the following results: For question one (How many hours do you work per week) we want to compare the means from two subgroups (males and females). The results show that males work an average of 38 hours per week and females work 41 hours per week. Even though the numbers are different, is there an actually statistical difference? After conducting a T test, the p value = 0.25. Since the p value is higher than 0.5, there is not a significant

It’s Time To Clean That Dirty Data

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As marketing leaders, we would need to know how to analyze clean data. After conducting a marketing survey, you now have all the information you need to analyze your data to make a better marketing decision. Before you can start analyzing your data you need to make sure you have clean and usable data. There are a few things to look for when cleaning your data. First, make sure the data you have is complete. You shouldn’t have any missing or blank spaces for data inputs these should be eliminated from our data analysis. Another example is looking at how long it takes for each participant to complete the survey. If from start to finish a survey participant takes 1 minute to complete a 10-minute survey, then they did not fully read the questions nor completely answered them honestly. Another extreme is when that participant takes 4 hours to complete a survey. Those examples should be eliminated from your data analysis so that you can make a more accurate decision. Understanding how to clean data is extremely important to effectively conduct data analysis. Dirty data coming in means dirty results coming out.

Marketing Surveys or Marketing Experiments

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When we conduct research, we want to be able to choose the right path to get us the answers we need. There are two type of research tools you can use to gather information, a survey or an experiment. A marketing research survey is usually conducted by participants answering questions about a certain product or service. An experiment on the other hand is usually used to understand a consumer’s behavior.  When conducting these experiments usually the administrator would study the everyday behavioral patterns of their potential target audience. If you need to figure out which research method is better for your research objective, the key is to find out whether your trying to find out a behavioral pattern or ask questions about a particular product. When it comes to the cosmetics industry for example, conducting a marketing research survey would help when you want to find out what properties in cosmetics are most important. An experiment would usually be once the target market walks into a store where do they usually walk towards first.

Qualitative Vs Quantitative Research

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Every marketer knows that to get accurate results for a marketing campaign you need to do your research. Having the correct research will allow you to conduct a more effective campaign. Utilizing surveys will help you get the answers you need to better market towards your target audience.  Now the question becomes, what type of survey research should you conduct? There’re two types of research that were going to focus on, qualitative and quantitative. Qualitative research usually asks open ended questions in which the survey participant types in their responses freely. Quantitative research normally has multiple choice survey questions.  A marketer will construct a qualitative survey to gain a deeper understanding of consumer behavior. Why do they do certain things? Or Why did they think that way? Quantitative surveys on the other hand is used to quantify data and generalize results from a sample of a population. This is a more statistical approach to getting the answers you need. Before you decide on what type of survey you want to conduct, just think about the survey objective and how a either a qualitative or quantitative response will better answer that objective.

The Key to Market Research

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It is hard enough trying to get participants to take a survey, and when you finally get participants, you want to get valuable information from these surveys. Understanding how to properly conduct a survey will help you get the results you need for your marketing research project. In order to conduct a good and more productive survey you need to remember one key, have an objective. In marketing if you don’t have a goal or objective in mind you want be able to properly evaluate your survey or campaign. A well organized and thought out objective can provide you with organized survey questions. These questions can then be targeted to get accurate data that you can used to run an effective marketing campaign. That objective is the foundation to running an effective survey. Just think about it you can’t build a house without a well-established foundation, so how would you expect to get the results you need without a thought-out survey objective?  

MUSIC TO MY EARS

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Have you ever watched an advertisement without music? How did it feel? Was it missing something? Did you, as a consumer, feel a connection to the product? Did you have any idea on what exactly was going on? Just the other day, I watched the Sony Bravia Bouncy Ball commercial without music, and I will tell you, that was the most horrifying experience I have ever received. It felt like a horror movie, the balls bouncing down the street with no sounds created a sense of unpredictability. I saw these balls as a threat, an invasion of the city. The image of a little kid hiding, a woman sheltered in her home, a dog cowering on a ledge and even a little frog trying to escape these balls gave me the impression that the balls were nothing but evil. As a marketer, this would be the last impression you want your audience to receive about your product. When developing an advertisement, we need to encourage a thought, an idea, or storyline that better connects our target audience to our product. The best way to do this is by adding music. When I watched the ball commercial again, this time with music, the dynamic changed drastically. I felt a storyline, I felt emotion, I connected better with the product. I saw the balls as a symbol of freeness, release, and they became the focal point of positivity. The balls weren’t just evil anymore, they symbolized a change into something new. That alone brought Music To My Ears.

Basic Infographics

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Infographics are a way to display data so that the information can be easily understood towards its target audience. One of the major issues that designers have when creating these displays, is the use of too many illustrations which tends to distract from the data. In order for your
target audience to fully understand the information being presented your infographics should support the article not over power it. There are several different ways designers effectively graph data. Ranging from nominal comparisons to part to whole data, all can be displayed using a bar graph. The main thing to understand is that the target audience is always right, and you need to display data that attracts those consumers.