Making the Connection

As my economics professor likes to say, “economics is the study of making good choices.” While most people consider economics to be relevant only in financial markets, in reality, economics impacts everything around us. Economics explains why we choose to go to work each morning rather than stay home and lounge all day: in theory, we have more to gain by what we can accomplish at work than what we can accomplish at home, be it financial, social, psychological, or personal gains. Economics explains why we eat just one (or maybe two) pieces of cake instead of consuming the whole thing: because the pleasure received from each additional piece of cake decreases as more and more is consumed. Economics also explains why we choose to buy one product over another: if we are behaving rationally, the product we choose to buy will bring us a higher level of utility per dollar spent than the product we do not purchase.

Being a student of economics, I am a rational and logical thinker (or at least try to be). I enjoy trying to understand why consumers make the decisions they make. But for me, there has always been a disconnect. I have always understood that there are factors which change the consumer demand for a product (income, changes in consumer preferences, or changes in the price of related goods). I also understand that competitive markets will respond to this demand. Firms will increase production of the good as demand increases and decrease production of the good as demand decreases. But how do companies predict these changes before they happen? How do companies respond to changes in the market demand before they find themselves out of business?

This is where marketing research comes in—it connects consumer’s wants and needs directly to the company’s business strategy and operations. It provides a means for companies to continue to grow, develop, and stay ahead of the competition. Marketing research is the link that has been missing from my understanding of the consumer-producer relationship. This internship at April Bell Research Group has allowed me to explore the relationship between uncovering consumer wants and the business strategies companies employ in response. I definitely have a lot to learn!

QRCA Event - Think like a "Futurist"

When I saw the topic for this month’s QRCA event in Houston, “Think Like a Futurist,” I was immediately intrigued. Since this topic was unique from other QRCA meetings and I was not too familiar with the subject, I was very curious to learn more.

The event was hosted by Connexion Research, a full-service research company with a boutique facility in Houston. Prior to the meeting, I got the chance to take a tour of their new office space. April and I have definitely been inside a lot of research facilities, but this one has a more modern flair to it. Danelia Argueta, the Marketing Director at Connexion, explained that the company strives to promote an environment of creativity, and has the latest video and audio technologies available for its clients. I was thoroughly impressed with the staff and the facility, and am definitely interested in conducting research using their space in the future.

Dr. Andy Hines was the renowned guest speaker for the event - he is a futurist and Program Coordinator at the University of Houston’s Graduate Program in Foresight. He has written five books on the topic, and to say he is well-versed in the field is an understatement. The 4-hour workshop helped me gain a high level understanding of how to anticipate and influence future changes. To help teach the methodology, he guided us through an activity where we selected a specific topic and mapped out the different possibilities of future change within that topic.

Throughout the workshop, it became clear how closely marketing research and foresight go hand in hand. In much of the research we conduct at April Bell Research Group, our job is to help clients understand new possibilities for product development through the lens of their consumers.  Some of the methods Dr. Hines teaches are very similar to our current brainstorming techniques (mind mapping, design thinking, etc.) where we help clients create new visions for the future.  I also learned some new methods that will help facilitate learning with our clients.

Overall, the experience was a memorable one. It was great connecting with QRCA members, and most importantly, getting a glimpse into the study of Foresight.

Qualtrics RoundTable 2014

We had the pleasure of attending the Qualtrics Roundtable in Dallas for the second year in a row. It was nice to see some familiar faces, as well as meet others who are just getting started with using Qualtrics. There were some great speakers throughout the day. Allison from the American Heart Association started off the Customer Spotlight sessions, by discussing how she uses Qualtrics at her organization. AHA’s use of the survey platform is very different from ours since they are in the medical field - they use it for program evaluations as well as tests for healthcare providers. Brad Boeke from SMU was another customer who was featured, and it was interesting for me to see how Qualtrics can be used in an educational setting. SMU uses the platform to conduct performance reviews of its staff and for school-wide voting. Listening to both of the speakers helped us gather ideas on new types of surveys we can conduct for our customers.

The most exciting presentation of the day, for me, was listening to Steve Brain discuss the Qualtrics Product Roadmap. Having used Qualtrics for over a year, I have already seen improvement in the survey and reporting functionality, so I was definitely eager to learn what else they have coming up.

A few new solutions Brain mentioned that I am especially looking forward to:

- Ability for text (SMS) surveys

- Improved mobile responsive surveys

- Vocalize - live reporting dashboards

- Ability to create different “projects” to help categorize different types of surveys (Customer satisfaction, employee insights, market research, product development)

The event was a success overall, and I’m looking forward to the new features Qualtrics has coming out in the near future.

Mayuri Joshi isResearch Magician at April Bell Research Group, a boutique, full-service marketing research firm, committed to delivering fresh insights you can act on! Learn more at aprilbellresearch.com.

Millennials vs. Generation Edge

I came across some interesting research from The Sound over the weekend – the differences between Millennials and Generation Edge and how to market to them. First, let me define. Millennials are described as those born between 1981 and 1996 who grew up during the dotcom boom and the global warming crisis. Generation Edge is the group born between 1995 and the present, who have only known a world on the edge of collapse (economic, political, environmental and social). The research describes how vastly different these two generations are, and I found it very interesting. Unlike Millennials, Generation Edge is being forced to grow up quicker than their predecessors and they know that nothing in life is guaranteed. The last quote of the deck was especially interesting from a marketing standpoint - "Marketing to Millenials resulted in an endless quest for brand authenticity. Generation Edge will be engaged by another 'A' word. The alternative."

The generation after Millennials are NOT like Millennials: We call them Generation Edge

from The Sound.

Live from #TMRE13 Keynote: The Pragmatic Brain

Stereotyping is a natural human tendency. Brands are stereotypes. When you think of Disney, what comes to mind? Nike? BMW?

Brand stereotypes create reality. For example, Coors - cold activated cans, Rocky Mountains in the background, frosted bottles. You've seen all the commercials. They create the idea in your mind that Coors' beer is actually colder and more refreshing than other brands. They are tapping into your unconscious and making you believe it.

Stereotypes resist change, but CAN change. In research studies, most people won't change their minds, even after contact itself. Those ideas are so deeply embedded in their minds, that actual proof which negates it, doesn't affect them. However, a few of those who came in contact, actually did change. In order to change your brand's stereotype, you must first make small, significant changes to tap into your consumer's unconscious.

The interactions must feel cooperative. If consumers feel you have the same ideals/goals they do, you will see positive change. For example - Guiness. Not a beer you normally associate with sports. If you saw a commercial of a bunch of guys sitting around watching sports, eating chips and drinking Guiness, nobody would believe it. In this commercial, they associate themselves with loyalty, friendship and having the same values you do, which sets the context for their desired change.

You must drive change with the right type of contact - it must feel authentic. Stereotypes are part of who we are. Find out how people see themselves and how they see your brand. You will then be able to align the two and position your brand the way YOU want people to see it.

Bottom line for market research professionals. Think of your brand as a stereotype and strive to understand the full stereotype. Then you will be able to affect change.

Safely Connected...How AT&T Is Using Consumer Insights to Help Seniors Age in Place

I was excited to hear about some amazing new technology from AT&T that is currently in the early testing phases. Stefanie Elder delivered a presentation about How AT&T Is Using Consumer Insights to Help Seniors Age in Place.

There are over 40 million seniors in the United States. Most of them face the reality of having to move into an assisted living facility at some point in time - only a few are able to stay in their homes with full time care. AT&T found that the vast majority of seniors would much rather stay in their own home yet lack the care or help they might need.

This is where AT&T is stepping in with Digital Life - a security system and home automation that includes video monitoring and sensors that will make it possible for seniors to stay put in their homes. Some of the most innovative features will utilize sensors - one of which will keep track of when the person gets out of bed and alerts someone (via mobile technology) if they don't. Monitoring for the system will be available 24/7 via web or app access.

They are currently testing this technology, in partnership with Burke, which is available to AT&T employees and their families. They are collecting feedback from seniors and their caregivers who are in many different situations - giving them a broad range of ideas and possibilities for the future. With this new technology, the future of seniors is looking pretty bright!

Decoding Millenials: A Lifestyle Segmentation #TMRE13

The first presentation I attended at TMRE was about the "Millennial Generation," which is made up of people born between 1982 and 2004, and is a growing segment in today's workforce. Being a "Millennial" myself, I was especially interested to attend and learn about what traits/attributes make up this group.Dan Coates, President of Ypulse explained that this generation holistically possesses the following traits:- Special- Sheltered- Confident- Team-oriented- Conventional- Pressured- Achieving

Additionally, the members of this group strive to have a job they are passionate about, instead of simply having a job for job's sake, and seek to "change the world." 

This group is the perfect target for Teach For America (TFA), who heavily focuses its recruiting efforts on targeting these "Millennials" who are passionate about making an impact. In order to effectively target this group and recruit the right candidates, Michael Lewis, Senior Managing Director at TFA, said he knew they needed to uncover what truly drives this group.

With the help of Ypulse, they surveyed over 3,000 millennials and came up with 6 different "Millennial" segments. However, not all of these 6 segments proved to be the "ideal" targets for TFA. They had to dig a little deeper to figure out which of these segments were directly applicable to TFA's values. For example, ideal candidates are those who have respect for teachers and believe they can make a difference. Once they filtered for those unique aspects, they narrowed it down to 3 target segments that they felt would make for the best applicants.

Once all of that was said and done, it was important for TFA to ensure that they had indeed selected the proper target segments, so they surveyed incoming applicants to confirm their findings. It turned out that a whopping 97% of the applicants fell into those 3 target segments, which means that TFA is definitely on the right path. :)

Mayuri Joshi isResearch Magician at April Bell Research Group, a boutique, full-service marketing research firm, committed to delivering fresh insights you can act on! Learn more at aprilbellresearch.com.

Where Have All The Good Ideas Gone? #TMRE13

Steve Landis and Andy Smith spoke about opportunities to help grow your business in Where Have All The Good Ideas Gone? In this rapidly changing world of consumers, there are more products and options available than ever before. So, how does a company make it in this cut-throat market?

Change your ways. The changing marketplace is forcing companies to change their way of measuring success. It's not longer acceptable for survival to be the main goal. Your main focus MUST be growth - growth = success.

Traditional measures don't link to growth. Old ideas that may have worked before, are no longer relevant in this day and age. What makes a good idea? Those that will grow your business, not those that will just boost sales. Ones that may seem crazy at first, but will benefit your company in the long run.

Live from #TMRE13: Learning from Meaningful Brands

Nigel Hollis, Chief Global Analyst at Millward Brown began the session speaking about The Meaningful Brand and how quickly our brains react to information due to instinct.  

In fact, he said, it only takes 1/20 of a second to decide the appeal of a web page.

He went on to discuss the 3 basic types of mental associations which create a meaningful brand.

1.  Emotion

2.  Knowledge

3.  Experience

And then, the stellar panel discussed a bit about how they've been able to create meaningful brands:

• Brenda Armstead, VP Global Strategic Insights at Johnson & Johnson --  Neutrogena
• Ellen Zaleski, Director of Consumer Planning at Diageo -- Johnnie Walker
• Mike Quinta, Director Strategic Insights Global Brands -- Lay's

The key themes were:

• Foundation - understanding who and what the brand stands for 
• Communication - stay focused 
• Shelf space (if applicable) - keep it and expand it
• Key stakeholders - keep them aligned

April Bell is Principal and Founder of April Bell Research Group, a boutique, full-service marketing research firm, committed to delivering fresh insights you can act on! Learn more at aprilbellresearch.com.  

Live from #TMRE13: Malcolm's Keynote - Everything in Moderation

This morning's keynote, Malcolm Gladwell, was introduced by Joan Lewis, Global Consumer and Market Knowledge Officer, Procter & Gamble.  She mentioned that when he was asked how he is able to write such amazing books, he said: 

 "I like to collect research that's interesting and I like to collect stories that are interesting…and then I put those together." 

 As a researcher, that hits home!

His focused his presentation on his latest book:  

David & Goliath

.  It was fascinating to hear him talk about how "too much of a good thing" is not a good thing and the role that plays in larger systems.

He discussed his thoughts around crime and the American public education system.  He questions:  

"Is there a point when classroom size becomes too small?"

When teachers were asked this question, virtually everyone said that a class size of less than 20 is too small….because it gets more difficult to control opposing views of children.  

"It's like having 2 squabbling teenagers in the back of a car while driving across country."  

Because "the single most determinant of success with a struggling student is whether they have a peer or not to help them"  true learning occurs when the classroom is full of discussion.  So, when you don't have enough discussion --  you have dead classrooms.  Not enough interaction with each other.

When all you think about is your child's relationship to the teacher, you get locked into how to maximize that relationship.  However, when you think about the classroom as a community, you also start to maximize that part of the learning as well.

He also brought it back to parents and how it's not only difficult for those with very little money but also those with "too much" money. Being a "good parent" gets hard again because you have to try to explain concepts such as "hard work" in an atmosphere where those type of lessons do not make intuitive sense.

Key take away for me - more is not always better...

April Bell is Principal and Founder of April Bell Research Group, a boutique, full-service marketing research firm, committed to delivering fresh insights you can act on! Learn more at aprilbellresearch.com.