Market Research
We empower clients with meaningful insights and actionable data through our consultative approach to market research. Our industry knowledge, methodology expertise, and deep understanding of local cultural nuances enable our clients to cut through the noise, focus on key issues, ask the right questions, and make well-informed decisions. Our market research services are broadly classified into the following five categories:
Brand Health Assessment
Brand assessment and brand health monitoring are major focus areas of market research for almost all firms, whether in the B2B or B2C space. Phronesis Partner’s brand research program offers insights on all aspects of competitive brand health assessment. With a focus on building solid and differentiable brands with high customer loyalty and attachment, our brand research is built on solid brand marketing paradigms and analytic techniques.
Phronesis Partners’ brand research program uses the Customer-Based Brand Equity model to measure levels of customers’ engagement with the brand. With strong qualitative and quantitative research capabilities, our program delivers quantifiable metrics to track your brand’s performance vis-à-vis competitors and delivers in-depth insights on different brand design elements.
The research will measure your brand’s performance in terms of conversions across the brand funnel while also providing the feedback the brand team requires on:
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- Perceptions of the brand on core performance attributes
- Perceived positioning of the brand on brand imagery attributes vis-à-vis brand plans
For B2C brands, higher forms of brand attachment such as congruence between self-image and brand image, the appeal of aspirational attributes, and willingness to pay a premium for the brand are measured. This is in addition to traditional loyalty measures like the willingness to repurchase and recommend the brand.
An essential part of our brand assessment program is monitoring and measuring brand mentions on social media, including the sentiment classification of such mentions. Please click here to contact us for a copy of a detailed presentation on our approach to Brand Health Assessment.
Voice of the Customer
Our voice of the customer research helps you measure the customer experience at different touchpoints with your product/service across the customer journey, from encounters with your marketing communications to post-sales customer service. For example, product quality, service quality, and experience with post-sales customer service are measured and specific metrics computed for tracking over time. In addition, we use established and validated scales to measure and track additional constructs like customer perceived value (functional, emotional, social, and price-referenced) and different expressions of customer delight and loyalty. Our research teams understand that the customer journey is experienced over multiple channels. It is necessary to consider the customer’s multi-channel experience and whether that experience is seamlessly integrated across different channels.
Our research framework uses rigorous and established analytical frameworks and techniques like the Kano Model, SERVPERF-like scales for service quality of core service offerings, derived importance analysis, and importance-performance maps to understand action points for improving the customer experience.
Our text analytics and social media analytics capabilities assist you with providing deeper levels of insight into the customer experience and mine this data to discover specific customer pain points. Besides this, such analysis also helps us pick up positive and negative customer sentiments arising from celebrity endorsers and the quantum and valence of engagement on your social media posts.
Please click here to contact us for a copy of a detailed presentation on our approach to Voice of the Customer Research.
Product Optimization Research
Our Product Optimization Research includes research modules for assessing receptivity of the target segment to radically new products as well as modules for assessing receptivity towards smaller, incremental changes in product offerings (like changes in packaging only). Our research support starts with a review of innovations and new products (including patents filed)in the target segment, followed by in-depth qualitative interviews in the target segment designed to understand unmet needs in a particular product category. We share insights gained in this stage with the product design teams and work towards mapping customer benefits to technical product attributes. Feasibility analysis, conducted by the design team, then leads to a shortlisting of products to be tested further for market potential.
Identifying potential new designs or products is only part of the support that market research can provide design and product teams. Once a few candidate product designs are identified, we go back to respondents to understand the target segment’s evaluation of the products. Research at this stage can include understanding how customers trade off different functionality levels. It can also include insights into price-functionality trade-offs. Tools like choice-based conjoint experiments and MaxDiff allow us to test for the customers’ preferences over different product/service configurations. At Phronesis-Partners, we also assist our clients with product placement tests in B2C markets. Information is obtained from respondents on pre-and post-usage assessments of the focal product against current “most often used brands.” For many consumer products with sensory attributes, we can provide detailed insights on how different sensory attributes are related and how changing the level of any attribute may lead to changes in the perception of the product on other attributes, and finally, on overall attitudes towards the product.
An essential part of our product optimization research is providing inputs on improving the exterior product design of consumer goods by considering Human-Centered Design principles that focus on delivering intuitive and well-communicated product-human interfaces. This research focuses on the usability of products from the customer perspective, considering product capabilities for human interaction, signages to facilitate such interaction, the ease with which consumers can understand product manuals, etc. This research also includes specific issues like ergonomics, sustainability in material usage, etc.
Please click here to contact us for a copy of a detailed presentation on our approach to Product Optimization Research.
Corporate Reputation Research
We see Corporate Reputation as the sum of all evaluations of a company by all its different stakeholder groups across different dimensions of performance like product /service quality, Corporate Social Responsibility, Business Performance, Ethical Corporate Governance, Sustainability (EDG initiatives), etc. Our robust data collection capabilities make us uniquely positioned to undertake large multi-stakeholder, multi-country corporate reputation research programs. This research leverages our capabilities in reaching even difficult-to-reach segments like Govt. decision-makers, NGOs, journalists, potential investors, etc. Our capabilities for in-depth qualitative research and social media text analytics allow building context and developing an understanding of the background data, while our strong marketing science and analytics capabilities allow us to create and evaluate complex models that facilitate a granular understanding of the drivers of corporate reputation, benchmarking performance on performance attributes and dimensions and delivering pointers for corporate communications and corporate reputation management. We use established and tested corporate reputation frameworks and analytical models to provide reliable insights and action points.
Please click here to contact us for a copy of a detailed presentation on our approach to Product Optimization Research
Market/Channel Landscape
Whether you would like to estimate the total addressable market for your products and services or are planning to expand/enter into a new market or identify the right distributors/channel partners to penetrate the market, our experts can help. We triangulate information from several sources, such as competitors, customers, suppliers, distributors, etc. to help clients understand the market/channel landscape. Our statisticians analyze data and help clients to anticipate outcomes in different scenarios through predictive/what-if analysis and we help prepare clients for various outcomes through simulation and scenario planning exercises.
Promotion Effectiveness
Return on promotional investment is one of the most critical KPIs for marketers. Marketers need to know what is working and what is not. Our promotional effectiveness services help clients understand if their ad spend is indeed delivering results or not. And if not, why not? We try and measure the total effectiveness of the client’s promotional campaigns, starting with who it’s reaching, is it resonating with the intended audience, and what is the action/reaction of the intended audience.
