Fin-Tech: How to reinvigorate your brand in a sea of sameness
10 Dec 2019

Robinhood is currently one of the fastest growing online trading platforms. It is popular among Millennials. The key reason – it is commission-free. The company administers fees in the backend. Robinhood set the standard in 2006 by following this market: reinvigorate the market.

However, the traditional DIY investing platforms – Charles Schwab, eTrade, and others have very recently moved to a commission-free method as well. As Robinhood’s unique selling proposition was “Free,” how will it distinguish itself from the competition? The slogan “Say goodbye to commission-free trading” no longer works.

Robinhood also promotes itself as easy to use, but so does the competition (see eTrade’s slogan “Choose E*TRADE for Easy Tools & Research”). For an online category, this sector needs reinvigoration. It might be time to take on research to refresh the DIY investing industry and attract new customers. Here are a few market research methods that could benefit Robinhood and the online investing industry generally.

Secondary Research

Secondary research on the market is vital to understanding what the next direction that your brand needs to differentiate from the rest. This type of research is information that is already out there- some are in the public space, but others exist in a database that you need to pay for. For example, you can use secondary to help evaluate current market trends, sales by different companies, and ad campaigns run by various companies.

When it comes to online investing, there is plenty of available research for Robinhood to separate themselves from the competition. Past advertising campaigns and website traffic of competitors might be one example.

Understand What Your Prospect and Customers are Looking For

DIY investing platforms need to move beyond the functional attributes of cost and ease of use. The key is to understand better who are their customers and what are their ultimate goals when it comes to investing. While older generations, such as Generation X and Baby Boomers, seek stability, many younger generations are more apt to want to save enough money to enjoy experiences. It is vital to understand millennials’ attitudes and how this will impact a fin-tech brand’s strategy. 

Primary research such as focus groups, in-depth interviews, and surveys help determine how to understand the market better. Conducting segmentation research, developing personas, and understanding current brand perceptions are important ways to position the brands better.  In other words, to reinvigorate the market, you have to understand brand perception.

What’s Next for Robinhood?

There is a slew of market research options to find out what the market needs if you want to reinvigorate your brand. When it comes to Robinhood, their success forced their competition to adapt and change their policy and product offerings. Well, now it’s their turn to adapt and to understand that it’s going to take an all-hands-on-deck research approach. What do you think Robinhood should do next? How should fin-tech companies promote themselves?

Want to read more from Provoke Insights, find some more blog posts linked below: 

  1. Research Norms: What are they and what they can tell you
  2. How Black Friday Can Hurt Your Brand
  3. Why Trends are so Important in Marketing
  4. Experiential Marketing & Retail

Read this excerpt for a blog from our series on Generation Alpha!

“Knowing your audience and prospects is a key way to improve your profitability! As a result, different generations have different behaviors, attitudes, and preferences. Thus, understanding the generation gaps will help you understand the needs of your customers. Generations give marketing strategists an easy way to target and focus their methods. 

Baby Boomers do not want to see texting acronyms; they are swayed by clear video, they care about their in-store experiences, and they like to compare prices. On the other hand, Millennials want to care about the product they’re buying, and want to have a positive impact on their community. In addition, Generation Z (those born after Millennials and before 2010) is most influenced by social media, as that’s where they receive most of their news.

There is a new generation on the block! Brands need to know how this audience differs from their current audiences. Provoke Insights will be releasing a three-part blog series to help marketers understand the newest generation, to reinvigorate interest. Generation Alpha, the children of Millennials, are making waves recently in the news. Coupled with their Millennial parents, a marketing buzz has started to precipitate around the arrival of these youngsters. But how do they differ from their parents? In other words, what differences will there be in marketing to Generation Alpha versus marketing to Millennials?”

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Check out our most recent features in the news media:

September 11th, 2019: 40% of U.S. Millennials prefer crypto investments in the event of a recession: eToro Survey

July 31st, 2019: Jewelry Is About to Get its Own ‘Got Milk’ Ads

July 1st, 2019: 22 Top Advertising Research Companies 2019

Keep on the lookout for more blog posts from us!

Research Norms: What are they and what they can tell you
05 Dec 2019

What are Research Norms? 

You have a survey result that says 67% of respondents state that the advertisement shown in the research is unique. What does that mean? Is that good compared to ads that are currently out there? That is where norms come in! 

In market research, norms (also called normative data or benchmarks) are established baselines to compare your data against. It allows you to determine if the results are above or below par. They are particularly popular in advertising and brand testing.

Going back to our initial example, two-thirds of respondents stating the ad is unique sounds excellent. But what if the norm for uniqueness is 80%? Consequently, 67% doesn’t sound so great anymore!

How Do We Get Norms?

To calculate and properly use norms, you have to use the same survey method and phrasing each time you run a survey. That way, the variables are the same over time, and there isn’t bias in your calculations. 

Norms can be established in multiple ways. You can have benchmarks against previous waves of your own research. A market research vendor can have an aggregate of all the surveys commissioned by clients that ask the same questions. These norms can also be sorted by industry.  

How Do We Use Norms?

We use norms to interpret the state of the market and how advertisements or concepts test relative to other ads or campaigns, respectively. 

Norms give market researchers the context to fully understand, interpret, and present new results based on the same standards. When working with a market research company, it’s essential to ask about the norms in their directory. If they do have norms you are looking for, you may want to include those norms in your survey. At Provoke Insights, we have a growing norms database, with answers on a wide range of attributes in an assortment of industries.

Issues with Norms

As with any market research method, if you aren’t too careful, you may misinterpret survey results and commit unfortunate blunders. From changes in trends to norms not testing the full competitive landscape, may negatively impact using these benchmarks. A blog post published by the Insights Association does outlines the issues to look out for when it comes to collecting and interpreting norms.  

However, overall norms can be beneficial in better understanding of how brands and advertisements compare against the rest of the market.

Want to read more from Provoke Insights, find some more blog posts linked below: 

Why Trends Are So Important In Marketing

Experiential Marketing & Retail

Check out an excerpt from our blog on why trends our important in marketing below!

“Let’s go back a few years to 2007. Especially, why don’t we think about GPS technologies. Back in the day, Garmin and TomTom were the two biggest GPS technology producers, and both were paid for services. But, both brands were sideswiped by Google who began offering free navigation via an iPhone app and on the web. As a result, in just 4 weeks, the valuation of these companies dropped! Can you imagine if these navigational systems had followed the trends that were happening outside of their narrow industry? Just imagine: we might be using our Garmin maps app on our phones for directions today! Thus, understanding trends is critical for a brand to stay fresh and competitive. ”

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Check out our most recent features in the news media:

September 11th, 2019: 40% of U.S. Millennials prefer crypto investments in the event of a recession: eToro Survey

July 31st, 2019: Jewelry Is About to Get its Own ‘Got Milk’ Ads

July 1st, 2019: 22 Top Advertising Research Companies 2019

Keep on the lookout for more blog posts from us!

How Black Friday Can Hurt Your Brand
27 Nov 2019

Thanksgiving is tomorrow! For brands, that means one thing; the looming arrival of Black Friday and Cyber Monday are imminent. These discount days are some of the busiest days of the year for some brands, but these price-driven events are not necessarily the best for business. Depending on your target audience, these days can hurt brand equity.

So, How Can Black Friday Hurt Brand Equity?

There are a couple of ways that Black Friday and Cyber Monday can cause more harm than good. While in the short-term, these big discount days may drive sales, in the long term, these days can change consumers’ brand perception and brand loyalty.

Brand Perception

Brand perception has mostly been an issue for brick-and-mortar stores. Consumers take a dim view of large companies forcing their employees to give up time with their families on Thanksgiving. Some retail stores open their doors are midnight on Thanksgiving day, meaning the employees have to give up their Thanksgiving evening to be at the store. Walmart even went a step further by allowing the rush to start at 10 PM. Many customers (some of whom might be those who shop at the store year-round) consider the companies to be greedy.

Brand Loyalty

If a company is severely cutting prices and known to be severely reducing costs, then it will become known for that. Over time, customers become less loyal to the brand, knowing that the full price they see at the beginning of November will be slashed in the last couple of weeks of November. So, while sales might break all records on Black Friday, the transactions in the lead up to Black Friday have actually been lower, and it might have implicated throughout the year too.

Customers and Black Friday
While it may be a relief to get a percentage of the price discounted for Christmas gifts and technology that you’ve been eyeing up for months and months now, do not let Black Friday fool you. These days are designed to trick you into impulse buying (that you otherwise would never have done) and have one aim… To separate you from your cash. Bear that in mind as you get ready to get in line or online on Friday!

Brands Can Research How This Will Hurt Brand Equity

It is important for companies to conduct market research on how these discount days can impact your brand equity. Market research will determine how your customers will react to these sales in the short- and long-term.

Want to read more from Provoke Insights, find some more blog posts linked below:

Why Trends Are So Important In Marketing
Experiential Marketing & Retail

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Check out our most recent features in the news media:
September 11th, 2019: 40% of U.S. Millennials prefer crypto investments in the event of a recession: eToro Survey
July 31st, 2019: Jewelry Is About to Get its Own ‘Got Milk’ Ads
July 1st, 2019: 22 Top Advertising Research Companies 2019

Keep on the lookout for more blog posts from us!

Why Trends are so Important in Marketing
21 Nov 2019

Tracking Competitors

To begin with, let’s use our time machine and head back to 2007. In particular, think about GPS technologies. Twelve years ago, Garmin and TomTom were the two biggest GPS technology producers. At the time, Garmin was only looking at what TomTom was doing when it came to its competitors and TomTom was only tracking what Garmin was doing. 

As both brands were tracking other GPS navigational systems, they were sideswiped by Google who began offering free navigation via an iPhone app and on the web. 

As a result, in just 4 weeks, the valuation of these companies dropped! Imagine if these navigational systems had followed the trends that were happening outside of their narrow industry, we might be using our Garmin maps app on our phones for directions today. 

Understanding trends is critical for a brand to stay fresh and competitive. Keep these market research methods in mind to best follow the market.

Secondary Research

Maybe the most important method when it comes to understanding trends is Secondary Research. Secondary research is finding research that is already available. It is a great low-cost option to study industries that your business is not currently in. For example, if you are a bus company- you may also want to follow airplane trends. This way you can have a full picture of the transportation landscape.  In addition, secondary research can also keep you up-to-date regarding the latest technologies. 

Certainly, if GPS technologies were following how Google was developing their GPS technology for free use, they would have seen the way the trends were going. Consistently conducting comprehensive secondary research can always give you a state of the market and allow you to look at non-direct competitors to make sure that you’re not going to be blindsided the same way these GPS companies were.

There are a lot of free secondary research tools out there such as Google Trends and JWT Intelligence.

Brand Tracker

When it comes to understanding the market and landscape, nothing beats a brand tracker. A brand tracker is a survey that is conducted over time that evaluates a company and its competitors’ performance. In addition, the survey typically includes questions to evaluate if a company’s objectives are being met. The key to brand trackers is to not only follow your direct competitors, but also looks like those who may indirectly influence sales.

Among other things, brand trackers test the awareness of brands in the market space of a product. If Garmin and TomTom were using a brand tracker, they would have had a broader understanding of the market, and any trends that they might need to understand. The key to a brand tracker is both a comprehensive list of competitors, the actions that they are taking, and their reception from the public.

In conclusion, it’s vital to use market research to understand trends. Without staying up to date, your business might be swept out from beneath you. And if you are using shoddy methods instead of comprehensive research, you may fall to the wayside as well.

Want to learn more about Market Research? Here are some blog posts to check out!
  1. How to Avoid Advertising Mishaps
  2. Virtual Reality & Qualitative Research: Fad or Here to Stay?
  3. 6 Things to Watch Out for When Writing a Survey
  4. Marketing Strategies for Generation Alpha: the Newest Generation

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Twitter: https://twitter.com/provokeinsights

Facebook: https://www.facebook.com/provokeinsights/

LinkedIn: https://www.linkedin.com/company/provoke-insights

Check out our most recent features in the news media:

September 11th, 2019: 40% of U.S. Millennials prefer crypto investments in the event of a recession: eToro Survey

July 31st, 2019: Jewelry Is About to Get its Own ‘Got Milk’ Ads

July 1st, 2019: 22 Top Advertising Research Companies 2019

Keep on the lookout for more blog posts from us!

Experiential Marketing & Retail
13 Nov 2019

The Retail Landscape is Changing: Experiential Marketing

Insanity is doing the same thing over and over again and expecting different results. Likewise, this quote can be applied to the hundreds of retail spaces closing their doors and moving to e-commerce. In other words, while many large retail stores are closing their doors, it might be important to ask, is this the only way to stay ahead in today’s changing marketplace? 

Accordingly, as many large stores are shutting their doors, Nordstrom is expanding. Last month, the luxury retailer opened a brand new New York City Flagship store. Not only is it unique for them to be opening a brick and mortar store at all, but it also opened a very unique store. As a result, the flagship is an experiential retail experiment. 

What is experiential retail?

  • Much like experiential marketing, experiential retail is an immersive experience. 
  • The concept aims to engage customers rather than sell to customers.
  • The customers’ senses should be stimulated by the experience.
  • It should go beyond what customers expect of a retail store. Something that they will consider shareable. 
  • The space should accommodate events and services, not just products. 
  • These events and services should accommodate the target audience’s real needs.

The Nordstrom location includes a martini bar in the middle of the shoe department, stroller cleaning, and appointments with a personal stylist in the styling lounge. It ticks all of the boxes. There are services, and events to keep the customers engaged. The entire space is aimed towards their target audience and should definitely exceed their expectations.  

The company threw a grand opening party and invited Instagram influencers. Namely, it felt like you entered the club where anyone who’s anyone should be seen. In addition, other companies in NYC have done something similar to their stores to stay relevant – Levi’s, FAO Schwartz, and Timberland just to name a few. 

Experiential Marketing in the Changing Marketplace

Experiential marketing is just as important to go along with these new stores. Particularly, it is a well-known fact at this stage that Millennials prefer experiences over things. Therefore, it is important for this generation to experience the brand to be won over by it. To sum up, this is why experiential marketing can be key too. As a result, the same rules apply as above. 

In conclusion, is experiential marketing the right move for your brands? In short, it is key to better understand your target audience. Thus, survey research or focus groups is a key method to better understand what your customers are looking for. 

Looking for more? Check out our other blogs on Millennials:

The Difference Between Generation Alpha & Millennials

Here is a brief excerpt from the article:

“Knowing your audience and prospects is a key way to improve your profitability! Different generations have different behaviors, attitudes, and preferences. Understanding the generation gaps will help you understand the needs of your customers. Generations give marketing strategists an easy way to target and focus their methods.

Baby Boomers do not want to see texting acronyms; they are swayed by clear video, they care about their in-store experiences, and they like to compare prices. On the other hand, Millennials want to care about the product they’re buying, and want to have a positive impact on their community. In addition, Generation Z (those born after Millennials and before 2010) is most influenced by social media, as that’s where they receive most of their news.”

Millennials, Fine Jewelry, & the Luxury Category

Want to learn more about Market Research? Here are some blog posts to check out!
  1. How to Avoid Advertising Mishaps
  2. Virtual Reality & Qualitative Research: Fad or Here to Stay?
  3. 6 Things to Watch Out for When Writing a Survey
  4. Marketing Strategies for Generation Alpha: the Newest Generation

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Twitter: https://twitter.com/provokeinsights

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Consumers Hate Advertising: Advertising Without Turning Off Customers
07 Nov 2019

Forrester announced that consumers HATE advertising and that advertising budgets are transitioning away from traditional platforms to platforms such as Google, YouTube, and Facebook. Disliking an ad is nothing new! 

Why?

The difference today is that it is significantly harder for brands to stand out from the crowd. Consumers hate ads even more because they are popping up everywhere and they all seem the same.

It’s more important than ever to be shrewd and calculated in how you advertise. You do not want consumers to see your paid advertising and feel discouraged or angry. How can you stand out from the crowd? Keep these five keys to understanding the current advertising landscape in mind when launching your campaign.

1. People are consuming content differently.

Content is consumed on devices regardless of if it is an iPhone, TV, or computer (Cord-cutting today is switching over to YouTube TV). 

In the past, traditional television advertisements were guaranteed to hit a large section of the audience. But in today’s world, there are so many different channels for content consumption that your brand has to have a wider strategy. Even on television, on-demand viewing has cut down advertisement time and priority significantly.

2. From multiple social media apps to hundreds of TV channels, there are just more media channels than ever before.

Facebook, Twitter, Instagram, YouTube, and Snapchat are just some of the social platforms with a huge reach, a reach that is now much larger than any television program. Advertisements are an immense part of the experience of each of these social networks, both in terms of paid advertising, and company accounts that post their own content. 

The problem with the first form of advertising is that ads show up with markers that they are ads. As discussed earlier, consumers hate ads. But combined with organic social media content, it’s a good plan to use as many social media platforms as you can to reach as wide of an audience as possible. 

3. So Much Content!

Google rewards brands for producing more blogs, videos, and articles by providing brands with better SEO. So, when you produce organic social media, your own videos, and your own articles, Google will help you reach more consumers in the search engine. Paid advertising on platforms is one strategy; search engine optimization as a result of constant content is another to add on top. 

The best way to reach people is to be constantly creating and promoting. Traditional advertising needs to be in conjunction with content, because that’s what people want to see, not advertising.

4. Diversity and differences are acknowledged, and we can target better than ever before.

No longer is everyone watching the same ten channels with the same commercials playing over and over again. Advertising is tailored to the consumer. So not only are you smart to operate on different social platforms, but you can target the consumers that are most likely to buy your product. And advertisements need to include different races, ethnicities, and sexualities.

How do you know who your target consumer is? Market research, of course! Segmentation and persona development reveal not only the demographics of your audience, but their media usage as well. As a result, your advertising is much smarter, cost-efficient, and directly correlated to sales.

5. Brands have more competition as there are more and more brands.

It’s important to be vigilant because there are more brands than ever. Keep creating and advertising in order to stand out from the crowd. Content is key to avoid frustrating consumers who hate ads. There are ways to target properly to do your best to get to consumers. And keep on creating!

Want to learn more about Market Research? Here are some blog posts to check out!
  1. How to Avoid Advertising Mishaps
  2. Virtual Reality & Qualitative Research: Fad or Here to Stay?
  3. 6 Things to Watch Out for When Writing a Survey
  4. Marketing Strategies for Generation Alpha: the Newest Generation

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How to Avoid Advertising Mishaps
31 Oct 2019

Back in 2017, Pepsi ran an ad where Kendall Jenner partook in a march and approached a cop with a can of soda. It looked like Pepsi was trying to get involved in movements such as Black Lives Matter for commercial gains. As a result, it was almost immediately pulled off the air, and the company released an apology. In short, this was an advertising mishap of extraordinary levels and was deeply offensive.

Mishaps

Unfortunately, dozens upon dozens of advertisers make these mistakes each year, turning consumers off their product or service and offending potential buyers. Usually, ads like these, especially by big companies, end up forcing apologies, and only last on the airwaves for a few days at most. As a result, the bad press leads to poor sales, negative engagement, and a whole array of issues. Who wants that?

However, these sorts of advertising disasters can be avoided. Namely, doing your due diligence on developing and researching your advertisements before you place them is key. Most importantly, research is the most important thing you can do to avoid a situation like the one that Pepsi created.

Research, Research, Research

The main way to make sure your advertisements don’t fail miserably is to conduct research. In short, advertising research encompasses so much of the process of developing your brand and advertising campaigns. 

First, you can assess the ad itself through ad testing, copy testing, video testing, and message testing. This is the easiest way to make sure that an ad is being received well. You can develop a survey that shows the advertisement to the respondent, and asks them what they think. This gives direct feedback that helps you improve your advertisement, and will uncover any potential red flags consumers might have. You can do this simply by asking questions, or even use a highlighter tool so that respondents can specifically point to what they do and don’t like about the ad.

By conducting brand tracker surveys over time, you will have a clearer vision of your brand. A clearer vision of your brand will mean clearer advertising messages, and less chance that you will dip into the areas that offend.

You could also use an ad tracker. Ad trackers are vital to your advertisements, and should start before you even start your campaign. Surveys can be used to track ad campaigns and gauge consumer reaction. Not only will you be clearing up any potentially touchy areas of your ads, but you will be gaining insight into what customers might really enjoy. They also help understand how advertisements develop and test over time. As a result, you can see if something that was well received at one point is now poorly received.

Focus Groups (and Alternatives)

Additionally, conducting focus groups in order to get immediate and in-depth feedback on your advertisements and campaigns can be a deterrent to faux pas advertising. However, it isn’t always the best methodology. That doesn’t mean they aren’t insightful and important, especially when it comes to testing ads. In addition to a tracker, a focus group can go a long way.

Consequently, there are new alternatives to in-person focus groups that are less expensive, but also will help you achieve your goal of immediate response to an advertising campaign. New online focus groups that utilize artificial intelligence are making the rounds, and allow for immediate response to questions, advertisements, and images prompted. This is another safeguard to make sure no offensive material is getting out in the name of your brand.

Avoiding Advertising Mishaps

Together, these forms of research can help you have a much clearer vision of what will attract your customers. Not only will you clear any potential problematic advertisements, but you will be able to frame creative in order to drive support for your brand and product.

Want to learn more about Market Research? Here are some blog posts to check out!

  1. What’s the Difference Between Quantitative vs. Qualitative?
  2. Virtual Reality & Qualitative Research: Fad or Here to Stay?
  3. 6 Things to Watch Out for When Writing a Survey
  4. Marketing Strategies for Generation Alpha: the Newest Generation

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Twitter: https://twitter.com/provokeinsights

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The Importance of Competitive Analysis
24 Oct 2019

Do you truly understand who your competitors are? Have you analyzed which brands are direct competitors, as well and who are indirect? Do you know all of their product/service offerings? Has your company conducted market research on the matter?

It is vital to track your competition so you can stay ahead and know what the white space is. You would be shocked to know how many brands do not know where to start when asked about their competitors. Countless companies have never conducted a competitive analysis. 

Many brands only look at their main competitors without looking at smaller/quick-growing companies or brands in different industries but offer similar services. For example, Gartner and TomTom navigation systems were caught off guard when Google Maps provide the same service, but for free. Within just a few weeks of the introduction of Google Maps, the navigation systems valuations dropped considerably.

This type of intelligence gathering helps companies improve efficiency, growth, and profit through accurate information gathering and thorough analysis. 

Competitive Analysis Checklist

The first step will be to identify your direct competitors. Once you have that decided, you should explore the following areas about each of your competitors:

  • Market potential 
  • Trends and opportunities in the market
  • Advertising landscape, this should include the following:
    • Current offline advertising
    • Digital advertising
    • Social advertising
    • PR/communication initiatives
  • SEO
  • Current key message
  • Supporting points
  • Tone, look and feel
  • Call to action
  • Ad spend
  • Websites

A great place to start this process is with the competitors’ websites. Analyzing websites is the most accessible information for everyone. Get back to basics, look at the layout, look & feel, products/services offered. From here, it will be possible to decide on what you like and dislike, what you perceive to be working and what is not.  

In addition, it is crucial to look at Ad spend. Ad spend is not as easily accessible as the websites, but it is an essential part of competitive analysis. Your product may be better, and the message might be on target, but your competition may significantly outspend you when it comes to advertising. This number will explain a lot in terms of awareness and market penetration. If you cannot compete when it comes to an advertising budget, it will allow you to focus your budget on the correct channels. 

How to Conduct Competitive Analysis

Secondary research is a great way to conduct this type of analysis. However, it is a significant undertaking and can take hours of work. There are also parts of the research that will be most accurate if you ask consumers directly about the competition (e.g., survey and focus groups). It is often necessary to get a research company involved because, other than the website analysis, most of these insights are on secondary databases. Plus, those with strategy experience have a better perspective of analyzing the data and providing insights on the white space and areas of concern. They often recommend where you need to tweak your current marketing plan.

When to Analyze the Competitive Landscape

By conducting this analysis at least twice a year, you can better understand what is happening with the competition. You will be sure to keep up with them and if they are making any changes to their marketing initiatives. You can determine their strengths and weaknesses, allowing you to understand better where you stand and what your differentiator is. All of the information that you gather from a competitive analysis will work towards enhancing the brand’s strategy. 

What Next?

If you want to learn more, check out our other blogs on topics that will help your company when it comes to research:

Types of Research Every Advertiser Should Know

The Importance of Secondary Research When Launching a Brand

If you’re thinking of hiring a market research company to conduct your competitive analysis for you, this blog may be helpful to you: 

Questions to Ask a Market Research Company

 

Accuracy of Political Polling
14 Oct 2019

Political Polling

There has been a lot of buzz in the media about a Fox News political poll that claimed that most Americans are in favor of impeachment. Before we can continue, this comment is about the survey and analysis, not about politics. The political beliefs of Provoke Insights will not be included in this post!

Mary Kay Linge from the NY Post wrote an article yesterday saying that a Fox News Political Poll was incorrect and that it skewed higher among democrats. Then Ms. Linge re-based the data to match the current number of affiliated Democrats in the United States. As a result, the figures showed that the number of Americans that are in favor of impeachment does not make up the majority.

How to Accurately Re-Base

Now, Mary Kay Linge, the thinking was correct, but you cannot just re-base the numbers like that. Firstly, Linge uses numbers by Gallup to re-base, but she does not provide the date of the study or the name of the study that she obtained the data from. For example, the survey she was comparing could have been a few years old or only surveyed a small number of respondents. For something like party affiliation, we would check the number of people registered with each party by state rather than another poll. This way, you know your numbers are accurate. Otherwise, we would look at non-profit data sites such as Pew Research for the information.

When conducting a political poll, you need to make sure that all of your quotas are accurate. So, we look at the US Census and make sure that the poll is in proportion with the US Census in regards to age, gender, income, ethnicity, and geography. Then, you can make sure it is accurate in regard to party affiliation.

What Question Are You Asking

The survey question is important. You need to ensure that the questions accurately line up. For example, someone may have registered as a Republican a long time ago, but today considers themselves an Independent. Therefore, look to see if the question wording says, “do you consider yourself..“ or if it says.. “are you registered as..”. While this may seem like a nuance, it is a vital part of polling correctly.

As many political polls have certain party affiliations or are created for a news station that is left or right-wing leaning, we have to always go back to the source and question how the data was collected. Often, we find that polls are conducted too quickly or include party-biases. As a result, the data may not be as accurate as we like.

Going back to Ms. Linge’s feedback, we think she wanted a quick rebuttal rather than looking at the data accurately. Was the survey wrong? We went to Braun’s website to read the poll, and unfortunately, it was not on the site. The best way to see inaccuracies is to understand the methodology, sampling practices, and the data to see if something is skewed.

For more information, you can read the article here. Also, go to American FactFinder to easily access census data. 

Understanding your consumer: Generation Alpha
11 Oct 2019
The New Kids on the Block

As if we didn’t feel old already, time to get to know Generation Alpha. We already felt old when it came to Gen Z! We don’t recognize any of these celebrities under the age of 25. If you think the same, get ready to feel even older! 

As we mentioned previously in our blog series, Generation Alpha is almost here! Still, their influence is well and truly here in the form of Millennial parents (aka. Millennial spending power)! It is time to get to know the group that will soon take over the spending power worldwide.  

What We Know About Generation Alpha

So, this generation has been around for almost nine years. What do we know about them so far?

  • The only generation to have been born entirely in the 21st century. 
  • There are more than 22 million Millennial parents, giving birth to about 9,000 babies every day. 
  • Their birth dates started in 2010. So, the majority of the generation are still babies. The older Alphas will begin to make independent decisions around 2025. 
  • By the time 2025 comes around, the generation will consist of 2 billion people. Before we know it, this group will be the largest generation. 
  • This generation already has celebrities and influencers to look up to and be influenced by Ryan ToysReview, a seven year old toy reviewer, has over 18 million subscribers.
How and Why You Should Start Putting Yourself on Generation Alpha’s Radar

It is said that children under 12 years old influence their parents’ purchases — this is worth up to $670 billion per year! On the other hand, while it is essential to try to understand this audience, it is also important to do so ethically. Marketing and advertising to children can gather backlash. However, to do so properly, you must understand the audience that you are trying to target. 

 

  1. Start with research – you have two options here. Conduct research among the children (which may prove time-consuming and expensive) or communicate with the Millennial parents. Check out our latest blog titled “How to Research to Generation Alpha”.
  2. Now that you understand the parents of Generation Alpha, the ones who have the purse strings, you can communicate with them. 
  3. Allow the kids to advocate for the brand. This generation is up to 9 years old, and they can decide for themselves if they like a brand or product. They have voices and are not afraid to use them – see: Ryan ToysReview. 

 

Tidbit: 

Once a year, in Ireland, the youngest generation is given a voice via The Late Late Toy Show, hosted by Ryan Turbridy. This show is an annual ritual and allows the brands targeting children to have children display the product (toy) on National television, with a full audience of over 2 million! So, if you want to do business among Generation Alpha  in Ireland, you know where to start!

 

There is a lot to learn about the up and coming. We encourage practicing caution before going full steam ahead and marketing to Gen Alpha. As the old saying goes – Look (research) before you leap!

 

If you would like to read more information on this audience, we have even more blogs written on the topic. This is the last part of a three-part series:

Check out some of our other recent posts from our strategy and advertising research blog here:
  1. Blockchain & the Markest Research Industry
  2. Is Your Research Stuck in the 1980s: Update Your Brand Tracker!
  3. Market Research Doesn’t Need to Be Boring: Improve Data Visualization
  4. Tips For Building Brand Strategy for a Successful Brand
  5. What’s the Difference Between Quantitative and Qualitative?

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Provoke Insights is a full-service market research firm. We help build and grow brands using multiple market research methodologies including qualitative, quantitative, and secondary research. We hope to work with you in the future.