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Consumer Behavior

Quick. What kinds of data are needed for a successful segmentation?

Well, most clients I talk to about segmentation excitedly lead with the data they already have..."we have a TON of data...yes, yes, we can get it all...what's the rule for what data are good for segmentation and which aren't?...how do we tie it all together?...we really do have a lot, (sheepishly) do we really need it all?".  This focus on their data issue is quite understandable. Companies have spent a lot of time, money and resources getting their data house in order, and darn it they need to leverage it somehow. While, in fact, there really is a lot of valuable information in the data that many companies already have, it isn't always enough. In fact, I would argue that in some instances it only provides half the answer.

Tagged in: segmentation

istock_000000237809xsmallThe recent New MR Virtual Festival on presenting data had a number of really useful and interesting presentations. Mike Sherman’s presentation, “Less is More: Getting Value (Not Just Reams of Data) From Your Research” led to an interesting exchange that I think highlights the change in thinking that Market Research must make.

Mike reiterated the point that many have been making…we need to focus our reporting on the key things we learned and not waste executives’ time with a lot of superfluous information. In addition, the report should not just summarize the data, but rather it should synthesize it. He gave an example of a data set with these facts:

  • · Jim broke his knee
  • · A burglar broke Jim’s car window
  • · Jim got a speeding ticket.

A summary of these data might be “Jim’s knee and car window were damaged and he got a speeding ticket”.

A synthesis of that data would be “Jim has been living dangerously”.

shopping cart image smallI was shopping for groceries with my 12-year old son the other day -a quick trip to the store that qualified us for the express check-out line. On the way out he said to me:

"It must be more fun to work the express line, because you can really learn things about people."

Well spoken young researcher.

Look into full shopping carts and you'll see a lot of the same things - milk; eggs; orange juice; the ever-popular banana. With our shared national culture, neighborhoods built around people from similar socio-economic backgrounds, and good old fashioned peer pressure we're all alike in many ways. Except for where we're not, and that (to paraphrase my son) is the fun part.

If you had the time to dig through a person's cart (and if she LET you look through her cart) you'd come...

The Optimism Discount

Posted by on in Consumer Behavior

half_full smallA recent Time Magazine article talks about the Optimism Bias -- the phenomenon of people being eternally optimistic about the future. This can be shown in various ways including how people wildly overestimate things like personal life expectancy, marriage solvency, career prospects, etc. In this context "bias" doesn't mean something inherently bad. There is good reason to have an Optimism Bias as it leads to concrete positive outcomes like better health and longer life, not to mention inspiring us and making life generally better.

Tagged in: Consumer Behavior

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