Brand Surveys and Testing
Oct
Pendleton Woolen Mills – A Retail Story
jerry9789 0 comments artificial intelligence, Brand Surveys and Testing, Brandview World
Pendleton Woolen Mills allowed us to conduct qualitative and quantitative research for them. The result was a key brand insight about a kind of consumer called the Purist, who preferred the Pendleton shopping experience over the experiences offered by key competitors, and whose loyalty to Pendleton could be counted on. The campaigns built around the Purist helped Pendleton weather the storm of competition from competitors like Filson, Carhartt, and Orvis.
It’s doubtful that submitting the same data to AI would produce a finding as incisive as the Purist. This is something to bear in mind if you’re a retail brand seeking to thrive: human perspicacity counts.
There’s a kind of intelligence AI can’t reach. It has dimension, soul, and human inspiration. We’d do well to remember this as we pour more datasets into the maw of AI. If you’re a retailer and need perspicacity, you might call Cascade Strategies. We can help you see things AI can’t see.
Image: Eric Schucht
Aug
Do You Know How Many HHCAHPS Stars You Have?
jerry9789 0 comments Brand Surveys and Testing, Brandview World, Burning Questions
What Is The HHCAHPS Stars Ratings?
Is your home health agency delivering not just acceptable but high-quality care according to your patients? Are your staff effectively communicating and connecting with your clients? How do you compare to other home health agencies in your area? But more importantly, do you know how many HHCAHPS Stars you have?
In line with the Affordable Care Act’s goal for transparent and easily understandable public reporting of quality of care information, the Centers for Medicare and Medicaid Services (CMS) uses a 5-star scale rating with the Home Health Care Consumer Assessment of Healthcare Providers and Systems (HHCAHPS) survey. The first national, standardized, and publicly reported home health care patient survey, the 34-item HHCAHPS survey was specifically designed to measure the experiences of people getting home health care from Medicare and Medicaid-certified HHAs. It gathers feedback from current or recently discharged patients as well as their family or friends about their experience with an HHA. The HHCAHPS survey is conducted by approved survey vendors either by mail only, telephone only, or a mix of mail survey with a telephone follow-up for non-respondents. And to support internal customer service and quality-related efforts, the survey also allows HHAs to add their own customized questions after the core questions.
HHAs with at least 40 completed HHCAHPS surveys over the publicly reported four-quarter period are qualified to receive HHCAHPS Star Ratings. Those with fewer than 40 completed HHCAHPS surveys will not receive Star Ratings as they may not have sufficient statistical reliability to ensure true performance is measured; however, if they’re eligible to be reported during that time period, their individual HHCAHPS measure scores will still be publicly reported.
The HHCAHPS Star Ratings at the Home Health Compare make it easier for consumers to compare home health agencies (HHA) and make informed decisions when choosing their home health care provider. While the HHCAHPS Star Ratings do not impact an HHA’s Annual Payment Update (APU), the CMS believes that the HHCAHPS Star Ratings “will stimulate improvements in the quality of care delivered and provide incentives for HHAs to maintain or improve their own quality.”
Image: Kampus Production
What Do The HHCAHPS Stars Ratings Measure?
The HHCAHPS Star Ratings are applied to each of the three publicly reported composite measures, from which specific questions from the survey are based, namely Care of Patients, Communication Between Providers and Patients, and Specific Care Issues. A Star Rating is also applied to the HHCAHPS global item, Overall Rating of Care.
On the other hand, an HHCAHPS Star Rating is not applied to the publicly reported Willingness to Recommend measure, as it mirrors the data in the Overall Rating of Care. CMS has found the Overall Rating of Care measure to be more stable.
To calculate the HHCAHPS Star Ratings, the responses to the survey items are first combined and converted to a 0-100 linear score and then adjusted for the effects of patient mix. To generate this adjustment, the CMS applies the patient-mix adjustment to quarterly HHCAHPS scores to account for certain patient subgroups that tend to respond more positively or negatively to the survey. The four-quarter averages of HHCAHPS linear scores are then rounded to whole integers using standard rounding rules.
Once the scores are linearized, adjusted and rounded, CMS assigns 1 to 5 stars for each HHCAHPS measure by applying statistical methods that analyze the relative distribution. The Star Rating for each of the four measures is then determined by the application of a clustering algorithm to the individual measure scores across HHAs.
The four HHCAHPS Star Ratings are then combined as a simple average to form the HHCAHPS Survey Summary Star Rating.
While more stars would mean a better home health care experience, a 1-star rating doesn’t necessarily translate to receiving poor home care from an HHA. This may mean that HHAs that received 2 or more stars delivered a better home health care experience on this particular measure.
An HHA that doesn’t have an HHCAHPS Survey Summary Star Rating means that they didn’t have enough surveys to allow star ratings to be meaningfully calculated, not that there is something wrong with the agency.
Image: Antoni Shkraba Studio
How Cascade Strategies Can Help Your HHA With Your HHCAHPS Star Ratings
As we’ve touched on earlier, you can find your HHCAHPS Star Ratings at the Home Health Compare. This user-friendly web tool allows one to select multiple HHAs at a time to compare the clinical quality of care provided and patient experiences at these agencies.
Are you happy with your HHA’s HHCAHPS Star Ratings? If you think your HHA can do a better job in getting more stars but need help formulating a gameplan, consider partnering with Cascade Strategies. In addition to being an approved HHCAHPS survey vendor, Cascade Strategies brings over thirty years of high quality market research experience to the table. For starters, we can help your HHA come up with the customized questions you can add after the core questions in your HHCAHPS survey. Using the insights we can derive from the responses to these customized questions, we can help your HHA identify areas of improvement and figure out what steps you can take to achieve your goals. To learn more about how we can help your HHA and your HHCAHPS Star Ratings, please contact us here.
Additional Reading:
How Researchers Are Helping Home Health Agencies with HHCAHPS Surveys
Featured Image: Tima Miroshnichenko
Top Image: Antoni Shkraba Studio
Jul
How Market Research Benefits Telecommunications Companies
jerry9789 0 comments Brand Surveys and Testing, Brandview World
The Telecommunications Industry Post-COVID
We’re some years removed now from the COVID-19 pandemic, but from that bleak and forlorn stage in time, the telecommunications industry has proven just how essential its services are to the whole world. It’s always been one of those industries that’s expected to grow steadily through the years given the constant need for communication and connection along with the emergence of new technologies. But probably not everyone prior to the pandemic and lockdown could’ve anticipated just how much growth in some of telecommunication’s notable sectors would skyrocket.
What was once the domain of the select few who opted to work, transact, or learn virtually, remote environments have been elevated from viable options to cornerstone platforms in the plans and strategies of businesses and educational institutions. Streaming services gained more popularity during the lockdown, rewriting the book on how we access and enjoy entertainment from that point onward. More and more smart devices are being introduced to the market along with the proliferation of Internet of Things (IoT) applications like security systems. From video conferencing to online collaborations, from seamless viewing experiences to uninterrupted real-time data transmission, providing stable and reliable connections is paramount for the continued success and growth of any telecommunications company.
But beyond that, a telecommunications company must also be able to look forward and recognize areas where it can grow further as well as anticipate any possible changes that could affect the industry, such as shifting attitudes and market trends, lest they fall behind and be overtaken by the more prepared and forward-thinking competition. Telecommunications market research is a vital key in helping a telecommunications company thrive amid an ever-changing landscape while staying relevant and competitive.
Copyright: Yan Krukauo
How Market Research Helps Telecommunications Companies
Great research helps telecommunications companies in a number of ways. A chief benefit from telecommunications market research is discovering and understanding changes in consumer behavior and needs via customer feedback, their buying patterns and other sources. And this won’t be limited to just a general overview, as market research can deep dive into each consumer segment or profile to uncover underlying specific needs and preferences.
This would help guide business decisions in determining whether a new product or service has a viable market or an ideal customer segment as well as identify if there’s an opportunity to improve or rethink existing offerings. Concepts that worked back in the pandemic might not be as appealing or practical the farther we move away from that restrictive period of time.
Market research also sheds light on what current and potential customers think of your telecommunications company’s brand. High expectations could mean that your brand is an industry leader or pioneer, giving all the more reason to stay ahead of the competition by exploring opportunities to introduce new products or services before others could come up with similar offerings. Negative perceptions could reveal where your brand is lacking and whether there’s an opportunity for rebranding or how such a reinvention could be accomplished. How your brand is being perceived could also serve as the benchmark for rethinking strategies, pricing, tiers, or packaging. This also extends to capturing the interest and eventual support of consumers on the fence or converting lukewarm clients into steadfast advocates. With customer loyalty in place, a telecommunications company can effectively devise and implement customer appreciation programs and promotions.
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Navigating The Future with Telecommunications Market Research
Telecommunications companies need great market research now more than ever with the emergence of cutting-edge technologies like AI, cybersecurity and edge computing. But more importantly, we’re witnessing the gradual rollout of 5G network and services which support not only enhanced mobile experiences but also IoT, autonomous driving cars, smart cities and more. Great research can help a telecommunications company position itself at the intersection of these new technologies and the consumer market through the development of relevant products, partnering with tech leaders, and the delivery of seamless integration experiences.
And with the world becoming more and more digitally connected, it’s no surprise that cybersecurity and privacy are becoming foremost concerns. Telecommunications market research therefore becomes key in recognizing and addressing customer concerns over the security of their data and information, shaping privacy policies, and guiding business decisions about which advanced cybersecurity measures to invest in. When delivered in relatable and understandable terms to consumers, a telecommunications company’s effort to soothe data security and privacy concerns can convert into the building of trust and goodwill.
An increasingly interconnected world also means that competition can go beyond borders and achieve global scale. Whether a telecommunications company takes a cautious approach or aggressively expands, market research is that indispensable asset informing company leaders and investors on how to safeguard local market shares, navigate regional and regulatory challenges, recognize key competitors, choose potential partners, tap niche markets, and more.
Copyright: Pixabay
Cascade Strategies and Telecommunications Market Research
All over the Internet you’ll find articles and blogs on how to conduct market research, including research for the telecommunications industry. The question is, would you rather conduct this research yourself or would you prefer tapping into telecommunications market research backed by 35 years of experience?
Cascade Strategies brings to the table over three decades of market research experience, which includes case studies for esteemed telecommunications clients like AT&T, Sprint, and T-Mobile. That experience includes not only a variety of primary research methods encompassing traditional qualitative and quantitative approaches, but also leverages cutting-edge technology like AI. This is accompanied by extraordinarily high-level human thinking to achieve “breakthroughs” — actionable, out-of-the-box insights that build and set your brand apart from the competition. Contact us today to learn more how we can help you with your telecommunications market research!
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Featured Image Copyright: Andres Ayala
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Jun
How Great Market Research Can Help Food and Beverage Manufacturers
jerry9789 0 comments Brand Surveys and Testing
How do you navigate a market landscape as vast and dynamic as the Food and Beverage Manufacturing industry? How do you introduce your new product or make it stand out from the competition? And how do you keep your offerings or your company itself relevant amidst the fast-changing times?
These questions might make one think that thriving let alone venturing into the Food and Beverage Manufacturing industry would prove to be formidable and intimidating pursuits. But that wouldn’t necessarily be the case if one leverages great market research in their endeavors in Food and Beverage Manufacturing.
From resonating with the right audience to competitively pricing your product, from adapting new and emerging technologies to innovating in an ever-shifting industry, market research would prove key to the foundation of strategies and achieving the goals of any enterprising Food and Beverage Manufacturer.
Copyright: Gustavo Fring
Benefits of Market Research for Food and Beverage Manufacturers
One of the largest and most saturated industries in the US, Food and Beverage Manufacturing could prove to be challenging and daunting for startups to enter and for new products to be introduced. That is, unless plans and business decisions are informed and backed by data gathered from market research which utilizes one or a combination of research methods which includes qualitative and quantitative research, feasibility studies, focus groups, interviews, and surveys.
Great market research allows upcoming products to find their optimal customer or target audience. This type of research allows manufacturers to tailor their marketing and advertising to resonate with their ideal consumer versus a blanket approach taking aim at multiple customer segments all at the same time, which might be more costly and inefficient. With a better understanding of their target customer through market research, Food and Beverage Manufacturers could improve not only their product’s reception but also their chances of getting their own share of the market.
The Issue of Feasibility
You might even say that market research could inform manufacturers if there is even a market for a particular product. Feasibility studies and the like would attest whether there is money to be made with a proposed product which you could also present to interested investors.
In addition, market research not only provides insights into consumer behavior but also of trends and opportunities for growth, improvement and innovation. Manufacturers who are able to identify these opportunities and develop the appropriate products or solutions could greatly benefit for being first in line, discovering and capturing niche markets, as well as gaining an edge over their competition. Identifying or forecasting consumer and market trends allows Food and Beverage Manufacturers room to pivot with existing products, either by increasing the production and/or promotion of a selection that’s becoming popular or mainstream, or pull back efforts on one expected to be in decline, possibly exploring ideas to improve it or shelve it until conditions become favorable.
What Product Attributes Should Be Emphasized?
Speaking of competitive edge, market research allows manufacturers to recognize the strong points of their products in comparison to their competitor’s offerings, enabling their marketing and advertising efforts to highlight those advantages. By the same token, insights on what a competing product offers could be helpful in assessing whether it’s worthwhile to emulate the same qualities or counter it with a better solution. These insights in combination could help determine the ideal price point for a product to strike a balance between gaining revenue and competitive pricing.
Copyright: piviso
Continental Mills Case Study by Cascade Strategies
Continental Mills was looking to introduce new package designs for their line of baking and pancake mixes. Cascade Strategies conducted a study for them, interviewing respondents who were current buyers of baking and pancake mixes. Half were shown the current packages and the other half were shown the proposed designs. They were told that they have $10 to spend and were asked to browse and buy as normal. Their eyes and brainwaves were tracked throughout the shopping process.
We found that by deploying the new designs, Continental Mills would be losing around $19 million. The existing package designs exhibited a harmony among the visual elements that was not replicated by the new designs. The current packages were well-liked, and this was demonstrated by consumers responding positively with their brainwaves and wallets at higher levels than with the new package designs. The visual harmony was consistent throughout the entire current line of packaging.
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Growing Your Food and Beverage Manufacturing Business with Market Research
We’ve touched on the benefits of market research for startups and new products, but it doesn’t cease being an important asset to a Food and Beverage Manufacturing company once they’ve gotten off the ground. In fact, market research is just as important to any established company for remaining relevant amidst shifts and trends in the market and consumer behavior, as well as up-and-coming competitors and new technologies.
Customer loyalty and retention might not only be as important but possibly more vital than new consumer acquisition, as existing customers have already consistently endorsed your product over time. Recognizing what they like about your product or what makes them stick with you could be essential in how your offering evolves or your selection expands, gaining new customers without turning away loyal ones. Such insights could also influence how creative you can get with rewarding customer loyalty, chief of which is how and when you would launch relevant promotions or marketing. Think of a buy-one-get-one promotion to counter the introduction of a competing product into the market, or advertisements thanking your most loyal consumers when celebrating milestones.
Health Consciousness
Another thing to consider is the increasing popularity of healthier product selections. Market research can help you learn whether a health-conscious version is good enough to replace your primary product or if it needs to be offered as a separate line. Your marketing team might also be interested in finding out if your ideal consumer buys your product for health benefits to warrant emphasizing this in your advertising.
This also extends to sustainable practices. While this would score well with Gen Z, this isn’t only for marketing purposes. Market research can help you locate the ideal location where not only you have a competent workforce and cost-effective resources to tap into, but also local regulations that support and enable sustainable production practices.
Regional Flavor
Another interesting benefit that market research gives Food and Beverage Manufacturing companies is the opportunity to diversify or introduce flavors or cuisines from a different region. It can either stem from the idea of introducing a novel new product or identifying a growing or trending preference towards a particular regional taste or selection.
And amid the pressures of e-commerce (boosted by the pandemic), DTC, omni-channel shopping, and AI, market research is as relevant as ever to any company with regard to the viability of adapting new technology, expanding shopping and distribution options, and even the prospect of globalization.
Copyright: stokpic
Food and Beverage Manufacturing Market Research with Cascade Strategies
Whether you’re a startup looking to claim your share of the market or an established company who wishes to stay relevant by launching new products or adapting a new way of managing your Food and Beverage Manufacturing business, you can’t go wrong partnering with an esteemed and experienced market research team like Cascade Strategies. With 35 years of market research excellence serving leading US and international companies like the aforementioned Continental Mills, we’re not only well equipped with a wide array of research methods but we’ve remained on the cutting edge of market research with a potent combination of leveraged AI technology and a high level of excellent human thinking. Contact Cascade Strategies today to learn how we can help you navigate the massive and ever-changing market landscape of the Food and Beverage Manufacturing with a roadmap built on high quality and data-driven market research!
Featured Image Copyright: Gustavo Fring
Top Image Copyright: Rulo Davila
Jun
How Great Research Helps Financial Services Companies
jerry9789 0 comments artificial intelligence, Brand Surveys and Testing, Brandview World, Burning Questions
From maintaining loyalty and fostering customer relationships to focusing marketing messages on the most profit-optimal consumer, great research is helping Financial Services companies identify not only their best customers and prospects but also their needs and why they prefer their brand over others. This is done through a high-quality segmentation study and persona development, which break a company’s market into different groups so that different strategies for marketing to these groups can be leveraged. The main reason a company wants to complete market segmentation research is so they can gain actionable insights, like how to sell more of their product or services.
Take for example, Banner Bank for whom Cascade Strategies developed a brand model which identified “Strivers” as the primary segment they should focus on. The bank initiated special promotions and appeals featuring the products of greatest interest to Strivers. A Striver-specific ROI program was developed to measure the degree of program success. Modeled indices were used to set Striver product targets by branch. After 2 years of activity, Banner Bank exceeded all key Striver product targets system-wide.
Read about our approach to high-quality brand development research here.
Another example is the case of Capital One where they needed help trying to identify the “persona” or psychographic type most interested in adopting a certain mobile app for personal investing. We conducted in-person depth interviews with “mobile-minded consumers.” We also conducted an unpacking session with Capital One staff where individual staff members were given assignments to review videos and be prepared to discuss key traits and behaviors of respondents, such as outlooks, investing styles, goals, worries, needs, plans, and so forth.
We identified that the “Empath” is the most interested in adopting a certain mobile app for personal investing. The “Empath” persona is fairly immersed in pragmatic thinking and probably best understands the possibilities for “thinking” or guidance apps, allowing Capital One to focus their brand campaign effort on the needs of this psychographic type. The net result was a highly successful new product introduction.
Read about our approach to segmentation studies and the development of brand personas here.
Image: Cottonbro Studio
“But wait, can’t AI do this?” you may ask. While there is a faddish and hype-driven tendency to turn quickly to AI for short-cuts in market research, AI cannot yet fully replicate the deep interpretive and intuitive skills of the human brain, especially the right brain (the nonrational side). Moreover, effective AI deployment requires human supervision and involvement as final arbiter of how the outcomes will be leveraged.
As you can see, market research results as good as the examples above come from human-centered thinking, the kind that allows brands to break past ordinary bounds and achieve true excellence. It’s this kind of extraordinary thinking that Cascade Strategies has consistently provided a long list of US and international clients for 33 years.
Feel free to reach out to us to discuss your needs at https://cascadestrategies.com/contact-us/
Nov
The Children of Millenials: Getting Your Brand Ready For Gen Alpha
jerry9789 0 comments Brand Surveys and Testing, Brandview World, Burning Questions
You’ve done your high-quality segmentation study and persona development, considered single-segment focus and/or multi-segment strategies, crafted buyers’ journeys with psychographic segmentation. Your marketing plans form a playbook catering to a multi-generational audience of baby boomers, Gen X, Gen Y (Millenials) or Gen Z, but have you made room for Gen Alpha?
Who Are Gen Alpha?
Gen Alpha refers to the generation born between 2010 and 2025. Between 2.5 million and 2.8 million of this demographic cohort are being born each week around the world. Once 2024 is up, the first generation born and raised in the twenty-first century would’ve exceeded 2 billion worldwide, and they’re expected to outnumber baby boomers by 2025. Also known as “millenials’ children,” Gen Alpha is projected to be the largest and most diverse generation yet.
True digital natives, Gen Alpha grew up accustomed to smart devices and social media. This was reinforced further when the pandemic caused the whole world to stay indoors and turn to digital devices to connect, find entertainment and for virtual learning. It’s no surprise then that they exhibit comfort and quick adaptability with new technologies like artificial intelligence (AI), augmented reality (AR) and virtual reality (VR). Now while the digital world is a constant in their lives, Gen Alpha actually takes time offline and away from tech go outside and engage with friends or physical activities in tandem with caring for their mental health, a practice that became increasingly noticeable after the pandemic.
And it’s not only their mental well-being that Gen Alpha are concerned for. They’re also socially and environmentally conscious, growing up hearing and learning about inclusivity and climate change. They thus have a higher preference for products, brands and practices that promote equality, social responsibility, eco-friendliness, and sustainability when compared to previous generations. They’re also more appreciative of diversity due to globalization and digital connectivity exposing them to different cultures and perspectives.
Video-centric YouTube and TikTok are their favorite digital platforms. They’re also inclined to thrive in the safe and niche confines of gaming over contributing to the noisy and oftentimes chaotic discourse found in most social media. More than just the satisfaction of playing a video game, they express themselves in the customizable virtual space offered by worldbuilding games like Minecraft and Roblux. They are empowered by technology instead of dependent on it. And while they follow and take cues from influencers, they appreciate authenticity, personalization, and uniqueness, proving to be generally wary of and resistant to traditional marketing practices.
Why Market To Gen Alpha?
Gen Alpha is estimated to have an economic footprint of $5.4 billion by 2029. While that’s still a few years off, Gen Alpha has already and indirectly flexed their spending power by influencing their parents’ purchasing decisions while demonstrating at the same time a higher degree of brand awareness than older generations. They are confident with their choice of brands as it is a reflection of themselves and the values they appreciate.
The “adolescent demographic” is also challenging conventional marketing and advertising tactics, having already reshaped older or adult brand marketing. Where once there was space for “tween retail” with brands dedicated specifically for this age group and some adult clothing brands introducing specific clothing lines for tweens, mature brands for example simply expanded their size range to include their younger consumers. You’ll find Gen Alpha sharing the same brand choices or favorites with their millennial parents and Gen Z, the generation that preceded them.
With their digital affinity and offline exigencies set to shape the future of work, learning, and culture, brands would need to rework their marketing approach if they would like to attract Gen Alpha as early as now. While their older members are just entering their teens at this time, understanding how Gen Alpha thinks and behaves can help a brand adapt and lay the groundwork for their marketing endeavors as part of efforts to remain relevant and evolve with the times, especially with a generation this willful but informed when it comes to exercising choice.
How Should You Market To Gen Alpha?
Your marketing cornerstone can start with leveraging existing and emerging technology to understand and engage Gen Alpha. For starters, traditional demographics are already challenged by how diverse Gen Alpha is along with their preferences for personalization and uniqueness. Adopting AI and machine learning into your marketing strategy to analyze consumer behavior data and foresee trends can therefore help you craft a personalized and dynamic buyer experience for Gen Alpha. You can also employ AI-powered virtual assistants for personalized assistance during the shopping journey. AI can also grant your brand the flexibility to adapt to trends and feedback quickly in keeping in line with Gen Alpha’s needs for instant gratification.
Use gamification, polls or promos to enhance engagement and interactivity instead of conventional ads that Gen Alpha more often than not ignore or scroll past by. Add another layer to the shopping experience with AR and VR where virtual spaces allow them to visualize, explore and engage with products before even purchasing.
Gen Alpha is immersed in the digital world but they also seek engagement in the physical world. Offer in-store pick up options for online purchases to allow their shopping experience to extend to physical locations. Use geolocation and location-based services for sending relevant and personalized promotions and notifications, such as in-store only discounts and offers. Develop apps that not only incorporates these points but also enhances your omnichannel presence with seamless transition between online and physical shopping experiences. Don’t forget to promote and collect user-generated content as testimonials to the engaging and immersive experience your brand offers.
Some of the aforementioned technologies are still relatively new to the mainstream but learning and leveraging them as early as now allows your brand and marketing to evolve alongside them while growing and staying relevant with Gen Alpha.
Your brand would also need to increase focus on data protection and privacy, as Gen Alpha is particularly mindful of how valuable their personal information is in this era of data breaches and leaks. Brands need to be able to communicate clearly their privacy policies and demonstrate responsible data handling in addition to offering consumers control over how their personal information are use.
As mentioned before, Gen Alpha are acutely aware of social and economic issues aside from being the most diverse cohort yet. With this comes the rise of purpose-driven marketing where your brand needs to strongly communicate, commit and exemplify your mission and values, lest you be called out for virtue signaling. Gen Alpha are expecting brands these days to support and feature diversity and representation, calling out those that they perceive lack this value. Your brand would need to highlight and be transparent with your sustainable and ethical practices, including sourcing, production, packaging, and labor, while continually seeking areas for improvement and better, more modern methods to adopt.
While influencers are one of the top sources from where Gen Alpha learns and considers products to purchase, there is a shift nowadays on which personalities to follow thanks to this generation’s penchant for authenticity and shared values. Instead of considerably bigger names and one-time sponsorship, brands can consider long-term partnerships with micro-influencers and nano-influencers. Their niche following might be smaller but they are highly engaged and more connected, allowing for more organic integration of your brand messaging through collaborative content creation. As what we’ve already learned with high-quality segmentation study and persona development, your marketing goals can sometimes be better served by identifying, focusing and tailoring your campaign towards that consumer instead of a “blanket” approach with demographic data for reach with an influencer with a large following.
While this generation is still a year shy of rounding out all of its members, understanding and engaging with Gen Alpha as early as now would benefit brands looking to find a foothold into future markets. As technologies evolve and attitudes change, there might be no better time than now for brands and their messaging to organically connect, resonate and grow alongside Gen Alpha.
For further reading:
https://www.tokinomo.com/blog/gen-alpha-consumers
https://medium.com/@daisygarciathomas/marketing-and-consumer-behavior-of-generation-alpha-9492ceaf63ee
https://therobinreport.com/get-ready-for-gen-alpha-consumer-behavior-shifts/
https://hbr.org/resources/pdfs/comm/journey/TheBusinessCaseForUnderstandingGenerationAlpha.pdf
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Nov
“Humanizing” Market Research with AI
jerry9789 0 comments artificial intelligence, Brand Surveys and Testing, Burning Questions
The Boon and Bane of AI
The increasing and widespread utilization and demand for Artificial Intelligence have been met with both excitement and reservation. Excitement for the possibilities AI’s implementation unlocks, oftentimes steps ahead of the curve or beyond expectations; reservations not only stemming from the risks over its unethical and unchecked use, but also the ramifications for human involvement now that intelligent machines represent an optimized and economical choice for completing tasks and processes. But can there be a middle ground somewhere where AI and human engagement coexist and collaborate?
The “Humanization” of Market Research
“Capturing the Human Element in an Artificial World” by Eric Tayce (Quirk’s Marketing Research Review, Sep-Oct 2024) posits that such a midground is possible, especially in market research. An industry that’s all aware of its excessive dependence on technology to necessitate a push to “humanize” research data, it saw a dramatic shift from “data-intense tomes and clinical-sounding slide titles” to “streamlined, narrative-style reporting” focused on “the unique motivations and experiences that drive customer behaviors.” The latter “humanized” approach is able to communicate business goals while connecting and engaging on an emotional level. However, generative large language models (LLMs) cast a shadow on this “humanized” approach by offering synthetic outputs and progressive algorithms.
But combining both AI and efforts to “humanize” research can result in the whole being greater than the sum of its parts. The article shared that AI can help collect more unstructured data from survey research by employing conversational chatbots to create a natural, richer experience for the respondent. That unstructured data in turn can potentially provide more organic, more human insights with AI-powered algorithms, an undertaking that was once considered too complex or time-consuming. AI can also build multifaceted perspectives through context by linking survey records with a broad range of data sources. And in lieu of traditional static deliverables, data and insights can be presented in a vibrant and interactive narrative by an AI-powered persona.
The “Human” Element
All these interesting prospects can only be achieved when AI is tempered by high-quality human input and thoughtful implementation considerate of ethical and moral implications. Aside from AI mistakes and hallucinations existing, AI has been observed to be too helpful and excitable. Human oversight and input remain key in ensuring AI models are trained, fine-tuned and grounded with quality and relevant datasets while having enough flexibility to engage appropriately in open-ended interactions.
There’s no denying just how transformative AI is in reshaping industries today, including market research. Despite concerns of machines taking over jobs, one can look at it with the perspective of roles changing and adapting. AI with its generative and synthetic capabilities can elevate the “humanization” of market research, but to get to that point we simply can’t forget that humans are indispensable to the whole process.
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Sep
So Why Use AI For Your Small Business?
jerry9789 0 comments artificial intelligence, Brand Surveys and Testing, Burning Questions
Artificial Intelligence has actually been around for decades already but it grew past being a buzzword and into the mainstream in 2022 with the surprise popularity of OpenAI’s ChatGPT. Nowadays, it might be challenging to find someone who doesn’t have an iota of an idea of what AI is and what it does. In fact, its widespread cultural adoption belies its real impact behind the scenes where it steadily transforms and shapes businesses and industries towards a more automated and optimized direction.
Now as a small business owner, you might think that last statement doesn’t apply to you and is targeted mostly towards larger scale companies, but that is far from the truth. That last statement is just as relevant to your smaller, local-based trade as it is to any regional or global firm. In fact, 75% of small businesses have taken advantage of AI, according to the Small Business & Entrepreneurship Council. Additionally, 93% of small businesses agree that they save money and improve profitability utilizing AI solutions. We learned about these two interesting points when we attended a webinar hosted by CallRail, “Q&A: Demystifying AI for Small Businesses.”
You might have heard too that AI actually places everybody on the same playing field, and this was underscored at the webinar when they shared that small businesses have access to the same AI technology that big companies employ. At the same time, small businesses are granted a chance to achieve the same impact as their larger counterparts. Small businesses however enjoy being able to adapt or incorporate new technology and processes easier than their larger counterparts.
So how do you join the small businesses using AI to make money and grow? What are examples of AI being utilized by small businesses? Where do you start in understanding and applying AI solutions for your small business?
Copyright: Shafin_Protic
Artificial Intelligence and Its Subsets
Perhaps it’s best to follow suit with the webinar and include a quick look but fundamental understanding of AI and its subset. As you might know, AI technology enables machines like computer systems to simulate or emulate human intelligence and behavior by learning from training data, pattern recognition, decision-making, and problem-solving.
When that pattern recognition is taken one step further by involving huge data sets and advanced algorithms, a subset of AI called Machine Learning is developed. Aside from simulating or emulating human intelligence, Machine Learning allows computer systems to learn and adapt. However, a misstep in ML is the oversight of certain variables affecting the accuracy of the intended output.
A subset of ML called Deep Learning builds upon this limitation of overlooking variables by actually learning from these variables with historical data to generate accurate and high level outputs. DL achieves this by leveraging multiple layers of artificial neural networks for in-depth data processing and analytical tasks.
And when that high level data set is transformed into generated yet fine-tuned content like text, images, or code, we now arrive in the territory of Generative AI. This subset of DL models include the popular ChatGPT.
Copyright: geralt
How Are Small Businesses Using AI?
Like any other company or industry, small businesses have started to use AI to save time by streamlining, automating and optimizing whichever aspect of their processes that they could. One example is speech-to-text where instead of listening to every call, you convert a recorded phone call into summarized text with relevant and possibly actionable information or insight. By filtering calls in this manner, you’re also able to identify which types require the utmost attention and immediate follow-up, an especially valuable feature for qualifying leads.
As they say time is gold and so in the same vein where you free time by outsourcing time-consuming and repeatable tasks to another person or agency, automating processes through AI allow you to devote the time you free up to other more advanced functions or find more opportunities that can help further improve productivity and profitability, growing your business along the way.
Copyright: sohag_hawlader
Will AI Replace Small Businesses?
Now adapting and utilizing AI in your small business isn’t the end-all and be-all; it won’t even be replacing you wholesale anytime since it is, after all, just another tool at one’s disposal. Embracing the hot new tech keeps you at pace with the rest of the pack, but how you stand out will still fall on your business savvy and the intrinsic, unique value you bring to the table. Whether it be for your marketing or improving processes or customer relations, AI will help you glean as many insights as possible from your business transactions, interactions, and communications, but how effective that knowledge becomes will still depend on how well you leverage it.
Mar
How Can Software Development Companies Do a Better Job of Targeting New Customers?
jerry9789 0 comments Brand Surveys and Testing, Burning Questions
Software Marketing Today
If you look all over the Internet, you’ll find a multitude of articles talking about the most effective strategies for marketing your software development company. Ranging from seven to fifteen different strategies, these articles feature proven techniques like email marketing, social media or content marketing, pay-per-click (PPC) advertising or paid ads, and the like. For our part, we boiled it down to five key strategies here.
But with how tough competition is in the software development industry, it won’t be any surprise if the thought of doing more regarding targeting new customers has crossed your mind. Most likely, software companies are using the same marketing strategies you’ll find online, so employing a different tactic would help your company stand out from the rest or dominate a particular niche. But how do you come up with a different game plan when the field of software marketing has apparently been mapped out with all that strategic information available out there?
Most software marketing strategies focus on targeting and resonating with the ideal customer, from identifying the most profit-optimal client to tailoring your messaging to appeal to that buyer persona. They talk about the variety of approaches you can take to capture the attention and engage with your target consumer. But what if aside from thinking about who your ideal customer is, you take your marketing one step further by coming up with the best possible user experience, from the time your target persona first hears about your company to the point that they’re not only your regular customer but also your company’s best advocate?
Copyright Karolina Grabowska
Focusing On the Customer Experience
Now you might be thinking that this either sounds like the same thing or even antithetical to the concept of optimizing your marketing efforts by recognizing your ideal customer. You will still be doing the same things you’ve done in identifying and reaching out to your target client, such as demographics, psychographics, even SEO, but with this approach you are not just looking outwards from the lens of company marketing but rather from the perspective of a customer looking for a solution to their problem.
With that thought, you start off with the question of “exactly what problem was my software meant to solve and how does it solve it?” Are you able to deliver that idea in words that are easily understood by your ideal customer? Are you targeting the end-user or is there a decision-maker involved? If there are other similar companies offering the same product, how do you set yourself apart with what you can do differently from the vantage point of a prospective client? Can you encapsulate all that if all you have is one tagline or even one image to catch consumer attention? If it does catch attention, what would hook your best prospect into learning more about the software? As you can tell, some if not most of these questions also serve as a good foundation for the branding of your software product.
Copyright Fauxels (Pexels)
Local Presence Focus
You can also consider looking locally to see if the solution your software is offering is relevant to your community. If everything falls into place, not only will you enjoy the benefit of a consumer base right at home but more often than not, local communities have proven to strongly appreciate and support homegrown talent. This in turn could lead to an optimized and visible Google Business profile in search results and Google Maps. Just imagine how a local consumer feels discovering that a company offering a solution to their problem is found right in their own neighborhood.
Digital marketing is all the rage nowadays but exploring your local market also opens up the opportunity to try traditional marketing such as flyers and mailers. You can also even try hosting events or partnering with local companies, which would be a good way to practice and gain experience especially if you have plans to expand further not long after and would consider similar marketing activities and collaborations like influencer marketing and guest blogging.
Focusing locally is also a good place to start with SEO. Backed by keyword tools and planners to generate long-tail keywords, approaching SEO with the mindset of a local consumer with a specific objective in mind allows you to experiment more efficiently with a narrowed set of key phrases compared to what you had to work with had you jumped into a larger market base. Once you figure out the keywords that work best from your localized set, you can then riff off from these examples as you start expanding beyond your community.
Copyright MR-PANDA
Website Optimization and Multimedia Content
You can then optimize your website and its content with those keywords. Design your website with the added perspective of a customer visiting for the first time: navigating it should be intuitive with an engaging interface and interesting content. Make sure it’s mobile-friendly as well. If you don’t know it yet, search engines favor fast loading websites so regularly test your site speed especially whenever you make any changes or updates. Your Google Business profile might capture would-be clients’ attention, but it’s at your website where most of the action should take place, so be sure you have plenty of quality backlinks to it.
Whether your website is found through search results or a backlink, your first-time visitor would be expecting to find content elaborating on why your software is the right product for them. Aside from a blog section and other written elements, make sure to devote some space for informative multimedia materials like video tutorials or walkthroughs. Your written content can have all the information you would like to relay about your software and your company, but your visitor might not have all the time in the world to go through all those. Instead, they might stick around for a short but engaging and entertaining video.
Incorporate short animated infographics or explainers too into your website, thus sharing information about your software and your company. Vary your videos and animated graphics between informative and technical to fun and entertaining. This is also an opportunity to make your software stand out from other similar products or for your branding to express its uniqueness. You may also use the same multimedia content for your video or email marketing so there’s a sense of familiarity when your customer lands on your website for the first time.
Speaking of familiarity, you might also engage with your customer even more by providing free trial/limited time offers and Freemium subscriptions right from your website. These allow your customer to enjoy the basic features of your software and truly get a feel for what your product offers, perhaps leading them to opt for a Premium or higher-tier subscription for additional or complete access. If possible, you can offer a certain feature of your software to be available on your website; for example, a photo editor whose output could be downloadable either in a reduced but acceptable quality or with a watermark.
Making free trial/limited time offers and Freemium subscriptions available on your website also helps better position the pricing information of your software. Sure, you can include a pricing comparison chart between your software and its competitors, but firsthand experience of your product could prove to be the more convincing or deciding factor for your customer. Nevertheless, ensure that you are clear and transparent with the pricing for your software.
Copyright Andrea Piacquadio
Testimonials and Case Studies
A tutorial or explainer video would give your customer the information they need to understand how to use your software, but it might resonate better with them to use a video to tell the story behind the origins of your product. Sure, your technical videos would spell out what problem your software is solving, but they won’t be able to tap into connections of relatability that might be achieved by a video with a compelling story on how you came up with your product. Trust and loyalty can be earned by a product and company that consistently deliver what they promised, but you can add another layer to that connection by becoming relatable and personal to your customer.
That brings us to client testimonials. Depending on their length or how they are delivered, testimonials can be a once-over or your customer will be able to find one or two with similar experiences advocating the effectiveness of your software. Written testimonials are fine and the norm, but you might consider having a few published in video format. Depending on your research, you might even be able to use your video testimonials in your outbound marketing.
And they don’t all have to be too straight or technical; an effervescent and witty one-liner from a supporter that drew a chuckle from you might have the same effect on visitors to your website and lighten things up.
If applicable, case studies can be employed for the combined effect of walkthroughs and testimonials. While it’s usually delivered from the technical perspective of the company, it would pander to a tech-savvy customer who is looking for a more in-depth or niche look at how your software can be applied. Bonus points too if the client using the software in the case study is well-known and well-respected. But don’t let all that technical stuff limit you to jargon and technobabble; consider using language that’s less robotic or monotone and more conversational and organic, taking the opportunity whenever possible to explain or simplify certain techspeak terms or to translate highly specialized situations into simple, relatable language.
Client success stories can also function as a case study or be as concise as a testimonial. In addition, you can also utilize or embed webinar recordings in your website. The goal of these elements in your website is to demonstrate to your would-be customers that their trust and confidence would be well-placed in both your software and your company.
Copyright Fauxels (Pexels)
Online and Offline Community Marketing
Don’t just limit that trust and confidence to the confines of your website, but expand it to the greater community out there. You’ve developed your blogs, guides/tutorials, multimedia, case studies and other materials on your website with the mindset of not only being informative and instructional, but also engaging at the same time, so the same content should work just as well on social media and the like.
Yes, you are promoting your software and company on social media but instead of being overly promotional, provide value to your target audience by directing your content toward addressing common pain points and questions. This way, you establish yourself as a thought leader while connecting with your audience at the same time.
Don’t overload your posts with information, though; you can use the “breadcrumb” approach where you open with a particular pain point and lightly touch on what your software can do to solve it and then add a backlink to your website if they would like to learn more. Aside from sharing a whole video or webinar, you can also lift a particularly interesting section from it to share on social media along with a link where they can watch the full content. Break the monotony every now and then by sharing funny or witty content that’s either relevant to your software or industry as well as a particular occasion or holiday.
Be mindful of the audience and the platform you’re sharing your content with as well; your entertaining and engaging videos would connect well with the Facebook or Twitter crowd, but the more technical stuff such as case studies and webinars might be better received by industry experts, potential professional connections and decision-makers on LinkedIn.
Just as you would engage with your audience, potential and existing customers and their questions and concerns on your social media accounts, you might as well do the same at the forum threads of Quora, Reddit, and other online communities to help build brand awareness and your industry expert reputation.
Knowing or understanding your target audience and the platform would also help lead to tapping into influencer marketing, as you observe the most relevant online personalities drawing the most engagement with likes, reactions, shares, retweets, shoutouts, and more. The same can be applied for other companies you can consider partnering with or guest blogging for, as well as other products you can integrate with, allowing you to connect to new customer bases you wouldn’t have otherwise reached. Of course, you would still need to carefully evaluate the pros and any cons of partnering with a particular influencer, company or product.
In addition to a strong online presence, there’s a larger offline community that you shouldn’t forget to connect with as well. Make your presence felt in the real-world by customers, decision-makers, and other field professionals by attending industry events, hosting live demos, participating in local community events or if possible, sponsorship programs.
And what could also be more real to a would-be customer than someone they know who not only uses your product but has good things to say about it? Most marketing strategies focus on new customer acquisition, but it’s been proven time and time again that it’s much more cost-effective to retain an existing client versus acquiring a new one. A key point to keep in mind is to treat an existing client like a new customer by also extending to them special offers from time to time like free trials, limited time promotions, or exclusive first access to new or upcoming features. This sense of exclusivity can help counter feelings and thoughts that only the new customers are getting the better deals. The current customers have, in fact, rightfully earned the privileges of loyalty. Imagine how much more powerful and transformative it is to have positive word-of-mouth generated by a long-time customer advocating in your behalf, thanks to this sense of exclusivity and belonging they feel.
Copyright geralt (Pixabay)
Like we’ve noted earlier, optimizing the user experience from prospect to advocate based on the perspective of your customer goes hand-in-hand with the conventional software marketing approach of identifying and targeting your ideal consumer. It might be a novel approach to you, or you already have a lot on your plate with the myriad of software marketing strategies available, but you just couldn’t dare leave any stone unturned; worry not, as you can rely on one market research company who has been performing highly innovative and consistent marketing research work for thirty years and counting.
With a variety of services, Cascade Strategies has been conducting, adapting, and innovating market research studies for over three decades for an honor roll of respected clients. In addition to incorporating ground-breaking methodologies, Cascade Strategies also takes full advantage of the high level of professional research experience and imagination our staff brings to the table to uncover breakthroughs leading to the best marketing solutions for your company. Contact Cascade Strategies today to learn how we can help your software development company do a better job of targeting new customers.
Mar
Can Psychographic Segmentation Help Financial Services Companies?
jerry9789 0 comments Brand Surveys and Testing, Burning Questions
Why Is Market Segmentation Effective?
By now you’ve most likely come across the idea that instead of using the “blanket” approach for marketing by using demographic or geographic data, you and your marketing goals can be better served by identifying your ideal customer and then focusing and tailoring your marketing campaign towards that consumer. This is achieved through a high-quality segmentation study and persona development, as was the case with the “Strivers” and “Empath” personas in our Banner Bank and Capital One case studies, respectively.
To sum it up, when we developed a brand model identifying “Strivers” as the primary segment Banner Bank should focus on, they were able to not only meet but also exceed all key Striver product targets system-wide after two years of implementing the program. Also, we recommended Capital One focus their brand campaign efforts for a personal investment mobile app on the pragmatic thinking type “Empath,” resulting in a highly successful new product introduction. You can learn more about these two case studies and how great research can help financial services companies here.
By recognizing your profit-optimal customer through market segmentation, a financial services company can effectively focus its marketing efforts and resources, optimizing or helping drive down costs, while at the same time engaging more efficiently with the consumer, enhancing satisfaction and loyalty.
But what if we tell you that you can also segment your financial services market so you target not one but different groups of customers?
Copyright geralt (Pixabay)
Single-segment Focus vs. Multi-segment Strategies
“Now hold on a minute,” you might say in your mind as you read that last line. “Didn’t you just say at the beginning of this that identifying your best customer is better than the ‘blanket’ approach?”
Yes, we did say that but no, this is no “blanket” approach. The main reason a financial services company wants to complete market segmentation research is so they can gain actionable insights into how to sell more of their products or services. With high-quality segmentation studies, breaking down your financial services market into different groups uncovers a variety of insights allowing you to craft and leverage different marketing strategies toward these segments. With this data-driven approach, customer segmentation helps financial services companies decide how to offer a customized journey to different kinds of consumers. It also provides the opportunity to tap into niche segments, which are usually smaller groups with considerable potential.
Think of it this way: instead of a blanket, what you have is a different set of marketing playbooks for your various customer segments. The blanket covers primarily the “who” of your market; each of your playbooks identifies not only “who” they are for but also deep dive into answering questions like “what” type of buyer behavior they have, “why” they behave this way, and “how” best to approach and engage them.
Copyright Gerd Altmann
Why Use Psychographic Segmentation?
Generally, four types of market segmentations can provide a financial services company with actionable segments: Geographic Segmentation, Demographic Segmentation, Behavioral Segmentation, and Attitudinal or Psychographic Segmentation. Out of these four, we’ll be focusing on Attitudinal or Psychographic Segmentation, as it is often considered the most useful way to segment an audience.
Attitudinal or Psychographic Segmentation separates customers by how they think and feel, their attitudes and values. Essentially, it aims to become a window into a buyer’s thought process. It is often considered the most useful segmentation approach because it provides the clearest actionable steps for a company to take as they try to target each segment.
Not only do you gain a deeper understanding of who your customer is, but your financial institution can map out the customer journey more effectively and efficiently with Psychographic Segmentation. It also allows the financial services company to recognize opportunities to offer different or new products/services in response to changes in consumer behavior. In addition to improved customer satisfaction and retention resulting from a client feeling valued, a financial institution that effectively engages with its consumers can also enjoy increased brand perception, helping with word-of-mouth and referrals as well as stand out from the competition.
Segmentation study data can come from several sources including survey data, observational data, public panel data, customer relationship management (CRM) databases, and even large-scale public databases such as Data Axle (previously InfoUSA), Experian, LiveRamp (previously Acxiom), and the like. It’s also possible to append demographic and behavioral data to your company’s house list. A financial services company is already sitting on a large pool of customer data; while it’s easy to go down the route of Geographic or Demographic Segmentation when analyzing all that information, converting those data into actionable insights with Psychographic Segmentation would lead to more personalized and meaningful buyer experiences.
Whether it’s for single or multiple segments, Psychographic Segmentation studies can tell you why a particular marketing or messaging approach to a particular segment is likely to be profitable. They can also tell you how to make adjustments toward more effective approaches when the standard approaches are not working. There are many financial services companies that tried demographic targeting and were disappointed with the results, then switched to psychographic targeting and found that their messaging strategies produced much higher rates of response and conversion.
Copyright Andrea Piacquadio
Cascade Strategies combines the most advanced AI and machine learning tools with market research expertise from over three decades of experience. Let us help your financial services firm convert your customer data into valuable, real, and actionable business insights. Don’t settle for a simple breakdown of your customer data; our experienced team strives for genuine breakthroughs by imaginatively interpreting all that complex quantitative segmentation data. We can also develop creative briefs that can be used for your advertising and website strategy based on the segments we discover, as well as tackle practical tasks, such as predicting the likely revenue to flow from campaigns directed toward specific consumer segments and measuring the actual monetary effectiveness of such campaigns. Contact Cascade Strategies today to see how our approach to segmentation studies can give you real business insights.
info@cascadestrategies.com
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