R[E]D – Research : Emotion : Design

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Brand Marketing Strategy | Put Your Money Where the Growth Is

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Many political conversations today focus on the rapid, immense multicultural population growth in America. However, what about the business implications? How much does an increasingly diverse America effect direct marketers? Quite a bit, actually, according to a recent report from Geoscape.

Geoscape, a business information and services company, found that 88% of America’s population growth is composed of African American, Asian, and Hispanic consumers; particularly Hispanics, who comprise about 18% of the total U.S. population.  Hispanics are the fastest growing segment, having grown 11% since the 2010 census to more than 56 million. Multicultural groups now account for 35% of the American population.

“Some companies just aren’t bringing this growth into focus,” says Geoscape CEO César Melgoza. “Companies that aren’t prioritizing this growth are essentially investing is flat or shrinking markets. That’s probably not acceptable to their constituents,” he says. This leaves marketers with an interesting challenge, or rather, opportunity; one that has little to do with political correctness and everything to do with furthering business growth.

Many businesses struggle with prioritizing or realizing a multicultural marketing strategy. Here, Melgoza offers seven tips that will help keep marketers and their organizations remain relevant to the ever-changing face of their target consumers.

1.       Understand the level of urgency

“Understand that business is about growth and growth is multicultural. If you invest heavily in general markets, then that may not be the best use of budget.”

2.       Measure everything

“Start with a benchmark. Identify your penetration into a segment now, monitor that penetration, and use that data to improve it.

3.       Build a robust business case

“Link this growth with what the company is doing now to differentiate itself and use it to plan how the company will continue to differentiate itself in the future.”

4.       Develop a sound strategy

“Walmart is an example of a company that absolutely cannot ignore multicultural marketing. They know their growth is coming from these segments and they’ve positioned their company and products around this.”

5.       Address all touchpoints in the operation.

“It’s not just about marketing communication, or having cool ads. Develop all channels. How is the call center experience and does it direct consumers to where they need to go? Does the in-store experience match what’s been advertised? Does the product itself match what’s been advertised?”

6.       Scale these efforts according to the opportunity

“Sure, your multicultural efforts are great in Austin, but what about everywhere else? Businesses like Kroger are scaling multicultural marketing across their retail network because they’ve seen how successful it is.”

7.       Evangelize the organization

“A lot of the people resistant to this type of change are middle management. The executives get it. The stockholders get it. Some people may think this is a political or ‘do-good’ issue. They may not understand that their growth hangs on this. You need to grow, and growth is multicultural.”

Author / Perry Simpson
Source / dmnews.com
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What B2B Buyers Want From Vendor Websites

Easily accessible contact information is the most import thing on a B2B vendor website, according to a recent report from Dianna Huff and KoMarketing Associates.

Over two-thirds (68%) of B2B buyers say a vendor’s address and contact information is critically important on a site and 55% indicate they’ll leave if it isn’t available.

Moreover, 51% of buyers say having thorough contact/about information is the best way for a vendor’s website to establish credibility.

Most of the B2B buyers surveyed (81%) say they like to contact vendors via email; telephone is the second choice (58%). Only 39% like to use a contact form, yet that is the most common option provided by vendors.

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 Below, additional key findings from the report, which was based on data from a survey of 175 B2B buyers.

‘Must Have’ Content

        • After contact information, buyers say pricing is the most important content on a vendor website; 43% of respondents say it is a “must have.”
        • 38% say technical support information is key, and the same proportion say case studies, whitepapers, articles, and blog posts are essential.

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Homepage Expectations

        • 90% of buyers want to see product/services information on vendors’ homepages.
        • Buyers also want to see about/company information (61%), marketing collateral (37%), and testimonials (36%).
        • Fewer buyers look for social media buttons (24%) or links to a blog (22%).

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Why Buyers Leave Sites

        • Asked which website elements annoy them or cause them to click out of a page, most respondents (93%) cited video or audio that plays automatically.
        • Buyers also do not like animated ads that crawl across the page or pop ups (88%), lack of message/can’t tell what a company offers (83%), and lack of contact information (79%).

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Author / Ayaz Nanji
Source / marketingprofs.com


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What if a Market Research Report Doesn’t Answer My Question?

One market research report can answer thousands of questions from hundreds of companies. Catering to a wide variety of needs can even be viewed as one of their most versatile benefits, at least for the publisher. But, when it comes to obtaining specialized information, syndicated reports may not give you the depth and/or specification you need for a particular project. So, in attempts to avoid spending unnecessary time sifting through reports that are too general, or too broad, you are forced to consider alternative market research options.

market_research_reportOften, users of market research, whether they are in the marketing department of a large company, the founder of a start-up or the CEO of a Fortune 500 company, want to know:

        • Should we launch this product?
        • How do we expand our business?
        • Is the market for our products growing?
        • Are we targeting the right audience?
        • How well do we know our customers?

Despite what some will say, there is not a market research report for every business, every topic and every niche.  A good market research report must be narrow enough to answer a customer’s specific question, but broad enough to apply to a variety of companies who might need the information.  A quality report will have market size and outlook, a competitor overview, new product trends and consumer insights.

marketing_strategyHowever, sometimes a report covers everything except your specific product.  Especially if you’re launching something new, by the nature of it, there is no report.

So, should you take a stab in the dark?

Not advisable.

Custom research, however, is a great alternative. Whether you’re hard-pressed for time or you are overwhelmed with a number of extensive projects, custom research can give you the specific results you’re seeking without costing you too much valuable time.

Don’t be scared. This is not a consulting project where a team comes in for a year-long adventure as you launch a new product.  A good custom research report will take the time to understand the specific circumstances of your challenge, but it will also bring the perspective of the broader marketplace so you don’t end up with an echo of your preconceptions.

Start with a syndicated report. It’s the best, first option to get a lay of the land, and, hopefully, it answers your specific question.  But, sometimes custom is the way to go to help you dig out what has yet to be defined.

Original Posting by Rob Granader


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DO YOU KNOW YOUR CUSTOMERS?

“Research That Provides Big Data”

 

Customer Research

To truly be a successful company, you must know who your customers are and why they buy your brand. The pace of the world is growing faster all the time. Consumers are dying to catch up. A common frustration for consumers is too much of the wrong thing. They are bombarded with too much to choose from, but they still can’t find what they need. Break the everyday consumer from their frustrations by coming to know your customer. Technology can bring you great insights into your customers’ wants and needs. The data is there, you just need to access it. Learn how to know your consumer through big data. Research opens your brand to communicate with your customer by learning about the emotions that drive them. Knowing your customer will communicate to them that you see them as not just a target, but an individual.