Based on the findings from the American Marketing Association 2014 Conference.
All decisions are emotional “A significant portion of our decision making is no-conscious. Understanding this process is critical for understanding behavior,” said Caroline Winnett, founder o Brand Neuro. Deb Berman, keynote speaker and SVP ofmarketing at J.C. Penney, said that branding, at its core,delivers on a human need, and consumers’ ultimate reactions to that human need are base on emotion.
Insights are an organizational change agent. Every business is pursuing growth, and growth is elusive. The ones that are doing well are more focused on fulfilling the demand side of the equation, said Pam Forbus, keynote speaker and VP of strategic insights at PepsiCo. Companies need to think about how to leverage the science of demand to deliver very predictable results with their efforts, and with the least amount of investment possible.
The right metrics are the ones that matter. Long gone are the days that we waste time with vanity metrics. Spend your time combing through relevant data to cull the most actionable insights for your brand. Make sure to clearly define your “outcomemetrics” versus your “input metrics” to help drill down on the most pertinent insights.
Marketers are going back to the future. Emerging forms ofmarket research, such as deep-dive social media intelligence, should be integrated with more traditional forms of research. To usher in the future of marketing research, we need to take a page out of the history books and use tecniques that help marketers connect on a more personal level with customers. “Marketers are so fixated on the bend in the road, looking at tomorrow’s newness, that we forgot about yesterday’s foundation and marketing principles,” said John Moore, chief of wahoo at Brains on Fire.
The brain is the new frontier in marketing research. Marketers today—even those on the creative side—have been creating campaigns based on analyzing customer behavior. But now, large research companies such as Nielson, Kantar and Ipsos are starting to take it a step further by incorporating th emerging field of neuroscience, which uses techniques such as facial coding,brainwave testing and even voice tone analysis to determine emotions are drivers and behavior-based purchase decisions.
The customer needs to be at the center of marketing strategy. Customers hold all the cards today, and ifmarketers are not considering every customer angle within their brandexperience, their competitors will, according to Cumberbatch. Companies tht are still focused on product need to shi their focus to the customer. Keynote speaker Kevin Bishop added to this idea, saying that if marketers don’t seize the opportunity to be the voice of the customer within their organizations, they’re not doing their jobs. .
The market is shifting from a demand-based atmosphere to a supply-based one. Technology and more efficient processes have resulted in an economy that’s over-supplied with goods. Customers now have the burden of seemingly unlimited choices, and it’s the marketer’s job to relieve them of that burden by differentiating his product from the competitor’
Innovation is no longer just a “nice to have.” It’s a requirement for businesses to continue growing. And that innovation should come back to the customer. How will innovation add value to customers’ everyday lives? Keynote speaker Kristin Muntean said, “Inspiration is all about doing noble things fo consumers.” According to Bishop, innovation is about moving away from “the prevention of bad moves to the promotion of courageous decisions…..