Getting the right sample is one of the most critical tasks in conducting market research. In case of traditional market research, a few thousand set-top boxes define the ratings of hundreds of television shows, an exit poll of a thousand or so voters is used to predict who’s going to win a national election, and four groups of 15 people each define the positioning statement of a brand. Reliance on these select few to represent the target consumer segments is error-prone due to factors including posturing, respondent bias, and research fatigue.
The myth surrounding social listening tools or dashboards is that you cannot get a robust sample because the data is not representative of your target segment. At MavenMagnet, we take a completely revolutionary approach towards market research sampling to address this concern.
- Our approach to sampling is technology-based where the size of the sample is in tens of thousands and is determined by the number of consumer conversations required to form strong and stable insight patterns.
- We collect conversations from all types of digital sources that go way beyond social networks to include blogs, news sites, forums, reviews and rating sites, and special interest discussion groups.
- We collect data from wherever there is availability of public data while being compliant with privacy laws and guidelines.
- Our distribution of data sources maps to the consumer spread online to get a perfect representation of your target segment.
MavenMagnet has been at the center of disrupting the current customs and practices in market research. We use the most advanced technological, analytical, and statistical techniques to provide insights that are representative, credible, and actionable to help you make great business decisions.
Brands want to listen to their customers. A baby care brand wants to focus on lactating moms and understand the perceived benefits of their product vs. key competitors. A diabetes glucose meter manufacturer wants to better understand the viewpoint of patients with diabetes, endocrinologists, and diabetes educators to uncover emerging trends and better understand which product benefits are driving brand preference. An industrial printer manufacturer needs to identify the factors that are driving brand preference for small and mid-sized businesses.
The general myth created by social listening tools or dashboards is that you cannot garner insights from digital conversations when you want to focus on specific target segments. Dashboards use brand and product keywords to provide a data dump of anyone and everyone talking about your products. MavenMagnet is transforming the market by providing you the capability of targeted listening on virtually any demographic and/or psychographic break.
We track and analyze all the social networks but go much deeper to include specialized areas such as professional forums, communities, blogs, chat rooms, reviews, news feeds, etc. to find the conversations among your target segments. We use advanced technology to identify the customer personas. Our data aggregation technique captures the context of conversations to understand if an individual is a considerer, purchaser or advocate of your product. We focus on your target segments to provide qualitative insights on a quantitative scale, true customer voice using a “discovery” approach (not questionnaires), and key performance indicators to track and evaluate progress.
MavenMagnet has developed innovative technological capabilities to enable targeted listening. We are fully GDPR compliant and adhere to the most stringent industry and government privacy standards. We extract valuable insights and provide actionable recommendations by analyzing thousands of conversations among your target customers.
Brands seek emotional connections. But they are hard to define. Traditional market research uses surveys and focus groups, both of which are severely limited in capturing emotions. With questionnaires, open-ended questions still limit the level of expression. With focus groups, you can’t be sure of participants’ mindsets or that you are capturing their true emotions; often they sit knowing they are talking to a company about a product and wondering about how others in the group perceive them.
MavenMagnet uses a completely different approach. It gathers data from all sorts of digital sites: blogs, news, forums, reviews, and social networks. This is where people express their thoughts and recommendations which often have emotional overtones. We capture these emotions to deeply understand the perception of your consumers or customers. Emotions stir the pot of conversations. They polarize the flow of discussions. And they are truthful as your consumers and customers talk among themselves.
We are not asking them questions. Their opinions and emotions shine through.
We analyze thousands of conversations with precision and nuance. Not only can we identify positive and negative sentiments, we can identify key drivers as well as the level of engagement and impact for each driver. We can do this at the category or market level and for any target segment. We can do this in relation to your competition. We can create key performance indicators to track your brand and campaigns. And we do all this while understanding the consumer emotions, leading to true insights.
Has the marketing community set the bar too low? We think so. Marketing professionals focused on social media mining believe that their current social mining tools or dashboards – as they are commonly called – have set the bar for the possibilities of analyzing information on digital platforms. They are barely scratching the surface of a massive pool of data available beyond social sites and they settle for flawed research methods.
How does MavenMagnet differ?
- Artificial Intelligence instead of Boolean Logic Eliminates Bias — Social listening depends on using Boolean logic i.e. the paring of adjectives required to make the sample size manageable. Our proprietary software and algorithms understand the context of the conversation. For example, if you were using a social listening tool to track Cricket mobile phones you have to add a modifier such as “mobile” or “phone” to make the search manageable and avoid irrelevant references to the bug, the game, the bat, the lighter. But people don’t talk using modifiers so many valuable comments are lost in the screening.
- Data Beyond Social Networks — We track and analyze all the social networks but go much deeper to include specialized areas such as professional forums, communities, blogs, chat rooms, reviews, news feeds, etc. We can also fully integrate any data sources to which your company subscribes.
- Qualitative Research on a Quantitative Scale — We are not a dashboard. We deliver a fully analyzed in-depth report that is synthesized down to key insights and actionable recommendations, appending verbatim to each of the insights from the quantitative assessment. We provide the context, nuance, and texture of qualitative research but provide it on a totally representative and projectable scale.
- EU GDPR compliant — We adhere to the most stringent industry and government standards.
At MavenMagnet, we have long been disruptors. Our patented technologies and technique garner insights that are of such quality that they map to market performance. We have created a new path-breaking approach to market research: qualitative insights on a quantitative scale, a “discovery” approach based on true customer voices (not questionnaires), verbatim available for creative development ranked by impact, analysis and integration of huge data sets, measurement and key performance indicators, and results in four weeks or less. But our key challenge is to demystify the belief that social media monitoring tools have set the bar. We’re way past it.
Facebook’s recent data breach and EU GDPR coming into effect in May place a spotlight on privacy issues. At MavenMagnet, our operating principals of adhering to the strictest privacy standards have guided us since our inception. At the beginning, we envisioned a new method for market research, a method that would use immense digital data sets culled from publicly available information, applying our patented technologies to analyze the data in a statistically reliable manner.
While we worked hard to develop our proprietary technologies and process, we were ever mindful of the privacy needs of the customers and consumers we would study. We have always followed the highest privacy standards.
- We use data only as part of custom engagements for our clients. Our insights are used for holistic decision-making about brands, products, campaigns or customer segments. We do not target individuals or micro-target ads on Facebook or any other social network.
- We only access public data. We don’t use any app on any social network to gain access to private consumer data.
- We never collect, use or share PII information about any consumer or customer. All our research is macro-level.
- We do not hold data for resale to third parties.
- We are not Facebook dependent. Facebook typically make up less than 15% of the data we use for a typical engagement.
At MavenMagnet our goal is to provide accurate insights and deep analysis while driving efficiency in the research process. We are propelled by science. We are motivated by our clients and their unique challenges. We adhere to the highest privacy standards. Contact us to discuss further.
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.