According to a University of Scranton study, 45% of Americans usually make New Year’s resolutions.
ColemanWick is still busy with our resolution from last year: “We shall endeavor to create moderately entertaining content”. This isn’t super easy, since customer data isn’t exactly the sexiest of topics. In the checkout line you never see research studies selling next to the tabloids (even though “Inquiring minds want to know” pretty much sums up the psyche of a researcher).
Last year, 40 film trailers were shown to more than 1,000 people, measuring their heart rate, breathing, how much they sweated, their motion responses, and what their eyes focused on. Using the results, they found they could predict box office hits.
According to Fast Company magazine, “If a film’s trailer fails to reach a specific emotional engagement threshold, it will very likely generate less than $10 million in revenue on opening weekend.” But a film whose trailer exceeds a certain engagement threshold “will very likely earn more than $20 million the first weekend”. This got executives at Fox and Paramount to take their feet off their desks.
Neuromarketing is here, big time. It uses tools such as magnetic resonance imaging to map the brain as it reacts to TV and print ads, websites, logos, new products and packaging, etc. By observing which areas in the brain react, neuroscientists can, to varying degrees, predict consumer preference.
Explaining the importance of customer data-driven decision-making is usually met with little backlash. Who doesn’t love “big data” and big numbers? But sometimes the most useful insight can materialize from “small data.”
Enter: focus groups. “Wait a second,” you may be thinking, “what can a small group of people sitting around a table tell me about my product or service that I don’t already know?!”
There are several methodologies guiding researchers use when defining the research problem correctly. Let’s take a look at two of them.
You probably know that many of the world’s most famous and widely-used brands became successful by accident. Slinky, Silly Putty, potato chips, penicillin, microwave ovens — the list goes on and on. These items were all either by-products of efforts to make something else, or were simply attempts to solve one problem, yet turned out to solve everyday problems around the world.Read More