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Chapter 4: Managing Marketing Information to Gain Customer Insights

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Josh Johnstone

on 28 October 2014

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Transcript of Chapter 4: Managing Marketing Information to Gain Customer Insights

Managing Marketing Information to Gain Customer Insights

Chapter 4
Customer needs and buying motives are often anything but obvious—consumers themselves usually can’t tell you exactly what they need and why they buy. To gain good customer insights, marketers must effectively manage marketing information from a wide range of sources.

Marketing Information and Customer Insights
Assessing Marketing Information Needs
Developing Marketing Information
Marketing Research
Analyzing and Using Marketing Information
Other Marketing Information Considerations

Marketing Information Systems (MIS)
Marketing Information and Customer Insights
Companies are forming customer insights teams
Include all company functional areas
Collect information from a wide variety of sources
Use insights to create more value for their customers

The real value of marketing research and marketing information lies in how it is used
Marketing information system (MIS) consists of people and procedures for:
Assessing the information needs
Developing needed information
Helping decision makers use the information for customer
MIS begins and ends with information
First, it interacts with information users to assess information needs.
Next, it interacts with the marketing environment to develop needed information through marketing intelligence activities, and marketing research.
Finally, the MIS helps users to analyze and use the information to develop customer insights, make marketing decisions
MIS provides information to the company’s marketing and other managers and external partners such as suppliers, resellers, and marketing service agencies
Balancing what the information users would like to have against what they need and what is feasible to offer
Too much information can be as harmful as too little
The real challenge is to find
the RIGHT information
Marketers obtain information from:
Defining the Problem and Research Objectives
Research Approaches:
Observational research involves gathering primary data by observing relevant people, actions, and situations
Ethnographic research involves sending trained observers to watch and interact with consumers in their natural environment
Marketing Research Strengths and Weakness of Contact Methods
Sampling Plan:
Sample is a segment of the population selected for marketing research to represent the population as a whole
Who is to be studied?
How many people should be studied?
How should the people be chosen?
Research Instruments:
Questionnaires
Most common
Administered in person, by phone, or online
Flexible
Research must be careful with wording and ordering of questions
Implementing the Research Plan
Ethics?
Customer privacy
Misuse of research findings

How do you feel about your privacy with online, phone, in-person, or mail surveys? Are some better than others? When might the questions feel like an Invasion of privacy or fraud?
Customer Insights
Fresh and deep insights into customers needs and wants
Difficult to obtain
Not obvious
Customer’s unsure of their behavior
Better information and more effective use of existing information
Consumers are now volunteering a tidal wave of bottom-up information
Marketers don’t need more information; they need better information.
Need to make better use of the information they already have.
Assessing Marketing Information Needs
Developing Marketing Information
Focus Groups
Six to 10 people
Trained moderator
Challenges
Expensive
Difficult to generalize from small group
Consumers not always open and honest
Customer Relationship Management (CRM)
Information distribution involves entering information into databases and making it available in a time-useable manner
Intranet provides information to employees and other stakeholders
Extranet provides information to key customers and suppliers
Marketing Information and Customer Insights
Marketing Information and Customer Insights
Marketing Information Systems (MIS)
Assessing Marketing Information Needs
Internal Databases: Electronic collections of consumer and market information obtained from data sources within the company network.
Developing Marketing Information
Competitive Marketing Intelligence: The systematic collection and analysis of publicly available information about consumers, competitors and developments in the marketplace
Developing Marketing Information
Marketing Research: The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
Developing Marketing Information
Steps in the Marketing Research Process::
Defining the problem and research objectives.
Developing the research plan,
Implementing the research plan
Interpreting and reporting the findings.
Developing Marketing Information
Developing Marketing Information
Written Proposal:
Outlines sources of existing data
Spells out the specific research approaches, contact methods, sampling plans, and instruments to gather data
Developing the Research Plan

Written Proposal:
Developing the Research Plan

Data:
Secondary data consists of information that already exists somewhere, having been collected for another purpose

Primary data consists of information gathered for the special research plan

Developing the Research Plan

Secondary Data
Developing the Research Plan

Developing Marketing Information
Research Approaches:
Survey Research: Best for descriptive information—knowledge, attitudes, preferences, and buying behavior
Flexible
People can be unable or unwilling to answer
Gives misleading or pleasing answers
Privacy concerns
Developing Marketing Information
Research Approaches:
Experimental Research: Best for gathering causal information—cause-and-effect relationships
Developing Marketing Information
Developing Marketing Information
Online Marketing Research:
Internet surveys
Online panels
Experiments,
Online focus groups
Brand communities
Advantages:
Low cost
Speed
Higher response rates
Good for hard to reach groups
Developing Marketing Information
Developing Marketing Information
How should the people be chosen?
Developing Marketing Information
Developing Marketing Information
Research Instruments:
Questionnaires
Closed-end questions include all possible answers, and subjects make choices among them
Provide answers that are easier to interpret and tabulate
Open-end questions allow respondents to answer in their own words
Useful in exploratory research
Developing Marketing Information
Research Instruments:
Mechanical Instruments
People Meters
Hand Scanners
Retinal Scanners
Biometric Scanners
Neuromarketing
Developing Marketing Information
Developing Marketing Information
Developing Marketing Information
Developing Marketing Information
What you can do with good CRM data:
Developing Marketing Information
Developing Marketing Information
Developing Marketing Information
Full transcript