Blog - Market Research & Behaviour analytics

Blog

ByHimanshu Vashishtha

SixthRetail®

Sixth retail is synonymous to our recent foray is into Marketing Activation Monitor, here we track, monitor and analyze promotions, leaflets in supermarkets and hypermarkets.
Two of our main offerings are Promo Track Leaflet tracking and retail Zoom Store Diagnostics
To start with, we have Promo Track Leaflet tracking which provides retail promotions intelligence via its proprietary based software and retail Zoom Store Diagnostics which measures the incidence of product promotions and prices at the retail level. Initially our area of operations includes UAE and Saudi Arabia and plans are in place to expand our footsteps into other GCC markets as well. As an offshoot we are keen to also provide services related to shopper insights, outlet census and at some point retail audit as well.
Some retail market intelligence require just window shopping. But we belive that for more clear understanding, you want in-depth data on retail markets worldwide – sales performance, space distribution, store collections. Revolution in products, ranges, service and formats.
We help you benchmark your own business, with pricing or point of sale audit, mystery shopping and competitor astuteness.
We do this by keeping ourselves up-to-date with fast-moving retail and consumer trends.
We study all spheres of retail including multichannel, omni-channel, online and mobile. We pay attention to automation and personalisation, cultural, urban and societal change.
By understanding how all this data works out together – we help you vision your business and the bigger picture, global trends in the local context, What are the opportunities for your business and assist in some goal oriented and very critical decision making.
At Sixthfactor, we have studies and mastered the retail sciences. Some of the top brands in their industries have used our expertise to develop their product range and offerings, understand their competitors’ shoppers and manage their business and product portfolios. We offer MAM which is a very important component of this multi-layered market research and intelligence which you need to succeed in the business of retailing. This includes Tracking Advertisements and Offer types, Brochure data management system all critical processes set up to study competitors.
Our international team of retail industry expert and analysts pull all our resources together and with the help of expert data mining,
... we can evaluate, question, test and assess data to convert them into powerful information.
And this powerful information is handed to you for your decision making process.
ByHimanshu Vashishtha

SixthDigital®

Analyzing consumer sentiments, feedback and mentions available online with regards to your brand is truly authentic and has greater scope for feeding back into marketing strategies. Our proprietary Social Media Text Analytics Framework helps to decode the nature and the depth of conversation happening online.
Find out what your customers really feel about your brand
A leading CPG globally wanted to decode the consumer sentiments expressed on social media around a new brand launch, to drive greater traction and growth for the brand across the Middle East.
Find out how arab consumers process advertising An insightful document based on Neuromarketing principles on how Arabs process advertising content. The results are constantly monitored with a set of panel of Arab consumers

Transition from traditional to digital marketing

Spending behind digital marketing on the rise and will soon equal that behind traditional marketing; however companies still investing in traditional data gather techniques. 2 out of 3 marketers have moved at least 30% of their budgets from traditional to digital media in the past 3 years.
By 2018, Internet advertising will be poised to overtake TV as the largest advertising segment.
Internet advertising revenue will rise at a 10.7% CAGR to reach US$194.5bn in 2018, just US$20bn behind TV advertising. Of the US$241bn growth in total consumer and advertising revenue between 2013-2018, US$157bn will come from digital sources. B2C product marketers expect social media to make up 24.4% of total marketing budgets within 5 years. Traditional Methods are Pen and Paper Surveys, Focus Groups/ Depth Interviews. Whereas the Emerging Technologies are Social Media and Text Analytics, Neuro-marketing and Mobile Research

3 offerings of Social media sentiment analysis

Depending on the depth of information needed, there are 3 offerings around Social Media Sentiment Analysis:

    Automated Sentiment Analysis

  • Standard output
  • Data Extraction using and Analysis like automated tools like Synthesio, SocialBakers, Radian6 etc.
  • Lower investment and time

    Ready-Data Sentiment Analysis

  • Standard Frameworks but customized talk drivers developed specifically for brand
  • Data Extraction using both an Automated Tool as well as Manual Extraction
  • Mid-range investment and time

    Seeded-Data Sentiment Analysis

  • Customized Framework developed exclusively for the business question; conversation seeded around the business questions and tracked
  • Data Extraction completely Manual
  • High level interaction with both client as well as it’s digital agency with conversation seeding and tracking
Linguistic Capabilities - SixthFactor Consulting works with arabic professionals with strong understanding of the native language, dialects & cultural nuances so that richness and accuracy of data is maintained.

Social Media Data Extraction Process

Social Media Data Extraction Process is an iterative, collaborative exercise between the client, it’s digital agency and SixthFactor. Few comments extracted but would be highly relevant
Start with focused Hashtags, Keywords, affiliated terms.
Output will multiply as there will be a large number of comments but low on relevance. We need to expand search to include related keywords. This query should give robust number of relevant comments. We will look at both sets of outputs to come up with optimal query. This process is repeated till optimal number of comments are extracted

Sentiment Analysis: Automated through Tools vs. Manual

Given the multiple channels and huge amount of chatter online, mining all this data and link to positive outcomes for a brand is a very complicated and exhaustive task. The automated tools currently available for Sentiment Analysis are not able to consumer comments accurately and manual analysis is critical to analyse data in the right manner
The feedback/mentions present online is more authentic and has greater scope for feeding back into marketing
key objective though is ‘mine’ to derive insights from YouTube, Twitter, Instagram, Facebook and Forums
    Social Media Sentiments involves
  • Open & Transparent System
  • Authentic content
  • User/Consumer generated content
  • Active Involvement of consumers
  • Two way conversation

Steps for Social Media Sentiment Analysis

SixthFactor Consulting proposes the following steps to kick-off any Social Media Sentiment Analysis projects.
  • Do a exploratory run, to understand the category dynamics in the online space.
  • Identify a business issue to understand key questions brand team is facing which can be answered by Social Media Sentiment Analysis.
  • Define the scope of the study and also share a time/cost estimate for the same.
  • Once Go-Ahead received, Start data extraction.
  • Get in touch with client’s digital agency partners and initiate data extraction as per clear process laid out
ByHimanshu Vashishtha

Market Research

Market research is a necessity and it should be part and parcel of your marketing techniques. This goes for not only new business entities but also established businesses. You need to stay in touch with your customers' requirements as well as changing market trends to gain an edge over your competitors. Market research will help you measures the efficiency of your own advertising and marketing methods, giving you information about everything right from packaging and advertising to brand name awareness.
It can help you assess key trends to forecast probable changes in the market. This could also result in identifying new market segments, developing different product lines or changing target audiences.

What is market research?

Sixthfactor offers traditional qualitative and quantitative research services, viz., focus groups, in depth interviews, ethnography, immersions, ideation workshops, satisfaction surveys, consumer & employee engagement surveys, mystery shopping, service quality audit. The key is we start with a business issue and incorporate the necessary tools to help you get the clarity you need.
Market research exists to guide your business decisions by giving you insight into your market, your competitors, your products, your marketing and your customers.
By enabling you to make informed choices, market research will help you to develop a successful marketing strategy. And ultimately influence behavior of your target customers.

Type of market research

There are two main types of market research - quantitative research and qualitative research. Quantitative research focuses on crunching numbers and stats. It is gathered using surveys and questionnaires. More in-depth quantitative research can be used to identify markets and understand customer profiles - vital if you're launching a new product.

Type of market research

Qualitative research gets behind the facts and figures to customer sentiments about the brand and the products and what would prompts them to invest in the brand products. This may include desk research with existing surveys and business reports. More effective are Questionnaires and focus groups that help gather this intelligence, and Sixthfactor will use its expertise to interpret the result. Qualitative market research includes combing through large amounts of data on market size, sales trends, customer profiles and competitor activity. Brand customer records also provide a wealth of information, such as purchasing trends.

Market analysis for a business plan

A qualitative and quantitative assessment of the market - It looks into the size of the market both in volume and in value, the various customer segments and buying patterns, the competition, and the economic environment in terms of barriers to entry and regulation. Market research will guide business decisions by providing insight into the brand’s market, brand competitors, the products, the marketing techniques and customers’ loyalty to the brand.
Market research will enable you to make informed choices, to develop a successful marketing strategy.