oakham research limited

Oakham Research Limited – 2013 |w: www.oakhamresearch.com |T: 01384 353910 |M: 07922 001833 Oakham Research – Research Overview

Making Professional Research Affordable

Market Research Secrets

John Poole MBA, MMRS, MCIM, DipM

Managing Director - Oakham Research

October 2014

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Agenda

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Why Undertake Research Secret #1 Types of Research Secret #2 Planning Secret #3 Sampling Secret #4 Reporting Secret #5



Why Undertake Research?

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> How does market research help?Assessment of USP’sNew Product developmentAvoid costly mistakesUnderstand your audience / marketMeasure effectivenessSupport PR activityDetermine pricing strategyCustomer satisfaction and retention



Why Undertake Research?

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Large corporations have an unfair advantage!

- Ford, Renault, VW Audi, GM, Honda, BMW etc - Understanding customers behaviour- Identifying changes in habits- Proactive rather than reactive

- BT, National Express, Johnson & Johnson, Tesco etc- PR activity- New product development- New market opportunities- Customer Testimonials

“I believe in innovation and that the way you get innovation is you fund research and you learn the basic facts.” - Bill Gates



Secret #1

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Customer Satisfaction?

A dissatisfied customer will tell between 9-15 people about their experience. Around 13% of dissatisfied customers tell more than 20 people – White House Office of Consumer Affairs

Price is not the main reason for customer churn, it is actually due to the overall poor quality of customer service – Accenture global customer satisfaction report 2008

Asking your customers how you performed, actually leads to increased sales – Oakham Research

“Make your customer your best sales person” – Audi Academy



Types of Research

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Quantitative (Questionnaire) – The What

Numerical / statistical Yes / No Scales Options

Qualitative (Focus Groups / Workshops / Depth Interviews) – The Why

Feelings Reasons Open ended Coded



Secret #2

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Ask the right audience?

Ask the audience are right 90% of the time – US version of Who Wants to be a Millionaire (2011)

56% of the audience thought the sun revolved around the earth - French version of Who Wants to be a Millionaire (2011)

Make sure your respondents are the right profile and don’t have a reason to deceive you – Oakham Research



Planning

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The need / scenario Objectives Target audience Methodology Research design (questionnaire / topic guide) Fieldwork plan (where / who / when / how)

“Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” ― Abraham Lincoln



Secret #3

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Creating Insight

Don’t look at research results in isolation – link them to facts you know about your business / market

Analysis of research results leads to new ways of looking at your product or service / explains buyer behaviour

The sum is greater than the parts

The capacity to gain an accurate and deep understanding of someone or something – Oxford English Dictionary definition of Insight



Sampling

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Who is eligible? • Free found• Client database• Respondent profile• Anyone

Quotas and Sampling?• Random sampling• Universal sampling• Quota based on profile• Statistical Reliability



Secret #4

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Sampling – The “Magic” Numbers

How to predict a general election result by asking only 1,000 people 384 people give you +/-5% confidence interval at the 95% level

Sampling theory is very similar to probability theory. The more people you ask the more accurate but not a straight line calculation



Reporting

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Written Report• Includes copies of questionnaires and tabulations• Executive summary• Research findings • How the findings relate to the brief• Additional insight

Presentation of results• Interactive report back of the findings• Demonstration of understanding the issues• Recommendations for change / improvement



Secret #5

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Questionnaires

Pay peanuts – get Survey Monkeys

Understand human nature – the desire to please – leading questions

Secret approach – don’t tell them what you want to hear

Sherlock Holmes: I never did ask, Dr Franklyn. What is it exactly that you do here?

Dr Franklyn: Mr. Holmes, I would love to tell you. But then I'd have to kill you.



Questions

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oakham research limited – 2013 |w: |t: 01384 353910 |m: 07922 001833 oakham research – research...

Documents

director oakham research

types of research secret

market research help

customer churn

retention slide

planning secret

sampling secret