Just the thought of tearing into a thick, meaty research project is enough to make me salivate. What do I mean by a meaty project? Well, it typically involves one or more of the following:

  • Drilling deep into what the company hopes to accomplish and who it really serves
  • Desire to revisit “established” or long-held beliefs
  • Interest in rebranding and totally changing the company’s marketing direction

And the really juicy projects may include:

  • Millions and millions of data points
  • A huge pool of respondents

Excuse me, I think I need a napkin.

What’s on the menu

A good market research firm (cough, cough – The Olinger Group) offers a wide variety of methodologies and highly skilled “cooks.” That being said, hamburger meat is to prime rib like tactical surveys are to strategic market research projects. They both have their place, but one is infinitely more satisfying.

Meatier projects like foundational research or customer segmentation studies can affect the way an entire organization operates. I am talking about everything from Marketing and Sales to Communication, Forecasting, and Supply Chain.

These projects can enable you to understand your customer so well that you can anticipate and meet their needs before they are even aware of them.

They also enable you to:

  • Conduct targeted marketing campaigns with higher-than-average success rates
  • Develop effective media campaigns
  • Create an efficient supply chain
  • Identify, verify, and act on trends

In other words – you can drive higher sales, increased profits, and customer loyalty.

Do you need a napkin, too?

Appetizer

Are you interested in a taste test of what one of these meaty studies can do for your organization? I am happy to oblige. However, since I don’t want to give away any client secrets, I need to go back to my previous work life at a large grocery store chain.

The grocery business generates a massive database that includes every transaction made. I am talking about millions and millions and millions of transactions per year. The chain I worked for had more than 40,000 SKUs and about 2 million customers. Every sale was time stamped and ready for dissection.

My team and I were fairly foaming at the mouth in anticipation of what we could uncover.

We segmented the transaction types and profiled the times and ways people shop. I am about 100% sure you fit into in one of the main shopping types we identified:

  • Makes one big shopping trip every month and spends hundreds of dollars
  • Shops once every one to two weeks, usually right after payday
  • Shops three times per week, spending about $25 each time

These three groups obviously have different behaviors, priorities, and incentives. However, we learned that individuals within each group had remarkably similar shopping patterns.

For example, we knew what customers in each group typically put in their baskets: how much produce; what cuts of meat; the size of their cereal box; and sugary or salty treats. We also knew who made week-end snack runs.

Armed with that information, the store managers were able to make strategic decisions that targeted specific group needs. Many of those decisions had a direct and immediate impact on sales and profit.

Making a decision

Similar to a restaurant menu, the meatier, “prime rib” research projects are time intensive and more expensive than basic “hamburger” type studies. But if you really want or need prime rib, then the best burger in the world isn’t going to satisfy.  

So, pour yourself a glass of wine and consider your options. We will be ready when you are.

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Published On: August 18th, 2022 / Categories: Foundational Research, Customer Segmentation Studies, Strategic Market Research Studies /

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