Category Archives: Custom Market Research Reports

Throwback Thusrday - jsbmarketresearch

Waste imports from west get unappreciated in SouthAsia, Smart Parking to triple its number globally and more news

The last week observed a few ups and downs in diverse global industries. JSB Market Research’s new ThrowbackThursday series a new weekly update for its readers. Now, get a closer view of the market every week! 

Challenges in database management systems could cost $2.5 for Australia

Australian market players may have to suffer due to increased challenges in maintaining data. Inefficient data management systems can cost them around $2.5 million annually and hence the industry demands further research and development to overcome the lows. 

Waste imports from west get unappreciated in SouthAsia

Locals from Southeast Asian countries like Thailand, Malaysia, and Indonesia oppose the imports of waste from western countries. However, this has also encouraged the demand for metal waste and recycling in Southeast Asia. The event will have an impact created on the Metal Waste and Recycling markets of SouthAsia. 

Multi-cloud users invite security trouble 

Increased cloud data adoption has raised security concerns among market players. SaaS security becomes a concern when multi-cloud users have to maintain large systems. A recent research report tried to find the key insights into the SaaS security industry at the global report which reported present challenges the industry may face in the upcoming future. 

Smart Parking to triple its number globally

Recent research projected the number of on-street smart parking spaces to get tripled. The massive response received for smart parking will reflect in the next decade. The global smart parking industry will thrive with metros around the world will viewing the increased demand. 

North America again dominates the plant protein industry 

North America region has a robust dominance in the plant protein market in the year 2018. The global industry may view the North America region continuing its influence in the plant protein markets. 

 – Written by Gauri Ludbe 

Business Writer


Brexit

Know How Brexit Reflects in the Recent Marketing Budgets.

It has been more than a year since ‘Brexit’ took place. A lot of predictions were made prior to the event taking place however its impact on marketing budgets is nonetheless same.

In a market analysis survey, around 70% of companies were found with the same marketing budgets levels as they were three months ago in response to political and economic uncertainty.

Having said that, the Q3 survey report released a net balance of +13.4% of firms recording a rise in their budgets. It is namely the fourth year of successive positive revisions.

The report also signaled a continuous fall in the performance when compared to overall marketing budgets. This is due to its ninth successive quarterly drop in market research spend.

The industry analysis report holds original data produced from a board of 300 marketing experts.

The impact of Brexit negotiations and the UK’s future withdrawal from the EU as reasons for their uncertainty, incorporated with data of reduced investment and clients’ wish to retain the cost low.

Earlier in the year, market research showed a net balance of -2.9% of companies in the survey predicted a reduction in market research budgets during the 2017/18 financial year as a whole.

We’ll see a few more factors that revealed key insights:

  • 24% of marketers were less confident about the financial prospects (Compared to 3 months ago)
  • 29% of the marketers had more confidence about the financial prospects. of their companies.
  • Around 12% observed a descending revision to market research budgets,
  • Approximately 10% noted growth for the same.
  • The net balance of -2.4% made market research the only category to record a net reduction in spending during Q3.

Director general at the IPA was surprised to see the extent to which marketing budgets are held captive in the wider economic and political uncertainty. He perceived this vast majority as their state of paralysis, after seeing 70% of UK marketers’ unrevised budgets.

PR

Public Relations budgets were reduced moderately in Q3. Although there has been an ebb and flow situation underway for past two years of the survey. It is following modest growth in the previous quarter. Having seen growing importance in personalized marketing, it has reflected in the budgets as well.

Main Media

The main media advertising has witnessed a decline in the net balance which is happening for the first time since 2013. It may seem that Brexit is the cause of the declined budget however it was already undergoing a slowdown long before the announcement of the ballot. Owing to the fact, the UK media market has softened near the end of this year.

Events

As we have seen social media and smart technology offer us a blend of the physical and digital events, we experience a progressively remarkable shift in a proposition from brand marketers budget and the trend is continuing. 

Simply put,

Embracing the Brexit situation, understanding the managing finance for marketing is now key to providing the best partnership assistance to clients. The global market research suggests unfolding ideas that have short-term commitment and outcome but shell out strategies and directions for a longer term.

Online Surveys in Market Research

How Online Surveys in Market Research foster progress in business

There are millions of business owners in your field trying to market their product before billions of people out there! How are you going to widen your horizons and reach your target audience more efficiently? Challenging enough to make you work with your fingers to the bones? Of course, there are no shortcuts to influence the market and be ahead of all.

That being said, business Intelligence is something that can take you out of the clutter and guide you to the right path.

Benefits of careful Market Research Study

You would find companies which have successfully cracked market despite entering at an odd time.

What can be the possible factors to stimulate this faster growth? It is clearly a result of a smart study of global markets! And not to forget the transforming environment a company adapts changing their goals into reality.

A market research study closely monitors consumer activities over a certain period. The observatory information helps companies to brand themselves cleverly and run campaigns that would propel behavioral change in the market.

Connecting with consumers

The way consumers view, obtain and use media is changing rapidly and the evolution is remarkably reflecting in different promotion strategies of companies. Online Surveys in Market Research utilize devices to connect segments of the population which is accustomed to different devices, most common of them being the mobile.

It involves young adults, tech-savvy, travelers or upper-class respondents. These online surveys have potential insights that lead to the constant change of affairs in consumer’s mind.

Following are the different ways through which online surveys help to peek into perceptive information about the consumer.

  1. Measure brand awareness:

    You can capture information that can bring out the key element of your brand or product. You would comprehend new ways to market your creations.
  2. Track consumer behavior in real-time:

    Online market research data helps outline surveys in a way that would reach each consumer using the device. It makes constant engagement with the target audience which is reachable a click away.
  3. Create customizable solutions:

    Data insights can help you develop a niche market and reach that specific demographic by customizing the survey as per your requirements. Be it travel freaks or couch potatoes, research reports can reach all targeted audiences.
  4. Connect with global respondents:

    Brand perceptions and awareness among your consumers is an essential factor while forming business strategies.

A great deal of effort is put in the data Research which can take you on the global scale quickly and efficiently if executed properly. Online surveys are not only quick and efficient but also a cost-effective method that seizes opinions and perceptions and habits of your target audience.

  1. Tap into emotional insights: 

    When you design you surveys smartly, they can possibly trigger deeper, non-obvious, emotional insights about the customer or even market overall.

When you plan your surveys through market research, it answers a number of questions like, How well are your products performing? Is it meeting your customers’ expectations? How reliable is your brand to consumers? Is your market message reaching your consumer? Is it even making any sense?  How are customers perceiving your service?  It sets an objective for your business and shows you the room for improvement, ultimately driving change in the market.

Industry Insight

What is an Insight? Why do businesses in the search for ‘insightful’ information

Businesses talk about big words like planning and strategies and whatnot, however, they would often be found oblivious to the most crucial factor of the business. Customer!

How many businesses understand their customers to its true sense? When it comes to creating new products and services, or marketing products to potential consumers, very few firms refer to what they call market research insights.

Companies have done a lot of research to create something which can be called insights. Many of them don’t even know the actual meaning of the word. Most of them are misled in the name of it.

A dictionary defines the term as knowledgeable information that holds an accurate and deep understanding of something or someone.

We would look a couple of more definitions which would clear the air by explaining its meaning in a better way.

A study suggests the denotation of Insight lies in a meaningful opportunity created from the information perceived through research.

While that research can be called as insights. Others have interpreted insight as to the answer to why rather than what of a trend or behavior along with further explanation of what if?

Insight is something that seems obvious to a layman but important to a marketing fellow. Industry insights give you ‘I never thought of it that way’ moments eventually helping you to turn the information into opportunities.

If we try to study different words related to insight, we can comprehend the word well.

Simply put,

Fact: 66.7% employees in an organization drink coffee.
Observation: Employees drink coffee twice a day.

Insight: Employees drink more coffee when they are stressed.

From above examples, we can understand that insight has to be new, focused, intense and directional.

It outlines our thinking of how we see a situation, leading us towards creativity.

Market research companies can give you insights in following ways which would have prospects to accelerate your marketing strategies of the company.

  • Consumer insights
  • Cultural insights
  • Future insights
  • Products insights
  • Brand insights
  • Market insights
  • Purchase insights
  • Usage insights
  • Owner insights

Incorporating insights into marketing the product

  • Insight helps to understand your target group in a way that you can market products towards your customer to propel purchasing habits.
  • Demographics, psychographics cultural impact can help you analyze how your customers make decisions while buying a product. Besides, it enables organizations to know what can be done to influence customers’ choices.
  • It involves accurately determining which marketplaces have a demand for your product as it can be an important element to increase your product sales.
  • Research on your competitors focused on where they’re most effective and how their marketing strategies are affecting customers can help to analyze your company’s strategies and the necessary changes to be done in your operations.
  • With rapid changes seen in technology, you have to select the right channels to sell your product which would keep pace with technological trend most effectively.

These are only a few ways how you can incorporate insights to market your brand. Market researchers comment, insight is rather an open concept which open thousands of doors trailing innovations and creative visions.

Custom market research

5 Custom Market Research Methods to grow your business

Rapid times require rapid measures. Today, technological impact on all organizations across the globe is carving a cut-throat competition in the market.

Business firms are expected to be on their feet, swiftly molding their business with the change in customer demands and commerce trends overall.

Market Research is becoming a key element to witness the transformation taking place in industries.

We, as businessmen, hold information in high regard when it is made just for us. Custom market research offers data precise enough to plan our business and make important decisions.

So, here we are, with 5 methods how custom market research helps business to grow better.

  • Goal setting :

Setting definite objectives while entering the market builds a foundation of any enterprise. Although it gets difficult if you lack the necessary knowledge of your product, your company analysis, market analysis, customers, and competitors. You may land up in the middle of nowhere with too much of vague information available.

However, customization gives you a direction, with a clear understanding of the requirements of your firm.

It lets you know where you stand and what you have to do to lead the market, eventually setting goals for the company.

  • Rebuilding your firm :

With new potential competitors coming in and technologies getting advanced, the competitiveness gets increased.

Even after being in the market for a long time, updating your business becomes a necessary thing. Customized reports bring you up to date and hence upgrading business operations.

You rework on weaknesses and mold your entity as per the demand.

  • Acquisitions or Merger

Merging or even dealing acquisitions can be a dicey game. You cannot predict what you’re getting your business into.

Custom Market Research help reduce risks by giving comprehensive analysis and review of companies and proceedings. It involves studying history and projecting future with reasoning estimates.

  • Expansion and diversification:

Expansion and diversification can be key factors to heighten businesses and taking them to the next level.

That being said, it has to go with well administration and conduct.

Market Research which is tailored to your requirements, bought from a firm who is investigating all these procedures on a regular basis, can give you better data and insightful information on the same.

It incorporates possible opportunities in concern region which would fit your company’s environment.

  • Specific section:

A company may require independent data for standalone requirements. Many a time, firms focus on one of the aspects of their business operations.

For example, finance, sales, marketing, technology or product quality enhancement. Personalized reports can cut short the unnecessary information and present you with detailed accurate data of what exactly you want.

Market Researcher’s go down to the wire and give a bigger and exact picture of the required facet.

Normal market research can help address a variety of business challenges with panoramic view of the market, on the other hand, Custom market research reports give you a more explicit solution to meet a client’s one-of-a-kind requirements and objectives.

Healthcare

Healthcare communication research begs a behavior change

We depend on market research to give us the necessary industry insight so that healthcare brands can get a competitive advantage by creating marketing campaigns and interventions that are more targeted to create certain type of behavior.

Gone are the days of traditional research methods. They are not adequate enough to provide brands, the boost they want.

The challenge is set. Thankfully, we have in-depth information regarding what makes people tick and a point of view that can be applied to an entire program of market research to prompt the desired behavioral outcome- like for e.g. brand loyalty, change, compliance and uptake etc.

Whatever the necessary behavioral shift may be, we can apply a simple model, framework and checklists to enhance the utility of insight and effect of the advised actions on outcomes.

Optimizing Research Design

Behavior shift principles are important at the first step. How market researchers unpick a business issue or a brand challenge needs to put attention on the goal behavioral outcome.

Three questions that need to be asked are – what are particular behavior we are hoping to create or change? What are the present, principal behavioral biases at play? Which behavioral biases could we leverage?

Model for behavior change

Behavioral outcomes – To guarantee actions can be significant you need to start here and work backwards.

Mental processing –  To determine current obstacles and drivers of behavior, market research report needs to discover why individuals behave as they do today – which of the 6 crucial biases are at play?

Default – We follow habits and have ingrained behavior pattern

Self-Efficacy: We need to believe we can do something to do it

Loss Aversion: People favor evading losses to obtaining equivalent gains

Affect: Our feelings influences how we think and make decisions

Effort: We are inherently lazy and want to expend minimal energy if we can.

Decision frame

We can afterwards discover what can be done to vanquish or leverage the crucial biases to influence the desired behavioral result.

Once the information is collected, applying a focused behavior change analysis framework  [along with traditional measured as apt] is the crucial point. There is no “one size fits all’ method.

The framework is an indication and grounded on customer success criteria took during the research itself. Looking at current behaviors of user’s vs/ non-users can assist to recognize the behavioral prejudices you need to vanquish or those you can more easily leverage.

Focused outputs and interventions

The behavior switch model guides the growth of the most apt [ & most focused] intervention. This process, again is bespoke and grounded upon biases in landscape, play and initiatives scope. A few best tips to keep in mind at this point along with to the analysis output are –

  • Re-ascertain the desired behavior you are hoping to change- what is the objective of your intervention?
  • Be particular- think about who, what, when, where, why and how?
  • Keep your eye on the contextual factors, social norms – when possible use these factors to advantage.

A minutely designed campaign/ intervention can be inadequate if the implementation is not carefully lined up with the design strategy. A huge part of this is appealing all main internal stakeholders so that the route to brand success is mutual with those involved, especially at the coalface.

With tightening budget consideration, we need to be careful not to miss the value of a more targeted approach to communications research. Although taking more investment- especially in terms of time, this has the power to bring greater success in both long and short term goals.

Market Research

Research Ethics are more than “just common sense”

While there are many who think that market research ethics are simply the case of ‘common sense’, they haven’t though it thoroughly, as per the seminar given by Agnes Nairin of International Business School at Impact 2017.

She addressed the audience and took them through a series of illusorily simple questions of market research ethics.

Answers to these questions, however are anything but simple.

For e.g. Should you provide incentives to the research participants? If yes, then how much? From whom should be take consent in case for children to be taken part in research or should a company’s own staff be allowed to participate in testing new products? Etc.

According to Nairin – the ethics of what you ask and to whom, and whether or how you ask for permission is not absolutely a case of black or white.

Industry codes on market research ethics

Diverse industry codes of practices exist to provide assistance to answer such questions, this includes those published by Esomar, MRS and industry bodies in other countries.

Nevertheless, it is not clear whether they are actually much of assistance.

A market research report from the Auckland University of technology among the researchers in New Zealand concluded that the codes do not have a significant impact on the ethical behavior.

The outlook is divided among academics on whether or not these industry codes really guide the decisions of market researchers.

In many instances, people do not have enough knowledge about their industry codes well enough.

Therefore, the codes are not reinforced by regular training or people simply feel the codes support their current values.

So what can be done to make sure the industry codes are adhered to?

Nairin, again has a solution, to make sure industry codes are being followed sincerely. She gives the following advice –

  • Make sure the subject of how you want the people to behave is boiled down into some memorable core principles. Furthermore, these principles must have an unwavering support from the people of top positions from the company.
  • It must be so that the learning process is enjoyable for the people and provide them with the freedom to learn from their mistakes instead of feeling like they have been punished.
  • Most significantly, make sure that each individual is personally responsible for their ethics in work.

Following Nairin’s training and principles, 96% of the contestants commented that they found the training to be useful as well as 69% of participants challenged the existing practices within the span of one year.

AI

AI creating more jobs than taking them, says report.

Artificial intelligence will lead humans to lose jobs and will result into a widespread redundancy, that is the theory that is reiterated anyway.

New market research reports, however reveal that organizations which are investing in automated, smart teaching systems are more likely creating supplementary jobs along with it.

A reputed market research company surveyed 1000 businesses which have employed AI based systems and found out that 4 out 5 organizations have created more job opportunities that taking them.

Furthermore, 2/3rd of respondents said that there had been no reduction in overall jobs due to Artificial intelligence.

Even if the AI is at its very early stage, the technology that will be availed in next five years is going to be much better.

All the signs predicting that the incoming of machine learning will be used to supplement the existing workforce, are right on the money as per market research.

Other research findings

Moreover, other conclusions of the report show that AI is at present, is having a substantial bottom line effect – three quarters of interviewees were able to attribute a 10% or larger rise in sales as a result of their AI disposition.

As per market research, customer service will go through the most major transformation, with 73% of respondents stating that they can use AI for better customer satisfaction.

Head of this market research survey spoke about his findings and commented that the key point gleaned from the research was that Artificial intelligence could lead the world to one of the biggest socio-economic revolution the world has ever seen.

Furthermore, he highlighted the importance of ‘reskilling’ to reveal the power of transformative Artificial Intelligence technology within a business.

The objective of re-skilling would be to make employees better at leveraging data to enhance customer service, speeding up the R&D process and innovate.

AI to complement the workforce than replacing

Rather than replacing humans, AI will complement the workforce. Other statistics that backup these facts come from job websites which declared that there has been a five-times increase in the number of Artificial Intelligence careers advertised in the UK, in the last three years.

Other online market research sources stated that they also found that the demand for artificial intelligence experts and data scientists surpassed the supply, with 2.3 vacancies per applicant.

Employers in each sector are keen to use AI and need workers with the right skill to fill these roles.

As the AI sector grows, so does the potential for widespread application of Technology. Thus investing in training the right skills will take the industry to new heights.

Social Media

4 Social Media Trends to anticipate in 2018

Social media is one of the, if not best route when it comes to connecting with an audience.

Now days more and more brands use an array of social channels to build a following, effectively distributing content and to generate better engagement.

There is a wealth of possibilities and platforms to use social media to increase brand loyalty. There is built-in analytics which allow you to track your performance and improve your efforts.

In order to plan for ways to strengthen your social media game in the coming year, here are some trends you need to look out for –

Personalized Content will be in demand

  • According to market research, 84% of millennials do not trust traditional advertising
  • Therefore, it makes no sense to write content that is from selling point of view. If it is a brand you love and are trying to interact, the last you need is generic content.
  • Personalization of the content for audience is become a major trend not only in content marketing but social media as well.
  • As social media platforms evolve, their analytical tools and business specific features will glean more information and become more important to brands.
  • This will assist marketers to create better personalized content.
  • Some ways to get more personalized content is knowing your target market and making a user persona’s gender, age, education level, occupation, location etc.
  • Then use a story-telling approach and tell the story in manner that your audience can understand and relate to best.

Short lived content increased popularity

Both snapchat and Instagram stories feature short lived content and video content. It is the best way to reach younger millennials and generation z. This type of content only lasts for 24 hours before getting deleted. This may sound frightening to marketers but offers many advantages such –

  • According to a market research report, the short lived content is thought to be more authentic than spam posts or sponsored ads that push customers.
  • As the content is lost quickly, it raises the fear of FOMO [ Fear of missing out]. It results into audiences taking fast action
  • Ephemeral content catches audience attention, which is one of the most prized commodity on the net today
  • Content can be accessed easily through QR codes.

Platform overlaps will push to be more selective

Just as multiple platforms offer single service, it is necessary for marketers to focus on a platform that speaks with their audience the most and gives them a wider reach.

For e.g. according to a Digital market research report, Instagram influencers see up to 10% of audience number on Instagram stories everyday which is considerably more than Snapchat [ which is more popular among younger users] Therefore, marketers must analyze and consider which platform gives them more relevant audience.

Image recognition and AI will take center stage

The social media trend is rapidly moving towards visual content. With several tools that use artificial intelligence algorithms for image recognition, the brands have the power to search pictures related to their brands on social media.

Marketers will quickly need to capitalize on the visual content trends more, as it undeniable that more people are likely to click on content that contains image.

Furthermore, with AI, it is easier for marketers to find image that do not have keyword text in them.

A lot of changes, like the above mentioned changes are anticipated in the social media arena in 2018, which means the role of social media marketers is also expected to expand and transform.

Market Research

How market research redefined advertising and shopping

In the early 20th century, the American car manufacturers were in good luck, as people bought cars, as quickly as they created cars.

In 1914, the scene was transforming. In fact, a commenter once stated that the retailer could no longer just sell as per his judgement, instead he must sell what the consumers desire.

This commentator was Charles Coolidge Parlin, otherwise famously known as world’s first professional market researcher, who indeed invented the idea of ‘market research’.

A 100 years later, market research has become a huge phenomenon, in fact in the US alone, it employs more than 5,00,000 people.

Charles Parlin was tasked to find what makes the American automobile industry tick. For this, he traveled a hundreds and thousands of miles and interviewed car dealers.

Months of research later her presented his employer with what he humbly described as more than two thousand typewritten charts, maps, sheets and statistics etc.

Perfecting the art of advertisement

You may wonder if the person who employed Parlin was Henry Ford. After all he was one of the richest business men in car business during the time. However, no, Ford did not invest in market research at the time.

In fact, Parlin was hired by a magazine publisher.

The Curtis publishing company were doling out publications like the Saturday Evening Post, The Country Gentleman, The Ladies’ Home Journal which read widely at the time.

These magazines were reliant on advertising income. The company founder thought that he’d be able to sell more space for advertising, if they were perceived effective.

Therefore, he wondered if researching markets will make it possible to create better advertisements.

A ‘constructive service

Consequently, he set up a separate division having only a vague idea, headed by Parlin.

He tackled agricultural machinery, department stores, but not many saw value in his activities initially.

He (Parlin) hoped to be a constructive service to the industry, explaining that the car makers spent heavily on advertisement and his employers wanted to know whether this important source of business was an element which would continue.

A consumer led approach

The invention of market research led the shift from a “producer led” to a more “consumer led” approach in business.

From creating things then persuading people to purchase it, it became trying to know what people want to buy and then creating it.

An array of market research techniques helped govern what might sell – focus groups, surveys, beta testing. Other eventually followed Parlins’ methods.

By the end of 1910’s, companies had started arranging their own market research departments. Meanwhile US advertising budget almost doubled.

The approach to market research became more scientific. In the 30’s George Gallup pioneered the idea of conducting polls. The first focus group was formed by sociologist Robert Merton in 1941.

By systematically analyzing customer preference was just a start. Marketers began realizing that it was possible to change them as well.

Manufacturing consumer desire

The characteristics of advertising were changing, no longer for providing information but trying to manufacture customer desire.

For e.g., in 1929, the American Tobacco Company persuaded women to buy cigarettes to smoke in public, as an act of female liberation.

Cigarettes, they touted were ‘torches of freedom’.

Thus attempts at discerning and directing public preferences have shaped every part of the economy.