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Know Your Customer Intimately

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KNOW YOUR CUSTOMER INTIMATELY Jeanette Cheah ANZ Group Innovation


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3 INTRODUCTION SO… 
 TELL ME ABOUT YOURSELVES. WHO? WHAT? WHY? COFFEE ORDER?


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IN TODAY’S SESSION ‣ What is market research? ‣ How it applies to the business cycle ‣ How does it work? ‣ Making it real with DIY resources 4


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KNOW YOUR CUSTOMER - INTIMATELY WHAT IS MARKET RESEARCH?


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WHAT IS MARKET RESEARCH? www.dollarphotoclub.com 6


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WHAT IS MARKET RESEARCH? “Advertising people who ignore research are as dangerous as generals who ignore decodes of enemy signals.” - David Ogilvy 9


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WHAT IS MARKET RESEARCH? “It’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them.” - Who Else? (Steve Jobs) 10


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WHAT IS MARKET RESEARCH? 11 “Without data you’re just another person with an opinion.” – William Edwards Deming http://startupquotes.startupvitamins.com/


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KNOW YOUR CUSTOMER - INTIMATELY MARKET RESEARCH IN BUSINESS


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14 MARKET RESEARCH IN BUSINESS BRAND / VOICE VALIDATE MVP GREENFIELDS IDEA MAKING THINGS BETTER USER TESTING GO TO MARKET PLAN BUSINESS INCEPTION HOW TO SCALE PITCH FOR $$ BUSINESS MATURITY


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MARKET RESEARCH IN BUSINESS 17


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18 MARKET RESEARCH IN BUSINESS BRAND / VOICE VALIDATE MVP GREENFIELDS IDEA MAKING THINGS BETTER USER TESTING GO TO MARKET PLAN BUSINESS INCEPTION HOW TO SCALE PITCH FOR $$ BUSINESS MATURITY


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MARKET RESEARCH IN BUSINESS MAKING THINGS BETTER “By proactively seeking customer feedback… we’ve ‘saved’ $60 million worth of home loans…” - ANZ Executive, 2015


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19 MARKET RESEARCH IN BUSINESS VINOMOFO uses research and insights /to drive their BRAND VOICE ‘unignorable’ email and content strategy. WATCH: Andre Eikmeier, cofounder, Joint CEO of VINOMOFO http://vinomofo.com/ http://www.vision6.com.au/ https://www.youtube.com/watch?v=Ei5qVoYqzMc


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21 CASE STUDY A BANK SUMMARY KEY CHALLENGE/QUESTION To increase sales for a particular product, a Marketing Manager (MM) and Product Manager (PM) were asked to create an offer to entice new customers. How might you apply market research help the MM and PM in this situation? The General Manager of the business thought that a significant discount would be appropriate and put pressure on the MM and PM to make it happen. The MM and PM knew that this would cost the business a lot of money, and might not have guaranteed results - but also want to make their boss happy and hit their sales targets.


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CHECKING IN 22 SO… 
 HOW ARE WE GOING? www.dollarphotoclub.com


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KNOW YOUR CUSTOMER - INTIMATELY THE MARKET RESEARCH PROCESS


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24 THE MARKET RESEARCH PROCESS 1. DEFINE THE PROBLEM 2. DEVELOP THE RESEARCH PLAN 3. DO THE RESEARCH! 4. INTERPRET AND REPORT 5. CHOOSE BUSINESS ACTIVITIES


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2. DEVELOP THE 26 RESEARCH PLAN MARKET RESEARCH - TYPES Quantitative Qualitative ‣ Data-driven - volume ‣ In-depth, more emotional ‣ Statistical, choices ‣ Interviews, focus groups ‣ Check-boxes, scales ‣ Picture descriptions ‣ Closed-ended questions ‣ Open-ended questions ‣ Do you like ice cream? ‣ “Complete this sentence…” ‣ How often do you..? ‣ “How do you feel when…” ‣ Rate your experience… ‣ Tell me about a time…” ‣ “What do you associate with…”


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HOW DO YOU DO QUANTITATIVE RESEARCH? Methods Expert help - online ‣ Desktop research • rantandrave.com ‣ Mobile - SMS, voice, MMS • Stable ‣ Online surveys, APIs on your website • researchnow.com ‣ Web/email forms ‣ Point of sale - QR codes, receipts tablet positioned on table Research • medallia.com • mobivity.com • Farron Research • Toluna - community style 3. DO THE RESEARCH! 27


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3. DO THE RESEARCH! DIY QUANTITATIVE RESEARCH ‣ SurveyMonkey.com • FluidSurveys.com ‣ OptimalWorkshop.com • OpinionLab.com ‣ Optimal Sort ‣ SoGoSurvey.com Blend with other solutions ‣ buzztable.com - Guest Manager • Square ‣ Facebook surveys ‣ Google Forms - squareup.com/au • Salesforce Solutions Small Business 27


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HOW DO YOU DO QUALITATIVE RESEARCH? ‣ OptimalWorkshop.com - Reframer ‣ Human analysis, more time consuming ‣ survata.com to find an audience ‣ Observations or one-way glass! ‣ Target market interview or focus group requests ‣ Cheese and wine nights / dinner party style 2. DEVELOP THE 27 RESEARCH PLAN


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4. INTERPRET AND 9 REPORT MARKET RESEARCH RESULTS ‣ Think about your audience ‣ ‣ Verbatim quotes ‣ Pictures / videos (especially for UX) ‣ ‣ Charts and tables Personas / Customer segments Be aware of bias in response (and your own) 8% CHOICE OF MEDIA 7% 35% 10% 11% 29% COMMERCIAL TV PAY TV / NETFLIX RADIO SOCIAL MEDIA NEWSPAPERS BLOGS


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RECAP ‣ Market research is the science of understanding our customers ‣ 31 It can be applied at all stages of the business lifecycle, and can take many different forms ‣ Qualitative / Quantitative ‣ Digital / In person ‣ DIY / with expert help ‣ Make sure you have clearly defined your research objectives before you make decisions ‣ Humans are not black and white - your job is to interpret the results to uncover insights and actions


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KNOW YOUR CUSTOMER - INTIMATELY Q&A 32


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