By: Marissa Rhodes & Bryson Urie. The sea change wrought by the recession is causing researchers to adjust their processes to prove their worth . The New Economy . Consumers and businesses changing decision-making and purchasing strategies The recession- speed and nimbleness - PowerPoint PPT Presentation
By: Marissa Rhodes & Bryson Urie
The sea change wrought by the recession is causing researchers to adjust their processes to prove their worthThe New Economy Consumers and businesses changing decision-making and purchasing strategies
The recession- speed and nimbleness
Businesses making more tactical decisions without research
20-35% of a companys market research budget on strategic research studies Changes in Demand Ravi Parmeswar (Managing Director of Global Consumer & Marketplace Insights )Strategic studies Quarter projections Information and Risk What Gives real competency?Taking action and making successful game time decisions as you experience itNew world order of thinkingCrosses strategic/tactical lines of research. Example: Euro client of RSCG ( marketing agency in Chicago) There will always be certain studies that are OK that take three to six months; those are strategic rather than tactical. ere is space for that research, but when you are running a business and looking at this quarters numbers, you have to put systems in place that are more real-time, where it is about getting the [essential] information [to help make a decision] faster. It is more aboutknowing that you are never going to have100% of the information and that youre not going to mitigate all the risk. The real competency is about taking action and making real-time changes as you experience it, he says.4New Market Mounds of historical data research studies that were thought to be set in stone are being reviewed.Product PositioningMarket segmentation Price elasticity Projective techniques more acceptableOpen-ended, indirect questioning, word association, and the like Scenario planning Online ResearchReal time insights Monitoring web chatter Faster and cheaperCost and time effective New observational element-What the new ground floor is
What is the next generation of need?
The answers are being constructed right now in front of us. We have to observe, see what they are supporting or glomming behind so we know where the next generation of need will be.6Online Continued
Jamie Baker-Prewitt (senior VP and director, Burke INC, Cincinnati) Balanced approach to online Social Media Tracking Firms Create flexibility
We need to try things, identify what works, what doesn't and make changes fast. Companies that dont do this, simply dont last
How relevant is secondary data?
Is it more valuable to do your own research rather than use secondary data?
What type of decision making is more valuable Strategic Tactical