questback "how mrocs are changing the way insight is managed through examples in financial...
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How Market Research Online Communities are changing the way Insight is managed through examples in financial services Paul Barnes, Questback
Martin Grimwood, GfK
THE GfK MROC STORY
The difference between a panel and a community is subtle, but powerful
Community v Panel
With a community, along with scripted research, members are encouraged to engage in forum discussions to generate organic
insights
With a panel members are approached to conduct scripted
research actives, and remain dormant between research exercises.
THE GfK MROC STORY
§ There is now an opportunity to: – Get closer to your customer
– Engage in real two-way conversations
– Listen to peer to peer discussions
– Co-create and collaborate
– Understand their “experience”
§ Consumers want to (and will) be heard…
– They have the tools and technology to make a major, immediate impact
– Blogs, discussion boards and social media apps are commonplace
Social media has created a new norm
55% of mass affluent have discussed investments with others
GfK Roper Trends 2012
THE GfK MROC STORY
Three benefits of an online community
Creating a place for a customer centric brand to
understand their customers
“ (MROC) helped reduce our departmental research costs by 20% while also providing ongoing, real-time access to our consumers that we had never had in the past
— CMO, Car manufacturer
“ I'm so happy I can speak for all of us. Maybe this way our voice can be heard
— Project X Panel Member
THE GfK MROC STORY
GfK Opinion Planet
Understand your customer
Innovation, Co-creation, and Crowdsourcing
Concept Testing
THE GfK MROC STORY
GfK Community Manager
COMMUNITY
Marketing
Product research
Customer Experience
Typical community insights map
OBSERVATION
INSIGHTS Discussion
groups
Quick poll
Forums
Surveys
Activities
THE GfK MROC STORY
Insight through forums
§ Forums: – Peer to peer discussions
– Initially seeded by GfK moderator
– Now a go to place for members to post questions
– Interesting debates are summarised in a newsletter
0 20 40 60 80
Feb
Jan
Dec
Nov
Oct Guided Spontaneous
Automotive Community
THE GfK MROC STORY
Investor Community
THE GfK MROC STORY
§ Activities: – Discussions seeded by the GfK
community manager
– Managed using HTML with provision to include links to websites, PDF files, images and videos
– Each activity runs for 1-2 weeks
– Analysis conducted by GfK or client
Insight through community activities
Fund manager webinar
Product video
iPad app design
Pricing transparency
ISA proposition
Investment newsletter evaluation
Greece and the Eurozone
THE GfK MROC STORY
Cost saving evaluation
* Including community design, build and licence/hosting costs ** Not including insights from forums
30
31
6
Quick polls Community activities Traditional qual and quant
67 insight pieces**
First year costs compared to conducting the research outside the
community @ 24% saving *
THE GfK MROC STORY
With benefits, come challenges
Leaving recruitment and set-up costs aside, the biggest challenge is client side resource commitment
– Populate a monthly research plan
– Identifying relevant insights from forum discussions
– Providing insightful feedback
THE GfK MROC STORY
At a glance:
▪ 7,000 members in both Forums
▪ Employee Forum: 12,262 completed surveys, 337 Discussion Threads, 33 Survey reports
▪ Customer Forum: 4,492 completed surveys, 278 Discussion Threads, 11 Survey reports
UniCredit Bank Austria
Objectives: ▪ Inclusion of Customers and Employees in
decision-making in time of change
▪ Strengthen the brand image – position bank as innovative „customer“ bank
▪ Reduction of development costs for products and services
Results:
▪ Improvement in Customer Trust & Employee Engagement
▪ Integrated Customer and Employee Feedback and Insights
▪ New brand positioning and image
THE GfK MROC STORY
Summary – the key elements
4. Data
security
3. Panel
management system
1. Research acumen
2. Flexible research
ecosystem
THE GfK MROC STORY
What’s next?
Develop the process
§ Ideas Management
Develop the platform
§ Text analytics
§ Annotation
Develop the people
§ Blogging
Thank you For more information, please contact
Paul Barnes, Questback Martin Grimwood, GfK