Leverage Marketing Research During the Recession

We found a great piece in the the Harvard Business Review by the ever-brilliant John Quelch, and knew that it was worthy of reprint here on Synergyblog.

Dr. Quelch outlines seven steps for CMOs to take during the recession to mitigate the reduction in consumer spending.

It’s a great article, and as marketing research practitioners, we at Synergy Marketing Strategy & Research, Inc. are pleased to see an increase in spending with some of our clients.

We believe companies who listen well to consumers, employees, and stakeholders, execute often on fulfilling their brand promise, and continue to produce excellent goods and services without compromise of quality and value will exceed during this recession.  Enjoy. Thrive. Trust and be Trusted!

Recession-challenged consumers are buying less, looking for deals, or switching to different brands, product categories, or stores. Some are even changing long-held attitudes toward consumption. To many folks, filling the home with more stuff or keeping up with the Joneses is no longer appealing.

As a result, the degree of uncertainty in business and consumer markets has soared. Yet, to conserve cash, most firms are reducing spending on the market research that would help manage that uncertainty. In the U.S., spending on market research has dipped for four consecutive quarters, and chief marketing officers don’t expect the situation to turn around soon. Most big consumer marketers are seeking to shave 10 to 20% off of research budgets.

In flush times, a rising tide of consumption can compensate for less than optimal branding, positioning, pricing, or segmentation. That is certainly not the case now. At the same time that marketers must pare down research expenditures, they face added pressure to secure high-quality data and insights.

Read Full Post »

SynergyBlog has found a guest blog post from our friends at MarketingProfs that we think is extremely valuable for corporations and nonprofits interested in building trusted brands. The key is to remain as close to your consumer as possible. To engage in interactive and intelligent dialogue that moves both the organization and the consumer forward.

Len Kendal does a terrific job of sharing what corporations can learn from President Obama. We think he’s right…

by Len Kendall

Depending on how you look at it, the U.S. Government is one of the largest companies in the world. On March 24th, the “CEO” of this “company” utilized a Digg-Like voting system to address the most common questions that American’s had on their minds.

More than 13,000 different questions were submitted and 400,000 votes were cast to help filter the most pressing to the top. Clearly, there was no shortage of opportunity. By implementing this system, Obama used the will of the crowd to:

1) Shape the topics of discussion when addressing the nation
2) Show the crowd that the oval office is acknowledging their importance in driving the country’s success.
3) Illustrate transparency and democratization of modern government

Read Full Post »

Why Trust is the Most Important Asset in Business

The U.S. is facing a crisis of trust in organizations, institutions, and our leaders. Today, we witnessed what we hope is the very beginning of a long, slow restoration of trust with the new administration. But we must do more.

I am currently writing an article based on a qualitative study conducted on organizational trust and trust repair, which will provide insight into how organizational leaders can establish, maintain, and maximize stakeholder trust… and why it matters more than every other asset in an organization. I will post excerpts from the article throughout the week and would love to hear your thoughts.

Read Full Post »