Bbm016 Consumer Insights - Bayes Business School - PDF

BBM016 Consumer Insights Janina Steinmetz Welcome! I am… Janina Steinmetz, @Bayes since 2018 My research is on consumer psychology Any questions: [email protected] You are… Share with your neighbor who you are AND: your guiltiest pleasure Module Etiquette Please be on time!!! Raise you...

BBM016 Consumer Insights Janina Steinmetz Welcome! I am… Janina Steinmetz, @Bayes since 2018 My research is on consumer psychology Any questions: [email protected] You are… Share with your neighbor who you are AND: your guiltiest pleasure Module Etiquette Please be on time!!! Raise your hand to ask questions Post questions to the Discussion Forum so I can prepare Please bring a laptop Zoom office hours Thursdays 2:30-3:30pm, starting Oct 10: Meeting ID: 707 016 0547 Password: 444085 Why consumer insights? What do we need to know about consumers? Lizzie, 25 Wants to start her own business: a food truck selling vegan cake Lizzie loves vegan cake, and so do her friends Can anything go wrong? Consumers might love vegan cake but not Lizzie’s flavors (think spinach-strawberry…) Consumers might like her flavors but wouldn’t buy a piece because the pieces are too large or too expensive Consumers might love the cake but only as weekend treats … Imagine you are Lizzie… Lizzie has many important decisions to make for the start of her business (e.g., what, where, when?) If you were Lizzie, what would you need to know before you launch? List 5 important questions that you would want to know Today How can we gain What will we do in consumer insights? this module? What is qualitative What is the IMP? and quantitative research? Is market research always the answer? In this module Discuss the most important market research methods to gain consumer insights Learning by doing: Create your own survey Conduct your own interviews Be a mystery shopper Design a Facebook experiment … Get insight into the future of consumer insights (e.g., neuromarketing, big data, …) I want you to do well! Check Moodle regularly Prepare each week’s readings and take the quiz after class Individual test: (50%) Multiple choice Integrated Marketing Project: (50%) Of this, 10% oral presentation and 40% written report How do we learn? Lectures session 1-6 Student presentations of IMP week 5 Test in Reading week (28.10.) Lectures session 7-9 IMP due 05.12. To make sure you can prepare: Take the practice quizzes on Moodle each week Come to office hours, ask questions in class IMP clinic in session 7 where you can trouble-shoot your market research to make sure everything is on the right track The IMP Modules: Consumer Insights, Marketing Fundamentals, Marketing Strategy and Practice You (with your group, self-selected) will develop a marketing plan for a real-world company based on your own research All three lecturers will mark the report (for details, see IMP project guidelines) The IMP Carefully read the module outline and project guideline Key for a good mark: Do careful research and base your strategy on your research! Talk early and often Be open about your roles and expectations Group management: (e.g., what’s your goal mark?) If the work distribution feels unfair, speak up and discuss! Peer assessment At the end of the module, you’ll assess the members of your group Uber-principle: The goal is 5 points for everyone, if everything goes as expected and everyone does their share If someone is there but doesn’t contribute any quality work, or is absent to a lot of group meetings, 4 or 3 points can be an option Discuss this! The assumption should be that everyone gets 5 points from you. If you plan to give less, speak up early If you plan to give less than a 3, come talk to me Date Topic(s) Required Reading/Preparation Session 1 Introduction Core Textbook: Chapter 1 24.9. Session 2 Market research process Core Textbook: Chapter 2 Research design 01.10. Session 3 Secondary data and research Core Textbook: Chapter 3 & 9 Survey research 08.10. Session 4 Measurement Core Textbook: Chapter 10 Questionnaire design Create an account in Qualtrics: 11.10. https://libguides.city.ac.uk/digital/surveys Session 5 Survey Sampling Core Textbook Chapter 13 & 14 Survey Analysis 15.10. Session 6 Qualitative research Core Textbook: Chapter 7 & 8 Qualitative sampling 18.10. Qualitative data analysis 21./22.10. GROUP PRESENTATIONS & FEEDBACK 28.10. Individual test Session 7 IMP clinic Core Textbook: Chapter 11 Observational research 5.11. Experimental research Session 8 The future of consumer insights Core Textbook: Chapter 4 & 16 Big Data & AI/ChatGPT 12.11. The limits of market research Session 9 Research Strategies Core Textbook: Chapter 15 Presenting your research 19.11. Interpreting results Module wrap-up Research Participation Requirement Research Lab Email: [email protected] How to Complete This Requirement? Sign up for 60-minute worth of research studies on the SONA system: http://citybayes.sona-systems.com/. You will automatically have an account on the SONA system. In the coming weeks, you will receive an email from Research Participant System with your SONA username and system-generated password (please change your password after you log in the first time). You will be notified via email from the system when studies become available for your Research Requirement. On the system, you can see information about each study, including the length of each study and the number of points you will receive upon completing a study. You will also see the location (online or in the lab) of the study, and what you are expected to do in the study. 20 Research Requirement This is what you will see on SONA once you log in. Please sign up for studies that are labeled as “Research Requirement Study”. 21 How to Complete This Requirement? After you sign up, you will be given time to complete the studies at the Behavioral Lab and online. Term 1: all studies are available between October 14th to October 27th. What to do in the studies? Survey and experiment questionnaires; Product experience and evaluations; Simple cognitive tasks (e.g., solving puzzles); Read information while wearing our eye-tracking devices; Interviews (group or one-on-one). Only aggregate data will be published. All your responses will be kept strictly confidential. 22 How to Prepare? Pay attention to email announcements, sign up and complete all 60 points (for 60 minutes) of studies before the deadline. The studies are not an exam, you do not need to study for them. Your responses are not marked (they are not even looked at individually, only analyzed aggregately). BUT, please answer all the questions truthfully and patiently, because academics plan to publish results of these studies in top academic journals. What (we hope) you will get out of this? First-hand experience of consumer research – you will be a better marketing researcher when you have some experience of being a research participant! First glance on faculty members’ on-going research – you are literally the first people to know about these research projects. Explore your own research interests! 23 Is there another way to fulfill the requirement? Students who are not able to fulfill the requirement by participating in 60 minutes of research studies will have the option to complete a Replacement Task. Read and critique an empirical academic article from one of the top Marketing academic journals (a list of journals will be provided). Write a 1,000-word report on your critiques and submit it before the final exam. You will receive information about the Replacement Task if you do not complete the 60 points of research requirement by the given deadline. 24 Important Dates! Term 1 Schedule: If you do Not receive an email about your SONA account by October 1st, please email the participant pool manager at [email protected]. Research Requirement Studies will be available during October 14th to October 27th. You should complete your 60 minutes (i.e., 60 points) of studies within this time period. You will receive multiple email notifications and reminders during this period about available studies to fulfill the research requirement. SONA If you were a City undergraduate student and you had a SONA account before, your old account is deactivated. You should use your new account to sign up for studies. http://citybayes.sona-systems.com/. For Now… Look out for an email from Research Participation System, in which you will find your SONA username and a one-time password. Contact us by [email protected] if you do not receive this information by October 1st. Any questions now or later, just email us! How can we gain consumer insights? We can ask consumers questions We can observe them We can test what they do in different circumstances → market research Find out what consumers want Most innovations don’t work, and many new products fail Start-ups as well as big players need market research Do we really need this? https://youtu.be/b-hDg7699S0 The process Purpose, information needed, 1: problem definition how will it inform decisions Hypotheses, analytical model, 2: develop an approach pragmatic concerns What data do we have/need? 3: research design Data collection and analysis Quantitative, qualitative, 4: data collection interview, experiments, etc. The process Coding, transcribing, 5: data analysis verifying, … Statistical analyses Graphs, figures, etc. 6: reporting and What are the take home presenting messages, how do they inform the decisions? Different functions Exploratory Qualitative research (e.g., interviews, focus groups, projective techniques) Confirmatory Quantitative research (e.g., surveys, experiments) Exploratory/Qualitative research is great Exploratory type of inquiries: When little is known about the topic Attempts an understanding of the phenomenon: Answers questions “Why” and “What” Interested in the meanings, experiences, practices, motivations, context, vocabulary Provides rich data (verbal and non-verbal info) Natural environment advantage: Bring consumers voices/perspectives to clients Exploratory/Qualitative research is great Focus on Emotional Branding and Experiential Marketing Decrease of participation in traditional research (e.g. surveys) Emphasis in understanding the customer: Need for new ideas to stand out from competition Increase customer persuasion Consumers do not always know what they want! Confirmatory/Quantitative research is great If done well, we know cause and effect Do people think Tesla cars look great because high-status people drive them, or do high-status people drive them because Tesla cars look great? Can generalize to a large number of people We’ve done market research with 1000 people, will this generalize to all citizens? Results are quantifiable Commercial A got 50% more clicks than Commercial B Industry example Do consumers know what they want? Speakeasy bar: http://www.pdtnyc.com/ https://www.youtube.com/watch?v=OgSaDODc1h8 Industry example People love the experience of finding a “hidden” bar and feeling like they know a cool secret “Awesome little speak easy with great vibes! Had a bit of trouble finding the entrance when we arrived and realized you had to enter via Crif Dogs and then go dial the phone booth inside. Very cool experience though!” “I’d seen reviews and whispers and a long time ago a tv show that reviewed them as a hidden gem” “It’s very fun to enter and dial number 1 on the telephone to get access to this speakeasy" This is exactly what makes market research difficult here! Had the part asked, “how important is it for you that the bar is difficult to find?”, responses would be very different than behavior Industry example: Do you like this chair? What can we do? We’ll learn different methods of gaining consumer insights No method is perfect They all have strengths and weaknesses When we combine methods, we can get the best results Lizzie’s questions Look again at the 5 questions that Lizzie should ask for market research What do you think, do they require exploratory (qualitative) or confirmatory (quantitative) research? Do you have any questions? End of Session 1 Prepare for next week Take the Session 1 Quiz on Moodle! Meet with your group Get to know each other ☺