Monthly Archives: March 2015

What Obama Could Learn About Negotiating With Iran From My $2,000 Used Car

Some thoughts on behaviour and emotions from Eyal Winter!

TIME

Years ago, less than a week before going on leave from Washington University, I put my car on the market. I had bought the car used for $5,000 a year earlier, but to sell fast I knew I had to be flexible. My asking price was $4,000, but the first serious buyer who got in touch smelled a bargain — he immediately offered $1,000 less than the asking price. Then, in spite of living just a couple of blocks away, he took two days to come and look at the car. “So, when are you leaving?” he asked. “Two days,” I said, giving in to the instinct to tell the truth. The remaining negotiations were short. He got the car for a mere $2,000. The reason that I got such a bad price for my car was that I had been perfectly rational: I knew I couldn’t wait long (and…

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Making Research work!

From a feature by Toby Desforges – Author of Shopper Marketing Revolution

Focus shopper research on learning how to realize business opportunities:

Research projects should begin with the development of clear research hypotheses based on what is already known. In the shopper space, for instance, we encourage our clients to focus on testing hypotheses that if true would enable teams to increase sales. These focus on learning how to drive new shoppers to the brand, how to encourage shoppers to buy more often or to spend more. By selecting only the most valuable hypotheses two things happen: 1) Research projects become more focused and therefore potentially cheaper and 2) The returns the company enjoys from acting on research can be much greater.

Apply shopper research methodologies that deliver answers quickly:

With focused research hypotheses, it’s easier to apply methodologies that give accurate responses more quickly. By seeking out technical solutions that minimize the time lag between data collection and analysis teams can get into developing insights faster. For instance, we recently worked with a client who used a tablet-based app to capture traffic data in stores and to capture shoppers’ responses to focused questions. The data were instantly transmitted to a dashboard so our client could work on the outcomes of the survey immediately.

Spend time and effort on creating business impact:

Much of the time and effort put in by agencies after a study is directed at tabulating data and creating a presentation, which as we’ve seen above, no-one will use! It would be so much better if effort and time were spent on creating actionable insights instead.
For instance, in the shopper space, much of the work done in implementation is done by the sales team, working with customers. Sales people don’t need lengthy presentations on what the research says, they need pragmatic solutions they can discuss with their customers. Converting research findings into a compelling commercial proposition that illustrates the business benefits that your customers might enjoy helps you sales team realize business gains from research quickly.

Advertisers and agencies at war over media – and the paymasters (advertisers) might not win | MAA

This is a hugely relevant article about the future of the agency/advertiser relationship

But the world is changing. It’s not the companies who make stuff who rule the roost necessarily these days – although Apple is the obvious exception – it’s the ones who control the channels to market.

Advertisers and agencies at war over media – and the paymasters (advertisers) might not win | MAA.

 

The Anatomy of Humbug (Pt. 2) – Seduction Theory

This a great review of a book about the persuasion of advertising and its history. The search for the Holy Grail of advertising and persuasion carries on today and it clearly points to the great work being done by behavioural economists and consumer neuroscientists today.

Brian Juicer Blog

In Pt. 1 of our review of The Anatomy of Humbug, we delved into the first part of the book, which detailed the genesis of the Salesmanship Theory – the idea that ads work by giving us information and persuading us to act. But there is another story to be told, one that is intimately intertwined with the enduring legacy of Salesmanship – that of Seduction.

conscious

In today’s post, we focus on the second part of Feldwick’s book – the historical roots of Seduction Theory – the notion that ads play on our subconscious motivations and emotions. It’s here that Feldwick uncovers the shaky ground salesmanship theories were built on – dogmas like USP, which spread by simplicity, not evidence – and exposes their limitations.

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Omnichannel definition

 

 

Great article by Steve Bishop on the nature of omnichannel – Here’s what he concludes

  • The online revolution is equated to the ecommerce revolution. That doesn’t deal with the broader and equally important issues related to the range of digital connectivity.
  • The “hybrid” approach to shopping changes the role of the physical store, and the internet relaxes some of the barriers that have traditionally constrained shoppers (like distance and access to price comparison information).
  • All this is playing out in a market where there’s already too much physical retail capacity, i.e., too many square feet of selling area.
  • Traditional vocabulary, words like “buying,” limit how retailers think through their omnichannel strategies. For example, the function of buying can now be broken down and separated into component parts that are done at different times.
  • The fact that most sales will be done in-store for the foreseeable future distracts some retailers from the need to make changes to deal with the connected shopper. Part of the problem is that retailers don’t really see how shopping behavior is changing and this is causing them to miss the bigger picture.

Omnichannel definition.