It’s common for qualitative research practitioners to cast a wide net to ensure no insight is left unconsidered, and many apply the same logic to their innovation efforts, aiming for the big, blue sky with the hopes of capturing a new, game-changing idea. In practice, however, I’ve seen this approach to innovation not only produce incremental or non-actionable results, but also shelve some of the best ideas to collecting dust. To find success in innovation, it’s important to act deliberately and remain cognizant about where you want (and don’t want) to go. Continue reading
Market Strategies conducts numerous thought leadership studies for our clients. These studies are often released under the client brand so you may not even know they were conducted by us when you read about them in the New York Times or The Wall Street Journal, or hear about them on CNBC. While we can’t give away specific findings from our studies, we can tell you that the most recent studies have been impacted by a fascinating polling phenomenon—optimism. Continue reading
A clear definition of innovation, leadership who supports it and employees empowered to execute it are hallmarks of a strong innovation-oriented company. But, as my colleague Paul Donagher noted in Innovation Journey: Is It Better to be Lucky or Good?, the voice of the consumer is also important to product development research though including the right kind of consumer along the Innovation Journey is critical.
To include consumers in idea generation, we need a repeatable and reliable process that produces groundbreaking, market-relevant concepts by bringing creative individuals and forward-thinking consumers into the innovation process. This consumer-oriented process includes the following steps:
I was recently explaining the idea of an in-home interview to my husband. “You would never let someone into the house!” he replied, knowing that I would be skeptical, at best, if invited to participate in one. However, I would agree to participate in this type of immersive research. Even though I am unabashedly, undeniably and thoroughly biased, I believe that helps me understand why some of the busiest professionals working in some of the most sensitive and regulated industries agree to do the same.
Yes, financial advisors are busy. Yes, doctors have to be careful about what they say and share. Yet both are willing to meet with us at their offices and talk for rather lengthy periods of time. There are certain industries—financial services and healthcare being two prominent examples—where compliance concerns, traditional thinking and precedent can falsely limit the qualitative method possibilities.
Editor’s Note: Our qualitative researchers go beyond people’s words and actions to reveal the meaningful insights behind them. They have decades of experience across a myriad of industries and brands. But who are they? And what drives their desire to connect with others? Take a two-minute peek into today’s featured moderator: Rob Darrow.
When I first entered the field of market research years ago, the CEO of our small boutique firm routinely stated that “our greatest challenge doesn’t come from other research firms, but from prospective clients who feel they don’t need research.” Thankfully, most companies recognize that market research plays a critical role in market success, but even that enlightened view is not sufficient to guarantee success.
After all, what does “market research” for any given organization actually mean? When is it needed? How should it be applied? Even those who are committed to better serving their customers can find themselves making some very basic mistakes when it comes to using or not using market research. Following are two common mistakes that businesses make when it comes to market research and product development.
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Amid an era of seemingly unprecedented political and global change, questions around the health and longevity of the financial markets abound. Investor trust in the financial community continues to be tested as factors beyond investors’ control threaten to jeopardize their retirement savings and financial wellness. Meanwhile, ongoing news coverage on the status of the DOL fiduciary ruling, sharpened emphasis on fees and the emergence of robo-advisory services as an alternative to traditional advice models are creating new challenges in the advisor industry. As such, understanding how investor-advisor relationships are established, the key drivers of advisor consideration, satisfaction and loyalty, and the role of trust and value has never been more imperative for advice providers.
Affluent investors don’t typically seek sweeping changes, especially when their long-term goals are funding a stable and healthy retirement. Nonetheless, when trust wanes and cheaper alternative solutions such as robo-advisors are within reach, change can become an attractive option. With those dynamics in mind, we are excited to kick off a qualitative study to explore the critical factors at stake across the key stages of the investor-advisor relationship life cycle. We’ll explore: Continue reading
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Getting through to an intended audience is the constant goal of marketers. There is little value in carefully curating messages and developing a plan for execution and release of those messages if they never capture the attention of a firm’s targets. The most return from marketing activities is created when the right message meets the right person at the right time. This is true across all industries, including the institutional space.
As a follow-on to our successful 2013 and 2016 advisor marketing collateral studies, Cutting Through the Institutional Marketing Clutter™ will expand insights regarding best-in-class approaches for maximizing the reach and impact of institutional investor-oriented marketing efforts. In a series of focus groups and in-depth one-on-one interviews with institutional investors and consultants, we will examine the full spectrum of marketing material, from email and white papers to provider websites and webinars.
What Will We Ask?
To better understand the marketing that is most effective with institutional investors and consultants, we need to understand the type and frequency of messages they are receiving, the aspects of the messages that are capturing their attention and the firms that are producing best-in-class communication. The report will provide insights into the marketing consumption habits of institutional investors and investment consultants, including their communication preferences, perceptions of content and digital marketing experiences. Continue reading
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While advisors agree with the overall concept and spirit of the Department of Labor’s fiduciary ruling, concerns ring aplenty, as the vast majority have yet to be convinced that the new legislation will deliver on its intent. First and foremost, advisors lament that the DOL fiduciary ruling is casting an overall negative industry gloom and is fueling investors’ focus on fees.
Perhaps even more importantly, advisors believe that the DOL action is forcing them toward a fee-based compensation structure and limiting their product selection. As such, advisors fall into two camps: those who are already fee-based see the DOL action as formalizing an inevitable market shift, while commission-based advisors fear that commoditizing their service puts them at greater risk of being undercut by cheaper automated advice services. Continue reading
In July 2006, I boarded a plane to Portland, Oregon. It was the beginning of my service at Market Strategies International. A decade is not a long time but long enough to witness some changes. Let me share with you a quick inventory of what has changed from 2006 to 2016 in the market research industry:
The next tech trend has arrived, and who would have thought that it would come in the form of a 1990s video game revival of Pokémon?
Suddenly seeing Pokémon everywhere evoked memories of listening to my younger sister describe her valiant efforts to “catch ‘em all” as she immersed herself in the world of her coveted GameBoy Color, describing her collections of Pikachus, Bulbasaurs and Mews. Faithful fans, my sister included, would likely cringe at my coarse recollection of their favored childhood diversion, but they are probably too busy wandering into your backyard to capture and train their brood of digital friends via Pokémon Go – the latest, and arguably most viral, generation of the Nintendo gaming franchise.
In case you haven’t noticed the headlines, here is a quick download on the phenomenon (don’t worry, I’ll connect this to market research soon):