Overkill: Ratings Review Burnout

Overkill: Ratings Review Burnout
In 2016, I was so intrigued by the novelty of ratings buttons in a restroom in the Frankfurt airport that I snapped this photo. Just eight years later, the constant barrage of feedback requests has become overwhelming, even for this market research enthusiast. Eric Taub explores this trend in his New York Times piece about ratings review burnout,...

Pricing Research: How Much Is That Doggie In The Window?

Pricing Research: How Much Is That Doggie In The Window?
Determining how to price your product or service appropriately is always tricky, but it can be especially difficult for companies with limited or non-existent market research resources. ADVANCED TOOL A team of professors at Kellogg recently identified a new methodology that can provide more accurate data about the maximum price a customer would...

Let’s Play: What’s Wrong With This Survey

Let’s Play: What’s Wrong With This Survey
An early-stage investor in Chickety Split, a healthy ready-to-eat food product that you can buy in grocery stores, recently asked me to take a look at a survey that the founder, Fred, is preparing to send out. The investor, Harry, explained that he was seeking my advice because he expected that the survey would result in a disappointing outcome...

Measuring Your Brand’s Word of Mouth Potential: Net Promoter Score

Measuring Your Brand’s Word of Mouth Potential: Net Promoter Score
Last week I was contacted by two colleagues who had questions about using the Net Promoter Score (NPS) metric. NPS measures customer loyalty, and it came to prominence in a 2003 Harvard Business Review article, The One Number You Need to Grow, by Frederick Reichheld and Bain & Company. Reichheld’s assertion in the article was that it is...

Learning About Your Customers For Free

Learning About Your Customers For Free
I had coffee a few weeks ago with an investor. One of his portfolio companies is having some growth problems and he’s been thinking that maybe they need to spend money on marketing help. The company is a farm-to-market retail store in a somewhat obscure location without much customer foot traffic. Because the company is small, can’t...

Three Research Pointers for Beginners

Three Research Pointers for Beginners
Earlier this year I wrote a three-part series on the Top Ten Entrepreneurial Research Mistakes. One of my favorite market research professionals, wrote to me and suggested adding three additional points: 1) Don’t assume you know how to ask the right questions. Get a book on research questioning or find a friend in the field. That is the...

Top 10 Entrepreneurial Research Mistakes, Part 3: Care & Feeding of Your Respondents

Top 10 Entrepreneurial Research Mistakes, Part 3: Care & Feeding of Your Respondents
This is the third and final part of our series on the Top 10 Entrepreneurial Research Mistakes. Use these links to read Part 1, Which Methodology to Use and Part 2, Asking Smart Questions. The series came out of a workshop we developed to help the entrepreneurs at 1871 be smarter about the market research they were conducting without the help of...

Top 10 Entrepreneurial Research Mistakes, Part 2: Asking Smart Questions

Top 10 Entrepreneurial Research Mistakes, Part 2: Asking Smart Questions
As we mentioned in our Part 1 post in April, being an entrepreneur sometimes feels like you’re playing the guitar while you’ve got a tambourine on top of your head, a harmonica in your mouth, and cymbals between your knees. Because of this, there are a lot of things that entrepreneurial companies try doing themselves, even if...

Top 10 Entrepreneurial Research Mistakes, Part 1: Which Methodology to Use?

Being an entrepreneur sometimes feels like you’re playing the guitar while you’ve got a tambourine on top of your head, a harmonica in your mouth, and cymbals between your knees. It therefore follows that there are many things that entrepreneurial companies of all sizes take a crack at doing themselves, even if they’ve never...

Easy Customer Research

Easy Customer Research
Last week I met with a potential B2B client who has been fortunate to have her product accepted by a major distributor in her category. Phone calls and new orders have begun to come in, which is very exciting! However when I asked her how most people were finding her, she did not know the answer. So I suggested the most basic, most inexpensive...