When your business path starts to veer off course, you’re probably anxious to find ways to get back on track. In some cases, it means an overhaul of the way customers see your business and its products. Time and time again, worldwide companies use rebranding and repositioning as a way to rejuvenate their sales and manicure their reputations. But how do you know which path for reputation rehab is right for you? Knowing the difference between rebranding and repositioning could be the start of a new direction.
Professor Jordan Louviere of the University of Alberta was the first to name the model of discrete choice between three or more items as “MaxDiff” in 1987. Today, the model is applied to everything from vacation destinations to soda brands as a way to better predict the features for which consumers would be willing to pay top dollar. Understanding MaxDiff can make for more effective market research results, and the ability to invest in the features that will have the most impact for consumers. Get to know MaxDiff a little better to see why it’s superior to less in-depth methods.
They say that nothing in life is for free–especially when it comes to the government. But, in support of small business, the U.S. government does offer a wealth of information to help get you pointed down the right path. What better way to complete market research than to use the largest and most official databases on consumers, industries, and economic conditions?
Supermarket Freud: Ernest Dichter and the Sex of Food When you vacillate between two types of bread at the store, you might think you’re just weighing the pros and cons. But to Ernest Dichter–the father of “motivational research,” you’re actually applying your sense of self to your purchasing decisions. And though it might sound dubious, Dichter’s habit of applying Freudian … Read More
What is Customer-Based Brand Equity (And Why Should You Care)? Market researchers are sometimes overly fond of charts, models, and graphs–but for good reason. Charts break down some of the complexities of marketing data so they’re easier to explain to and apply to businesses. Take customer-based brand equity, for example: It’s a mouthful, but it actually depicts just how powerful … Read More
You can tell a lot about a person by the area of the bookstore in which they spend their time: Whimsical types might have a penchant for the travel section; serious types might make a beeline to check out the latest science-related tomes. But market research texts may not be as easily categorized in your bookstore or library. At first … Read More
You can find out a lot about someone just by looking at their various social media profiles. From careers to vacations, circles of friends to book recommendations, it seems like there’s a social site for just about every aspect of life. So it makes sense that market research, as an industry, would look toward social analytics as a method for assembling accurate customer profiles.
We recently published an infographic about marketing toward Generation Z. One of the first people we reached out to was Nancy Nessel, a generational expert. We asked Nancy to take a look at our infographic, and she graciously published it on her blog. In 2012, Nany founded GettingGenZ.com, in which she blogs about the finicky 15 year olds that marketers are having trouble understanding.
In continuing our Market Research Interview Series, we reached out to Norman Kurtis, Vice Dean of Behavior & Human Development, and Professor of Consumer Insights & Behavior at IE School of Human Sciences and Technology, located in Madrid, Spain. Norman has 20+ years of experience helping brands ask the right questions from a strategy, marketing and consumer insights perspective.