Business Research: A QuickStudy Laminated Reference Guide [2 ed.] 9781423238867, 1423238869

Table of contents :
Business Research
WHY CONDUCT BUSINESS RESEARCH & ANALYZE DATA?
BUSINESS RESEARCH TYPES
USEFUL BUSINESS & RESEARCH SITES
RESEARCH INFORMATION ON FUTURE TRENDS
SURVEYS
FOCUS GROUPS
SAMPLE FOCUS GROUP MODERATOR GUIDE
ONLINE FOCUS GROUPS: PROS & CONS
THE WORLD OF PASSIVE DATA & ANALYTICS
SOCIAL MEDIA
THE FUTURE OF BUSINESS RESEARCH

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WORLD’S #1 QUICK REFERENCE GUIDE

Trends, surveys, focus groups & sample moderator guide, passive data & analytics, and social media

WHY CONDUCT BUSINESS RESEARCH & ANALYZE DATA? • Allow for compiling and analyzing the latest available information in support of various concepts or ideas before it is communicated to others or prior to marketing new products and services. • Expand a company’s knowledge base, especially in regard to its customers, and build upon previous knowledge. • Become the source of the “who, what, when, where, why, and how” to conduct business. • Provide new strategies and pathways to bringing products and services to the marketplace. • Provide the support needed for actionable objectives across silos.

Business organizations must be able to move ahead quickly to stay competitive in an ever-changing global economy. While traditional methods, such as conducting focus groups and face-to-face interviews, still deliver the qualitative research businesses need to roll out a new product, make a change, or gauge customer satisfaction, companies must be actively collecting and analyzing online, social media, and mobile data to ensure their survival in the years to come.

Smart Companies Know That Research & Data Analytics: • Provide accurate information to answer questions, support hypotheses, provide insights, uncover patterns, and make predictions.

BUSINESS RESEARCH TYPES

USEFUL BUSINESS & RESEARCH SITES

Primary

• Government sources: The largest source of data in the country, government sites can offer information on demographics, economic conditions, and more. Businesses and the general public can access the information for free.

• Primary research is information directly obtained from the source. EX: Personal interviews, results from surveys, focus groups, case studies, and assessments • Online datasets, while passive in the nature of their collection, can support traditional primary research methods.

Secondary • Secondary research is information obtained from materials already published or information that is widely accepted or generally known to be true. It is best used for background information. EX: Books, industry journals, online newspapers and magazines, government studies, etc. based on the ideas of others who have experience in a field of study, an opinion based on their ideas, or research of others’ ideas • Secondary research provides information about best practices, new trends, competitive markets, public opinion, and other issues in areas impacting the economy. • Information must be evaluated to ensure that it is accurate, timely, and reliable; the information produced by secondary research either supports or disqualifies the hypothesis.

Secondary Research: Helpful Sources • New businesses may find secondary research the place to start. It is easier and less expensive to access than primary research (many online sources provide free information) and provides the background to inform more in-depth market research. • Secondary business information available online includes corporate information, sales prospects, contact information, company websites, financial information, public opinion, press releases, professional and trade associations, conferences and seminars, industry information, government and legal requirements, advice from experts, international resources, and information resulting from trending topics, searches, hashtags, and keywords.

• •

Sites Including Business-Related Information

U.S. Small Business Administration (www.sba.gov) Provides statistics on manufacturing, employment, trade, and small business statistics; the site includes tools for small business owners and startups, such as the SizeUp tool (www.sba.gov/tools/sizeup), which allows businesses to analyze cost effectiveness, locate competitors, find the revenue per capita per neighborhood, etc. Bureau of Economic Analysis (www.bea.gov) Provides GDP figures, trade, corporate profits, investment, and state economic factors. U.S. Census Bureau (www.census.gov) Provides interactive applications, such as www. usa.ipums.org/usa/, to locate and analyze data on population, demographics, employment, statistics on businesses in the U.S., and much more. Securities and Exchange Commission Filings (www. sec.gov/edgar.shtml) Provides information from the Forms 10-K and other reports that give users the ability to analyze market risk and more.

• Standard & Poor’s Industry Surveys (www. standardandpoors.com): Provides industry profiles and company information, including industry and company data. • Hoover’s (www.hoovers.com): Up-to-date corporate and financial information on 85 million public and private companies around the world; offers data analytics services. • Corporate Information (www.corporateinformation. com): Keyword resource for research reports, company

• •

• • • • • •

Some databases and useful sites require subscriptions to make the best use of them.

profiles, financial information, and analysts’ reports on national and international companies. Business.com: Business-related search engine. ABI/Inform (Global) (www.proquest.com): One of the largest digital subscription sources of business information, with complete bibliographic information, indexing, abstracts, and full-text articles from business journals. FindArticles (www.findarticles.com): Provides access to a comprehensive range of news, business, legal, and reference information. Wall Street Executive Library (www. executivelibrary.com): Provides comprehensive content areas, including newspapers, privacy resources, top downloads, technical support and tools, business publications, corporate website links, public records, quick reference tools, government guides and federal forms, business toolkits, encyclopedias, grammar and usage, and libraries. CEO Express (www.ceo.com): Comprehensive site with extensive links to a variety of useful information and other sites. BizStats (www.bizstats.com): Financial information and statistics on competitors; includes valuation tools. Zoom Prospector (www.zoomprospector.com): Helps companies find ideal locations for their business by connecting to demographic data. FreeLunch (www.economy.com/freelunch): Provides trends regarding the economy; includes financial data. Soundview Executive Book Summaries (www. summary.com): Provides summaries in multiple formats of business books. Pew Research Center (www.pewresearch.org): Provides public opinion polls and trend information about various subjects that may impact businesses.

RESEARCH INFORMATION ON FUTURE TRENDS Business Podcasts

To stay in business, good companies understand people’s lifestyles and how they affect business practices and the communities being served. The successful company has effective methods to determine if change in the marketplace requires an alternate business plan or course of action. Online sources and podcasts for that kind of information may be found in the following:

Podcast information may vary depending upon the industry and the nature of the business (B2B or B2C), but it often delivers insights, trends, and other market information. • HBRIdeaCast (Harvard Business Review) • Six Pixels of Separation • Marketing Smarts (MarketingProfs) • Entrepreneurs on Fire • The $100 MBA • Business News Daily (BBC)

Business News & Information Sites & Online Magazines · · · · · · · ·

Harvard Business Review: www.hbr.org Fast Company: www.fastcompany.com Entrepreneur Magazine: www.entrepreneur.com Forbes Magazine: www.forbesmagazine.com Inc. Magazine: www.inc.com BusinessInsider: www.businessinsider.com The Business Journals: www.bizjournals.com Strategy and Leadership: www.emeraldinsight.com

A Word about White Papers • Unless compiled by a government or unbiased agency, commercial businesses generally compose white papers for purposes other than educating the public. • White papers may contain both primary and secondary research, but aim to announce a new product or service or highlight trends in an industry that directly affect the company’s business. They are persuasive in nature, and readers may need to sift through 1

Research Information on Future Trends (continued )

biased information if they are looking for statistics and other factual support of their business initiative.

Other Tools for Monitoring Trending Topics, Searches & Market Information GOOGLE ALERTS

• Google Alerts (www.google.com/alerts) and similar services create custom news feeds based on your topics of interest. • This information could be as broad as national news related to your industry or product, or as specific as an alert when your brand is mentioned in blogs and social media.

GOOGLE TRENDS

• Google Trends (https://trends.google.com) offers powerful insights into search and content trends. • This service helps a business find popular search keywords, topics likely to improve SEO (search engine optimization), and a general view of the marketplace. • Research can be refined by date, geography, topics, and other factors that help the business focus its understanding of the audience, its interests, and its behavior.

HASHTAGS

• With social media accounts like Facebook, Twitter, and Instagram, businesses can monitor and/or automatically follow hashtags of interest to track content in real time. • Various websites and apps, ranging from free to enterprise-level service, offer hashtag tools to monitor the popularity, performance, and connectivity of hashtags. This allows the business to monitor areas of interest to its audience and to discover related interests and concerns. • In using social media for marketing, this “trending” research enables a more informed use of hashtags that will help businesses be seen and track the performance of hashtag strategies.

KEYWORD PLANNING

• A variety of paid and free services are available to discover the popularity of keywords (search terms). • Google’s AdWords Keyword Planner is targeted to businesses that are purchasing sponsored ads that appear at the top of Google search results. -- This service helps businesses not only to understand what their customers are most often searching for online, but also to identify and focus their key differentiators for competitors and to make their paid keyword advertising more efficient. -- It can be an effective research tool for gauging the performance of marketing campaigns. EX: Would a local restaurant draw more traffic by advertising lunch or dinner specials? -- Businesses can compare audience response to different search terms and messages. • Geographically focused research about what customers are searching for online and their subsequent behavior can offer valuable insights into potential in the marketplace. EX: If a bakery business bakes birthday cakes, Keyword Planner will show that “birthday cake” has many more searches per month than “birthday cake bakery near me,” but that “near me” has a higher value and more competition for search results. This is because the more specific search leads to more conversions (visits, sales, etc.) for businesses than the more general term. PRIMARY RESEARCH TYPES Gathering Information Methodology Purpose

Benefits

Disadvantages

Questionnaires, surveys, checklists

Obtain needed information from many people

Anonymous respondents Inexpensive to administer Data can be easily analyzed Samples for use already exist

Feedback is not always accurate Biases of respondent Need expert to determine proper sampling Responses can include interviewer bias

Interviews

Deal directly with people and their experiences Ability to probe answers

Depth of information Time Build relationship with the Difficult to analyze customer/group member Costly Can adapt to individual needs

Focus groups

In-depth study that Consensus impressions uses group processes Efficient way to obtain and reactions data in a short time Useful in marketing

Responses are difficult to analyze Need a trained facilitator Can be difficult to schedule groups of people

Case studies

In-depth study of one Compelling portrayal of subject or person the effect of programs or at a time services to stakeholders

Time consuming Represents the depth of one person or one topic rather than the breadth

Surveys & Focus Groups

· The purpose of these methods is to determine what customers and the public think or know about your products or services. · Additional information that can be compiled includes data related to benchmarking, tracking, customer and employee satisfaction, pricing, promotions and brand awareness, surveys of competition, assessment of marketing strategies, new product development, available technologies, suppliers and vendors, raw material, and staff recruiting and hiring. · These methods are effective for quantitative and qualitative measurement in business organizations, government institutions, and not-for-profit agencies requiring opinions of preferences and pattern and characteristics of opinions. · Results often lead to new marketing concepts or programs and services. They are used to make informed decisions that will boost profits or build an organization. · They can be used internally in organizations for strategic issues, to develop management, assess quality issues, and improve systems and processes.

SURVEYS Survey Methods Surveys are used to develop in-depth interviews of small and large demographically chosen groups. They can be conducted in-person, in writing, by phone, or online. Questionnaires must be developed and written so the answers reflect the specific information required and should relate to the needs of the organization. In order to obtain the most useful, valid, and reliable information, a trained professional should develop appropriate questions. • When reporting the survey results, include the number of persons participating (often called the sample). • When using surveys sent randomly to potential customers or to determine patterns of thought, a 10% respondent rate is considered a good response. • Unless conducted one-on-one, survey results may be difficult to interpret and determine if the respondent was being unbiased and/or truthful. Questions to double-check the validity of answers should be included. • Questions can be open-ended, yes or no, choice ratings of items, rank-ordered, or other variations. Make certain that results can be interpreted easily from the answers given.

Online Surveys BENEFITS OF ONLINE SURVEYS

• Online surveys are convenient and easy to use. • Online surveys can be used throughout the process, from uncovering consumer background and demographic information to acquiring feedback on specific product elements or new services, to gauging overall brand loyalty or awareness. • Online surveys can reach the target audience through multiple channels, such as websites, email, social media networks, and mobile. • Most online survey applications offer similar features, such as customizable templates with sample questions, a user-friendly interface, tracking email respondent capabilities, and options for viewing, filtering, and correlating data. • Some online survey services allow users to buy access to a pool of survey respondents that meet their specified demographic requirements.

Sampling of Online Survey Tools & Services:

· SurveyMonkey: A popular tool with a free version available. · SurveyGizmo: A top survey tool rated by PC Magazine in 2017. · SoGoSurvey: Allows the creator to place an end-date to the survey. · GetFeedback: Works well on mobile. · FluidSurveys: Offers more robust survey capabilities. · Checkbox Survey Review: Highly customizable. · Zoho Survey Review: An easy-to-use survey tool.

DRAWBACKS OF ONLINE SURVEYS Online surveys can pose some issues, especially when ensuring the information is reliable. The following are caveats: • Methods of surveying do not always assess real usability of a product or service. • They may be misleading or several levels removed from the truth, since users often rationalize their thinking based on the survey methods or their experiences. • Some online survey respondents may try to manipulate the system and take survey after survey simply to receive payment. Responses can be untrustworthy and skew results. • Respondents may start a survey with good intentions, but if the survey language becomes difficult to understand or the process is time-consuming, they may resort to haphazard clicks to complete it.

FOCUS GROUPS

Research Process

Guide to Focus Groups

1. Identify needs. 2. Determine method of gathering data. 3. Develop goals, objectives, and expected outcomes. 4. Create a questionnaire for surveys or a script for a focus group. 5. Choose an appropriate demographic group. 6. Distribute surveys (in person or online) or schedule and hold focus groups. 7. Make recommendations, inferences, or conclusions based on data. 8. Implement results. 9. Evaluate the process and the results.

A focus group is an informal or formal strategy to assess user needs and feelings before a product or service is introduced or after it has been implemented. It is another name for a group interview or a group discussion to elicit information on a given topic. These groups provide an understanding of the assortment or collection of opinions, beliefs, and feelings about a given topic. Information from focus groups is a qualitative research technique and can be used to formulate further specific research needed to provide quantitative interpretations. Opinions of a focus group can be the basis of formulating a questionnaire that produces data that can be quantified or measured numerically. 2

Definitions & Language

A GOOD FOCUS GROUP:

• Produces spontaneous responses from a small number of persons (4–15) led by a skilled facilitator who keeps the discussion moving and on target. • May be one of simultaneous groups going on at one time or a series of groups dedicated to the same topic or idea. • Should include a variety of products or samples to produce unbiased results. • Allows discussions that appear to be free flowing, yet must be pre-scripted to keep them moving and to make certain that all involved contribute their ideas or feelings. • Records responses accurately for data analysis. Video and/or online recording is often used. Participants must sign a release of information statement. • Compensates participants with actual cash or with a company product for their participation. Names of participants are not generally published; however, the demographic group they represent can and should be made public. • Provides an advantage of collecting more information from a group in a short time period while simultaneously checking the reliability of the information. Checks and balances are usually present within a focus group if it is a cross section of the population. • Requires considerable group process skills to make it effective and efficient, as power struggles among participants can occur. The major disadvantage of focus groups is that only a limited number of questions can be covered. Some research indicates that there be no more than ten questions per hour. • May run different subgroups for differing members of a population based on age, ethnicity, race, gender, religion, or other diverse factors. However, if data is used to formulate information related to any or all of the above differences, it should be noted in the methodology or sampling report. Note: Participants usually represent a sample of the population whose ideas or opinions will be of value. Note: Do not use a focus group if the intent is not research, when a group discussion is not appropriate, when participants and the topic are not carefully matched by experiences with the subject material, or if you do not intend to validate the information with other research methods.

Understanding the jargon or terminology associated with the process of research will help determine the levels of research you want to conduct or what kinds of results you expect from others conducting the research for you or your company. · Facilitator: Trained person who consults with owners or key personnel of a business or organization to determine session objectives and plans. The facilitator develops a strategy for the methods and approach to achieve focus group session objectives while at the same time managing the group to keep their focal point on achieving desired objectives. · Brainstorming, values voting, group writing, decision-making, process modeling, story boarding, and mapping are group activities and processes used often in focus groups. · Cross-sectional studies: Take place at a single point of time, measuring or studying a “slice” of information or a representative group. · Longitudinal study: Takes place over a duration of time and includes two further distinctions. Multiple measurements of time are known as a time series and should include at least 20 repetitions of the study. Repeated measures of study do not, in general, require more than two or three repetitions. · Fallacy: An error in reasoning based on mistaken assumptions or conclusions. It usually occurs if one makes conclusions about individuals within a group when analyzing group data, or, conversely, if one assumes that an entire group thinks or believes the same way one or two individuals think or believe. · Unit of analysis: Represents any of the following in a research project: individuals; groups; artifacts (books, photos, newspapers); geographical units (towns, states, counties); social interactions (relationships, divorces, arrests). · Quantitative data: Based on making judgments using numbers. This type of data leads to making qualitative decisions or assumptions. · Qualitative data: Not based on numbers; usually associated with descriptions, pictures, and recordings, but can be manipulated numerically by translating or transforming information into units of measurement.

SAMPLE FOCUS GROUP MODERATOR GUIDE

Ranking Sheet

• Hand out a ranking sheet (a separate sheet). ____ Names of other companies using Ask them to please rank the items from 1 to 5 products in order of importance when deciding to make ____ Percentage of marketing costs tied to cost of product a purchase; 1 is the least important, and 5 is ____ Success stories of companies the most. that used products -- From last year’s promotional materials (print ____ Can get more information on or otherwise), do you remember which: website and social media pages ›› Attracted your attention the most? ____ Colors used ›› Did not attract your attention at all? ____ Style of design • Have the group use the tablets to find the ____ Other website and attempt to complete a purchase. -- Some questions to ask: ›› What was your first reaction to the website? ›› Did the design, graphics, or photographs influence you in any way? ›› What do you think about the content? Is there too much text? Is it easy to understand? Did it fulfill its purpose? ›› What do you think of the navigation? Was it clear? Could you get to where you needed to easily? ›› Were you able to find the products easily? Were the features of the products clear? ›› Do you think the website appeals to both new and returning customers? Why or why not? ›› Would you be influenced by the promise of (incentivized savings/free shipping/ other bonus) for (X) amount of money spent? ›› On a scale of 1 to 5, with 1 being the easiest and 5 being the most difficult, how would you judge how easy it was to navigate this website and complete a purchase transaction? • Hand out a series of statements (on a separate sheet) about a special incentive program your company is offering. -- Would you be more or less likely to order, or would it make no difference? • Hand out printed materials. The following general questions provide a guideline to get the information you need. -- Have you seen this (brochure/flyer/coupon/ad)? -- Does the (brochure/flyer/coupon/ad) help you determine if you will or will not place an order? Why or why not? -- Would customizing this to your region (or other factor) make a difference? -- What could we do differently to make this a better (brochure/flyer/coupon/ad)? • If you have them, distribute key materials from a competitor. -- Ask the same questions. • If you have a video or web ad presentation, project it for the group -- Did you have an emotional connection? -- What was your reaction to the video? -- Did it have any influence on whether you made a purchase? -- Provide any overall comments.

This general outline can be used to facilitate a large variety of focus groups; customize it to fit your needs.

Determine What Information Will Be the Goal of the Focus Group • Some examples of questions you might want to address: -- What marketing information and promotional materials are necessary to provide the potential purchaser with the information they need to make a decision? -Some purchasers already trust this company’s current products and others want more detailed information. How far should we go at gaining the attention of customers to carry out that information? Can we offer a minimum of information through online ads, but refer them to the website or other sources for additional information? • The answers to these questions will influence the questions posed to the focus group.

Setup & Pre-event • Have a “greeter” at the front desk and a check-in table outside the conference room. • The room will be set up with the tables connected in a small square. • Participants will check in and get a nametag or badge. • Allow approximately one half-hour for check in.

Materials • Nametags with the names of participants on them • Computer/Projector • Easel with paper and markers • Pens and pads of paper at each place • Laptops or tablets to display a website, videos, etc., and print materials

Introduction by Facilitator • Thank everyone for participating in the focus group. • The facilitator may say something like, “By joining us here, you already know that you’re here to help evaluate promotional material (website, web ads, social media presence) for (company name). The purpose of our group meeting will be to help us determine what marketing efforts will improve our communication with you on this coming year’s products.” • Make sure to tell the group the time the discussion will end. Usually one and a half hours is sufficient.

Introduction to Focus Group Ground Rules, Procedures & Dynamics • Seek to generate a wide range of opinions. • Emphasize that there are no right or wrong answers. • Remind people to be courteous and to speak in turn or when called on. • Inform the group that the meeting will be video recorded, and staff members who are watching will also take notes. Reassure them that videos and notes will not be used for any purpose other than to produce results for the marketing department. • Take a moment to allow the group members to introduce themselves. Usually their name and occupation are sufficient.

Summary & Wrap-Up

Focus Group Interaction

• Be sure to thank each participant. • A cash gift or product is customary compensation. • Note that the information will be collated and evaluated by the marketing department. • You may or may not want to send results to participants.

• Before handing out promotional materials/tablets with a website or other digital information, ask an open-ended question: -- What do you want or need to know before making your decision to purchase? 3

ONLINE FOCUS GROUPS: PROS & CONS Online focus groups can replace in-person sessions. They offer a host of benefits, such as convenience and low cost, but, similar to online surveys, there may be a loss of control over the data collection experience and, potentially, the quality of the data collected.

Pros

Cons

• It is convenient for focus group participants—participants can take part in the focus group in any geographic location using video or other conferencing technology. • There are no travel expenses for focus group facilitators. • Participants of varying demographics and regions can be included to collect more diverse viewpoints. • Participants may feel anonymous in their participation, which may improve the quality of feedback. • Information is quickly compiled (especially if responses are typed in).

• The facilitators cannot control the environment of the participants. • Technological connectivity and access issues may impede the collection process. • The facilitator may need to be particularly skilled in keeping the attention of the participants and making the conversation feel natural; the facilitator cannot use nonverbal signals from participants to gauge the participants’ reactions. • Participants do not benefit from the dynamics of a group of people (encouragement, support, healthy debate, etc.) when giving information. • They are usually shorter in length than traditional focus groups, which may not be enough time for all participants to share adequately.

THE WORLD OF PASSIVE DATA & ANALYTICS Why Collect & Analyze Passive Data? • Data from online, mobile, sensors, and other sources provides businesses with real-time information regarding how a large and varied group of consumers find, purchase, use, and feel about their products or services. • While it is “passive,” in that it was not directly collected from sources, it has become a wealth of information for businesses today. • When analyzed, such data can lead to unique insights that can be difficult to discover with more traditional methods of market research and data collection such as focus groups and interviews.

• Website analytics helps with A/B split testing online, where separate landing pages on a website can be used and monitored to see which of several efforts is proving most effective. • Google offers a downloadable app, a demo account, online courses, and a help center at https://analytics.google.com. Visitors can learn everything from the benefits of digital analytics to more detailed guides on creating reports, dashboards, and AdWords campaigns. Other videos and written tutorials on Google Analytics are widely available online.

Website Visits for the First Quarter

What Questions Can Be Answered with the Help of Passive Data? • When is the best time of year to market our new product/service? • What channels (social media, website, mobile, and other) will be the most effective in marketing the product/service? Which channels in the past have had the highest return on our marketing investments? Which channels are employed the most by our competitors? • In terms of website transactions, are there searching/purchasing flaws that can be improved before the rollout of a new product/service? Where in the transaction process does abandonment occur? • What type of product/service do consumers really want? What features are they most interested in or attracted to? • How much interest has there been in the competition’s products/ services or recent marketing campaigns? • What customer segment could we approach with a test launch? • Are there social media influencers who have a high regard for our brand? How much exposure might they bring to our new product/ service? What is their previous and current reach? • What are the probable sales forecasts regarding this new product/ service?

Website Analytics Overview: Google Analytics is a free service for websites that allows a business to track traffic to its website with great specificity. • Questions that can be answered through the use of the service include: -- Where did the traffic originate from in terms of geography and referring websites or search engines? -- What search terms did visitors use to find the site? -- How much time did visitors spend on each page, and how did website traffic change from one day to the next? • Insights are critical in gauging the audience’s response to businesses’ marketing efforts. Did a print advertisement yield more traffic to the website than a paid keyword campaign? Analyzing website traffic in response to marketing events gives the business important insights into what their audience does and doesn’t respond to.

Search Traffic Referral Traffic Direct Traffic

Analytics reports can show a business a breakdown of their web traffic and its sources. Users can view data such as this, and other metrics, displayed on a user-friendly dashboard.

Google Analytics: Available Reports Google Analytics is organized around the creation of “reports” of data, which are highly valuable in researching the audience and refining strategies. All reports can be refined by date ranges and other factors that help identify meaningful data patterns for the business. REPORT TYPE

PURPOSE

Real time

Allows the business to track real-time usage of its website, which can be useful to monitor audience response to campaigns, events, and other time-sensitive promotions.

Audience

Detailed demographic, geographic, and other data for website visitors. This will provide data about users’ physical location, age, gender, device, browsers, and more. Google even tracks user interests (other categories of websites most frequently visited) based on browsing behavior. This highly valuable “psychographic” data that pertains to the personality, values, and lifestyles of the audience can be of great value to the business when considering marketing campaigns.

Acquisition

How did visitors arrive at the website? Through search? Via links from other websites or advertisements? Via paid Google AdWords? This data helps the business understand the effectiveness of its marketing and promotional efforts.

Behavior

How did visitors use the website? Which pages were visited and for how long?

Conversions

The Conversions report is a more advanced feature that allows a business to define trackable objectives (e.g., making a purchase on the site) to determine how efficiently these conversions are being made.

Passive Data & Analytics: Definitions & Language

· KPI (Key Performance Indicators): Measures of success for a given business objective. These are important to integrate into any strategy to assess whether the strategy works. · Algorithm: A set of rules or instructions that a computer will follow to process data. · Garbage In, Garbage Out (GIGO): Ensuring data is clean and reliable before analysis takes place. · Concrete data: Data that is continuous in nature (e.g., data related to time). · Discrete data: Data that can be counted and is finite in nature. · Longitudinal data: Data that occurs over a period of time. · Attitudinal data: Data that relates to customers’ attitudes, opinions, sentiments, feelings, etc. · Descriptive data: Data related to demographics and preferences. · Transactional data: Data related to customer transactions (e.g., types, frequency, amount of purchases) that allows for transactional analysis. · Behavioral data: Data related to customer behaviors (e.g., browsing and purchasing). · Business Intelligence (BI): Process, analysis, and presentation of information regarding a business; supports strategy development. · Customer analytics: Analysis of customer data, including but not limited to transactional, satisfaction rate, abandonment rate (starting a transaction and not

· Passive online data: Data and research gathered from tracking online activity, such as visiting websites, making online purchases, and searching keywords or hashtags. Although this type of data collection is not based on specific questions asked (as in traditional market research), insights can be gained from analysis that answers a variety of business questions. · Data mining: Sifting through and inspecting large data sets to uncover patterns and relationships. · “Big” data: Describes the overly large amount of data pouring in from various sources, such as online and mobile activity, that affects today’s businesses. While larger companies may need to enlist the help of third-party vendors or build data analytics departments to collect and analyze these datasets, small to mid-size businesses may be able to collect and “mine” their own data using available tools or platforms. · Data analytics: Compiling and analyzing data based on useful criteria. EX: For smaller oranizations: collecting and graphing data to show the distribution of the ages of users or website visitors. · Metrics: A measure used in tracking business data. 4

Passive Data & Analytics: Definitions & Language (continued )

completing it), number of website visits, and other behaviors to uncover patterns and insights. · Variable: Aspect of a product/service; includes dependent variables (those that cannot be controlled, such as customer satisfaction) and independent variables (those that can be manipulated, such as pricing). · Predictive analytics: Historical data used to help predict future outcomes (i.e., in terms of the consumer, how retailers determine what other products you might like to learn more about or purchase immediately after a single search). · Predictive modeling: Using software programs to pick up on patterns, such as behavior patterns related to customers, to aid in making predictions of future outcomes. · Social media analytics: Collecting and analyzing data from across social media networks (Facebook, Twitter, Instagram, LinkedIn, etc.) and social content, such as blogs.

· Mention (social media): Use of a company’s name, products/services, competitors, industry, and other related information on any social media channel to provide a business with an idea of the total volume of conversation occurring. · Sentiment (social media): The feeling, attitude, or tone of a comment or mention on social media; measuring sentiment provides context. · Quantified self: Data about a person’s health and wellness captured from personal devices (e.g., data from monitors of fitness and activity). · A/B split testing: Comparing two strategies to assess the effectiveness of each. EX: Present two different Facebook ad campaigns to two comparable audiences and then compare the response to each campaign. · Geographic segmentation: Analyzing or targeting an audience based on their physical location(s); used frequently in social and web marketing. · Customer segmentation: Analyzing or targeting an audience based on demographics such as age, gender, income, and occupation.

SOCIAL MEDIA Engaging Your Audience to Collect Data

INSTAGRAM INSIGHTS

Overview: As with Facebook Insights, the Instagram Insights tool allows businesses to capture and analyze follower data and to study the effectiveness of posts. • A “business” Instagram account (a business profile that has been linked to a company’s Facebook page) is required to access Insights. Users should find a Switch to Business Profile link in the Account Settings section to get started. Businesses are able to switch back to a personal account if they do not see benefits with the business account, but any data they have gathered in Insights will not carry over to the personal account. • Access Insights through your profile (tap the bar graph icon) or by post (tap the View Insights link at the bottom of a post). Data provided is derived from the past week of posts and not before; weekly Instagram data can be recorded into graphical representations, just like other online data, so businesses can track information over a set period.

• While tried-and-true methods such as focus groups and surveys can yield detailed and valuable information and insights about a businesses’ marketplace, brand, or product/service, they do pose certain difficulties. The time and cost to execute, the limited size and scope of the audience, and the need of eliminating bias with the right questions all make these methods challenging. • In the businesses’ own posts on blogs, social media, e-newsletters, etc., encouraging audience feedback and discussion can be useful in gauging the effectiveness of marketing strategy. This must be done with some care to limit unproductive and overly negative feedback. • Monitoring content, especially reader comments on blogs, news, and social media channels, gives the business more impartial and broader insight into the mindset and concerns of its audience at a fraction of the cost of traditional focus groups. The business can join in discussions to solicit feedback from its audience, which can be used to refine marketing and product strategy.

Likes per Type of Post

Keep in Mind

• Sometimes research of existing audience behavior cannot be conducted effectively because the business, product, or message is too new or unique in the marketplace to provide sufficient data. Although true of many successful businesses and campaigns, novelty creates difficulty in anticipating the audience’s response. • Before investing too much time and resources, it is important to gain more insight from the audience, which is possible with both traditional and online methods.

Week 4

Overview: Offers powerful tools for analyzing audience metrics, behavior, and for reaching an audience based on ingrained attributes. As with Google Analytics, Facebook Insights is a free service that offers businesses a rich mine of data to better understand their audience and the effectiveness of their marketing efforts. • Located in the top task bar of a Facebook page (next to Inbox and Publishing Tools), it offers graphical data showing the numbers and attributes of visitors engaged by a given day, post, event, etc. (includes tabs for Likes, Reach, Visits, and Posts). • A business can see what cities and countries its visitors are from. • This service allows a business to discover which content and type is the best performing (has the most shares/engagement) for them. • The Reach tab shows how many people saw a business’s posts (providing an idea of the size of the audience). Users may zero in on the spikes on the graph to see which content reached the most people, use the Benchmark tool to analyze the Reach over a specified period of time (such as during a marketing campaign), and easily compare averages to determine the strength of a particular campaign. • The Post tab allows a business to view and analyze engagement; see active online times for followers of the page; and pinpoint posts that created the most Likes, Comments, and Shares. • Businesses can view the Engagement Rate for a post to see the percentage of people who engaged with the content (Liked, made a comment, or Shared) out of the number who saw the content. Discovering which posts garnered more interaction can help a business create and maintain a content strategy. • Businesses can download and rearrange data from Insights to analyze other information, such as the number of visitors, clicks, and photo and video views.

Week 1

Product Shot

Using Social Media Tracking FACEBOOK INSIGHTS

Recipe Post

200

400

600

800

1000

• If the business profile has at least 100 followers, businesses will be able to see information regarding follower demographics on the homepage, such as age range, gender, and top locations, usually by city; businesses can also pinpoint the number of new followers they attracted in the last week. • The Impressions metric indicates the number of views for a given post; it is important to keep in mind that the same followers may have seen the post more than once. • The Reach metric provides the total number of followers who viewed a post. • More information can be derived from a per post examination, such as how people came to view the post (from their feed, from a search of keywords, from particular hashtags, from the profile, etc.). • Businesses may discover how many profile views occurred in a certain time and how many people clicked links within the bio. • Similar to Facebook Insights, businesses can track the most active period for their followers, including both the days and the specific hours that see more engagement. Content can be timed accordingly, so the most followers will see it. Social media experts advise businesses to post at least an hour or so before the active period begins. • If businesses use Instagram Stories, they may choose Story Analytics to discover more information regarding their content; various information (such as Impressions, Replies, Taps Forward, Taps Back, and Reach) is available for stories from the last day, week, and two weeks. Businesses can also see Exits, or the followers that abandoned the story before its conclusion; Exits might help businesses decide the appropriate amount of content and the type or topic in future Stories if there is a noticeable drop off in viewership at a specific point. • If businesses pay for Instagram promotions, they can access data concerning the performance of an ad under Promotions; businesses may discover number of views, impressions, engagements, and demographic data, among other information.

500 Video Views Shares

200

Social Media Monitoring across Channels WHY MONITOR?

100 0

Week 2

Video

A business could graph data gathered from Instagram Insights such as post type and number of likes over several weeks.

Video Views vs. Shares

300

Influencer Regram

0

600

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Week 3

Video 1

Video 2

Video 3

Monitoring mentions and sentiment delivered across social media channels (Twitter, Facebook, Instagram, etc.) provides the following benefits: • Keeps a business informed on how their brand, products/services, and industry are being received by current, former, and potential customers.

Video 4

Businesses can present their data collected from Facebook Insights to look for correlations when studying engagement. 5

Social Media (continued )

• Provides a business with an idea of just how much social media conversation involving its product/service/industry is occurring. • Can inform success of particular marketing campaigns. • Can deliver information on how the public receives the competition’s brand and products/services. • Notifies a business of shifts in reception, which can indicate impending problems. • May reveal the best days and/or hours to interact with the customer base. • Sudden increases in positive mentions may be tied to viral videos or Facebook posts, presenting marketing and PR opportunities.

-- Businesses can create Boards, or reports of real-time information (such as engagement) regarding a specific channel; also allows businesses to create customized reports across channels for team members to view and respond to. OTHER HELPFUL TOOLS Name of Tool

Management Capabilities (Besides Monitoring)

HowSociable

Free Monitors Notable Options Multiple Social Quality Media Networks ✔

✔

Provides 36 social media metrics to track brand awareness

✔

Provides a social ranking score for searched content

HOW TO MONITOR

• Do it yourself: If working with “small data,” physically count the number of mentions of a company’s name, product, service, industry, or a competitor’s information on various social media platforms. Assign positive, neutral, or negative ratings to each comment; qualifiers, such as weak or strong; and a time period to track consistently and compare results to reach a typical estimation. • Social listening tools: -- Small- to medium-sized companies can take advantage of free and low-cost platforms available. -- In addition to free services, a variety of third-party services are available to aggregate and analyze visitors to a business’s website and social media accounts. These range from free and low monthly cost to “enterprise” services for large businesses. Services can be found and compared by searching for terms such as “web analytics tools” or “social media analytics tools.” EX: Brandwatch, Netvibes, Radian6, and Sysomos

Mention

Likealyzer

✔

Facebook

SumAll

✔

✔

Provides a data and analytics tool that encompasses marketing, business, and social media information

✔

Management system for enterprises

Spredfast

✔

TweetReach

✔

Social Media Mentions & Sentiment 45

Sprout Social

40 35

Positive

30

Streamlines alerts and messages

Larger businesses and enterprises may need advanced analytics service providers, tools, or specialized employees, such as data analysts and data scientists, to apply sophisticated analytics to mine the “big” data sets they incur. A free tool for advanced analytics is the KNIME open source analytics platform. The platform allows businesses a user-friendly tool that creates data pipelines for analytic processes and multiple viewing capabilities.

Neutral

20 15 10 5 0

✔

Measures Reach and Exposure (among other metrics) of tweets

Advanced Data Analytics

Negative

25

✔

Twitter (although Pro versions offer more networks)

Provides Facebook page comparisons

THE FUTURE OF BUSINESS RESEARCH Jan.

Feb.

March

• As more sophistication is brought to sensor and other data collecting technology (as the Internet of Things continues to expand), more tools will need to be developed to store, sift, and make sense of the ever-increasing amounts of data. • More strategies, initiatives, and campaigns will be supported by online/mobile/ sensor data; the pace at which data affects initiatives will continue to increase. -- In particular, more information will come from mobile behavior than any other source, as consumers continue to choose mobile devices to manage, search, purchase, and organize a larger segment of their daily actions. -- Such observational data may fuel improved predictive analytics technology, allowing for a wide range of business operations (i.e., shifting the price due to real-time demand indicators) to become automatic. • While traditional surveying methods have become more convenient by means of online generation and dissemination, they may soon fall out of favor if the surveys continue to reveal inauthentic or biased results; observational data may replace the use of surveys if it proves to provide more reliable information. • As the tools and technology become more mature and sophisticated, so will the marketers who must continue to apply the appropriate contextual lenses to make sense of it all. -- The need for more data scientists will become apparent. Businesses may need to either train their current marketers to think more analytically or employ data scientists with a mind for business. Either way, businesses cannot fall into the abyss of data analytics if they want to maintain a personal connection to the consumer. -- More contract-level researchers may flood the job pool as the quantity of data overwhelms small marketing teams; businesses may shift toward freelance help to keep up with the pace of information. -- Advances in artificial intelligence might have the potential to combine the qualities of the data scientist and market researcher–or at least, present another level of analysis.

Apr.

Businesses can chart their social media mentions and sentiment over a period of time to uncover what events, particular content, or campaigns had an impact on engagement rates and sentiments of their social media audience.

FREE OR LOW-COST SOCIAL MEDIA LISTENING TOOLS

• Social Mention: -- Free search engine that allows users to search for keywords related to their needs (brand mentions, competitor names, industry trends, etc.). -- Includes information on sentiment and top users (may give insight into possible Influencers). -- Shows top hashtags related to the search criteria. -- Reveals Post Rank (or ranking the searched keywords by the amount of social engagement). -- Reveals Sources (or the accounts who are posting information). -- Allows searches of tweets (under “microblogs”). • Hootsuite: -- Falls under the label of “social management” tools but can be used for monitoring; free accounts and other more advanced tools are offered for a subscription fee. -- Allows users to connect social media accounts (e.g., Facebook, Twitter, LinkedIn, WordPress, Instagram, and YouTube) to one user-friendly application. -- Tracking tools for Mentions, search tools, Insights functions (metrics and tracking capabilities), and Analytics functions are available. -- Connects to various other tools such as Reputology (allowing businesses to monitor customer reviews by tracking reviews and comments on popular websites). -- Allows a business to view and record their response time (or the amount of time it takes to respond to comments, tweets, and other messages from followers or the general public); particularly helpful to track the rate of response to reduce or control negative feedback in the future.

U.S. $6.95 Author: Susan Romberg

Disclaimer: This guide is intended for informational purposes only. Due to its condensed format, it cannot cover every aspect of the subject. BarCharts Publishing, Inc., its writers, editors, and design staff are not responsible or liable for the use or misuse of the information contained in this guide.

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