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.
A key challenge for a disruptive product is to set the new bar (or standards). The more path-breaking the product, the higher the bar. With every iteration of the product, you raise the bar. The ideal approach to market a disruptive product is to get a few early adopters. The trend-setters, the people who have it in them to embrace innovation. These will be the people who will challenge you. They will imagine things and share ideas. They will see the potential and push you to raise the bar even higher. They will be your mavens. They will help you tell the world that the bar can be set higher.
The bigger challenge is convince the laggards that the current bars are set too low. These are the skeptics, the people who resist. For a disruptive product to get mass adoption, you need these people.
MavenMagnet is leading the charge to disrupt market research. The social media monitoring tools set the bar for what can be done using information on digital platforms way too low. These tools, or dashboards as they are commonly called, are not even scratching the surface as far as the potential of this massive pool of data is concerned. MavenMagnet technology and technique garner insights that are projectable to map to market performance. Over the years, we have been blessed by the early adopters. Every product we develop, ranging from competitive analysis to ethnography to customer journey, we work with early adopters who help us make these product better. We iterate, we develop new features, new products and keep raising the bar.
Our most important challenge is not to create path-breaking products. We know how to do that. We have an active pipeline to keep doing that. Our key challenge to is demystify the belief that social media monitoring tools are doing what can be done using digital data.
Status quo – the existing state of affairs, current customs and practices. In any industry, status quo is something that is widely accepted and used as standards. A disruptive product is something that challenges the status quo. An early adopter embraces the disruption. The product that perseveres through the resistance of status quo reaches mass adoption and sets new status quo.
One of the industries that has status quo set for decades is market research, we commonly refer to as traditional market research. Focus groups of tens are used for qualitative insights. Surveys of few hundred provide quantified projections.
There are quite a few issues with traditional market research. Let’s talk about the top ones. It is plagued with respondent bias. The answers are driven by the questions you ask. There is no discovery based on what consumers want. Research fatigue limits the sample sizes. Time involved in developing the questionnaire, recruiting respondents, collecting data and compiling results is way too long when the average life of products in most industries is down to months. The biggest issue that’s a key hurdle in garnering strong insights is the disconnect between qualitative insights and its natural quantification (again you can get forced quantification using the Q&A process).
What are we doing about it? We are challenging this out-dated status quo.
MavenMagnet is transforming market research. We are taking the entire concept of Q&A out of the research equation. This eliminates respondent bias and let brands hear the real voice of the consumers. The insights are completely discovery based driven by consumer perception. Our sample size is in tens of thousands, so we provide natural projection of these insights. We deliver qualitative insights on quantitative scale in one to four weeks making it actionable for brands to update their positioning, understand their consumers, and optimize their campaigns.
The study was presented at Advertising Week and published in Smart Brief.
MavenMagnet presented exclusive data at Advertising Week on Wednesday that highlights how brands should react to the tense political environment in the US.
The marketing analytics company studied the reaction of British consumers to two distinct campaigns from brands in reaction to President Trump’s proposed immigration ban earlier this year: Budweiser’s television ad that highlighted the beer company’s immigration roots and Nike’s more direct campaign that included an open letter opposing the policy.
In short, Budweiser’s campaign was a win, while Nike’s was not – even though both companies were on the same side of the issue. MavenMagnet assessed that Budweiser garnered a positive “net vibe” of 32%, while Nike saw a negative net vibe of 17%.
The “Born the Hard Way” TV spot traced the immigrant roots of Budweiser’s founder, interweaving the immigration debate with the brand in an authentic way, MavenMagnet CEO Aditya Ghuwalewala said. It drove positive association for the brand while maintaining a safe distance from political and cultural mudslinging.
But Nike’s open letter was far more direct and prompted negative reaction from President Donald Trump and his supporters. It also prompted conversations about Nike’s working conditions around the world, sparking social media posts that included the word “hypocrisy,” and questions around why Nike’s ads focused on African Americans when the America’s immigrants are more diverse.
The findings echo larger conversations happening at Advertising Week about accountability. The lesson for marketers is clear, says MavenMagnet’s Cleve Langton.
“Basically, if you’re going to take a stand, make sure you clean up your own house before you start commenting on somebody else,” he said.
Manhattan, for the most part, is a grid. It is easy to navigate. The simple layout of the city makes it intuitive and predictable. You can go from point A to point B without much effort.
Indore, my hometown in India, or for that matter most cities in the World that are not developed on a grid pattern, can be called a maze. It is not easy to navigate unless you have a GPS or have intimate knowledge of the place. The city has grown without a planned layout, so to go from point A to point B, you need help.
Grid and maze analogy is a simple way to contrast something intuitive, simple and well-planned to something non-intuitive, complex and in some cases over-planned.
It’s as much applicable for designing products, and even websites and presentations. The most useful designs are the ones that are simple and intuitive. Design that makes the outcome second nature. The design that makes product easy and pleasant to use. The design that doesn’t need a manual (which is equally complicated) to explain how to use your product.
The key is to understand who your customer is and then design your product in a way your target customer finds it pleasant to use. Anything, no matter how complex it is, should be simplified to a level your customer finds it easy to use. Don’t kill the sophistication, hide it or present it in a way that is easy to consume for your customer.
My engineering mindset often pushes me in the direction of sharing with clients the amount of sophistication that went into the technology and technique to extract actionable insights. It is important for the client to know that there is science and data behind what they are using so that they can build trust on the outcome and they use it to make a critical business decision. We present it in a way that is simple for a marketing person to understand the engineering behind our product.