Questback "How MROCs are changing the way insight is managed through examples in financial services"
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The document discusses how Market Research Online Communities (MROCs) are transforming insight management in financial services, highlighting the differences between panels and communities. It emphasizes the benefits of MROCs, such as cost savings, real-time consumer access, and enhanced customer engagement through organic discussions. Additionally, it outlines the challenges faced by clients in managing resources and extracting meaningful insights from community interactions.
Questback "How MROCs are changing the way insight is managed through examples in financial services"
- 1. How Market Research Online Communities are changing the way Insight is managed through examples in financial services Paul Barnes, Questback Martin Grimwood, GfK
- 2. THE GfK MROC STORY The difference between a panel and a community is subtle, but powerful Community v Panel With a community, along with scripted research, members are encouraged to engage in forum discussions to generate organic insights With a panel members are approached to conduct scripted research actives, and remain dormant between research exercises.
- 3. THE GfK MROC STORY § There is now an opportunity to: – Get closer to your customer – Engage in real two-way conversations – Listen to peer to peer discussions – Co-create and collaborate – Understand their “experience” § Consumers want to (and will) be heard… – They have the tools and technology to make a major, immediate impact – Blogs, discussion boards and social media apps are commonplace Social media has created a new norm 55% of mass affluent have discussed investments with others GfK Roper Trends 2012
- 4. THE GfK MROC STORY Three benefits of an online community Creating a place for a customer centric brand to understand their customers “(MROC) helped reduce our departmental research costs by 20% while also providing ongoing, real-time access to our consumers that we had never had in the past — CMO, Car manufacturer “I'm so happy I can speak for all of us. Maybe this way our voice can be heard — Project X Panel Member
- 5. THE GfK MROC STORY GfK Opinion Planet Understand your customer Innovation, Co-creation, and Crowdsourcing Concept Testing
- 6. THE GfK MROC STORY GfK Community Manager COMMUNITY Marketing Product research Customer Experience Typical community insights map OBSERVATION INSIGHTS Discussion groups Quick poll Forums Surveys Activities
- 7. THE GfK MROC STORY Insight through forums § Forums: – Peer to peer discussions – Initially seeded by GfK moderator – Now a go to place for members to post questions – Interesting debates are summarised in a newsletter 0 20 40 60 80 Feb Jan Dec Nov Oct Guided Spontaneous Automotive Community
- 8. THE GfK MROC STORY Investor Community
- 9. THE GfK MROC STORY § Activities: – Discussions seeded by the GfK community manager – Managed using HTML with provision to include links to websites, PDF files, images and videos – Each activity runs for 1-2 weeks – Analysis conducted by GfK or client Insight through community activities Fund manager webinar Product video iPad app design Pricing transparency ISA proposition Investment newsletter evaluation Greece and the Eurozone
- 10. THE GfK MROC STORY Cost saving evaluation * Including community design, build and licence/hosting costs ** Not including insights from forums 30 31 6 Quick polls Community activities Traditional qual and quant 67 insight pieces** First year costs compared to conducting the research outside the community @ 24% saving *
- 11. THE GfK MROC STORY With benefits, come challenges Leaving recruitment and set-up costs aside, the biggest challenge is client side resource commitment – Populate a monthly research plan – Identifying relevant insights from forum discussions – Providing insightful feedback
- 12. THE GfK MROC STORY At a glance: ▪ 7,000 members in both Forums ▪ Employee Forum: 12,262 completed surveys, 337 Discussion Threads, 33 Survey reports ▪ Customer Forum: 4,492 completed surveys, 278 Discussion Threads, 11 Survey reports UniCredit Bank Austria Objectives: ▪ Inclusion of Customers and Employees in decision-making in time of change ▪ Strengthen the brand image – position bank as innovative „customer“ bank ▪ Reduction of development costs for products and services Results: ▪ Improvement in Customer Trust & Employee Engagement ▪ Integrated Customer and Employee Feedback and Insights ▪ New brand positioning and image
- 13. THE GfK MROC STORY Summary – the key elements 4. Data security 3. Panel management system 1. Research acumen 2. Flexible research ecosystem
- 14. THE GfK MROC STORY What’s next? Develop the process § Ideas Management Develop the platform § Text analytics § Annotation Develop the people § Blogging
- 15. Thank you For more information, please contact Paul Barnes, Questback Martin Grimwood, GfK