If we depend on market research to dictate business decisions, today’s guest explains how this is a big mistake. Market research cannot predict buying decisions because it focuses on the conscious mind, like most of our daily decisions in life and business. we make them unconsciously.
With corporate risk aversion at an all-time high, it’s no surprise that marketing professionals increasingly reach for market research to support their strategies. Then, if products and marketing campaigns fail, they blame the research.
While this episode is invaluable for all business owners and marketers – it will equally help us understand any customer better, but also understand ourselves.
Today’s guest has had no hesitation in calling out a multi-billion dollar industry for its frailties and suggesting a better way. We welcome consumer behaviour expert and author of the best-seller ‘Consumerology: The Truth about Consumers and the Psychology of Shopping’, Philip Graves
We talk: Focus groups versus real life situations?
Why Asking Is Fruitless
Brand Fails such as New Coke and The Post Office rebranding as Consignia
How brands like Red Bull succeeded in face of bad focus group research
Simplification and Stickiness
The misattributing of consultancy spend
The importance of the entrepreneurial gut feeling
The importance of Social proof
The biases that sway our decisions
The Philip Graves AFECT Model Analysis (of behavioural data) Frame (of mind) “Environment” “Covert study” “Timeframe”
You can find out more about Philip including where to buy his book here: http://philipgraves.net/