2 items tagged "market research"

  • The benefits that eye-tracking technology can offer to market research

    The benefits that eye-tracking technology can offer to market research

    What is eye-tracking technology?

    Eye-tracking quite simply involves the recording and analysis of any movement in our eyes, examining where we look and where we gaze our attention. In market research, we can use eye-tracking to allow us to see how individuals react to different marketing messages. It enables us to understand an individual’s cognitive engagement with different stimulus in real time, showing us where interest lies, what is overlooked and how the pupil responds to different stimuli.

    An infrared light source is used to illuminate the eye, and a camera records the way this light is reflected off the cornea. Algorithms then calculate the position of the eye to determine exactly where the individual focuses. It also measures the number of blinks and any changes in the diameter of the pupil and is ultimately collected into an eye-tracking data software to help researchers to understand what actually lies behind ‘the wandering eye’.

    3 ways eye-tracking technology is a useful tool in market research

      1. It helps us to understand what parts of the stimuli are ignored and what is important and focused on, narrowing in to that one aspect that captured the eye of the individual. In today’s world, we are bombarded with advertisements and marketing messages appearing on websites, mobile apps and the television. They have become impossible to ignore. As a result, most people, the younger generations in particular, tend to zone out from what they usually see as they have become accustomed to seeing similar ads day in day out.

        Eye-tracking research can now offer a new, innovative way of testing whether your marketing messages really are effective to your target audience. It allows you to understand what aspects draw them in and what parts are overlooked, ensuring that you get the best out of your messaging in such a crowded space.

      2. It reinforces 'seeing your business from the customer’s perspective' and is a huge step towards understanding what actually drives a customer’s emotions at a subconscious level. It is an emerging technique within market research, allowing us to catch someone’s eye, as well as understanding what it was that actually caught it. It moves away from thinking a marketing message was not in an optimum location on the screen, wasn’t sized large enough, or was placed after other marketing messages by more prominent brands. Eye-tracking allows you to measure and quantify the visual impact of your marketing material.

      3. Finally, eye-tracking ensures that data captured is completely accurate and allows us to confidently provide valuable insights back to our clients. It eliminates queries over reliability and validity of results as this type of tracking minimises recall errors and the social desirability effect which conventional research methods usually miss. It is a research method used to tap into the subconscious, unravelling hidden drivers of behaviour, which individuals may otherwise struggle to consciously recall.

    Whilst the ideas behind eye-tracking technology are decades old, its applications are used everywhere; in education, understanding attention spans and ensuring pupils receive the help and support they require; in the medical worldhelping to diagnose mental health disorders and in gaming and virtual reality, where your device reacts to what you see in real time. Market researchers are taking advantage of this technology to understand what lies behind successful marketing stimulus, what works for your brand and how we can optimise the little space we have in order to capture an individual’s attention.

    Author: Natalia Jain

    Source: B2B International

  • Why do B2B companies struggle to find customized Market Intelligence?

    Why do B2B companies struggle to find customized Market Intelligence?

    As a company operating in a B2C environment, life is easy.

    More explicitly, acquiring the right market information is easy. Countless reports filled with rich consumer insights are available at your fingertips. These reports, which cover topics like market size, consumer profiles, competitors, and trends, are easily accessible through sales and marketing professionals. With the right approach, available information can also be directly translated into clear insights on a strategic level. In the boardroom, market intelligence serves as a reliable sparring partner, setting the direction for strategic actions.

    Unfortunately, the opposite is the case for B2B companies.

    Their markets can often feel like a massive black box filled with blind spots. Also, the majority of leading market research companies focus on producing market reports for B2C companies, because the required data is significantly more convenient to obtain and more widely available. Besides, B2C companies are more willing to invest in market intelligence reports, due to the better overall quality of the data and insights.

    However, possessing the right intelligence is also vital for B2B players, especially in the fast changing and dynamic business environment they are operating in. Having access to information about market size, competitors, and industry trends can make the difference between staying on top of your league or to be disrupted.

    Existing market reports for B2B companies are difficult to put to direct action, as they are extremely standardized and frequently based on extrapolations of historical figures. Aside from the inaccuracies, these reports, in general, only provide you with insights about the past, whereas trustworthy market intelligence also helps you to be proactive instead of reactive, with respect to the near future.

    Another issue with these reports is the phenomena of ‘information overload’. Decision makers drown in huge market research reports filled with endless pie charts and tables. By the time they reach page 299, any actionable insight is definitely lost, and the reader is left behind frustrated.

    Sounds familiar?

    Luckily, there are several methods through which professionals in a B2B environment can start creating their own customized market intelligence.

    Today’s world offers one enormous advantage; the availability of rich and infinite open-source intelligence: OSINT. Endless bits and pieces of information are available on the open web; hidden in databases, social media content, trade journals and news articles. Connecting all the pieces of the puzzle in a smart way leads to a better understanding of your market.

    Another method of creating tailor-made market intelligence is through (predictive) modelling. Key factor is defining which variables affect the topic you want to clarify. Take for example market sizing. Some variables might be less obvious than others. Illustrative for B2B companies is that they often act as a shackle in the middle of a value chain. Also, business-to-business products and their applications are more multifaceted compared with their business-to-consumer counterparts. It can be necessary to count back from end volumes of a product and combine this with market characteristics to estimate the market size of a specific commodity.

    The illustrations mentioned above are just two plain examples of techniques that can be valuable. Obviously, many more methods and tools are available. The trick is in finding the right combination of methods and tools. As well as in-depth understanding of how to determine validity.

    However, the bottom line remains unchanged: by combining outcomes of different techniques proper market intelligence can be gathered, even in a B2B environment. Aside, it is important to periodically update your data and insights with new figures and trends. Check and double check your data model with industry experts and internal sources.

    By building market intelligence in a systematic and continuous way, insight in your market keeps increasing and the black B2B box can be whitened step-by-step.

    Author: Kees Kuiper

    Source: Hammer Intel

EasyTagCloud v2.8