Social Media Week 2014: Modern Market Research
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Rethink everything you know about the consumer decision journey. SMG and Mashwork have executed several consumer decision journey studies together across automotive, technology and b2b spaces and draw on insight gleamed during this research to form the basis of this presentation. These studies map social conversation data against traditional purchase funnels (awareness, consideration, purchase, advocacy). The results are compelling, adding depth to each stage of the purchase journey while simultaneously shedding light on new targeting opportunities. PRESENTERS: Kate Sirkin, EVP Global Research at Starcom Mediavest Group Stuart Schwartzapfel, CSO at Mashwork
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Social Media Week 2014: Modern Market Research
- 1. Modern Market Research How Social Insights Can Uncover the Consumer Decision Journey # smwmmr February 20th, 2014
- 2. YOUR SPEAKERS Kate Sirkin Stuart Schwartzapfel @katesirkin EVP, Global Research @mashwork Chief Strategy Officer 2
- 4. # smwmmr THE TOPIC “Modern Market Research” mädern / märkit / rē,serCH NOUN The utilization of social media data, and various technologies designed to access that data, to achieve varying degrees of audience or market-level insight. 4
- 5. # smwmmr Big Data has positive implications for the future of marketing research HISTORICAL CONTEXT Instant Scalability ACCURACY DATA TRANSPARENCY Speed & Accessibility API INTegration RAW AUDIENCE TRUTH COST EFFECTIVENESS CONSUMER FIRST 5
- 6. # smwmmr But it doesn’t erase 90+ years of research wisdom and industry best practices Buzz Tracking Consumer segmentation Media consumption Audience deep dives BEHAVIOR ANALYSIS Competitive audits PERCEPTION TRACKING CONSUMER SENTIMENT In-market intent 6
- 7. # smwmmr There are broad use cases in applying social insight to important business decisions Co m m un Corporate Communications M ent em ag an Market Research Customer Service id Pa Sales & Marketing lanning edia P nt M fro Up al oci S Product Development Soc ia l Fo cu sG ro Brand Marketing/ Advertising s up tegy Stra SOCIAL INSIGHT Monitoring Strategy Content Crea tion M nt me ge na a itigation/Manage men t ity Infl ue nc er M Crisis 7 Camp aig nE ffe c tiv e ne ss
- 8. # smwmmr The Social Decision Journey 8
- 9. # smwmmr A funny thing happened on the way to the pitch 9
- 10. # smwmmr The Journey is a new take on an old theme 10
- 11. # smwmmr It’s not like this: 11
- 12. # smwmmr It’s like this: 20% Awareness & Opinion 29% Consideration 13% Intent to Purchase 6% Act of Purchase 19% Declaration of Purchase 4% Purchase Satisfaction 4% Loyalty 1% Detract 2% Sabotage 1% Advocacy 12
- 14. # smwmmr Tales From the Road CONSUMER ELECTRONICS MOBILE CARRIERS TIRES CELL PHONES INFORMATION TECHNOLOGY AUTOMOTIVE 14
- 15. # smwmmr People don’t always talk the way you want them to LESS LIKE THIS “I’m in the awareness phase currently, headed into consideration next week.” • “I wish automakers would release more safety content on their Facebook page.” “Check out my new ride!” • “Thinking about buying this 2011 Dodge Charger or 2009 Mercedes Benz 550. #LuxuryOrSpeed” MORE LIKE THIS 15
- 16. # smwmmr It doesn’t always look like a funnel 16
- 17. # smwmmr Journeys tend to be cyclical or seasonal Pre During Post 40% 35% 30% 25% 20% November December January February 17
- 18. # smwmmr Platforms vary in the utility they provide to shoppers 18
- 19. # smwmmr Brands aren’t always discussed along the journey BRAND? For winter tires, more than 80% of all conversation was unbranded. 19
- 20. # smwmmr In-the-Moment declarations are a BIG deal Every day, 7,500 people are either explicitly or implicitly checking into a car dealership. 20
- 21. # smwmmr Conversation can correlate DURING PURCHASE CONVERSATION UNIT SALES 9% 8% 7% 6% = Shared Peaks DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV 21
- 22. # smwmmr Bad customer service can rapidly lead to detraction “I am facing a database problem.... when i want to login to my site administration...but it shows the error below... CUSTOMER SERVICE ISSUES B2B B2C 53% 48% adnanchamkani – cnet.com Initial Difficulties 30% 34% Becoming Frustrated 17% “I need help. We have an open case thats not being handled. Support won’t call us back. #help #fail”” @Dean_Cooper 21% Becoming Angry “Having worked with the MIPS ISA a fair amount I despise the branch delay slot but most ISAs have their own ‘fun’ quirks.” fierydemise – anandtech.com 22
- 23. # smwmmr Journeys are frequently hitched to one another “Wtf wrong with my iPad..... Ughhh!! Sprint get it together!!” @MsMekaRedd “On a Prius, I like the Bridgestone Ecopia much better than the Goodyear FuelMax. They are more quiet.” msirach, cleanmpg.com “The new Droid phones are dope but I hate their marketing now and Verizon is shoddy when it comes to software updates.” @KPagelsgreat 23
- 24. # smwmmr Where do we go from here? SOCIAL AS IN-MARKET TOOL AGILE CONTENT A MUST MOVING SOCIAL FROM INSIGHT TO ANALYTICS 24