Customer Insight Real Time

Better Customer Insight- in Real Time Alok Katariya MS15A002ChiraG Jain MS15A014Reema Jain MS15A044Saurav Kumar MS15A050V Chaitanya MS15A064Vivek R ChandranMS15A065Traditional Marketing ToolsQuantitative methodsQuantitative researchis about asking people for their opinions in a structured way so that you can produce hard facts and statistics to guide you. E.g. Customer Satisfaction Survey

Qualitative methodsQualitative marketing researchis amarketing researchmethod, which looking into the in-depth motivations behind consumer buying behavior or opinions. E.g. Focus Group and Interviews

Internet based

Ethnographic Research Technique that allows companies to record complete range of customer experiences by shadowing individual consumers and watch their behavior.

Disadvantages of Traditional tools Quantitative and Qualitative :Relies on Customers Memories which decay rapidly.Consumers frequently recall company's communications inaccurately.Biased by Context, eg: in case of a major purchase

Internet based :Only for online interactions which is just 15% of customers encounters with companies and their brands.

Ethnographic Research :Labor Intensive and ExpensiveMisleading as its hard to untangle individual quirks from general customer behavior.Bias of an unconscious desire of pleasing the researcher, thus affecting ones reactions.

Real-time experience trackingDeveloped by MESH Planning, a MR agency.SMS based real time tracking using mobiles.Supplies instant feedback from customers.Relatively unbiased response.Reduces surveys to just four questions.Was born of two insights: A market researcher cant follow a person 24 hours a day, but a cell phone can.You only need to know four things about each encounter. Real Time Experience Design- 4 Phases

Challenges and Limitation of RETEnsuring balanced representative sample.Providing comprehensive list of touchpoints.Tracking location of touchpoints through a text message is difficult.Appropriate variation is necessary for varying sectors.Assessing the effect of an individual consumers media consumption without asking more questions is tough.Problem of touchpoints where texting is limited. Eg: Airlines.RET findings easier to implement in theory than practice; reaching, mobilizing and coordinating all relevant decision makers is a huge challenge.How Data helps ? Key Drivers Applying simple regression to RET data can tell which touchpoints are most closely related to individual customer behaviors. E.g. Odds analysis

Competitive analysis Comparing touchpoints of company and its competitors. E.g. Touchpoint impact matrix

Chain of touchpointsCustomers reactions shaped by previous interaction with the brand.Quality of purchasing experience will influence the likelihood that customer will buy or recommend it or not.Helps to know where the chains might be broken.

Conclusion:Insights from RET can be acted upon immediately- great advantage in new launches and campaigns.RET enables companies to assess and respond in real time to customers reactions to products, services, it can play a central role in allowing customers to help design their own experiences with products.As RET and tools like it emerge, we expect that marketing will cease to be a game of stimulus- response and will evolve into a continual process of co-creation.Thank You !!