SigmaWay Blog

SigmaWay Blog tries to aggregate original and third party content for the site users. It caters to articles on Process Improvement, Lean Six Sigma, Analytics, Market Intelligence, Training ,IT Services and industries which SigmaWay caters to

Brand Equity Research: Importance of Net Value Score

From a consumer's perspective brand equity research, usually involves collecting data on consumer mindset. It measures of brand equity from the consumer through surveys. The data is used to assess the consumer’s perceptions towards the brand. From a firm’s perspective brand equity research involves the use of observed market data to assess the brand’s financial value to the firm.

The Net Promoter Score shows how much loyal are the customers. High score of NPS means the growth of the company and how the growth is achieved. Rating a company on the total value the company offers, compared to the total value offered by other suppliers of similar products/services, the Net Value Score is calculated. The benefits are -

1. It enables us to easily compare one company with another in a similar field.

2. NVS measures value and therefore is a good predictor of the likelihood of a company winning or losing market share.

3. Determining the Net Value Score is simple.

 

Read more about it in the article written by Julia Cupman (VP of B2B International) and Paul Hague (Director):

 

https://www.b2binternational.com/publications/brand-equity-research/

 

 

 

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Market Inteligence Made Easy

Market intelligence can be used to assist almost every decisions faced by a company. Market intelligence helps a company to increase revenue, profit or market share. Three basic steps on how to go about gathering market intelligence and what types of market intelligence will deliver useful insights are:§ Don’t reinvent the wheel –A huge amount of learning can be gathered using workshops specially if guided by skilled external moderator.
§ Choose your battleground – Clearly stating your key objective will help in your business plan and actions will be taken.
§ Don’t stop digging –It is not only important that market intelligence is acted upon when it is collected but also a constant feedback is needed. Read more at: https://www.b2binternational.com/publications/guide-to-market-intelligence/

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Big Data can change your Business

Starting off as a small time entrepreneur it might be difficult to see the use of Big Data for your company’s growth. After all Big Data seems to be a term befitting multi million dollars firms, not for start-ups. In reality this isn’t true. Your small start-up can grow exponentially at a affordable cost using data resources which can be availed online by almost anyone.
Here are a couple of ways how it can work for you.
Customer Relationship Management (CRM):
A very important resource for any business is CRM software. Owners can set up a simple CRM spreadsheet, even if it’s just one single webpage, lets you to grab your customer’s feedback which helps towards your company’s growth.
Marketing:
As a small business owner you cannot afford to waste your valuable resources on a  misplaced advertisement or trying to market your product when there is no demand for it. You can use Big Data to analyze the market trends to key in on when and where buying habits are highest.
Big Data is everywhere and you can make use of it easily as long as you keep it simple & streamlined and not overdo it.

Read more at: http://www.smartdatacollective.com/keithtullyy/322521/how-small-business-can-use-big-data

 

 

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Integrating Market Intelligence With Digital Space

Focused market research is imperative for building of brands and foundation for market research is laid down by market intelligence. In broad terms, market intelligence collates three types of information- business, market and competitive. For distribution of information, social media is playing a huge role. Thus integration of marketing intelligence with social media monitoring and digital space opens up many channels of opportunities to address specific business issues and enhance performance significantly. However, this requires intense understanding and customization of data. Also, digitization of field resources poses certain challenges. On a concluding note, the authors, Stephen Dale and Melissa Chue are of opinion that market intelligence should ultimately serve as be the backbone of any organization and more investment should be made to expand digital resources and data. Read more:- http://www.marketing-interactive.com/events/intelligence-bedrock-good-market-research/

 

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looking for market research interns?search for college students!

In market research, it is observed, quite frequently that when the research is undertaken by paid bodies, they have a tendency to skew the data, for the company's favor, which may not be healthy for the company in the long run. Hence more and more companies are turning to, undergraduate or graduate marketing students who are unpaid and usually furnish unbiased information, as their main interest lies in gaining knowledge about the industry, learning about research analysis and developing presentation skills. Companies are preferring the fresh outlook of students, guided by proper mentors. Read more at:

http://www.cmswire.com/customer-experience/is-college-the-key-to-better-market-research/

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Building A Brand

Smartphones and tables enable consumers to stay connected and share their good and bad experiences. Marketers have to think mobile devices as a way of collecting valuable feedback. Mark Penson (CMO of Survey Anyplace), writes in his article how marketers can tap into customers' thinking to build their brand. Read more at: http://www.marketingprofs.com/articles/2014/26150/always-on-marketing-to-the-always-connected-five-ways-to-tap-into-customer-thinking

 

 

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Reaping Benefits from Social Value Drivers

According to Perry Yeatman (Principal, Mission Measurement & CEO, Perry Yeatman Global Partners), the growing significance of social value drivers for consumers is one of many changes in the marketplace that CMOs of different companies are experiencing nowadays. Differentiating a brand based on price, quality or convenience is getting increasingly difficult. However, it has led to a new meaning for all marketers to find new ways to make their products matter. One of the most promising new set of benefits is inherent social benefits. Discrete choice analysis is implemented across categories to identify the most influential social value drivers. Many leading companies are already reaping the benefits from this. The benefits range from increased revenue to improved loyalty. These new social value drivers are thus powerful, which is why CMOs must embrace them to build uniquely relevant and meaningful brands. Read more at: http://www.huffingtonpost.com/perry-yeatman/new-research-simultaneous_b_5828710.html

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Self-Service Rollout: A Roadmap

Organizations have numerous options to get answers from customers about their product or services. To get answers they use live-chat, speaking directly to a customer-care agent, and another gradually popular service called self-service. Self-service is becoming an important tool for any business. So, companies should keep in mind some points while implementing self-service. In her article, Jodi Beuder (Customer Experience Advocate at Impact Learning Systems), writes about those points which are to be kept in mind while rolling out self-service. To know more, follow: http://www.icmi.com/Resources/Self-Service/2014/09/The-Roadmap-for-a-Successful-Self-Service-Rollout

 

 

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Different Types of Market Research

Market Research is one of the important tools used in business. But, what is market research? Market research is the process of gaining information about market in which you are doing business. It is the most valuable tool used in business. Market research can be Primary Market Research and Secondary Market Research. Primary Market Research can be done through Focus Group, Customer Surveys etc. and Secondary Market Research can be done through information available on the internet. To know more about market research, follow Tim Berry (founder of Palo Alto Software, co-founder of Borland International, and a recognized expert in business planning)’s article link: http://articles.bplans.com/market-research/

 

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Market Research strategies

Market research is important for any business. Decisions are taken based on market research. Through market research, one can identify new opportunities, can minimize business risk and also helps to communicate with customers better. There are various stages of market research which all businesses should follow. To know more about the various stages of market research, follow: http://www.smallbusinessbc.ca/starting-a-business/how-research-your-market

 

 

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The Need for Market Intelligence Platforms in the Financial Services Industry

Several financial services clients currently are successfully building a robust suite of information platforms to offer a superior variety of resources for its researchers. With a unique platform that offers value to users, the job of researchers to help clients with current, assorted needs for market data is enhanced. The need for robust information platform is clearly due to a continual demand for market data. Other than the immediate availability of the data, researchers also need the data to be presented in a complimentary layout that boosts the usability of the data, which is a principal requirement of platform functionality. Read more at: http://blog.marketresearch.com/how-market-research-solutions-complement-financial-services-firms%E2%80%99-existing-data-resources

 

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Social Media Analytics Market: A Report

Social Media Analytics has become important nowadays. But, what is Social media analytics? It collects data from social media platforms and blogs, and do an analysis of the collected data to extract information which in turn will help any organization to take the right step. It also facilitates marketers with a detailed understanding of the consumer and also helps to analyze the sentiment of customers to augment marketing, branding, and customer service. MarketsandMarkets (a global market research and consulting company based in the U.S), have recently published a report about GLOBAL SOCIAL MEDIA ANALYTICS MARKET - MARKET FORECASTS AND ANALYSIS (2014-2019) which will help the market leaders or new entrants in many ways. To know more about this, follow: http://www.fastmr.com/prod/871700_global_social_media_analytics_market_market.aspx?afid=302

 

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Facebook in Market research

Facebook along with market research agency GfK commissioned a study, according to which more than 60 percent of adults in the US use at least two devices every day, and more than 40% start an activity on one device and finish it on another. Facebook announced this week that it will track users' actions between devices and share with advertisers when an ad or promotion leads to a purchase. Facebook plans to capitalize on the multi-device trend. This will give marketers valuable information to make more informed advertising decisions, it does not pose any threat to users' privacy, said Rebecca Lieb, analyst at Altimeter Group. The information Facebook shares, is neither personal nor personally identifiable, she explained. Facebook is the first company to offer this type of information to marketers. Marketers can find the new cross-device conversions for campaigns within your Facebook Ad Reports. Read more at:

http://www.informationweek.in/informationweek/news-analysis/297575/facebook-track-shopping-habits

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The limited success of Social Media Analytics

The strength of social media is that it can answer questions you had not asked and perhaps had not even thought of. Its weakness is that it can't answer most of the questions that market researchers' clients ask. There have been some successes and a couple of examples are

• Assessing campaign or message breaks through.

• Identifying language, topics and ideas.

• Outside market research.

But the key problems are:

• Most people do not comment in social media, and most of the comments are not about clients’ brands and services.

• Social media deals with the world as it is, brands can’t use it to test ads, to test new products and services, or almost any future plan.

• The dynamic quality of social media means that it is very difficult to compare two activities. Thus the accuracy of social media measurements become limited.

• Good social media usage requires people, which tend to make it more expensive and slower.

• It is very difficult to attribute the comments to distinct groups.

Read more at: 

http://www.greenbookblog.org/2014/04/25/why-has-social-media-analytics-met-with-limited-success-in-market-research/</a

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Reasons why market research is a waste of time

 

Market Research explains what customers and target market participants are thinking, doing and why. But, the question is: is it worthwhile, or a waste of time and resources? Three reasons why Market Research is a waste of time and resources: First, we already know our customers, prospects, channel members, industry pundits and even competitors. Second, research is too vague and directional. Third, research is often flat wrong. These are the most prevalent or compelling reasons to doubt the efficacy of market research. But a question that arises is why does market research is favored, in spite of this well-deserved criticism? The answer is because some knowledge is better than none. Second is serendipity: the focus on the critical market assumptions supporting a decision break down into subtle sub-questions that get answered in unexpected and unanticipated ways, and are both exciting and useful. Any good research answers a lot of questions, but raises even more questions to be answered; some are answered in the process unexpectedly. Last reason is being wrong is career-threatening. Read more at: 

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Strategic Focus Report on Business Intelligence

Strategic Focus report analyses drivers, current trends and inhibitors, outlines the evolution of BI technologies, identifies and assesses the best performing vendors in the market. The BI market is going through a transformational phase where vendors are looking to develop analytical tools for broader market usage and not just for power users. BI vendors are striving to enhance the functionality of their mobile. The top ten BI vendors constitute a significant share of the total market. The reasons to buy are: It helps the reader to understand the BI market landscape, drivers, the recent trends and inhibitors shaping the BI segment, provide an assessment of business intelligence vendors and their relative performance in the business intelligence market. The most exhaustive and up-to-date report providing revenue opportunity forecasts in the business intelligence market from 2014 to 2018 and extensive technology growth predictions based on adoption indicators, end-user technology demand, and macroeconomic factors. Read more at: 

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Disproving market research myths

There are two myths that need to be disproved about Marketing Research: Expensive and time intensive. The internet has two important sources of information: Firstly, the websites which companies, organizations and individuals have created to promote or communicate their products, services or views; secondly, user groups that are made up of people who have an interest in a particular industry or subject. A few tips work well for internet market research. One should draft a list of questions and ask the same questions of every customer, to obtain better comparisons and validate the data. There are many free online survey cloud options to collect information. One should look for a free package that provides a link to the survey which he can post the link on social networks and email out to the customer or subscriber base – ensuring to get a feedback from people. He may offer an incentive prize that will be appealing to the audience, if he wants to improve survey response rates. Read more at: 

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Market Intelligence & Market Research are complements or substitutes?

 

There are many CRM packages, the best ones linked to accounting software systems, that provide easy storage of customer and supplier information to answer the questions of who, what, how much, where and when your customer buys. Internet technology today has reduced costs and shortened time frames by using online surveys. A major criticism of internet surveys is that that they don't represent an accurate sample of the population and so a skilled marketing research person really adds value that is worth paying for. There are two tests for accuracy and soundness of the marketing research results: A skilled marketing research person ensures validity and reliability by accurately defining the problem to be solved; the correct questions to ask; and whether there are other cost-effective ways to get the result. After gathering the information from the correct primary sample; a skilled marketing research person adds value by being able to spot differences, draw conclusions and make recommendations.To know more, follow the link: 

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Market research reveals some facts about relocating consumers to their new home!

 

A survey reveals that moving to a new home may damage more than your personal belongings and scars personal relationships. It is found that of those in a relationship, more than one third say moving has scarred their relationship due to decreased intimacy, increased fighting and financial strain. 46 percent of respondents say they disagreed over where to move and 42 percent say they fought over the reason for the move. Those with children say the stress hit the whole family with "choosing the right school" and "helping the kids find new friends". Nearly one in three respondents admitted they had "accidentally" lost one of their partner's prized possessions. More than half of the respondents said that today's neighbors are not as friendly as the neighbors they remember as a child because they "seem too busy" where nearly half of respondents also voted "meeting new neighbors" as a top three requirement to feeling comfortable and settled in a new home. Today's movers need a helping hand to feel comfortable and learn more about their brand new surroundings. Read more at:

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How to avoid unethical market research decisions

An ethics checklist along with a list of common unethical market research concerns that may arise during the research process are: Answering "yes" to any of the following questions could suggest that decision should be changed or more discussions should be conducted to ensure the business is making the most ethical decision. First, does my decision treat me, or my company, as an exception to the rule? Second, would my decision lose profits if customers were aware? Third, would I repel qualified job applicants by telling them about my decision? Fourth, does my decision meet other employee's opinions? Fifth, is my decision partial or biased? Sixth, does it divide the goals of the company? Seventh, will I have to pull rank to make others follow it? Eighth, would I prefer avoiding the consequences of this decision? Lastly, did I avoid any of the questions by telling myself that I can get away with it? Some biggest ethical concerns in market research are: First, conducting unnecessary research. Second, performing the wrong research will waste both time and money. Third, ignoring ongoing studies since Market research is constantly evolving. Fourth, Misuse of research according to licensing agreements which occurs because the user does not fully understand the limitations of the different license types.Read more about this at: 

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