Tag Archives: BMO

Insights Association Paradigm Shift: Chris Whitaker, Explorer Research; Steve Olsen, Nestle; Maja Neale, BMO

My notes. Any errors are my own.

https://www.insightsassociation.org/conference/insights-paradigm-shift

Better Behaviour Predictions Through Better Behaviour Testing by Chris Whitaker, Explorer Research

Traditional research plus non-conscious research = richer insights

People don’t automatically remember the details of every shopping trip or why they made their decisions.

Recall is not a reliable measure of real shopping.

When we get a new job, we plan the entire route as soon as we can. But a year later, we just don’t think about it. We can arrive without even realizing how we got there. Planning takes up a lot of energy and time so we remove that over time. Decisions must become easier over time and this comes from using the unconscious mind.

People inflate recall, purchase.

Only 60% of brand purchases are recalled correctly. Eye-tracking knows precisely what you bought.

Only 48% of people recall the flavour or variety purchased. Only 27% recall the size correctly. Dollars spent are recalled 50% higher. Time spent is remembered as twice as long as actual. Brand noticed first is only correctly answered by 4% of people. Eye-tracking tells you exactly what they looked at first. And what was second and how long for each one.

Context influences behaviour.

What happens when you buy a whole case of wine because it’s the best wine ever but then you discover it’s not as great as what you thought when you first tried it with your friends at a beautiful winery.

TV ads are recalled a bit more than online ads. Purchase intent is about the same. However, biometrics are quite different. Online is 30% more engaging. Engagement plus distractions is three times better for online ads.

People say they seek price first but we rarely go through a list of needs, we just buy what we always buy.

Consumers idealize their behaviours.

We need to use behavioural measurements. VR, shopper labs, AI, eye-tracking, facial coding, mobile measurement.

In situation testing is more predictive and it can be timely and cost effective.

Yesterday and Today – The Nestle Canada Story by Steve Olsen, Nestle

Appreciating nuances vs clinging to arbitrary benchmarks. A slightly lower score isn’t “didn’t hit the hurdle,” it’s a discussion point.

We need to value feelings as much as facts. Get in front of consumers and talk to them, bring the experience to life, experience reality.

What we can do differently

Be more collaborative and less transactional with research partners. Together, you can avoid rabbit holes. It’s okay to show things that aren’t fully finished. This ensures you get to the right solution more quickly and easily.

Try new tools and techniques

Think about discrete choice, implicit testing. Remember that the most a consumer has thought about your product is probably during the minute you mention the name to them.

Prioritize foundational research

U&As can be used multiple times over the years and when combined with new information can still reveal insights.

Expand expertise and influence beyond just research

Build a culture of learning throughout the organization. Become better influencers and presenters.

Continuous learning and inspiration

Go to conferences outside your specific area. Go to an academic conference, a marketing conference, design conferences. It can inspire you in your own work.

Suppliers need deeper business understanding. Be curious for context. Seek senior level face time. Be able to synthesize and integrate knowledge from other industries.

Develop interdisciplinary expertise, especially the social sciences. But recognize when you’re not the expert or when your tools aren’t as precise as you want them to be or when they can’t do what you want them to do.

Develop new technology capabilities. Consider user design and interfacing. Consider automation with customization. Figure out if you can scale what was previously unscalable, e.g., text analytics, picture classification.

Experiment with data and methods. Helpful for thought leadership speaking at conferences. Helpful for turning trials into subscriptions. Quantify the risk for potential clients.

Massive Marketing shift – How BMO Created a More Data Driven Business by Maja Neale, BMO

Brand challenges

Changing demographics, personal and privacy paradox, new media channels, interruption marketing. We need to maintain relevancy, measure investments, integrate across all channels, and rethink the way we market.

Banks have a responsibility to respect consumer data. But consumers expect what they receive to be tailored.

Trends in insights gathering.

Tech-based companies are growing. Self-serve DIY solutions are being rapidly adopted. Data integration across behavioural and company data is increasing. Demand to quantity financial value of insights is increasing.

Most companies sit between analysis and predictive rather than applying predictive knowledge to dictate behaviours necessary now.

Try to create micro-level results, e.g., tell each bank branch precisely how to improve their branch. There is sufficient transactional data to make this happen.

DO SOMETHING is the key important take away for any research. Once you have the data, act on it with the aim to improve.

Integration, automation, and real-time are key to using and applying insights.

Best practices in Market Research/Consumer & Shopper Insights Kamal Sharma, Hershey Canada and Susan Innes, BMO Financial Group #MRIA15 #MRX

MRIA15,MRIA2015Live blogged from the 2015 MRIA National Conference in Toronto. Any errors or bad jokes are my own.

Best practices in Market Research/Consumer & Shopper Insights
Kamal Sharma, Hershey Canada and Susan Innes, BMO Financial Group

  • Have you ever felt that you could get better insights if…. 🙂
  • Client side researchers need to ask questions up front before reaching out to a supplier
  • KAMAL SHARMAQuestions to help with transparency – WHY are you doing the resaerch, HOW will the research be used, WHAT business decisions will be made, WHO do you want to speak to, WHERE do you want to do the research, WHEN do you need this information, HOW MUCH are you willing to spend
  • Budget sometimes dictates what research gets done
  • Is management using this or lower level employees? Is it strategy or tactics or product?
  • Put your specific requirements in the RFP – e.g., do you want daily updates on recruitment efforts
  • If you know someone hates pie charts or loves bar charts, then the client needs to tell the vendor. The vendor needs to know the hot buttons, the dreaded words, the current fads, or the project will fail.
  • If incremental costs occur, say so immediately. Have a conversation right away.
  • Decision makers value variety of sources. Only 1 in 5 marketers are familiar with data [that’s really sad]
  • When you lack synthesis skills, decisions can be disputed, performance measures are misleading, opportunities are overlooked. Marketing researchers can help with this.
  • Address conflicting information in research findings – changing sample sizes, different demographics, different questionnaires, timing
  • You need a lean and scaleable data management/integration tool. It should allow you to identify errors.
  • Topic shift…
  • Think about millennials – aged 16 to 34 – compulsive buyers, purchase snacks for instant consumption, choose items based on taste and accessibility and ease of rationing, brand loyal; they want to support causes – Toms 1 for 1 shoes

  • Prefer fresh organic food and prepared to pay a premium
  • Millennials like a variety of stores, enjoy specialty stores
  • marketing to millennials – word of mouth is important but social media makes it happen a lot more quickly, think of Lay’s chips create your own flavour, market your products from a good for you point of view, nostalgia requires you connect with people on an emotional level, use lots of vibrant colours
  • Topic shift….
  • Client side researchers are looking for answers to questions not 200 pages of descriptive statistics
  • When you go into a meeting, have a one page bullet point of meeting notes. You may not get answers but you ought to ask the questions.
  • Nail the business question up front so the data answers the question being asked.
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