DENVER, CO, June 11, 2015 – What is a good example of a company in need of marketing research? That question was posed to college-bound students looking to compete in BuyerSynthesis’ first annual $1000 marketing research scholarship. Entries were judged on creativity and humor, originality and intellectual content.
Bank of America’s Tanked Reputation
The judges carefully considered the three top entries. One focused on Bank of America, which purchased Countrywide Mortgage in 2008. At the time, Countrywide financed approximately 20% of all U.S. mortgages, so this purchase placed B of A front and center for the mortgage crisis. The combined entity wrongly foreclosed on many homes, and in 2012 it was considered to have one of the worst reputations in America. This all led one of our entering students to Continue reading
We know all the famous quotes:
“Insanity: doing the same thing over and over again and expecting different results.”
“If you always do what you’ve always done, you’ll always get what you’ve always gotten.”
I would argue that they’re wrong. In our fast-paced world we do get different results: buyers have short attention spans so campaigns have less traction; costs, competitors, and disruptors are increasing so we’re getting less return on investment.
Simply put: by continuing with what you’ve always done, things won’t stay the same, they’ll get worse. So, are you stuck in a rut? Is it time to rethink your strategy? Here are 7 signs it’s time to conduct marketing research:
1. Your competitors are cooler than you.
There are just some brands that seem to be effortlessly awesome. You don’t have to worry if that’s not you, but you want to look and sound like you’re at least on the same level as your competitors. Qualitative marketing research can help you understand what your buyers are looking for so you don’t look out of touch with current trends. Continue reading
Brand fans love you, passionately, and tell everyone they can. They know your founding story, use social media to tell others, and feel deeply hurt if you disappoint them. MBA class case studies love to tell stories of intense brand loyalty. Think Harley Davidson.
But sometimes Brand Fanatics keep a brand stuck and on the defensive. While few will admit it, there are times when you may need to look beyond those most glued to your brand. Here are some clues:
1. Your marketing team thinks that all of your buyers are Brand Fanatics.
I’ve worked with some brands over the years that were astonished to learn that not all of their buyers met the description of those loyalists they had encountered in pre-research days. It was a big change of mindset to learn that many of their buyers didn’t really think about their brand all that often. Continue reading