Are you trying to avoid the following challenges?
- Starting bold shiny projects that will fail and waste a lot of money
- Spending a lot of time building detailed spreadsheets that were completely made up and turned out to be wrong
- Polishing and refining a business plan until it perpetuated the illusion that it could actually work, but doesn't
How bad market research led Coca Cola to millions of dollars in losses
In the mid-1980s, the Coca-Cola Company made a decision to introduce a new beverage product, called “New Coke” sweeter than the original-formula Coke - resulting from almost 200,000 blind product taste tests conducted in the United States.
Since more than one-half of the participants favoured New Coke over both the original formula and Pepsi, “New Coke” was introduced and the original formula was withdrawn from the market. This turned out to be a big mistake!
Eventually, the company reintroduced the original formula as Coke Classic and tried to market the two products simultaneously.
Ultimately, New Coke was withdrawn from the market.
First, there was a flaw in the market research taste tests that were conducted: They assumed that taste was the deciding factor in consumer purchase behaviour.
Consumers were not told that only one product would be marketed. Thus, they were not asked whether they would give up the original formula for New Coke.
Second, no one realised the symbolic value and emotional involvement people had with the original Coke.
The bottom line on this is that relevant variables that would affect the problem solution were not included in the research.
It’s clear - NO company can cut corners to greatness.
To ensure your product sells, you can’t be an absentee boss, for sure. But being present is not enough. You need quality research that designs, tests and delivers what customers want. And your success all starts with asking the right questions.
Actually, just two questions that should be answered by actual “deep dive” data:
- Where to play? (Data-driven insights into underserved markets, emerging market trends, stakeholders and influencers, etc)
- How to grow? (How best to execute, improve portfolio effectiveness and how to future-proof the plan)
Warts and All, Market Research is Power.
But the millions of dollars in fixed costs it entails are not.
You don’t want to set up another team to conduct your market research, deep dives and data crunching and be limited by set up costs or the field work that drives you away from very valuable strategic work.
Whether scaling through the shopping aggregators in Vietnam, understanding the contactless market in Brazil or scoping the market size and industry segments for your pharmaceutical products in Australia, you can depend on Arc Media Data Sciences to get you the right data and intelligence—warts and all.
Flexible Engagement Model That Helps You Meet Your Market Research Needs
There is a SCIENCE to it: How Arc Media Data Sciences used real-world data gathering, humanities insight and computational power to identify potential retail aggregators in the Philippines and Vietnam for a credit card company
The end-client was a global provider of credit card services looking for potential partners (aggregators) to reach small and micro-merchants in the retail eco-system for Philippines and Vietnam.
Go to ARC MEDIA DATA SCIENCES when you want to direct your marketing dollars at the most efficient opportunity for growth, margins, and cash flow
The provider does not have a specific target in mind, and relies mostly on the number of small and micro-merchants in the prospective aggregators’ networks.
Large aggregators in the Philippines and Vietnam are mostly subsidiaries and joint-venture organisations of larger enterprises, limiting access to information via primary and secondary research.
The project required short-listing of over 50 prospects for each country based on a number of parameters to identify select potential aggregator candidates.
Hands Dirty, Surviving Bird Poop Attacks en Route to Onsite Data Gathering, Yet the Arc Media Data Sciences Team GOT THE JOB DONE.
Arc Media Data Sciences conducted extensive primary and secondary research, cross-checking information gathered from both online and personal sources.
Field visits were conducted in identified cities and regions, with interviews covering micro-merchants, small merchants, and target aggregators.
Interviews with the aggregators’ partners were also conducted in order to fill data gaps, particularly those related to small merchant management, size of the company, openness to innovation and current sales. Now, THESE are valuable information.
Arc Media Data Sciences Solutions Brought the Results.
Arc Media Data Sciences offered a better way to expedite revenue generation for the credit card company, and had:
- Provided an initial profile of 50 possible companies – these were all presented in a matrix-format that allows the client to compare and contrast all 50.
- Determined a final list of 20 companies that will serve as options for the credit card services provider – the final 20 is composed of large and mid-sized enterprises in both the Philippines and Vietnam.
- Conducted a final deep-dive to determine specific items and matrices, particularly those related to size and merchant management, allowing both the client and the provider to determine the best aggregators to partner with in both the Philippines and Vietnam.
- Whether evaluating new markets to enter, or simply trying to get a better understanding of the market landscape, access to high quality information is critical to winning in this competitive environment. Arc Media Global understands how to execute and analyze research across regions and cultures in order to deliver actionable insights.
Arc Media Global’s global team has offices across the US, Europe, and Asia and has successfully conducted projects in 75+ countries. We have the experience and skills required to conduct research across virtually every major geography, language, and culture in the world.
DON’T FALL FLAT! Use Arc Media Data Sciences’ services. Enquire at CI(@)arcmediaglobal(dot)com for a quick assessment of your business challenges or enquire using this link.
Through the right blend of strategic analyses, research and analytics, Arc Media Data Sciences can provide you with insights and information you need to innovate and succeed in the face of a range of business issues:
Leverage On Our Global Team
- Local presence across US, Europe, and Asia and successfully conducted research projects in 75+ countries
- Deep network of global partnerships and relationships to extend geographic coverage
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- Software, Cloud Computing, Media, Information Technology, Hardware and Equipment, Electronics, Telecommunications, Mobile
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- Healthcare, Pharmaceuticals, Biotechnology, Diagnostics, and Medical Devices
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