Focus Group Discussion: Why Marketing Research Experts love it

A market research expert will never ignore focus group discussion in exploring market insights 

A market research expert will never ignore focus group discussion in exploring market insights because of obvious benefits that focus group discussion offering market research experts.

Obviously, market researchers are able to communicate directly with a group of consumers, which allow them to ask questions that probe deeply. In other word, Market Researchers will notice the necessary missing information to explore it from numbers of respondents, and then market insights can be explored well.

When a market researcher directly communicates with group of consumers, it is easier to understand a market insight rather than market researcher learns from complicated data and statistics.

A deeper exploration for market insights is likely expected because market research expert may observe gesture and other non-verbal communication, which may give more insight about a product, brand or market.

However, conducting a focus group discussion about a particular product / brand or market does not guarantee the success of a product / brand in that market. There will be several reasons for this failure.

First of all, because of limited budget, the market sample size is not large enough to give market research expert the confident information from market.

It is very complicated to control a focus group discussion because sometimes, market research expert is not able to manage focus group discussion as planned, which leads to the failure in collect correct market insights

Sometimes, it is not the fault of market research expert, but consumers are not willing to share their direct opinions because they are scared in peer communication, uncomfortable environment of focus group discussion that makes market researcher cannot explore the market insights.

However, comparing the pros and cons of focus group discussion to market research conducting, it is still a supportive tool to explore market insights for market researcher.

AMR Group - Helping brands bloom in Vietnam 

AMR Group is an expert in Vietnam and its markets. The team is local but with international training and experience, operating to global standards. AMR Group helps brands bloom in Vietnam through lean, focused & reliable marketing research from VINAMR Marketing Research & Consultants; marketing & brand strategy with AMR. VINAMR Marketing Research & Consultants provide world class lean, focused and reliable research through deep understanding of the brief, international quality field, professional data handling & decision-orientated analysis, action focused recommendation. AMR use insights from VINAMR Marketing Research & Consultants to deliver effective marketing & branding consulting, retail consulting & training, seminar & training: Brand War

Compiled by AMR Group (Marketing Research in Vietnam-Nghien Cuu Thi Truong Viet Nam) on 2014

Source: Howstuffworks

For more articles, like us: www.amr.com.vn

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This article is compiled by AMR Group to provide updated information on markets. AMR Group puts the best effort to obtain the most accurate and timely information available from various reliable sources. The article should be best considered a reference and indicative only. It is not an offer or advice for any actions related to any assets. AMR Group provides no warranty or undertaking of any kind in respect to the information and materials found with, or linked to the report and no obligation to update the information after the report was released. AMR Group does not bear any responsibility for the compiled information, or any consequences arising from its use.

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Four ways to make Marketing Research pay

Four ways to make Marketing Research pay

Four ways to make Marketing Research pay

Department store magnate John Wanamaker once said: half the money I spend on advertising is wasted. The trouble is I don’t know which half.” Wanamaker’s conundrum vexes marketers to this day. With the exception of direct marketing the relationship between message and consumer behavior is still maddeningly elusive.

Conventional research tools are ill-suited to assess the impact of marketing investment on behavior, mainly because it’s nearly impossible to track all the steps from the moment someone sees an ad to the moment when they make a purchase. As a result, marketing researchers have had to settle for metrics like awareness and attitudes – essentially asking actual and potential customers about how they feel about a given product or advertisement – which aren’t necessarily predictive of behavior. Just because someone thinks a BMW is the best care out there does not mean she’s going to buy one. On the flip side, just because someone has a low opinion of his home insurance company does not mean he’s going to make the effort to switch. By asking yourself following 4 questions, you make smarter decisions about how to spend your precious research dollars.

Can the question you are asking be answered by a given research methodology

Most marketers conduct marketing research with the intent of evaluating whether or not their campaign will work. Often that means measuring how much of what people saw they actually understood or could recall. What they’d really like to know is whether messaging and media will translate into action – not at all the same thing.

Just because you can research it, is it worth finding out:

It might be nice to know that the number of people who think of your financial services company as intelligent has increased 8.7% year over year. Then again, what if there’s no measurable link between perception of intelligence and the decision to invest in a variable annuity? When it comes to your research budget, “nice to know” is not enough.

Is Qualitative research yielding actionable insight?

Qualitative research methods such as focus groups are best suited to generating interesting ideas, not hard conclusions. A show of hands of, say, eight people around a table has a precise statistical value.

Why research when you can track instead

Tracking can reveal that an ad generated a demonstrable increase in intention to purchase, but that conversion was low because somewhere between the ad and the cashier the engagement broke down

AMR Group is an expert in Vietnam and its markets. The team is local but with international training and experience, operating to global standards. AMR Group helps brands bloom in Vietnam through lean, focused & reliable marketing research from VINAMR Marketing Research & Consultants; marketing & brand strategy with AMR. VINAMR Marketing Research & Consultants provide world class lean, focused and reliable research through deep understanding of the brief, international quality field, professional data handling & decision-orientated analysis, action focused recommendation. AMR use insights from VINAMR Marketing Research & Consultants to deliver effective marketing & branding consulting, retail consulting & training, seminar & training: Brand War

Compiled by AMR Group (Marketing Research in Vietnam-Nghien Cuu Thi Truong Viet Nam) on 2014

Source: Forbes

For more articles, like us: www.amr.com.vn

For enquiries, email Mr. Nguyen Thanh Tung (CEO of AMR Group) research@vinamr.com.vn

 

AMR Group - Helping Brands Bloom in Vietnam

This article is compiled by AMR Group to provide updated information on markets. AMR Group puts the best effort to obtain the most accurate and timely information available from various reliable sources. The article should be best considered a reference and indicative only. It is not an offer or advice for any actions related to any assets. AMR Group provides no warranty or undertaking of any kind in respect to the information and materials found with, or linked to the report and no obligation to update the information after the report was released. AMR Group does not bear any responsibility for the compiled information, or any consequences arising from its use.

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5 Steps for using Market Research to Advertise your product

5 Steps for using Market Research to Advertise your product

There are few products that can sell themselves. Because of this, we have advertising. Advertising your product can establish your organization’s identity, promote your latest product, attract new customers, remind old customers of how great you are, and, of course, boost sales. How to advertise your product or business successfully is not a guessing game, it’s an extended market research process.

Before you begin the steps to showing the world your new product, there are two important factors you must consider: your purpose and budget. Your purpose is all about your intention of advertising your product: what do you want to show customers? What do you want them to do when they see an add? What is your product offering? Having a clear vision of your marketing goals is key when creating your advertising strategy. Budget is equally important in determining the type of market research you can afford to conduct and which advertisement media channels you can use.

After you determine your marketing purpose and budget, there are five steps that require market research to prep your company before you begin rolling out your new advertising campaign.

1. Determine your target audience. Knowing who you want to see your product is the first step in creating an advertising strategy. This goes hand in hand with whom your product is designed for and whom your presumed customers will be. You will want to market to them directly to ensure that these targeted customers see your advertisements. Researching beforehand to be positive that your product will be something your target market wants is going to help you in the long run.
2. Discover media habits of target customers. Most commercials that are on TV are not on every channel; this is due to companies researching which TV channels their target demographic is watching. For example, most toy commercials stay on Disney or Nickelodeon, not Comedy Central. Or when targeting teens, the latest medium is through social games and mobile apps since the younger generations spend most of their time on mobile devices. Researching which media your target customers will most likely see your product on is a key building block of advertising.
3. Check in on the competition. If your competitors are selling similar products, you might want to research how they are advertising their products. This can help you establish the best ways to show off yours. With many consumer goods, knowing competitors’ product placement in stores can help you in determining how you want your product displayed. Also, recognizing your competitors’ successes and failures can assist you in how to finalize your strategy.
4. Decide on an advertising medium source. By using your advertising budget and information gathered on customers, you can choose the most appropriate and affordable advertising method. There are many ways you can advertise your product; options for advertising channels include: TV, print ads, billboards, online ads, social media, radio, and direct mail. All forms of advertisement cost money and will require different strategies to ensure they work. Continuous research is necessary to make sure whichever advertising method you use to market your product is effective enough to generate leads, new customers, and additional revenue.
5. Schedule your advertisements appropriately. Whichever method you decide to use, consider strategic scheduling when you begin to run your advertisements. Timing is critical, especially for different times of the year such as holidays or sporting events. Themes are present in many advertising mediums throughout the year, and you want your product’s advertisement to fit. Prepping before you select, as well as organize, your entire campaign will help in making the most beneficial advertisements for your new product.

With all these concepts in mind, remember that successful advertising truly creates the face of your product. Taking the time to complete market research to make the most out of your advertisement campaign will only help push your product forward in the market.

Compiled by AMR Group (Marketing Research in Vietnam-Nghien Cuu Thi Truong Viet Nam) on 2014

Source: market research

For more articles, like us: www.amr.com.vn

For enquiries, email Mr. Nguyen Thanh Tung (CEO of AMR Group) research@vinamr.com.vn

AMR Group-Helping Brands Bloom in Vietnam

This article is compiled by AMR Group to provide updated information on markets. AMR Group puts the best effort to obtain the most accurate and timely information available from various reliable sources. The article should be best considered a reference and indicative only. It is not an offer or advice for any actions related to any assets. AMR Group provides no warranty or undertaking of any kind in respect to the information and materials found with, or linked to the report and no obligation to update the information after the report was released. AMR Group does not bear any responsibility for the compiled information, or any consequences arising from its use.

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How to Prepare a Marketing Research Presentation

How to Prepare a Marketing Research Presentation

marketing researcher will prepare many finding presentations in his/her career

Marketing research projects requires many efforts from marketing researchers, from project preparation, data collection, analysis and findings reports. In order to obtain all necessary information for a marketing research project, you need to move in a positive direction.

Marketing research collect market insights, then analyze into marketing findings, which allows organizations to get deeper understanding of the market and how people perceive the product/ service, then adjust marketing strategy for more effective competitive advantage.

Although preparation, data collection and analyze are not easy, but the hardest part is at the end of process: market research presentation. Presenting key findings is the most important part of the process. A marketing researcher will prepare many finding presentations in his/her career. However, it does not have such template for all presentations, but there are some parts that are vital to a finding presentation.

Preparing for marketing research presentation:

• Outline: marketing researchers need to list out the things that are necessary to report to clients. This outline will make sure marketing researchers keep in mind all the important information that they need to provide clients.
•  Executive Summary: an executive summary will explain what this presentation all about is. Besides that, it provides client basic information about what are key findings in the research, which are answers to client’s questions.
•  Visuals: Charts and Graphs are vital tools for present numbers and findings. Not every data need to be displayed in charts or graphs, but they will make sure an effective communication method between marketing researchers and clients about numbers, percentages and key findings.
•  Draw conclusions: any report requires a conclusion. This part will show others that marketing researchers were able to find a solution through obtaining data on the market.

• Bring copies: marketing researchers must make sure that they bring copies of anything from the above mentioned materials. With a detailed arketing research project, marketing researchers bring entire copies of the report you write after your research is done. But, having copies of anything you choose to present can allow audience to follow along with your presentation.

Internal Market Research Presentation:

If you are presenting your market research findings internally to your supervisors or upper management, there are a few main issues you want to address. Consider these questions when you begin prepping for your presentation:

• What does the data really mean?
• What impact does it have?
• What have we learned from the data?
• What do we need to do, given the information we now have?
• How can future studies of this nature be enhanced?
• What could make this information more useful?

When presenting to those within your organization, particularly with a single user license for your reports, you must always remember to cite your source correctly according to the reports' market research licenses. Remember, those in your organization want to be assured that the marketing team did not waste money and that your research was related to the needs of the organization. This is your chance to show them that the research they invested in was worthwhile and how the conclusions are going to positively impact the organization.

External Market Research Presentation:

When you present to those you either don’t know, or those you want to invest in your organization, it is very important to be well equipped and know your information. But, there’s a difference in presenting market research to your organization and to investors.

When you are trying to get investors or venture capitalists, you might be trying to encourage them to invest in your new product or idea. There is a chance that there is nothing like your product out on the market, so there is little market research that can be done on your product, or little research you can do to test customer’s opinions through focus groups or other means. Most investors are looking for metrics that validate market success. Because of this, using market research as a base to demonstrate that your product will do well in the market is extremely important. Knowing the market you are looking to enter is going to show the investors you know what you are getting into and that you are prepared.

With all these tips in mind, there is a basic reminder all presenters should remember: be confident. Doing market research allows you to become more aware and knowledgeable in your industry, which in turn gives you the information to know what might be best for your organization. Sharing this information with others only spreads knowledge.

Compiled by AMR Group (Marketing Research in Vietnam-Nghien Cuu Thi Truong Viet Nam) on 2014

Source: market research

For more articles, like us: www.amr.com.vn

For enquiries, email Mr. Nguyen Thanh Tung (CEO of AMR Group) research@vinamr.com.vn

 

AMR Group-Helping Brands Bloom in Vietnam

This article is compiled by AMR Group to provide updated information on markets. AMR Group puts the best effort to obtain the most accurate and timely information available from various reliable sources. The article should be best considered a reference and indicative only. It is not an offer or advice for any actions related to any assets. AMR Group provides no warranty or undertaking of any kind in respect to the information and materials found with, or linked to the report and no obligation to update the information after the report was released. AMR Group does not bear any responsibility for the compiled information, or any consequences arising from its use.

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