market research101 rs_2011
DESCRIPTION
MarketTRANSCRIPT
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Impact of Market Research Philosophy of Market Research ResearchSense Marketing Research Process Case Study- 20% Membership growth at a
Museum Types of Market Research
◦ Tool kit Market Research Segmentation
◦ Insights on Generational Differences
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◦ Facilitates a strategic process for listening and paying attention to your constituents (donors, prospects, clients, volunteers)
◦ Aids in effective and targeted marketing and fundraising of your constituents◦ Helps anticipate issues coming down the pike and strategically plan for it◦ Clarifies your purpose and helps plan for the future (strategy, identity,
branding, etc)-integral part of your marketing strategy◦ Builds competitive advantage by providing insights on building your “unique
selling proposition (point of difference) ◦ Provides grantors’ acceptance & believability through objective research and
metrics◦ Prevents you from navel gazing and be aware of the market trends ◦ Supports and validates internal hypotheses, and builds action and traction
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Ask◦ Internal and External
constituents
Listen◦ Make the changes
Learn◦ Go with the right
“gut”
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Who? Where ? What? When ? Why ? How ?
1. Understand why Research is needed?a) First understand the organizational/
business issue: “what do we need to find out and what decisions are to be made”.
b) What type of information and knowledge will aid the org decision making process?
c) Then, articulate the key research questions and objectives.
2. Design the research process (data needed) according to the objectives:
a) Primary Data: Qualitative (focus groups/ interviews/ observational) or Quantitative (survey based)
b) Secondary Data: Market trends and databases already available
c) Internal data: Data already available in-house 3. Conduct the research: Guide internal resources or
collaborate with external resources in implementing the research
4. Analyze the findings (statistical; tabulation, transcripts, etc) and interpret/simplify the findings
5. Be the champion messenger: Create impactful insights & recommendations, and build clear implementation and follow-up action steps.
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Step 1Understand why Research is
needed?
Step 2
Design the Research Method
Step 3Conduct the Research
Step 4Analyze and Interpret the Data
Step 5Champion and Create
Mission-impact with Research
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Step 1: Understand why Research is needed?Process: There was a detailed discussion with director of marketing and PR, a board member, and competitive review of local attractions. The questions also revolved around what was already available, what was the strategy of organization and the point of view of the board.
Step 2: Design the Research MethodProcess: We first talked to the patrons visiting the museums, to gut-check our questions and get a constituent perspective/language, prior to conducting the online survey (with members and prospects). So we used both qualitative and quantitative research tools. We also conducted a competitive review of the website and brochures of the competitive attractions.
Step 3: Conduct the ResearchProcess: Both phases of research were completed. We used museum interns to assist in the constituent interviews and used 15 min Zoomerang online survey for the quantitative phase. The constituent list was obtained from the museum and purchased through InfoUSA. The qualitative data was first analyzed, and thoughts and hypotheses were tested in the quantitative research.
Step 4: Analyze and Interpret the DataProcess: Excel and Statistical Analysis in SPSS was conducted to understand data summary and patterns. We analyzed data of close to 500 people. We looked at the data among members/lapsed members/non-members; households with and without kids.
Step 5: Champion and Create Mission-impact with ResearchProcess: The findings and recommendations of the research were shared with key stakeholders (programs, board, marketing, etc) with simple and clear action items-for change in plans and increased funding. This museum has seen 20+% increase in membership, due to change in exhibits and events (focused on key members based on research vs. “gut feeling”.
Focus Groups (onsite or at facility) ◦ Donors, Members, Prospects, Clients/Participants
Surveys/Questionnaires (online, mail; phone) ◦ Current/lapsed/Potential Members, Current/lapsed Donors, Outcome
metrics, Fundraising success metrics,
Observational Research◦ Mystery Shopping (event experience, ticket sales)◦ Patron experience (interactive exhibits, fundraising events)
One on one Interviews (phone; face to face; online chat) ◦ Donors, Prospects, Volunteers, Board members,
Testing Scenarios (smaller investment) ◦ Messaging tests, Fundraising scenarios, Feasibility scenarios
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Demographic/Geographic segmentation (also called geo-demographic segmentation) ◦ Age, Gender, Religion, Income, Occupation,
Household composition, Location
◦ Easy for data capture; Limited for messaging and motivational information
Psychographic segmentation◦ Lifestyle- Generational research (pg 10-11)◦ Behavioral-Attitudes, barriers, choice research◦ Values- VALS research
◦ Great for in-depth values and underlying motivations and loyalty, great for targeting; Detailed research and surveys; need to connect better to ROI.
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Generations
Gen Y (Millennials)
Gen X Boomers Matures
Who are they?Other names
Born btw 1981-1995Gen We/Echo Boomers
Born btw 1965-1980Latch-Key Gen
Born btw 1946-1964Generation Me
1900-1945Traditional Gen
Lifestyle Passion for direct social change (do
good)
Busy, motivated, results-oriented
Picky, seasoned,Status-oriented,
Philanthropy is part of their wiring
What makes them tick?
Multimedia, Social Networking &
Friends
Family (soul-mate) Finding themselves
Staying relevant, kids, grandkids
Staying in shape; volunteering,
independence What ticks them off?
Missed ConnectionsMass Marketing
Jobs, Privacy violations, lack of work-life balance
Letting go, wrinkles, and retirement
Aging, drug costs, loneliness
NP Introduction Triggers
Involve through friends Involve their children Involve them with interest and trust
Involve by impact on
community Best approach to engaging
them?
Ask for cash/time involvement via their friends (and fun!), to champion the orgNeed to be heard
Make them aware ofthe organization and ask for cash and time (volunteering) Usethem wisely through their kids
Give to fewer causes,
more peer to peer, think on how to reach them before
the ask
Directly ask them for money AFTER they are aware of your charity
Want to help those who have less
Messages that motivate
“You will work with other bright/creative
people”
“Do it your way”“Forget the rules”
“You are valued/ needed”
“Your experience is respected”
10 *Sources: Iconoculture, AFP 2011 conference, online sources
Generations
Gen Y Gen X Boomers Matures
*Average # of Charities ($ for top charity)
3.6 ($161)
4.2($272)
5.2($211)
6.3($280)
*AverageContributions/Yr(Annual Contr.)
$341 ($9.7B)
$796 ($28.6B)
$901($47.1 B)
$1066 $32.7B )
*Predominant Vehicle for
Asking*
1. Website2. Email/ Newsletters3. Social Media
1. Mail 2. Email/Website3. Social Media
(FB)
1. Mail2. Email/Newsletters3. Website4. Social Media
1. Mail2. Emails/ Newsletter1. Website
*Best way for Giving
1. Friend asks2. Letter/Msg**3. Supporters on
social media(Multichannel)
1. Friend asks2. Letter/msg** 3. Supporters on
social media(Multi-channel)
1. Friend asks2. Mailed letter/msg**3. Email from charity (Trending multi-channel)
1. Mailed message**
2. Friend asks 3. Phone call from
charityEngagement with
Top charity1. Direct
Donations (F2F)
2. Website 3. Promote online4. Advocacy
1. Direct donations, etc
2. Visit their website
3. Volunteer
1. Donations directly2. Visit their website
1. Cash or goods donations directly (highest)
11 *Convio Findings, March 2010** From already aware charity
Use this as rule of thumb- customize and target per your donorsDon’t guess; diligence is the best answer for effective targeting
La Sridhar◦ Founder/President, ResearchSense
◦ Email: [email protected]◦ Phone: 630-290-9363◦ Website: www.researchsenseinc.com
◦ Twitter: @philresearch
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