by Linda Pophal
All marketers know how important it is to understand their target audience so they can effectively craft messages and select communication channels that will most appeal to them and move them to some desired action. (more…)
Businesses spend a lot of time and money trying to gain insights into how customers perceive their product or service offerings. This might involve conducting surveys and focus groups to hear directly from customers. Or, it might involve efforts to ascertain customer preferences based on online behavior and purchase decisions. And yet, despite the general accessibility of this type of information, so many businesses still misread customers. That lack of awareness limits their ability to improve the customer experience. (more…)
Behavioral economics is the study of how and why consumers do not always act rationally —rational behavior is one of the fundamental assumptions underlying classical economics. Behavioral economics helps explain things like why consumers make impulse purchases and incorrectly value goods and services. Two of my favorite behavioral economists are Dan Ariely and Steven D. Levitt, authors of Predictably Irrational and Freakonomics, respectively–two books I highly recommend.
Nudge marketing is a key form of behavioral economics. It involves providing subtle “nudges” to guide human behavior in ways that serve marketers’ needs. Here we take a look at some interesting examples of how elements of behavioral economics can be put to work in the field of marketing.
What event or events would you say have had the greatest impact on the United States during YOUR lifetime? It’s a question put to 2,025 adult survey respondents in a mid-2016 Pew Research Center poll, the results of which were covered by Claudia Deane, Maeve Duggan and Rich Morin. Before looking at the article, try to answer the question yourself. What are the 10 historic events during your lifetime that have had the greatest impact on the country? (more…)
Market research is key to any business, big or small. Your market defines the boundaries of your potential sources of revenue. The more you know your market, the more you can craft your products and services to fit that market’s needs. As Shawn O’Connor writes for Forbes, “By doing your homework before starting your business, you can be assured that your product or service is properly priced and positioned and you are offering the most sought after attributes.”
How can you do that homework, especially if budgets are tight? Technology has had a big impact on how market research is conducted, for better and for worse. Here’s what you need to know. (more…)
Like most forms of social media, Twitter is largely used by businesses to promote a message, product or service. However, there are a number of uses for Twitter beyond purely promotional activities. Twitter, and other social media tools, can actually provide big benefits to businesses in multiple ways. Some of the ways we have used Twitter outside of traditional marketing include the following: (more…)
Marketers are understandably concerned about building and protecting strong brands. An Economist article from last year discusses the power of brands. “Brands account for more than 30% of the stock market value of companies in the S&P 500 index, reckons Millward Brown, a market-research company. Everyone knows that a Ralph Lauren Polo shirt costs more than a polo shirt; Coke without the logo is just cola.”
But, brand-building efforts are sometimes misguided– (more…)
Customer surveys are one of the most commonly used arrows in a marketer’s quiver. What better way to get an idea of how your customers think than by asking them directly? While the basic idea is sound, the execution of customer surveys is often lacking. (more…)
Surveys and polls are two little tools that are widely used and often incorrectly. They’re tools that look easy enough to create and, after all, with apps like Survey Monkey, Zoomerang and others widely available they are vastly easier to prepare than in days gone by.
Yet, despite the ease and availability of tools to help in the process, far too many surveys and polls contain very easy to avoid errors that can cause the results attained to be of questionable value. I work with both students and clients on the development and use of marketing research instruments, and I often review and provide feedback on survey instruments. Some of the most common errors I see include: (more…)
A recent experience I had, contrasted with a similar experience my husband had a few years ago, made me consider how easy it can be to not only gather key marketing research intelligence from customers but also to improve the service experience, generate positive word-of-mouth and, ultimately, increase sales. (more…)
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