Brand Surveys and Testing
Jan
Financial Services Sector Expanding Rapidly But There Will Be Growing Pains
jerry9789 0 comments artificial intelligence, Brand Surveys and Testing, Brandview World
SIS International says the outlook for the financial services sector is one of solid and consistent growth, expected to reach $47.55 trillion in 2029, but it is not without anxieties. They shared that around three-quarters of financial services executives on a recent survey expressed concerns over their institutions’ ability to navigate economic instability, adapt to emerging technologies and shifting regulations, as well as sustain existing revenue sources in the coming decade.
SIS points to five key trends where financial institutions could focus their research priorities at as the financial services landscape continues to develop and change:
- AI implementation: Despite high technology adoption rates, a good majority of banking customers struggle to trust AI applications.
- Digital Banks: More and more customers are switching to neobanks. Learning the reasons behind this growing preference would help traditional financial organizations reposition themselves while digital banks would benefit from these insights through sustainable growth and expansion.
- Mobile Banking: Digital channels have established themselves as the primary form of interaction between customers and their banks, and fostering engagement and a more personalized experience through research could lead to improved loyalty.
- Expanding Financial Services Options: Delving into growing technology-oriented fronts open up exploring new and additional avenues to offer financial services digitally.
- Addressing Security Concerns: Adopting security measures against fraud and privacy is just the start but targeted research would help recognize which protections build confidence and trust based on the concerns expressed by different customer segments.
High-quality market research would help financial institutions understand what would cause their customers to hesitate or quickly adapt to new technology or measures, the most effective way to communicate benefits and advantages, targeting the most receptive customer segment, and identifying new opportunities and channels, just to name a few.
Overall, effective market research into these five key insights should enable financial organizations to make confident and strategic decisions aligned with business goals.
Image: Audy of Course
Featured Image: Tima Miroshnichenko
Top Image: Jakub Zerdzicki
Dec
Can AI Replace Human Respondents In Qualitative Research?
jerry9789 0 comments artificial intelligence, Brand Surveys and Testing, Brandview World, Burning Questions
Like most industries these days, market research is no stranger to AI with its broad applications including the employment of synthetic respondents, which are individual profiles constructed by Large Language Models (LLMs) from real or simulated data. They offer fast, cheap, and scalable synthetic data that closely mimics how human participants would respond, a boon for quantitative research. But can synthetic respondents be just as effective in qualitative research? Can AI-powered profiles fully take over the role of human respondents in market research?
Image: Diana
Synthetic Respondents and Qualitative Research
L&E Research recently hosted a webinar sharing their findings and observations testing synthetic respondents across a variety of qualitative research tasks. They shared that AI characteristically produces quick, structured, and consistent surface-level insights. It does well with detecting macro trends in usage or preferences, concept screening if you need to compare multiple ideas at scale, and spot issues with survey testing. It is also capable of gap-filling or simulating missing segments from known data, as well as bulk analysis for summarizing large open-ends quickly.
The key takeaway L&E found is that AI can describe what people do, but it falls short of telling why people do it. AI fundamentally excels in following patterns, but it would struggle with finding out the emotional driver, the motivation behind certain responses. AI can match logic but it won’t be able to fill in tone, nuance nor context like human insight and experience can.
Most AI models are also built on public data and may not have access to knowing how real people would respond to certain questions. When the engineers tried to influence AI agents in the direction of how real participants would respond, it rejected this notion and firmly stood by the perspective formed from the vastness of public data.
Additionally, AI can be absolutely and confidently wrong. Synthetic data can look convincingly human but since AI relies on patterns instead of experience, the air of confidence it puts up doesn’t guarantee accuracy.
Of course, the hosts added a disclaimer that this is where synthetic respondents are at right now, as no one could tell how things could possibly be so much different in the years to come. But the continued utilization of AI in market research- or any other industry, for that matter- is inevitable thanks to the operational and executionary efficiency it grants, and that is enough reason to continue studying and developing synthetic respondents.
Image: Ron Lach
Why The Human Factor Matters
In market research, emotions matter and context counts. AI can prove to be a powerful partner but it is no replacement for lived insight or validation. Human researchers are simply going to remain essential.
AI’s inherent structure and consistency is representative of its pursuit of perfection; however, humans aren’t perfect, nor simple. Humans are emotional and oftentimes, irrational. AI participants would respond based on their perfect approximation of how a human being would, but the synthetic logic behind that would be narrower and more consistent, as it discounts the fact that humans are imperfect.
Humans also bring incredible complexity and a broader range of perception to the table. We can contradict ourselves, and this would be natural. One human participant’s perception and experiences could inform the difference in how they respond from the next, while synthetic data would be uniformly shaped by congruence and invariability, no matter how much effort or work is put into making AI come close to mimicking humanlike responses.
The complexity, variability, and randomness of human nature is desirable in qualitative research. The engineers recognized this and cautioned about overly guiding or influencing randomness in AI that it “will hard-code your picture of randomness to the point where it is no longer random.”
AI can quickly give you bulk analysis but you might not want to rush in bringing it to your stakeholders, as they would question and challenge the quality and reliability of synthetic data. Human insight continues to be vital and irreplaceable when it comes to trust, nuance, and real-world complexity in market research.
Image: Kathrine Birch
The Hybrid Approach
At the end of it all, the hosts made a point that the webinar wasn’t meant to scare people away from synthetic data but rather bring a valid conversation on when it makes sense to take advantage or steer clear of AI-generated personas. In fact, they recommended utilizing a hybrid approach of employing virtual respondents and recruiting human participants, striking a delicate balance between synthesis and empathy.
Synthetic data would be great during the early exploratory stages of market research when you want to get an initial pulse check, something quick and good enough before getting people involved. But once you’re at the point when you need to uncover the emotional driver behind responses and decisions, understand or predict behaviors, or even gain a bit more confidence and trust in your findings, that’s when you bring in your human respondents.
This all aligns not only with a recent growing trend of companies coming around from the AI hype of the last few years but also with our stance on the appropriate use of AI, where we advocate for the responsible and ethical use of artificial intelligence. Instead of handing AI complete reins over all aspects of a business- or in this case, all stages of research work- we at Cascade Strategies encourage the thoughtful and practical application of artificial intelligence in combination with or enhanced by human experience, values and discretion.
To find out how our brand of inspired and enlightened human thinking can help you with your market research needs, please contact us here.
Additional Reading:
Can Synthetic Respondents Take Over Surveys?
Featured Image: Darlene Anderson
Top Image: Michelangelo Buonarroti
Oct
A Human Center Makes Market Research All The More Powerful
jerry9789 0 comments artificial intelligence, Brand Surveys and Testing, Brandview World
The Future Of Research Is Here
You’ve seen it and there’s no denying it. Industries have been reshaped by the increasing utilization of Artificial Intelligence just in the last few years alone. Promising and delivering speed and optimization at the fraction of the costs and resources, it’s powerful, revolutionary and exciting. And as with any emerging technology, it comes with its own set of anxieties.
In line with its growing popularity and adoption, people in different industries have been expressing nervousness over being replaced in their jobs by AI. Certain repetitive, data-driven tasks are at the greatest risk of being supplanted by AI. However, AI also opens up opportunities to shift focus and upskill the more complex and creativity-driven facets of work roles, creating new jobs or augmenting existing ones.
The research industry is just as impacted by AI’s progressive application. It’s naive to assume that researchers would be replaced wholesale by AI, but there’s more to delivering research results than just gathering and crunching data.
Image: Circe Deyer
Our take on the integration of AI into research
We’ve always maintained that AI is a good advisor, but it’s a poor decision-maker. We’d like to modify that by saying it’s an even worse storyteller, if at all.
Cascade Strategies has been in the market research industry for over three decades now, serving some of the biggest local and international companies. You can say we’ve seen it all in this industry, but we’re just as fascinated as everyone else by the mainstream popularity of AI in the past few years. We’ve applied it in our methodologies, been impressed by its operational benefits and how it changed industries, but in the end, we know truthfully that it is not the end-all, be-all for research work. We believe that AI would serve us better by being a powerful extension of human judgment, creativity, and insight.
AI can be fed large datasets to approximate human thinking, but we believe it can never replicate human perspicacity, the kind of intelligence honed and guided by human values and experience. Take a look at our Expedia Group Case Study where we’ve utilized AI to generate multiple revenue-granting scenarios, then tempered the decision-making process by applying high-level human thinking to craft messaging that resonates with the end-user.
AI-driven research can produce results based on what has come before, but it can never uncover the truly novel, meaningful and resonant insights high-level human thinking unlocks. These are the insights that empower big and sweeping decisions. Data-based results from AI would seem lifeless and unrelatable. But if they are imbued with human interpretation, that output elevates into a masterful narrative that sparks imagination, questions boundaries, and transforms perspectives.
Image: geralt
Featured Image: mohamed mahmoud hassan
Top Image: geralt
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
Top Image Copyright: wd toro
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.
Copyright: ninthgrid
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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Top Image Copyright: Darlene Anderson
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