Despite my newfound love for international women’s water polo, this post will have absolutely no connection to the Olympics. (You’re welcome.) It will, however, focus on a little issue that is near and dear to my heart: Research. Or more specifically, how companies misuse it.
Anyone who has read this blog KNOWS that I do love me some research in my area of specialty. By the time the data has been gathered and shuffled into a presentable report form, I’m able to see the numbers and test the theories, developmental work, and campaigns from the last year to see if what I’ve observed in the millennial market via culture has been reflected in the research. (Turns out, I have a very good track record. Score.) Targeted research is incredibly important to my work as a marketing specialist – and as a sporadic blogger. It tells me what I’ve been on point about, what I’ve missed, what the trade is interested in measuring, and how the industry is reacting.
What I’m disappointed* to see, however, is how research – especially (but not limited to) millennial research – seems to be utilized in the beverage industry today. There is an increasingly disturbing knee-jerk reactionary trend among companies developing for millennials. And what I mean is UR DOIN IT WRONG.
Here’s an example of what I see being done across the industry:
STEP ONE – Get the numbers.
STEP TWO – See that Product Type X is trending/gaining in sales among target demo.
STEP THREE – Develop a copy of Product Type X.
STEP FOUR – Profit$$$?
That is not innovation. That is embarrassing. This is not proactive. It’s reactive. And most importantly, as far as I can see, it’s not paying off.
Most consumer research tracks behavior: what is a specific region or demographic purchasing, what are the leading brands in a category, etc. OBVIOUSLY, this is valuable stuff, knowing consumer behavior trends.You know what’s even more valuable to know along with the data? WHY consumers are behaving in that way.
Think of it as Consumer Therapy and you’re the psychologist – sure, you can address the behavior and hope for the best, or you can dig down a bit to what is driving the behavior and address that. What do you think will be more successful?
This shouldn’t be news for anyone, it’s basic business. If you can fulfill a need or desire for your market that your competition hasn’t, you’ve got a sound – and most likely profitable – investment. But in order to know what needs or desires aren’t currently being filled, you’ve got to know what those needs and desires are. You’ve got to respect your consumers and take the time learn about them, not just make assumptions based on Column E.
IT’S LIKE WISHING FOR MORE WISHES, PEOPLE. Dig a little deeper, it will pay off.