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Gathering and Using Information: Marketing Research and Market Intelligence
Chapter 10: Gathering and Using Information: Marketing Research and Market Intelligence
10.1 Marketing Information Systems
10.2 Steps in the Marketing Research Process
10.3 Discussion Questions and Activities
10.1 Marketing Information Systems
Learning Objectives
- Describe the components of a marketing information system and each componentâs purpose.
- Explain the situations in which marketing research should be used versus market intelligence.
- Describe the limitations of market intelligence and its ethical boundaries.
- Explain when marketing research should and should not be used.
A certain amount of marketing information is being gathered all the time by companies as they engage in their daily operations. When a sale is made and recorded, this is marketing information thatâs being gathered. When a sales representative records the shipping preferences of a customer in a firmâs customer relationship management (CRM) system, this is also marketing information thatâs being collected. When a firm gets a customer complaint and records it, this too is information that should be put to use. All this data can be used to generate consumer insight. However, truly understanding customers involves not just collecting quantitative data (numbers) related to them but qualitative data, such as comments about what they think.
Audio Clip
Interview with Joy Mead
http://app.wistia.com/embed/medias/c89771530a
Recall from Chapter 3 âConsumer Behavior: How People Make Buying Decisionsâ that Joy Mead is an associate director of marketing with Procter & Gamble. Listen to this clip to hear Mead talk about the research techniques and methods Procter & Gamble uses to develop consumer insight. You will learn that the company isnât just interested in what consumers want now but also years in the future.
The trick is integrating all the information you collect so it can be used by as many people as possible in your organization to make good decisions. Unfortunately, in many organizations, information isnât shared very well among departments. Even within departments, it can be a problem. For example, one group in a marketing department might research a problem related to a brand, uncover certain findings that would be useful to other brand managers, but never communicate them.
AÂ marketing information system (MIS)Â is a way to manage the vast amount of information firms have on handâinformation marketing professionals and managers need to make good decisions. Marketing information systems range from paper-based systems to very sophisticated computer systems. Ideally, however, a marketing information system should include the following components:
- A system for recording internally generated data and reports
- A system for collecting market intelligence on an ongoing basis
- Marketing analytics software to help managers with their decision making
- A system for recording marketing research information
Internally Generated Data and Reports
As we explained, an organization generates and records a lot of information as part of its daily business operations, including sales and accounting data, and data on inventory levels, back orders, customer returns, and complaints. Firms are also constantly gathering information related to their Web sites, such as clickstream data. Clickstream data is data generated about the number of people who visit a Web site and its various pages, how long they dwell there, and what they buy or donât buy. Companies use clickstream data in all kinds of ways. They use it to monitor the overall traffic of visitors that a site gets, to see which areas of the site people arenât visiting and explore why, and to automatically offer visitors products and promotions by virtue of their browsing patterns. Software can be used to automatically tally the vast amounts of clickstream data gathered from Web sites and generate reports for managers based on that information. Netflix recently awarded a $1 million prize to a group of scientists to plow through Web data generated by millions of Netflix users so as to improve Netflixâs predictions of what users would like to rent (Baker, 2009). (Thatâs an interesting way to conduct marketing research, donât you think?)
Being able to access clickstream data and other internally generated information quickly can give a companyâs decision makers a competitive edge. Remember our discussion in Chapter 9 âUsing Supply Chains to Create Value for Customersâ about how Walmart got a leg up on Target after 9/11? Walmartâs inventory information was updated by the minute (the retailerâs huge computing center rivals the Pentagonâs, incidentally); Targetâs was only updated daily. When Walmartâs managers noticed American flags began selling rapidly immediately following the terrorist attacks on 9/11, the company quickly ordered as many flags as possible from various vendorsâleaving none for Target.
Click on the following link to watch a fascinating documentary about how Walmart, the worldâs most powerful retailer, operates:Â http://www.hulu.com/watch/103756/cnbc-originals-the-new-age -of-walmart.
Many companies make a certain amount of internal data available to their employees, managers, vendors, and trusted partners via intranets. An intranet looks like the Web and operates like it, but only an organizationâs employees have access to the information. So, for example, instead of a brand manager asking someone in accounting to run a report on the sales of a particular product, the brand manager could look on her firmâs intranet for the information.
However, big companies with multiple products, business units, and databases purchased and installed in different places and at different times often have such vast amounts of information that they canât post it all on an intranet. Consequently, getting hold of the right information can be hard. The information could be right under your nose and you might not know it. Meet people like Gary Pool: Pool works for BNSF Railway and is one of BNSFâs âgo-toâ employees when it comes to gathering marketing data. Pool knows how to access different databases and write computer programs to extract the right information from the right places at BNSF, a process known as data mining. Combining data into one location is called data warehousing, and makes Poolâs analysis easier. He then captures the information and displays it in dashboards, screens on the computer that make the data easily understood so that managers can detect marketing trends. While a dashboard may display a piece of information, such as the number of carloads sold in West Virginia, the manager can click on the number and get more detail.
Figure 10.2
Gary Pool is an expert at data miningâhunting up information for decision makers at BNSF Railway. And no, he doesnât wear a headlamp. Nor does he wear a pocket protector! Poolâs title: Manager, Marketing Systems Support & Marketing Decision Support & Planning.
Michael Kappel â Metra BNSF Railway 149 â CC BY-NC 2.0.
Analytics Software
Increasingly, companies are purchasing analytics software to help them pull and make sense of internally generated information. Analytics software allows managers who are not computer experts to gather all kinds of different information from a companyâs databasesâinformation not produced in reports regularly generated by the company. The software incorporates regression models, linear programming, and other statistical methods to help managers answer âwhat ifâ types of questions. For example, âIf we spend 10 percent more of our advertising on TV ads instead of magazine ads, what effect will it have on sales?â Oracle Corporationâs Crystal Ball is one brand of analytical software.
The camping, hunting, fishing, and hiking retailer Cabelaâs has managed to refine its marketing efforts considerably using analytics software developed by the software maker SAS. âOur statisticians in the past spent 75 percent of their time just trying to manage data. Now they have more time for analyzing the data with SAS, and we have become more flexible in the marketplace,â says Corey Bergstrom, director of marketing research and analysis for Cabelaâs. âThat is just pricelessâ (Zarello, 2009).
Figure 10.3
Cabelaâsâ analytics software has helped the outdoor sporting retailer reach the right customers with the right catalogs.
Echo9er â Cabelaâs â CC BY-NC-SA 2.0.
The company uses the software to help analyze sales transactions, market research, and demographic data associated with its large database of customers. It combines the information with Web browsing data to gain a better understanding of the individual customers marketing channel preferences as well as other marketing decisions. For example, does the customer prefer Cabelaâsâ one-hundred-page catalogs or the seventeen-hundred-page catalogs? The software has helped Cabelaâs employees understand these relationships and make high-impact data-driven marketing decisions (Zarello, 2009).
Market Intelligence
A good internal reporting system can tell a manager what happened inside his firm. But what about whatâs going on outside the firm? What is the business environment like? Are credit-lending terms loose or tight, and how will they affect what you and your customers are able to buy or not buy? How will rising fuel prices and alternate energy sources affect your firm and your products? Do changes such as these present business obstacles or opportunities? Moreover, what are your competitors up to?
Not gathering market intelligence leaves a company vulnerable. Remember Encyclopedia Britannica, the market leader in print encyclopedia business for literally centuries? Encyclopedia Britannica didnât see the digital age coming and nearly went out of business as a result. (Suffice it to say, you can now access Encyclopedia Britannica online.) By contrast, when fuel prices hit an all-time high in 2008, unlike other passenger airline companies, Southwest Airlines was prepared. Southwest had anticipated the problem, and early on locked in contracts to buy fuel for its planes at much lower prices. Other airlines werenât as prepared and lost money because their fuel expenses skyrocketed. Meanwhile, Southwest Airlines managed to eke out a profit. Collecting market intelligence can also help a company generate ideas or product concepts that can then be tested by conducting market research.
Gathering market intelligence involves a number of activities, including scanning newspapers, trade magazines, and economic data produced by the government to find out about trends and what the competition is doing. In big companies, personnel in a firmâs marketing department are primarily responsible for their firmâs market intelligence and making sure it gets conveyed to decision makers. Some companies subscribe to news service companies that regularly provide them with this information. LexisNexis is one such company. It provides companies with news about business and legal developments that could affect their operations. Other companies subscribe to mystery shopping services, companies that shop a client and/or competitors and report on service practices and service performance. Letâs now examine some of the sources of information you can look at to gather market intelligence.
Search Engines and Corporate Web Sites
An obvious way to gain market intelligence is by examining your competitorsâ Web sites as well as doing basic searches with search engines like Google. If you want to find out what the press is writing about your company, your competitors, or any other topic youâre interested in, you can sign up to receive free alerts via e-mail by going to Google Alerts at http://www.google.com/alerts. Suppose you want to monitor what people are saying about you or your company on blogs, the comment areas of Web sites, and social networks such as Facebook and Twitter. You can do so by going to a site like WhosTalkin.com, typing a topic or company name into the search bar, and voilà ! All the good (and bad) things people have remarked about the company or topic turn up. What a great way to seek out the shortcomings of your competitors. Itâs also a good way to spot talent. For example, designers are using search engines like WhosTalkin.com to search the blogs of children and teens who are âfashion forwardâ and then involve them in designing new products.
WhosTalkin.com and Radian6 (a similar company) also provide companies with sentiment analysis. Sentiment analysis is a method of examining content in blogs, tweets, and other online media (other than news media) such as Facebook posts to determine what people are thinking at any given time. Some companies use sentiment analysis to determine how the market is reacting to a new product. The Centers for Disease Control (CDC) uses sentiment analysis to track the progress of flu; as people post or tweet how sick they are, the CDC can determine where the flu is increasing or decreasing.
Figure 10.4
Type a companyâs name (or anything else you want) into the search bar and see what comes up. (Note: It takes a little while for all of the results to show up.)
Source:Â http://www.whostalkin.com.
Publications
The Economist, the Wall Street Journal, Forbes, Fortune, BusinessWeek, the McKinsey Report, Sales and Marketing Management, and the Financial Times are good publications to read to learn about general business trends. All of them discuss current trends, regulations, and consumer issues that are relevant for organizations doing business in the domestic and global marketplace. All of the publications are online as well, although you might have to pay a subscription fee to look at some of the content. If your firm is operating in a global market, you might be interested to know that some of these publications have Asian, European, and Middle Eastern editions.
Other publications provide information about marketplace trends and activities in specific industries. Consumer Goods and Technology provides information consumer packaged-goods firms want to know. Likewise, Progressive Grocer provides information on issues important to grocery stores. Information Week provides information relevant to people and businesses working in the area of technology. World Trade provides information about issues relevant to organizations shipping and receiving goods from other countries. Innovation: Americaâs Journal of Technology Commercialization provides information about innovative products that are about to hit the marketplace.
Trade Shows and Associations
Trade shows are another way companies learn about what their competitors are doing. (If you are a marketing professional working a trade show for your company, you will want to visit all of your competitorsâ booths and see what they have to offer relative to what you have to offer.) And, of course, every field has a trade association that collects and disseminates information about trends, breakthroughs, new technology, new processes, and challenges in that particular industry. The American Marketing Association, Food Marketing Institute, Outdoor Industry Association, Semiconductor Industry Association, Trade Promotion Management Association, and Travel Industry Association provide their member companies with a wealth of information and often deliver them daily updates on industry happenings via e-mail.
Salespeople
A companyâs salespeople provide a vital source of market intelligence. Suppose one of your products is selling poorly. Will you initially look to newspapers and magazines to figure out why? Will you consult a trade association? Probably not. You will first want to talk to your firmâs salespeople to get their âtakeâ on the problem.
Salespeople are the eyes and ears of their organizations. Perhaps more than anyone else, they know how products are faring in the marketplace, what the competition is doing, and what customers are looking for.
A system for recording this information is crucial, which explains why so many companies have invested in customer relationship management (CRM) systems. Some companies circulate lists so their employees have a better idea of the market intelligence they might be looking for. Textbook publishers are an example. They let their sales representatives know the types of books they want to publish and encourage their representatives to look for good potential textbook authors among the professors they sell to.
Suppliers and Industry Experts
Your suppliers can provide you with a wealth of information. Good suppliers know which companies are moving a lot of inventory. And oftentimes they have an idea why. In many instances, they will tell you, if the information youâre looking for is general enough so they donât have to divulge any information thatâs confidential or that would be unethical to revealâan issue weâll talk more about later in the book. Befriending an expert in your industry, along with business journalists and writers, can be helpful, too. Often these people are âin the knowâ because they get invited to review products (Gardner, 2009).
Customers
Lastly, when it comes to market intelligence donât neglect observing how customers are behaving. They can provide many clues, some of which you will be challenged to respond to. For example, during the latest economic downturn, many wholesalers and retailers noticed consumers began buying smaller amounts of goodsâjust what they needed to get by during the week. Seeing this trend, and realizing that they couldnât pass along higher costs to customers (because of, say, higher fuel prices), a number of consumer-goods manufacturers âshrankâ their products slightly rather than raise prices. You have perhaps noticed that some of the products you buy got smallerâbut not cheaper.
Can Market Intelligence Be Taken Too Far?
Can market intelligence be taken too far? The answer is yes. In 2001, Procter & Gamble admitted it had engaged in âdumpster divingâ by sifting through a competitorsâ garbage to find out about its hair care products. Although the practice isnât necessarily illegal, it cast P&G in a negative light. Likewise, British Airways received a lot of negative press in the 1990s after it came to light that the company had hacked into Virgin Atlantic Airwaysâ computer system1.
Gathering corporate information illegally or unethically is referred to as industrial espionage. Industrial espionage is not uncommon. Sometimes companies hire professional spies to gather information about their competitors and their trade secrets or even bug their phones. Former and current employees can also reveal a companyâs trade secret either deliberately or unwittingly. Microsoft recently sued a former employee it believed had divulged trade secrets to its competitors2. Itâs been reported that for years professional spies bugged Air Franceâs first-class seats to listen in on executivesâ conversations (Anderson, 1995).
Video Clip
Spying at WorkâEspionage: Who, How, Why, and How to Stop It
To learn more about the hazards of industrial espionage and how itâs done, check out this YouTube video.
Figure 10.5
Donât get caught doing thisâunless you work for the natural-cosmetics maker Burtâs Bees. To get across to employees the amount of material being wasted, Burtâs Bees had its employees put on hazmat suits and sort through garbage for a couple of weeks. (No, employees werenât engaging in industrial espionage.) The recycling opportunities they spotted as part of the exercise ended up saving the natural-cosmetics maker $25,000 annually (Nemes, 2009).
Halturg Skanser â dumpster diving leap â CC BY-NC 2.0.
To develop standards of conduct and create respect for marketing professionals who gather market intelligence, the Society of Competitive Intelligence Professionals has developed a code of ethics. It is as follows:
- To continually strive to increase the recognition and respect of the profession.
- To comply with all applicable laws, domestic and international.
- To accurately disclose all relevant information, including oneâs identity and organization, prior to all interviews.
- To avoid conflicts of interest in fulfilling oneâs duties.
- To provide honest and realistic recommendations and conclusions in the execution of oneâs duties.
- To promote this code of ethics within oneâs company, with third-party contractors and within the entire profession.
- To faithfully adhere to and abide by oneâs company policies, objectives and guidelines3.
Marketing Research
Marketing research is what a company has to resort to if it canât answer a question by using any of the types of information we have discussed so farâmarket intelligence, internal company data, or analytics software applied to data. As we have explained, marketing research is generally used to answer specific questions. The name you should give your new product is an example. Unless your company has previously done some specific research on product namesâwhat consumers think of them, good or badâyouâre probably not going to find the answer to that question in your internal company data. Also, unlike internal data, which is generated on a regular basis, marketing research is not ongoing. Marketing research is done on an as-needed or project basis. If an organization decides that it needs to conduct marketing research, it can either conduct marketing research itself or hire a marketing research firm to do it.
So when exactly is marketing research needed? Keep in mind marketing research can be expensive. You therefore have to weigh the costs of the research against the benefits. What questions will the research answer, and will knowing the answer result in the firm earning or saving more money than the research costs?
Marketing research can also take time. If a quick decision is needed for a pressing problem, it might not be possible to do the research. Lastly, sometimes the answer is obvious, so there is no point in conducting the research. If one of your competitors comes up with a new offering and consumers are clamoring to get it, you certainly donât need to undertake a research study to see if such a product would survive in the marketplace.
Alex J. Caffarini, the president and founder of the marketing research firm Analysights, believes there are a number of other reasons companies mistakenly do marketing research. Caffariniâs explanations (shown in parentheses) about why a companyâs executives sometimes make bad decisions are somewhat humorous. Read through them:
- âWeâve always done this research.â (The research has taken on a life of its own; this particular project has continued for years and nobody questioned whether it was still relevant.)
- âEveryoneâ
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Client- centricity and the provision of quality service are key values. Providing a developmental and supportive marketing environment for our staff and recognising the importance of our suppliers are integral to our business ethic. Openness, honesty, transparency and a commitment to our community underpin everything we do.
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The heart and soul of what has made us so successful is our staff. It is their passion, commitment to quality and positive, can-do attitude that delivers outstanding performance to our clients and reinforces our reputation for service excellence.
From selection & recruitment through to training & development, we continually invest in our staff to ensure we have the right people, with the right skills to make sure that the job gets done right, first time.
Quality
Fulcrum has always aimed to be quality leaders in our industry. An impressive array of accreditations, for Quality, Environment, Security and Staff development are simply the kite-marks that demonstrate our core values in this respect.
Fulcrum Agencies
Over the years we have worked with agencies of all sizes and styles. We understand the hectic world of marketing and advertising and we have developed services specifically designed to adapt to short lead-times, changing needs, last minute requests and the occasional ‘sprint finish’.
Retail
With a long-history of providing services to retailers, whether major chains or small specialist outlets, it was a very easy step for us to adapt that to the on-line world. These days we can handle high-volume fulfilment for direct-to consumer on-line web-orders as we can easily provide retail replenishment and store refurbishment.
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The Four P’s of Experiential Marketing
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Becoming Marketing Active: The Fulcrum Guide to Getting Started with Business Marketing – In the first part of our guide to becoming marketing active retail Store Marketing companies in navi mumbai, we looked at some of the reasons that drive a business to start marketing (if you missed part one, check it out here). But once you’ve made the decision to embark on a marketing strategy for your business, what next? Where do you start and what steps should you take to ensure a smooth and successful process? As is so often the case in business (and life!), preparation is key. So before rushing into any kind of marketing, it’s important to take the time to plan, research and strategise for success. In order to create an effective marketing strategy, you need to develop a thorough understanding of your market, your competitors and your business itself. This means getting back to basics and equipping yourself with all the information you need to identify marketing activities that work for your brand. 1) Research your target market How much do you know about the target audience of your product or service? We’re not just talking about age, sex or occupation (though, of course, you need to know these too). To have the best chance of reaching your target market, you need to dig deeper and find out exactly what drives them towards purchase. What kind of triggers are they most likely to respond to? Which elements of the marketing mix have the most impact on them? How will your product or service benefit them? Understanding these aspects of your target audience will enable you to position and market your brand accordingly, so comprehensive market research is essential. It’s often easier (and more cost-effective) to outsource this type of research to a professional agency who will be better placed to obtain the information you need. 2) Analyse your competition In order to stay ahead of your competitors, you need to know who they are, what they’re doing and how they’re doing it. Once you’ve identified who your key business competitors are, look into the marketing methods they’re using and the way in which they have positioned their brand. What channels and platforms have they chosen to market their business? How are they promoting their brand and its products/services? Consider which elements are crucial to your own business and how you can position your brand in order to get ahead. 3) Define your objectives What do you want to achieve from your marketing activity? Whether it’s to increase your revenue, establish your business in a new market segment or improve brand awareness, setting clear, measurable marketing objectives is vital in understanding what steps need to be taken in order to achieve these goals. Make sure that each identified objective is specific (how much do you want to increase revenue by?), achievable (is it realistic?) and has a timeframe for accomplishment (are you aiming to achieve this goal in three months or a year?). You also need to make sure that your marketing objectives tie in with your overall business objectives. 4) Understand your business You may think you have a pretty good understanding of your business, but it’s surprising what insights can be achieved when you conduct a thorough SWOT analysis (strengths, weaknesses, opportunities, threats). Be rigorous, be meticulous, and above all be brutally honest. Is a lack of staff training letting your business down? Are your prices too high to compete in today’s market? Arming yourself with this knowledge is invaluable in developing a marketing strategy that leverages your company’s strengths and addresses those areas which need to be improved. In the next instalment of the Fulcrum guide to becoming marketing active, we’ll be looking at the raft of marketing channels available and helping you to identify which ones are best for your business. If you have something to share on this topic, why not get in touch? Leave your comments below…
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B2B Experiential Marketing – When does it work?
What is experiential marketing? On the rise in recent years, retail Store Marketing companies in pune and experiential marketing is all about customer interaction with your brand. It offers a unique experience with products or services, allowing customers to get a feel for how they would use it in their lives. For years marketers have been trying to get customers to use and trial their products. In this way it’s not a new concept; there have however, certainly been some innovative spins on how it’s done. Let’s look at experiential marketing, how it can work for B2Bs and some of the ways it can help build your brand.Emotional + Experiential Branding = Experiential Marketing The two elements that underpin experiential marketing are emotional branding and experiential branding.
Emotional branding: is about building the relationship between your brand and customers. Promoting emotional benefits like brand trust, security and credibility as a result of engaging with your brand is crucial. Experiential branding: designs and creates interactions that are sensory in nature, which emotionally influences preferences, shaping brand perception, and influencing satisfaction and loyalty. An excellent experiential marketing campaign is able to fuse both elements seamlessly together. Experiential Marketing for B2Bs In recent years interest in B2B experiential marketing has grown and some of the initial hesitation surrounding it has been replaced with a working understanding, when to do it, and how it stimulates ROI. For B2Bs, experiential marketing is generally less obvious, with the focus often on services (for example) in place of B2C exciting product launches. Oftentimes the B2B budget is also stretched. However we are seeing marketers begin to recognise the potentials that the experience can offer consumers. “The success of brand experience within the B2C market has not gone unnoticed, and B2B marketers are waking up to the potential of brand experience. However, there is a long way to go before they catch up with their B2C counterparts.” – Graham Ede, Ion Group 3 Examples of B2B experiential marketing Location with B2Bs can be one of the major barriers, and while it may not be easy to do experiential marketing in quite the same way as B2C, there’s certainly room to employ some of the same principals. Creating sensory interactions that promote core feelings of trust, and awareness of your product or services is central to this. Fulcrum marketing in public spaces – Linked with experiential, some marketers use a form of Fulcrum marketing. They tend to hold this drive in places where there are high concentrations of business buyers. Branded promotional staff can offer business people the opportunity to enter in a promotion, or sign up to attend an event whilst promoting the benefits of the product. demonstrations & reward – as part of a targeted marketing strategy, those in the IT space can offer information via webinar or video, which can showcase some aspects of the technology solution. Some marketing and web-based tools such as offer a free trial period, together with online coaching via Skype. This allows the user to build confidence in using the tool, and to experience all of the benefits of the trial period. At the end of the trial period (7 days), the participant is given a report with feedback on how well they have used the tool. Then they are awarded a certificate. Surprises and games – Surprising customers by showing up where they least expect you, gifting them, or sending them a card is a way to provide an out of the box experience and drive brand awareness. Another option could be to exhibit at a partner’s event as IBM did. Their interactive stand came complete with a candy bar, and plasma screens which posted live tweets from event attendees. Digital technology such as apps and games are also opportunity areas, and while often costly, look set to become more widespread and affordable in future. Experiential marketing reflects the growing importance of emphasising emotions to build successful brands. Digital media offers expanding opportunities to offer such experiences. In the ever-competitive B2B marketplace, it’s no longer enough to rely on traditional modes for lead generation. B2B marketers need to consider the complete kit that is available to them including; social media, mobile, search, paid advertising, print, telemarketing and increasingly placing emotion at the heart of it all with an experiential approach.