customer Insights_FT_JVeiga_Jan24_session1.pdf

Customer insights for 360º Marketing campaigns Professor Jaime Veiga, MSMC Jan24 Introduction and objectives of the class Who has experience in market research or identifying insights? To identify key consumer and Marketing trends in 2024 Explore tools to learn more with/from consumers Understand ke...

Customer insights for 360º Marketing campaigns Professor Jaime Veiga, MSMC Jan24 Introduction and objectives of the class Who has experience in market research or identifying insights? To identify key consumer and Marketing trends in 2024 Explore tools to learn more with/from consumers Understand key psychological principles.. Apply some of the latest learnings on Behavioral Science 2 Introduction and objectives of the class – your teacher Jaime Veiga Chemical Engineer, Psychologist 14 years at Procter & Gamble, different roles and locations 2015-2021, Johnson & Johnson – Southern Europe + France Process Engineer / Product Research (Brussels- Belgium) Market Research manager (Madrid- Spain) Senior Manager – Market research (Geneva- Switzerland) Shopper Marketing (Madrid- Spain) Consumer Business Intelligence leader Led many researches using all available tools … IE Associated Professor in the Marketing area since 2010 Academic director IE- HST school – Master in Market Research and Consumer Behavior 3 Class overview – topics Session1: Consumer trends 2024 Session2: Forum - Softeners case Session3: Neuromarketing Session4: Perception, attention, memory and Neuromarketing Session5: EXAM. Attitudes- strategies on how to change them Session6: Behavioral Economics Session7&8: Presentation of final projects 4 Evaluation In session2 In session 7-8 In session5 Evaluation 6 Other relevant academic info Materials from class will be posted in BB ultra after class BB ultra will be used for announcements, forums and Project submission Qwickly will be the tool used for attendance check (make sure you are ready!) No need to prepare the classes BUT Cases (session2, part of the evaluation) Additional forums ready for Q&A and voluntary forums 7 Top global consumer trends 2024 1 Attention Economy 2 Breach of Trust 3 Building relationship 4 Content 5 Interactivity 6 Immediacy 7 Omnichannel 8 Social Conscience 1 Companies used to compete only for your money… …but now, they also compete for your attention attention is now a scarce resource and a limiting factor in the consumption of information Cognitive overload When working ▪ Multitasking When watching TV ▪ Multiscreening When walking ▪ Accidents! When driving ▪ Accidents! Multitasking at work The problem with trying to multi-task is all that shifting back and forth between tasks isn’t all that efficient because it takes our brain some time to refocus. studies show that multi-tasking can reduce productivity by as much as 40%. One thing at a time - The research shows that people can attend to only one cognitive task at a time. You can only be thinking about one thing at a time. You can only be conducting one mental activity at a time. So you can be talking or you can be reading. You can be reading or you can be typing. You can be listening or you can be reading. One thing at a time Cognitive overload When working ▪ Multitasking When watching TV ▪ Multiscreening When walking ▪ Accidents! Source; Kantar, 2015 report - When driving ▪ Accidents! 61% of the spanish already use a mobile device in front of the TV while their usage is unrelated. Source; eMarketer, 2016 report Cognitive overload “Fell into the sea in the port while sending messages on the phone” (Sep17) When working ▪ Multitasking When watching TV ▪ Multiscreening When walking In USA over the period 2000-2011, more tan 10k people suffered injuries caused by walking when using mobile devices ▪ Accidents! When driving ▪ Accidents! https://www.youtube.com/watch?v=lRYv_2J RCT0 Cognitive overload When watching TV ▪ Multiscreening When working ▪ Multitasking When walking ▪ Accidents! When driving ▪ Accidents! Clown goes unseen People talking on their cell phones while walking, ran into people more often The researchers had someone in a clown suit ride a unicycle. The people talking on a cell phone were much less likely to notice or remember the clown. https://www.youtube.com/watch?v=Ysbk_28F068 Hyman Ira E. Jr., S. Matthew Boss, Breanne M. Wise, Kira E. McKenzie, Jenna M.. “Did you see the unicycling clown? Inattentional blindness while walking and talking on a cell phone”. Applied Cognitive Psychology, December, 2009. The effect on brands … Aprox 362 exposure to ads each day, only 1/3rd recalled 4M - 30M brand impacts per day information overload & continuous distractions lead to… impaired ability to focus information overload & continuous distractions lead to… impaired ability to focus stimulation addiction implications need more easily digestible marketing messages that stand out enough to capture the interest of our audience consumers get bored more easily more intensity required to break through the clutter 2 breach of trust we trust big companies less we trust the media less Marketing and business leaders … not really trusted Source: Ipsos Global trustworthiness Index, 2021 who do we trust? ratings & reviews changed their mind after reading a negative review online consumer empowerment consumer narcissism narcissistic consumers need to feel special and appreciated exclusivity early access or special offers customizable products secret knowledge Your face on a cappuccino: https://www.youtube.com/watch?v=MacjbZhU3tU 3 Building relationship Building relationship Loyalty programs Advocacy Marketing & Influencers Customer Relationship Management (CRM) Love Brand 4 Desire for content FALL-WINTER 2018 COLLECTION: THE BOLD LOOK FALL-WINTER 2018 COLLECTION: THE DEWY SKIN https://youtu.be/74l8Em71zKQ?t=1 5 interactivity https://www.youtube.com/watch?v=pM20HfZC2PY 6 immediacy consumers are less patient than ever we want faster & simpler solutions consumers are less patient than ever we want faster & simpler solutions we want things NOW! we don’t want to wait… EVER! Nordstrom saw online sales fall 11% when its website response time slowed by… just half a second!! See now, buy now 7 omnichannel omnichannel the new way the digital consumer navigates the purchase process, with an integrated and seamless experience across devices & touchpoints omnichannel 8 social conscience https://www.youtube.com/watch?v=GQV7xlo4Yog https://www.theguardian.com/sport/2018/sep/08/colin-kaepernick-nike-ad-sales-up https://www.youtube.com/watch?v=koPmuEy P3a0 https://www.theguardian.com/world/2019/jan/15/gillette-metoo-ad-ontoxic-masculinity-cuts-deep-with-mens-rights-activists THIS TREND WILL GET MORE RELEVANT OVER TIME … Top global consumer trends 2024 1 Attention Economy 2 Breach of Trust 3 Building relationship 4 Content 5 Interactivity 6 Immediacy 7 Omnichannel 8 Social Conscience Class overview – topics Session1: Consumer trends 2024 Session2: Forum - Softeners case Session3: Neuromarketing Session4: Perception, attention, memory and Neuromarketing Session5: EXAM. Attitudes- strategies on how to change them Session6: Behavioral Economics Session7&8: Presentation of final projects 81 Customer insights for 360º Marketing campaigns Professor Jaime Veiga, MSMC Jan24