Market research has been stuck in “status quo” mode for decades with little or no connection between qualitative and quantitative research findings. Focus groups are used for qualitative insights. Surveys of a few hundred provide quantified projections. Traditional market research is plagued with respondent bias, research fatigue, sample size limitations, and time sinks involving questionnaire development and panel recruitment, data collection and compilation of results. And after all of this, the data is tainted by the questions you ask.
Imagine instead that you could analyze tens of thousands of conversations “in the wild” and with statistical precision with insights delivered in four weeks or less. Imagine that you can drill down in level after level of detail to understand key drivers, all the way to verbatim. No questionnaires. No focus groups. Your consumers and customers speak directly. Quantitative findings are fully integrated with qualitative insights.
And this is no dream. We deliver insights in this manner. Today.
At MavenMagnet, we have been at the center of disrupting the current customs and practices in market research. The status quo standards are not acceptable to us. Our approach is based on pure discovery with large data sets using digital conversations from all types of digital sources and way beyond social networks. Our technology goes wherever there is public data. And we can work with your proprietary data sources, too. We use the most advanced technological, analytical and statistical techniques and apply these to “big data.” We believe that “leading the witness” with questions will not produce the quality of insight needed to address today’s pressing marketing challenges. We believe that technology is the key to quality, efficiency, agility and speed. Only technology will reveal your true consumer and customers’ views.
Many marketers dream of having the capability of tracking their brands vs. competition in an accurate manner that tracks with business performance and in a way that is cost effective. MavenMagnet delivers on both fronts. We have proven that our key performance indicators (KPIs) – in industry after industry – track with the business.
What goes into these KPIs? A typical study will start with a deep analysis of a brand’s positioning relative to competition. Our technology creates a “big” data repository of digital conversations gathered from across the web and way beyond just social media. Using this data, we quantitatively assess key brand drivers using a discovery approach – no questionnaires and no biases – and our analysis incorporates the nuance of focus groups. We include a visual presentation of brand attributes by impact. Further analysis determines the drivers that can be owned or shared by the brand, including recommendations that drive customers to purchase. And we identify the gaps, too.
We build on this work to create the KPI that we call our brand magnet score. We use industry benchmark data going back two years to build a standard scale. We incorporate differentiation, engagement and sentiment by creating various indices based on competitive brands’ relative performance on key purchase drivers, the relative volume of digital engagement around competitive brands, and overall sentiment trends (positive, neutral, mixed or negative).
The result is a brand magnet score, a single metric, you can use to track your brand every month or quarter or time period you choose. Accurate. Cost effective. Speedy. We deliver this score in about four weeks and then when tracking for instance monthly, within a week of a month’s close.
It is a powerful tool you can use today to track the power of your brand. And we’re not dreaming.
We’re happy to help you.
Millions of Conversations Can Be Tapped By You
Your customers and prospects talk every day about your company, brand, or products and services. And we don’t just mean via social media. They talk in industry forums. Or specialized professional sites that draw them in. Or on lifestyle web-sites where they like to spend their free time. Our technology crawls across the web to find digital conversations in blogs, news sites, forums, reviews, ratings, and yes, social networks, too. Our technology goes wherever there are conversations.
Order Out of Big Data Chaos
MavenMagnet uses contextual analysis to extract the core themes out of the noise. We find patterns in people’s opinions to define brand drivers, describe a customer persona, explore a new category or market, or drill into your company’s reputation about an issue. Just like chaos theory in mathematics, this digital analysis — when deciphered using technology and reviewed by expert analysts — finds order in what looks like total randomness. And when you look closely enough at this randomness, patterns start to emerge which provide insights to identify opportunities or to course correct.
The beauty of information extracted from chaotic digital conversations is unparalleled, especially when compared to any other way of doing market research. MavenMagnet’s methodology eliminates respondent bias and “research fatigue” that plagues traditional research techniques.
The data is vast and the power is immense. The debate about your brand is continuous and our reach is unmatched. All you need is the right technology and the right techniques to make sense of it and strategize your next move.