Ep. 148 – Happy Market Research – A Year In Review (2018)

 
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On our last episode of this year, the Happy Market Research team shares what their biggest lessons were in 2018, their favorite episodes and more. We couldn't be more thrilled with the outcome this year and can't wait for you to listen to what we have in store for 2019. Thank you to our listeners who continue to support us. We wish you a Happy New Year! FIND US ONLINE :www.happymr.com Social Media: @happymrxp LinkedIn [00:03] Happy Market Research. This is our last episode. Today is December 28th. So, this is our last episode. People are nodding because we’re on audio, of course. [00:12] – William Last episode of 2018. [00:14] What did I say? [00:15] – William Last episode. [00:16] Of 2018, thank you. Good point, William. Big difference. I thought it would be a lot of fun, closing us out to talk themes we recognize in the 50+ episodes that we did in 2018 and then talk to my awesome staff: Chueyee, Chloe, and William on some of their learnings and take-aways. So without further ado, Chueyee. [00:41] – Chueyee Hi. [laughter] [00:46] Let’s start out with a little bit... I mean you didn’t come from market research, right? You came out of school with a journalism degree. So, what was that like for you moving out from journalism into a marketing company, specifically Happy Market Research Podcast? [01:04] Well, I didn’t even know market research existed when I was college or until I got this job. So my first day here I was super confused, but then as we got more into interviewing market research professionals, and I started listening to more podcasts from Happy Market Research, I just started to get a little bit better understanding of what market researchers do. One great example that Jamin told us was Yoplait yogurt. And after he told us the story about that, it was like “Wow, market researchers are super important especially for businesses.” If you guys don’t know the story, Jamin told us that back in the day, Yoplait yogurt, their main color was green, but then they did some data research and they realized that, if they changed it to red, then they would get more sales. Once they did, they actually did get more sales. So that was just like mind-blowing to me. [02:10] The mind-blowing part was specific to how data is used or what part of that was really impactful? [02:18] Just the fact that market research is so little but has such a big impact. [02:23] Yeah, I think that’s true. I mean market research is the tail that wags the dog. So, when you think about the billions of dollars that are spent in marketing every year, globally, market research represents a very small fraction of that. Maybe – I don’t know what rule of thumb is – I’ve always assumed it’s about 10%. The total global market research spend according to ESOMAR is around $70 billion, which is a big ass space. But I do believe that proportionally we’re holding at that – much smaller relative to how much money is being spent across the board. The decisions that businesses are making... You referenced a study that I had participated in in the ‘90s that was very interesting for me because it was also probably one of my “Ah-hah” moments moving into market research of, while data is important and can be used for impacting consumers and their preferences, I think what’s been interesting over the last two decades from my view and of my career is how the internet has empowered consumers in a unique way. So before brands literally were blind on what the consumer preference was outside of sales data, of course, which is a lagging indication, but now through the internet, there has been a direct access to the consumer to the brand through social media. Last time I was on a United flight, I tweeted to United, “Hey, thanks” because I got some free refreshment, and then United tweeted back to me. So that direct connection now is public and that has influence, positive or negative, on that brand. Conversely, of course,

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