Can You Afford to Make a $10,000 Marketing Mistake?

Research Can Save You Marketing Dollars

The great unknowns, in marketing as in life, can cost you big time. Research can help you make an informed decision, whether you are trying to learn about customer satisfaction, customer loyalty, products, markets or competitors. Insights developed through research drive good decision making. Companies can save millions by changing how they view research. Research is a valuable investment not a necessary evil. And finding the right research partner is the first and most critical step.

Research, properly developed and executed, is a tool that can help you grow your brand and your company – and help you avoid costly business mistakes in the process.

When should a company do research?

There are a number of motivating factors for a company to invest in research. Some of the most common applications for research are: customer satisfaction surveys, market share and competitive analysis and new market or product launches. Research is also the backbone for brand identification and creating messages that will resonate with target audiences.

Why should a company do research?

A company should do research because is financially prudent, and to develop business or market intelligence upon which to act or make decisions. In most cases investing in research is far more cost effective than making a marketing mistake. Rarely does a company or a product get a second chance.

Everyone is familiar with the book of research results sitting on the shelf, which someone may have thumbed through but did nothing with. How can companies avoid wasting its research investments?

To die-hard researchers, that is one of the saddest realities of the business. It is almost painful to watch a company invest in research and then apply it half-heartedly or not at all. That's why working with a marketing communications company as partners leading your research efforts is imperative. They will help guide you to applying the research and maximizing its value.

What are the three biggest advantages to research?

There are numerous advantages to investing in research, so the answer is somewhat dependent on the motivating factors for doing the research. However, there are some commonalities for conducting research: to better understand your market, to learn how to engage with your target audiences both through pinpoint messages and tactics for delivering that message, and to measure customer satisfaction and loyalty.

What three things should companies do to maximize the success of their research projects?

First companies would ideally invest in an objective third party research partner. Second, to view research as a critical component of their overall marketing communications plans and future results. Third, companies should involve key decision makers as part of the decision to invest in research. This helps to ensure that the results are adopted and implemented - that you are getting the value from the investment.

What types of research does HRB provide?

On behalf of our clients we research customers, non-customers, prospects and employees. We conduct competitive analysis, product testing and market research. We test electronic, print and online advertising. We’re on the cutting edge with Web usability testing. We also utilize secondary research such as psychographics and demographics to supplement primary research.

Have HRB clients actually saved substantial sums by investing in research?

Yes. We were asked by an out of state healthcare organization to research the construction of a new clinic outside its primary metro area. The organization was poised to spend several million dollars to build and staff the facility. It wanted to do market research to see if the local residents would use it. Our research clearly showed that local residents would not use the clinic, and it was not built, saving the organization an estimated $2 million investment in a facility that would not have been used.

What companies has HRB and our research team conducted for?

We have conducted research in a number of industries: healthcare, retail, banking, engineering, universities, manufacturing and other special interests.

What is the difference between qualitative and quantitative research?

Qualitative research such as focus groups, in-depth one-one interviews and Web site usability testing are utilized to draw out how the audiences connect with the company, product or ads. We choose to draw upon quantitative research techniques such as telephone, online and mail surveys when statistically projectable measurements are desired. Image and perception and customer satisfaction studies are typical applications for quantitative research.

What are the steps in a research project?

The first step is to clearly identify what the goals are for the research starting with what do we want to find out and why do we want to know more? Then, second, moving on to how will we use the research? Once these questions have been answered then basic questions can be answered like who to research and how. Once the methodology and target audiences have been identified then the survey or research instrument is developed. Oftentimes, the tool is tested before it goes out in the field. Then there is the actual fielding of the research followed by tabulating and analyzing the results and summarizing the findings. Finally, there is the implementation of the findings, which might manifest itself in various ways such as creating a brand position, launching a product, kicking off a campaign or posting a new Web site.

How do you start a research project?

Put simply, you start by identifying your goals – why and what you want to know more about the subject to be researched and partnering with a research expert that can drill down into your research and bring it to life.

When is the best time to do research?

Obviously, at HRB, we believe in the value of research and on a daily basis we’re incorporating research into our clients marketing communications plans. Yet, there is another valuable point to be made about when companies should invest in research—that is now. In a down economy companies should turn to research to help make decisions that will not only be smarter and more relevant, but also position the company to increase market share as the economy recovers. Oftentimes, companies aren’t as busy during a down market and have the time to focus their research efforts.

Jim Thebeau is CEO of Henry Russell Bruce, a strategic marketing firm with offices in Cedar Rapids and Davenport, Iowa. HRB has performed research for a number of companies and organizations, including the American Rental Association, KJWW Engineering, RK Dixon, Mercy Medical Center, Waldorf College, the University of Iowa, Trinity Healthcare, VenueWorks, Modern Woodmen of America and dozens of other leading companies. Thebeau can be reached at 319-298-0242 or at jthebeau@hrb-ideas.com. To learn more about research, visit www.hrb-ideas.com/research.

Jim Thebeau
jthebeau@hrb-ideas.com
800-728-2656

Winning New Business Isn't for Geeks - Necessarily

During our recent new business presentations to potential marketing, brand, design and Web clients, we found something interesting. While HRB is strong on experience and expertise in the traditional agency sense, we've found that our ability to discuss and explain new Web technologies and social media strategies have been a big plus. That has made a positive impression on prospects and clients alike. We'd become a little geeky.

Until very recently HRB had been a very traditional ad agency and marketing firm, dating back to its founding in 1973. Then, about six months ago, we purchased the Internet Marketing Group, a Web design, development and optimization company. That action gave HRB instant expertise and credibility in an area that we had just dabbled in in the past, and not in a fully successfully way.

As we started interjecting this new marketing capability into our presentations, we found that the true technology expertise and how it supported the client's marketing efforts, were taken very seriously. We had added a powerful new tool into the marketing mix for our clients.

I understand this is nothing new in the agency world and has been going on for the past several years. But for a small 16 person agency that struggled to find its footing in recent years, the introduction of true Web, Interactive and social media expertise into the marketing mix for our clients has been a wonderful thing.

The morale of my story: Geeks Matter in marketing our company and helping our clients. And I say that with all due respect to my friends who understand, explain and implement technologies for marketing purposes for our clients. You know who you are.

Jim Thebeau
CEO, Henry Russell Bruce
800-728-2656
jthebeau@hrb-ideas.com

Marketing Secrets

What do you believe, given the following two choices: Marketing is a relatively simple business activity. Or, Marketing is a highly complex science to be performed only by experts?

I believe the real truth lies somewhere in the middle.

For example, anyone can develop a post card, direct mail or email and send it out. Companies and organizations do it all the time. They do it with internal staff or with outside help. That's the simple part.

The complexity comes into play when considering: who is receiving the message, what is the message, how is the message packaged, what is the offer and what is the follow-up, if any.

Think about some of the direct marketing you have received. Were these essential ingredients properly integrated and did they convey the right message? Did you feel the offer was directed at you and was it appropriate for you? Did it offer you an appropriate next step to learn more or to buy something?

Marketing as an activity should be relatively simple, so it can be repeated over and over again. The complexity comes in getting the details right.

But no matter what, marketing should remain an ongoing activity. It can take breaks, but successful businesses know it must be out there on a regular basis to produce the desired results.

Stop and start marketing can do more harm than good.

Jim Thebeau
CEO, Henry Russell Bruce
jthebeau@hrb-ideas.com
800-728-2656

How I Offended Former Cricket Star - A Fun Read and Blogging Lesson

I'm interesting in learning how to improve my blogging skills and read a lot of blogs. I came across the blog below and thought it held a great lesson on actually planning blog content. The Five P's outlined by Pamela Wlson in her post is both entertaining and educational. As a former journalist, I believe she is providing some great content on focusing a blog. Thank you Pamela.


How I Offended Former Australian Cricket Captain Allan Border… and Why that Makes me a Better Blogger Today

Pamela Wilson


Jim Thebeau
CEO, Henry Russell Bruce
jthebeau@hrb-ideas.com

Do you track your Web metrics?

The first step to building a successful Web site is to track the metrics - who is visiting, where are they coming from, what are they looking at on your site, how much time do they spend on your site?

You can use Google Metrics, which is a free service provided by Google, or another metric tracking software.

The next step is to start the search for the Google ranking of your Web site based on your key words and the site content.

You can even run a search to see what key words turn up on your site - either planned or unplanned.

Basically, you can plan your march to better Web site ratings and improved visibility if you know what to do and how to do it.

Since merging the Internet Marketing Group into HRB, we have experts who can improve your Internet marketing capabilities - on an ongoing basis. On the Web, there is no longer a fix and forget approach. There is the fix and constantly monitor, tweak and enhance approach. And, adding social media to the mix only makes your efforts move valuable.

Jim Thebeau
Partner, HRB

Public Relations produces in down economy

Want to continue to generate awareness of our product or company while cutting your advertising or marketing budget. Try public relations. Not only is is a lot less expensive than advertising, the media coverage it generates is 3 to 5 times more credible than advertising. And, by reaching out to the media in a targeted way, you can reach a brand new audience for your messages - through print and broadcast media, via blogs and Web sites - so a whole new group of people will read about you.

Try these simple steps:

1. Develop a media list of the media most likely to cover your type of business - local newspapers and business journals, or trade publications, Web sites and bloggers;

2. Create simple news releases about a new product, a new client, a new trend in your industry, remembering to include the traditional who, what, when, why and how information. Make sure it's something people want to read about, not just a company or product promotion. And, include benefits of this news to the reader.

3. If you can send out your releases electronically, optimize the release by inserting embedded links that provide direct links to more details on information contained in the release.

4. Get copies of anything that appears anywhere. And, you can set up a Google News Alert to track most anything that appears in the media on your products or company as a result of your releases.

5. Keep sending out releases on a regular basis, perhaps once a month. Like any kind of promotion, it is the steady and ongoing mentions in the media that keep your company top of mind.

Jim Thebeau
Partner
Henry Russell Bruce

Can You Afford to be Wrong?

Great marketing starts with insights. And great insights start with research.

Do you know what your customers think? Do you know why they are buying from you? Do you know how close they are to moving their business to your competitor?

Sometimes customers leave because they find a better price somewhere else or because they have had a bad experience with your company. Perhaps it was a lack of follow though, perhaps it was a thoughtless comment by an employee, or perhaps because you had not fully engaged with your customers.

Clients come to us for customer, market and product research so they avoid making a costly mistake. One of our clients avoided a $3 million mistake by simply doing some market research before taking action.

How do you start a research project? Start with a few simple goals such as - What do I want to learn, Who will I survey and What will I do with the survey results?

In today's jittery marketplace it's more important than ever to know than to guess.


Jim Thebeau

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