Posts tagged GreenBook
GRIT Survey 2018

Celebrating Innovative Companies in Marketing Research

It's that time of year again when Greenbook fields their biannual GRIT market research industry survey.

Thankfully it looks like the Greenbook team has made the survey a bit shorter than last year. I do encourage fellow researchers to take the survey, as it does give everyone some direction in terms of where things seem to be heading.

You can take the survey here.

Thanks in advance for your participation.

@TomHCAnderson

PS. This is the GRIT survey which looks for the most innovative insights companies, both supplier side and client side. We encourage you to give some thought to this section as well. Its nice to recognize up and coming companies, as well as your go-to favorites.

I also want to take this time thank everyone who voted for OdinText in the most innovative supplier category last year. We were very encouraged by the support and have been working harder than ever to release a brand new version of the software next month!

Predicting Return Behavior and Sales with CX Ratings or NPS

A Customer Experience Case Study Utilizing OdinTexts’ Text and Predictive Analytics (Predicting Actual Return Behavior and Sales with CX Ratings or NPS)

We were honored today to have one of our case studies featured by Greenbook. Though we have several other similar cases like it, it remains one of our favorite uses of Customer Satisfaction/Customer Experience data (whether NPS or any other rating scales are used). The final analysis involved close to a million customers over a two-year period.

In the case study which features Jiffy Lube, we found that contrary to what Bain Consulting had been claiming in Harvard Business Review for over a decade, Customer Satisfaction Ratings (whether NPS, OSAT or any thing else), these metrics have very little correlation with actual return behavior/repurchase, and absolutely NO correlation with sales/revenue (business growth).

The solution to better understanding and modeling both return behavior and sales lies in leveraging both the structured and unstructured text data, something OdinText is uniquely built to do.

You can read the abbreviated case study on Greenbooks’ site here.

Feel free to contact us with any questions or for a slightly more in-depth write up.

OdinTexts’ software has recently been updated and is now even more powerful, in terms of easily handling predictive analytics related to any customer experience metric whether OSAT, NPS or any other metric. You may request information, as well as early access, to our upcoming release here.

Thank you for reading, and thank you to Greenbook for selecting and sharing this interesting case study.

@TomHCAnderson

2018 Predictions for Market Research and Analytics

What Kind of Researcher are You?

It’s that time of year again where RFL Communications and Greenbook request predictions from market researchers on what trends they expect to see in the new year. Of course no one knows for sure, but some are interesting fun to read and I always like searching for the overall patterns, if any.

That said, here’s the one I submitted this year. I’m curios to to hear yours as well.

 

2018 The Best of Times & The Worst of Times

 The gap between what I’ll call ‘Just Traditional Research’ and more flexible, fluid ‘Advanced Analytics Generalists’ will continue to grow.

 There are three groups of marketing researchers along this dimension. Some ‘Just Traditional’ researchers and companies will not be able to adapt and will want to continue doing just the focus groups or panel surveys they have been doing and will become increasingly out of touch.

 A second group will feign expertise in these not so new areas of data and text mining (Advanced Analytics), they will prefer to call it “AI and Machine Learning” of course, but without any meaningful change to their products, services or analysis. It will be a sales and marketing treatment only.

 Both these groups are rather process oriented. The former doesn’t want to change their process, the latter just want a shiny new process. In either case, the end goal suffers. For both of these two groups the future is dim indeed.

 A third group of researchers, the group OdinText is invested in, don’t try to improve and change because they think they must in order to survive, they were already doing it because they are genuinely curious and ambitious. They don’t just want to run that survey a little faster and a little cheaper, they want much more than that. They want to add significant value for their company via their analysis.

 They will invest in learning new tools and techniques, and yet will not expect these tools to magically do the work for them after they push a button. These are not lazy employees/managers, they are A type employees, and they are the future of what ‘Marketing Research/Analytics’ is to become.

 They realize their own ingenuity and sweat need to be coupled with the new technology to achieve a competitive advantage and surpass management expectations and their competition. They are excited by those prospects, not scared.

 I too am very excited about meeting and working with more of these true ‘Advanced Analytics Generalists’ and the Marketing Research Supplier firms who serve them and realize Co-Opetition with other firms with key strengths that they don’t have make more sense than buzz words and feigning expertise in all categories.

 For these ‘New Data Scientists’, no these ‘Next Gen Market Researchers’ 2018 will be the best of times!

It’s a BIT lengthy and general for a prediction. But I believe it’s a real trend that will continue to accelerate. Do you agree or disagree?  What are your predictions?

If you subscribe to RFL Communications Business Report you’ll be receiving the annual writeup on this topic there, you can check out the Greenbook version from 36 CEO’s online here.

While you can tell all those participating takes this with various degrees of seriousness, and answer with different Point of Views, I believe that reading all of them, and deciding what patterns if any are detectable across them is well worth the 30 minutes or so it takes to do this.

Again, very much appreciate YOUR thoughts and predictions as well, so please feel free to comment below.

@TomHCAnderson

Predicting Your KPI’s Has Never Been Easier & 29 Other Case Studies

As you may recall this year OdinText was honored to be voted Most Innovative in North America, and Third Most Innovative Globally in the Greenbook Research Industry Trends (GRIT) Report. This year Greenbook offered something special, each of the Top-50 Marketing Research Firms were invited to submit a case study for inclusion in an e-book showcasing the best of the best in consumer insights.

The e-book was released yesterday with submissions from 29 of the top 50 market research firms contributing a brief case study. We’d be happy to share the entire e-book with you, you can request it here.

The case we submitted is one of my favorites where Shell Oil was able to use OdinText to predict three business performance indicators;  Stated Satisfaction/WOM (i.e. NPS),  Actual Return Behavior and Sales. Something they had never been able to do before.

While that case was run using very big data, several of our users have conducted the same powerful analysis with much smaller survey data.

Again, we’d be happy to send you the entire booklet with all the companies listed, and if you’re interested in something similar we’d be happy to schedule a brief informational call to discuss, and/or a demo with your own data.

Again Thank You to Greenbook and everyone who selected us for the honor, and congratulations to all the other great companies listed in the report!

Tim Lynch VP OdinText

Shop Talk on Research Trends: Our Interview with the Industry’s Top Pundit!

GreenBook Interview Covers Partnering, AI/Machine Learning and the Latest Insights Applications for Text Analytics “We should be less worried about each other and more worried about the potential new entrants to this industry.”

That’s what I told GreenBook Blog Editor & Chief Leonard Murphy in an interview recently when he asked me about the trend toward partnering and collaboration between research providers.

It’s not often that one gets to talk shop at length with the industry’s top pundit, so Tim Lynch and I were delighted when Lenny invited us for a frank and broad-based discussion that covered some important ground, including:

  • Why partnering and collaboration among research companies is becoming a critically important factor in today’s marketplace;
  • What the buzz around AI and machine learning is really about and what researchers need to know;
  • How text analytics are being deployed in powerful and novel ways to produce insights that either were not accessible or couldn’t be obtained practically in the past.

Check out Lenny’s post about it here and have a look at the interview below:

 

Special thanks again to Lenny Murphy for a great interview and for your efforts to keep us all informed and to help us get better at what we do!

@TomHCAnderson  - @OdinText

P.S. Want to know more about anything we covered in the interview? Contact us here.

 

About Tom H. C. Anderson

Tom H. C. Anderson is the founder and managing partner of OdinText, a venture-backed firm based in Stamford, CT whose eponymous, patented SAS platform is used by Fortune 500 companies like Disney, Coca-Cola and Shell Oil to mine insights from complex, unstructured and mixed data. A recognized authority and pioneer in the field of text analytics with more than two decades of experience in market research, Anderson is the recipient of numerous awards for innovation from industry associations such as CASRO, ESOMAR and the ARF. He was named one of the "Four under 40" market research leaders by the American Marketing Association in 2010. He tweets under the handle @tomhcanderson.

 

How Did The Media Get It So Wrong?

And why your research may be just as inaccurate... (An OdinText Text Analytics PollTM ) [Missed ARF’s Post-Election Podcast? Watch the Free VideoSpecial Event Video Explores Election Poll Fail and Implications for Market Research]

I know many of you weren’t able to get into the ARF’s post-election podcast this week due to limited space, but now you can watch the video!

On Tuesday, I had the honor to participate along with a number of industry experts in a special ARF/Greenbook podcast event exploring why pollsters were unable to predict the outcome of the 2016 Presidential Election and the implications for those of us working in marketing and research.

The ARF has now released a free recording of the event complete with presentations and the panel session here.

 

Receive My Deck: New Insights Included!

I’ve previously blogged about research we conducted right before the election that indicated the Clinton campaign was in more trouble from a positioning standpoint than anyone realized.

My presentation took a deeper dive into those data with some additional insights I haven’t covered before and also analyzed some of the key weaknesses in conventional polling that may have accounted for the dramatic differences between projections and actual voter behavior.

You can watch my presentation in the video, if you would also like a copy of the deck you can request it via this link (just type “please send me the Election Analysis” in the comment box).

I cannot emphasize enough that the reasons for the miscalculations we saw in the polls are not much different from those we routinely see in the commercial/consumer sphere. There are lessons to be learned for anyone whose job entails understanding and predicting consumer behavior.

I hope you’ll watch the video and let me know what you think.

Thanks!

@TomHCAnderson

Ps. To learn more about how OdinText can help you bridge the gap between research and actual in-market behavior, contact us for info or a free demo using your own data!

tomtextanalyticstips

Tom H. C. Anderson

OdinText Inc. www.odintext.com

 

ABOUT ODINTEXT

OdinText is a patented SaaS (software-as-a-service) platform for advanced analytics. Fortune 500 companies such as Disney and Shell Oil use OdinText to mine insights from complex, unstructured text data. The technology is available through the venture-backed Stamford, CT firm of the same name founded by CEO Tom H. C. Anderson, a recognized authority and pioneer in the field of text analytics with more than two decades of experience in market research. Anderson is the recipient of numerous awards for innovation from industry associations such as ESOMAR, CASRO, the ARF and the American Marketing Association. He tweets under the handle @tomhcanderson.