Marketing insights can come from many sources, the best approach is to use a proven methodology for capturing customer inputs, identifying capabilities, aligning strategy, and systematically uncovering insights. Marketing insights are where fortunes are made and lost, this is a core competency that you should utilize to maximize your probability of success. Marketing insights are an essential output of the Lean Revenue Optimization LRO methodology.
The key aim of market insight research is to discover a fact about that market that has not previously been made use of, but when leveraged will generate increased profits. Alternatively, market insight can be defined as the attempt to discover a penetrating truth about consumers, their aspirations and motivations which can in turn be used to generate growth. The market insights delivered by research companies, regardless of methodology, should be credible, actionable and practical suggestions that will make a real difference to the client.
In early 2000, Clorox, a well-known brand for household bleach, introduced the first product in the household cleaning wipes category in the U.S. market, a category which has since attracted competition from brands such as Mr. Clean and Lysol. Though Clorox continues to enjoy success as the pioneer, these later entrants have made significant inroads into this category. One possible explanation is that the Lysol and Mr. Clean brands offer a better fit with the new cleaning wipes category than Clorox. However, Clorox’s earlier entry likely changed the dynamics of how consumers evaluated the later entering brand extensions given its early success. These observations lead to the key questions of this research: Does the order of entry of brands have a significant effect on how a brand extension is evaluated? If so, what psychological process is responsible for driving these effects?
Watch this video chat discussing convergence and what it means for retail organizations. Moderator Matt Townsend, reporter for Bloomberg News, and panelists, Bill Tancer (Experience Marketing Services), Erica Dudash (American Eagle Outfitters) and Susan Reda (STORES Magazine) provide an encore of their discussion at the National Retail Federation Big Show earlier this month.
Here's an easy way to learn how rational people make decisions. Unfortunately, most of us aren't very rational. Fishbein and Ajzen's Compensatory Attitude Model may be able to predict candy bar.