Understanding Customer Lifetime Value and How it Correlates to Marketing Research
Customer lifetime value, it’s a phrase that’s frequently heard in marketing circles, but one that is often miscalculated or misunderstood. What is customer lifetime value and how does it impact the way you do business? Understanding a customer’s lifetime value and knowing how to improve it can transform the way you interact with your customers […]
Are You Losing Money By Not Conducting Market Research Surveys?
Do you employ market research surveys in your marketing mix? Understanding the mindset of customers has long been one of the biggest mysteries for businesses that offer products or services. Before the internet age, this was a near impossible task that usually went on either time-consuming focus groups or going on hunches. Twenty-five years after […]
Advantages of Synchronistically Applied Marketing Techniques When Done Right
Marketing research and focus groups have evolved considerably over the years thanks to the advent of better technology. Now we have the ability to provide our clientele with synchronistically applied marketing techniques. Even with technical advancements, though, it’s still sometimes hard to reach audiences when researching specific demographics. Your marketing team really needs a more […]
How Starbucks Used Market Research Focus Groups for Loyalty Cards
Did you know that Starbucks used marketing research focus groups when rolling out their loyalty cards? Starbucks didn’t know that they could charge their customers twenty-five dollars to carry a loyalty card for their coffee shops until they conducted a focus group. The concept seemed absurd at first. The idea only caught steam once it […]
Product Marketing and Research Using Focus Groups
When many companies have an idea for a new product, they need to know how the product will be received by the market they hope to attract. Does it fulfill a need? Will people be interested in it? Will people be willing to purchase it? To determine if time and money should be put into […]
Benefits of Using Focus Groups in Product Development
Are you using using focus groups in product development? Developing new products is a challenging and risky endeavor. No matter how good your project seems in theory, it’s never easy to predict how actual customers will react to the finished product. One of the best ways to mitigate the risk is to use focus groups, people […]
Questionstorming: Fresh Perspectives, Challenged Assumptions, and Unique Solutions
Let’s begin with a question: what is Questionstorming? It is very similar to how it sounds. According to a recent article Better Brainstorming by Hal Gregersen in the Harvard Business Review, Questionstorming is based on the concept that “fresh questions often beget novel‒ even transformative‒insights.” To many of us, this makes implicit sense. One of […]
7 Qualities that Set a Fortune 500 Marketing Company Apart From their Competition
Marketing companies are, quite literally, everywhere. Experts exist in almost every niche, from SEO to direct mail. Add to that larger, generalist shops that seek to provide more holistic marketing services, and the options are seemingly endless. Of course, for your business, that can lead to a certain agony of choice. Among so many self-proclaimed […]
5 Situations that Call for Using Virtual Focus Groups in Qualitative Research
Focus groups have long been a crucial part of qualitative market research. Using virtual focus groups in qualitative research helps you gather crucial attitudinal data about your audience that is more in-depth than a survey or other types of quantitative methods. At the same time, they allow you to reach more demographics and gather more […]