Study Uncovers New Tools and Techniques for Understanding Consumer Decision Making
CHAPEL HILL, N.C., Dec. 19, 2014 /PRNewswire/ -- In today's rapidly changing, highly competitive marketplace, innovative consumer research and marketing communication tools are essential for survival. The world is information rich and globally competitive – consequently consumers' desires, preferences, and unmet needs are evolving rapidly.
In this environment, market research groups across all industries are continually searching for innovative consumer research and marketing communication tools. However, the adoption of new market research techniques like mobile research and social listening is inconsistent across different industries.
To demonstrate which emerging market research tools companies are using and why, research and consulting leader Best Practices, LLC conducted a cross-industry benchmarking study that probes current and evolving approaches for interacting with and better understanding consumers.
The new study, Consumer Marketing Research Innovation: Assessing New Tools, Technologies, and Approaches to Understand and Communicate with Consumers, addresses many critical consumer marketing research issues, including new media for interacting with consumers, new qualitative techniques for insight mining and new quantitative techniques for research data analysis.
The report presents data on two segments: non-pharmaceutical companies and the Total Benchmark Class.
Study participants who use emerging market research tools indicated the tools' ability to speed up the research process and to provide better insights were the principal drivers behind their use. In an exception, social media listening was embraced because of its low cost, participants said.
Key chapters in the study include:
- Innovation in Marketing Research Approaches
- Innovation in Marketing Research Tools
- Using Innovation to Update the Use of Analysis Tools for Key Market Research Activities
- Marketing Research Trend Changes – Qualitative Trends
- Marketing Research Trend Changes – Quantitative Trends
- Emerging Market Research Tools in Non-Pharma Sector
- Communicating with Consumers
- Trends in Consumer Communication
- Evaluating Direct-to-Consumer Marketing
- Lessons Learned and Pitfalls to Avoid
- Secondary Research on Future Trends in Market Research
Best Practices, LLC engaged 59 Market Research leaders at 58 companies through a benchmarking survey instrument. In addition, research analysts conducted executive interviews with eight selected respondents to collect qualitative data and insights.
To learn more about this report, download a complimentary report excerpt at http://www3.best-in-class.com/rr1327.htm.
For more information on other recent primary research studies, visit our website at http://www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations.