Types Of Research Every Advertiser Should Know
08 May 2018
Are you involved in your company’s advertising campaign? Do you work at an advertising agency? If so, market research may be key to enhancing your advertising initiatives!

Below, we will discuss four popular market research methods that every advertiser should know and we will synopsize why businesses should consider using it.

  1. Target Audience & Segmentation Research
  2. Creative Testing & Concept Exploration
  3. Research for Content Marketing
  4. Brand Tracking

 

Target Audience & Segmentation Research

Who is your target audience? Who has the highest propensity to not only purchase your product or service but also have the highest Lifetime Value?

If you are launching a new product or just reevaluating your audience, it’s time to know which segment is most profitable.

It is also important to consider segmentation  – your marketing and advertising can’t speak to everyone all of the time – you may want to prioritize cohorts or use a segmentation to optimize your media and messaging.

Creative Testing & Concept Exploration

Are you launching a new advertising campaign? Prior to launch,  test your creative and concepts. This allows you to leverage your advertising and messaging to its fullest extent without having to learn from your mistakes. If you think you might need concept testing or optimization of creative research – we have two blogs on them here and here.

Research for Content Marketing

Research for content marketing makes your brand a thought leader by using research to get press placements. Bring your research to life by using it as a catalyst for B2B and B2C awareness, engagement, lead generation, and conversion. Tactics include online videos, infographics, sales materials, email marketing, thought leadership pieces, press releases, and guerrilla efforts.

Brand Tracking

Have your advertising initiatives made an impact? That is why it is pertinent to start tracking your marketing initiatives even before you launch a campaign. Once the advertising is launched, the desired outcome is campaign memorability, consideration, likely to use and recommend. This type of research also gauges how it is performing compared to your competitors.

For all of the reasons mentioned above, businesses should consider market research for their advertising and branding strategy it is one of the most effective methods to improve your ad campaigns ROI (return on investment).

7 New Trends in Market Research in 2017
25 Jan 2017

Written by: Rachael Ryan

Now that the first month of 2017 is coming to an end, we thought we would write a blog post about the changing trends in Market Research. The market is constantly changing, therefore, there is a need to stay abreast with the trends in the research space. Here are 7 new trends that market researchers will need to take note of this New Year!

  1. New technology

Speaking of technology, market researchers will continue to have to adapt and learn. We will see acceleration in technological trends over the coming year as has been seen over the past twelve months. For example, biometric response and neuromarketing are becoming more popular offerings at research firms.

  1. Research for content marketing purposes

As we saw in 2016, there was more emphasis on using market research for content purposes. Content was 2016’s buzz word, but as we saw, content was important, so important that everyone started churning out content… which lead to an abundance and then what became important was high quality content – content that people actually appreciate and that people want to read/watch. In order to get that interesting, relevant, clickable content, research needs to be conducted. Click here for more on Research for Content Marketing Purpose.

  1. Unpredictability causes a craving for prediction

Global uncertainty is good news for market researchers as it means there’s going to be a growing demand for market research. This trend began near the close of 2016 but with global uncertainty in 2017, political, monetary and economic unpredictability will cause companies to try to predict whatever they can hence looking towards market research in order to avoid any unforeseen shifts or changes in the market.

  1. More and more data

The more data there is available the more need there is for more clear and concise data. Most importantly what is the data saying?  What is the story the data is trying to say.  More data does not always mean better.  This means that the market researchers need to interpret data and consolidate it into information that can be easily. At Provoke Insights, we believe in telling a story with the data that we gather and the research that we conduct. We like to simplify the data and make it easy for anyone to understand.

  1. Appending data

With big data, there is an opportunity to conduct market research and then append additional data to the findings in order to create a more robust story. Segmentation research is a great example of this.  We can create segments and then append secondary data to learn more about these group’s behaviors and media habits. For example, does your segment go to yoga classes or attend the opera, market research firms should look towards adding this secondary data to the appendix so that the client can get a more round picture of the stories being told. This is great information that would not necessarily be in the primary research that you are conducting.

  1. No quick fix

Though you might think that in 2017 market research will become more automated, well you might just be wrong. Market research will need to be more personalized than ever. At Provoke Insights we believe in creating a market research strategy for a company’s needs and then creating a deck that is fit for that company and that company only. We don’t have a copy and paste attitude towards doing our decks, presentations or videos. Automated research will cause companies to search for a more accurate and personalized experience, one that suits them rather than suits the masses.

  1. Asking why

In the past there has been huge emphasis put on big data and gathering lots of information – now companies are seeing the benefit in not only asking what the markets does or tends to do but also asking why that is the case. This is where qualitative research is the perfect backup for the quantitative research that is also being done. Using a mixed methodology not only provides you with insights into the market but it answers the questions that may arise from the numbers by asking for opinions.

Over 50 years later, the classic The Times They Are a Changin’ has never been more relevant and market researchers have to change with them. As I said, it wouldn’t make sense to ignore new trends in the market and carry on as usual in market research – we have to change with the changing needs of the companies that need market research and make sure that the market research being done is relevant to them in 2017.

Sign up for our newsletter here to learn more about market research and Provoke Insights.

Millennials, Fine Jewelry & the Luxury Category
13 Dec 2016
Written by: Rachael Ryan

Millennials are the most researched subgroup of the 21st century – and yet, they still seem to be misunderstood. Everyone wants to know more and more about the generation. Who are millennials and why are they so sought after?

Millennials are technically anyone born between 1982 and 2002, but most importantly they are the buying generation. They’re taking over from the Baby-Boomers who are retiring both from work and they’re hanging up their consumer shoes too. Despite marketers obsessing over millennials, they are still often dumbfounded by them. Just when marketers think they have them all figured out, millennials change their habits and leave everyone bewildered.

For example, millennials were buying luxury goods such as fine jewelry. Millennials spent $26 billion on diamonds in 2015. But since then, the attitudes of affluent millennials has changed. 6.2 million millennial households earn more than $100,000 a year and they will take over the luxury consumer market by 2018-2020 – that means they need to be understood and luxury brands need to research them in order to appease this headstrong generation.

Market research is invaluable in this situation; here are a few speculations as to why millennials have become indifferent to the opulence of luxury jewelry brands.

  1. Millennials are incredulous towards big luxury brands. They want to pay big bucks for an individual experience rather than a brand that everyone has. The generation prior to millennials would pay vast amounts of money to have luxury, classic pieces of jewelry to display their wealth and standing in society. Millennials are not purchasing fine jewelry, they are more interested in spending the same money on a one-of-a-kind, once in a lifetime experiences.

  2. Milestone purchases. Millennials don’t want a piece of jewelry to define them – they want sentiment behind it. Most millennials will only buy a luxury good as a milestone or to mark an occasion, while this has always been partially the case – it is now the sole selling point of luxury jewelry. Millennials are not likely to impulse buy a luxury item; there must be a deeper level of emotion attached to a piece. This is why luxury jewelry brands such as Pandora are so popular – each piece is unique to the owner and every part of the piece has a story to tell that is exclusive to the person wearing it.

  3. Technology is a new luxury. The number of millennials that own a fitness watch and the number of millennials that have a classic wrist watch are almost equal. This is a two-sided argument, if you want your luxury brand to be successful then your brand needs to have a successful online presence that resonates with this savvy generation. Millennials read on average 13.9 reviews online before buying a product, and they normally only buy products that have been recommended by loved ones or people they trust.

There are many other factors that come into play here; millennials get married later in life and their engagement ring is ordinarily their introduction to fine jewelry purchasing, millennials are experience oriented and want to be unique, therefore often look for one-of-a-kind jewelry that has a story behind it, among other reasons.

For more information on changing jewelry trends, read the Principal of Provoke Insights, Carly Fink’s article on the growing demands on the brown diamond industry. For more information about Provoke Insights, why not sign up for our newsletter here.

Research for Content Marketing
10 Sep 2015
Positioning your company as a thought leader is an art form.   By publishing research studies, you build your brand’s credibility.

With a proliferation of media channels available today, it is pertinent to make sure your data gets its full mileage.  Bring our research to life, using contenting marketing as a catalyst for B2B and B2C awareness, engagement, lead generation, and conversion. Tactics can include online videos, infographics, sales materials, email marketing, thought leadership pieces, press releases, and guerrilla efforts.   Plus, all of these content initiatives help grow your brands online presence, and ultimately help improve your organic search efforts.

1. Design Template

Before your questionnaire is even designed, develop a PowerPoint template.   Design is critical to research reports. It is key that the design fits your brand’s look and feel.

2. Headlines

Even before the questionnaire is fielded, start developing potential headlines for the report. These headlines are based on the questionnaire, and are used to help guide the story. SEO is important to build awareness and credibility.  When developing headlines, take into account the keywords your brand wants to be known for in online searches.

3. Storytelling – Report Writing

Storytelling is an art form.  Using the designed templates and headlines as a base, create stories that keep the readers excited.  Reports should include background/objectives, methodology, key findings, recommendations, and detailed findings.

4. The Extra Touch

After the content in the decks is finalized, use graphic designers to further enhance the decks.   The content, graphics and charts should be able to live in more places than just PowerPoint.   Reports should be designed so they can easily be used in sales collateral, press releases, white pages, Facebook posts, or even a blog.

Measuring Content Marketing ROI
10 Sep 2015
Content Marketing has become the number one way for businesses to increase their online presence. Through articles, blogs, videos, pictures, surveys, and infographics, companies can better communicate with their customers.

Companies use this marketing initiative to create a personality and thought leadership, as well as provide an opportunity to engage with consumers. Creating effective content improves SEO, thus enabling potential customers to find businesses more easily via online search.

However, determining the ROI on content marketing is not straightforward, but there are ways to measure it.

Consumption metrics– This metric measures how many people are consuming your content and which channels they are using to consume it. It also measures how frequent and in-depth their consumption is.

You can calculate the consumption metric by counting total and unique visits, downloads, time spent on site, cost per visitor, and bounce rate.

Lead generation metrics- This metric measures effectiveness of a content piece by requiring a name or email address before viewing the content.

Sharing metrics- This metric measures 1) what content is being shared and 2) by who. An increasing number of shares implies that your content is becoming more effective.

It is also important to analyze who is actually sharing your content.  Social influencers spread the word across a larger audience, therefore making them a more desirable target.

Sales metrics- This is the most straightforward way of measuring ROI for content marketing efforts. There are CRM systems to track actual sales close rates. It is key that the CRM system can follow a customer’s path from awareness to the actual sale.   With this type of system, you can determine which types of content really drive sales.

Content marketing is vital to a business’s marketing campaign. By using these metrics effectively and efficiently, businesses will be able to figure out which content works and which doesn’t.  It also helps companies determine how to best create and utilize content marketing.