Every marketer will smile at the thought of achieving an ROI of 90% for a 10% marketing investment. But is this achievable today? Well, in an era of consumerism with increasingly steep competition, it's no longer a secret that brands must leverage the science available for obtaining consumer insights to gain or maintain the competitive edge. The question is rather: which research methodologies are easily available, what are the most proven approaches worldwide, and what investment does it require to take on such an exercise in order to achieve optimum ROI?
Actioning the output is the most important step in growing business
Firstly, it’s imperative to understand exactly what a consumer ‘insight’ is, as it’s often confused with a ‘trend’. Consumer trends are identified by merely observing and noting the habits and behaviours of consumers in particular segments of the market. Consumer insights, on the other hand, are gained through a two-tiered process. The process starts by conducting research to collect data about consumers and their behavioural patterns. Then, scientific methods are applied to analyse and interpret the data and convert it into useful information that can inform business decisions.
Simply put, consumer insights unlock the human truths behind the behaviour, or it explains the “why behind the buy.” Research and insights are only as useful as the actions they lead to, hence, businesses can fast-track growth by ensuring that for every 10% invested in research and insights, 90% ROI is achieved even if a decision is taken to take no action based on the findings of a study.
Because the business landscape and consumer profiles have changed dramatically over the past decade or two, there are a number of conventional market research methods that simply don’t make the grades anymore. Today, market research needs to be treated as a commodity with real, tangible benefits.
Fast, cost-efficient ways of achieving your 90% ROI
As part of an international company with 125 offices in 100 different countries, MediaCom South Africa has the benefit of being at the cutting-edge of new developments around the world and subsequently, we continuously develop and update our research and insights tools to be on par with the latest innovations in the arena, as well as international best practices.
Our solutions are proven to effectively deliver on a range of outcomes that help businesses grow, such as improving consumer engagement, increasing sales effectiveness, and driving product development and innovation by working on the 90/10 research and insights model explained above.
The latest data, research, and insights innovation that we have to offer the market is our proprietary insights survey - Live Panel. Exclusive to GroupM agencies only, Live Panel allows us to stay ahead of the marketplace offering our clients exclusive, connected, & consistent media and touchpoint insights across 40 markets around the world.
Live Panel is cost-efficient, highly representative of the markets we sample, and easy to access with quick turnaround times, which is what marketers require in order to remain competitive and have sound marketing and media plans in place.
Connectivity is changing consumer behaviour and agencies are at the forefront of this development. The challenge is that research has become in demand by agencies and clients likewise. As such, the biggest value agencies can offer clients today is more real-time, accurate, actionable, and available research similar to what Live Panel produces. This is a tried and tested technique in delivering a 90% research and insights-driven ROI for brands.
For more information, contact:
Claudelle Naidoo on or +27 11 582 6745. For information about the company, visit www.mediacom.com
Claudelle Naidoo is an accomplished Marketing, Consumer & Media Research Specialist with 13 years of experience working across multi-million rand portfolios within organisations such as Nielsen SA, Media 24, Caxton, and Kagiso Media.
Currently, Claudelle heads up MediaCom's Analytics & Insights division, where she focuses on using technology and data modelling exercises to develop and execute insights that assist businesses in understanding the impact of their sales and marketing initiatives.
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