Week 2: Secondary Research
(Video 2) Computing and Interpreting Metrics from Syndicated Marketing Databases - SimplyAnalytics You WILL be expected to know the basic computation for how to calculate %Detail, %Target, and INDEX; that is, from the top of your head and using nothing more than the provided web browser basic calculator, you should be able to derive each one of these common marketing metrics.
% Detail -dividing the Column to the left of it (=D2/ Total at bottom of D2), it shows as =D2/D53, so add D2/$D$53, it showed up as a large decimal so he clicked % and it came out as 1%, he then made it two decimal places and filed the rest of the row. % Target- Found by dividing Colum the left of % detail by the column to the left o that one ( basically dividing the two og number column) =D2/C2, you'll then get a large decimal in % target, change it to a % and make it 2 decimals. Then fill in the rest of the row. -INDEX % Target / Target % total at the bottom =F2/F53, then fill in sign. =F2/$F$53*100, youll then get a large decimal so reduce it to 2 decimals and fill in the rest of the column.
(Video 9 Part 1) Evaluating Secondary Data What are the criteria we have to use to evaluate the quality of secondary information?
As Marketing Researchers we need to evaluate the Quality of the secondary data. necessary and often overlooked. there are always limitations to secondary data so we need to evaluate it properly Guidiung Questions we always ask before we use secondary data What is the purpose of the study? If the og study doesn't align to your needs you shouldn't use it. Who COllected the Information What Information was collected How was the information attained How consistent is the information with other information Where to place Answers to Questions: What are the Positive features What are the Negative features What Are the unknown features
(Video 2) Computing and Interpreting Metrics from Syndicated Marketing Databases - SimplyAnalytics You WILL be expected to know the difference between: %Detail, %Target, and INDEX; that is, you can interpret what each one means.
Base: Adults 21+ Details: Angry Orchard Drank the last 6 months Base Total- Total number of 21+ Adults in the study (Second # Set ('000))-The second set of numbers given will tell us the total number of adults 21+ who drank angry orchard in the last 6 months %Detail- tells us what percent the group of interest (Drinks Orchard) is part of each category/name (will always total 100) %Target- tells us what percent of the total category is part of the group of interest (People who drink Orchard). INDEX- Tell us what percent of each category is more or less likely than a typical person to engage in the behavior or interest Will always have Base (where total is 100)
(Video 6) External Secondary Data - Industry Sources Note the walkthrough of the Brewers Association research report is a helpful example of how we interpret basic results from a secondary research report
Brewers Associations- Serves craft brewer market A recent study reports on a survey of brewing companies in relation to the covid-19 pandemic. Nearly a third now use some sort of home delivery channel and traditional distribution to stores or bars, and operations changed. They are now optimistic to survive since they received a gov loan. New sales were better than traditional. We found their confidence also varies on their business model
(Video 3) Examples of Internal Secondary Data What are the common internal sources of secondary data?
Customer Relationship Management (CRM) - CRM dashboard- Salesforce- showing student statistics, demographics, test scores, etc. Salesforce Dashboard helps marketers recruit student and learn about their students and performance GPA and grades Payment system- Revel- Ipad pay screen, with info on growing sales, etc., the cloud-based patent system and reports on discounts, sales, etc. Revel Dashboard- shows reports of various sales or discounts given for sales performance of stores Web Analytics- Adobe Analytics- Adobe, uses Microsoft data visualization platform, revenue generation from a certain product Adobe Analytics- displays the magnitude of revenue given from certain products. key words and visitor analytics ERP Systems- Usually a sweet of apps is meant to track various transactions across an entire institution. all ones above can be ERPs. SAP- a company that provides ERP systems to organizations The dashboard displays an invoicing system that lets them know which customers are paying, how often they are paying etc. Routine Marketing Activities- Mailchimp- email marketing platform that reports on click rates from websites * Another example of marketing info internally is social media platforms. Each comes from its own analytics and can help with attracting and attaining your audience.
(Video 7) External Secondary Information - Academic Journals & Commercial Services What is a "Q Score"? How is it calculated? How do marketers use it?
Ex: Q scores- attempt to measure the likeness of characters, athletes, and celebrities. Total Familiar/ Total Reponses= % familiar Total Favorite/ Total Responses= % Total Favorite >>>>>>>% Total Fav/ %Familiar= Q SCORE (0-100) Example: Q score results can be used on whether they can use cartoons or characters to put on the product to see if they would sell more. Batman on Diapers instead of Deadpool
(Video 8) External Secondary Information - Web Tools & Overall Discussion about External Secondary Information What is Google Trends? Be able to interpret a Google Trends report. (know what a score of "100" means in a Google Trends report)
Google Trends can be useful to get a sense of what the public is interested in or at least what they are searching for. You can search words and terms and compare them to other search terms when the graph is displayed there is always one search term that peaks at 100, its always relative, this across the timeline was the Peak. doesn't show actual number of search just relative comparisons
(Video 5) External Secondary Data - Introduction &Illustrating the Use of Government Sources (Census) Be able to interpret the basic results depicted in a table from a government database (similar to what is shown in video)
Gov. sources info is very useful. Common sources are secondary info from the US census bureau. You can explore data and generate tables in census.gov.
(Video 5) External Secondary Data - Introduction &Illustrating the Use of Government Sources (Census) What are the common external sources of secondary data?
Government Sources (Census) -Government - Industry Sources -Trade Association -Professional Journals Academic Journals & Commercial Services -Academic Journals/ Academic Research -Commercial Services -Social media web tools
3 Categories of Secondary External Data Sources?
Government data sources Basic market data is usually available from censuses conducted by federal, state, local, and supranational governments. will normally provide such demographic information as the number of consumers (or consuming units) by age group, income class, gender, and geographic area. *includes a list of sources in the book Private data sources -SRDS publishes The Lifestyle Market Analyst. -Nielsen's Clarita's division, of solutions for geographic, lifestyle, and behavioral target marketing -Market size studies (e.g., size in sales dollars or units) + Advertisers Goldmine (Free Example) Internet Database (Computerized Databases) five categories of commercial databases: •Bibliographic databases that index publications • Financial databases with detailed information about companies • Statistical databases of demographic, econometric, and other numeric data for forecasting and doing projections • Directories and encyclopedias offering factual information about people, companies, and organizations • Full-text databases from which an entire document can be printed out
Ch.3: Secondary Sources Of Information: The common types of secondary information?
Internal Secondary Data receive orders, fill orders, record costs, receive warranty cards, submit sales reports, and make engineering reports. External Secondary Data • Government (supranational, federal, state, local, etc.) • Trade associations and trade press • Periodicals and professional journals • Institutions (universities, research organizations, etc.) • Commercial services -Can be divided into 3 categories. government data sources private data sources internet database
(Video 4) Limitations of Internal Secondary Data & Data Integration What is Acxiom? What services does it provide that are relevant to marketers?
It's an External Data Source. Grabs info about individual customers from several private and public sources (Census, Survey, etc) and packages this data as a product. integrates -Demographics -psychographics -Behaviors with other companies
(Video 1) Secondary Data vs. Secondary Research; Syndicated Data: What are some common firms that provide syndicated data? What do they provide to marketers?
Neilsen: Sydicated Data Sources: -Retail Measurement Services (RMS)- which provides information about consumer packaged goods sales at the retail store level. -Consumer Panel Services (CPS)- similar info about purchases but relies on survey response data from consumers and these two are often compliments of each other. The Stevenson Company: has a system called Traqline- that tracks sales and market information of consumer durables and products- to see what else customers looked at before purchasing where and other considerations, etc.
(Video 7) External Secondary Information - Academic Journals & Commercial Services What is the ACSI? Why and how do marketers use it?
Not all research is in journals, ACSI index- Annual Survey of around 70,000 US consumers thoughts on companies offerings (0-100 satisfaction) Used to benchmark themselves against competitors tracks how satisfied customers are with the product they buy from companies. They gather info and give a score to companies based on surveys etc.
(Video 9 Part 1) Evaluating Secondary Data If there is no such thing as a perfect secondary source, how do be know a source is worth relying upon?
Often people behind a study may have intentions and biases, source effects may impact the results of a study as well even if it isn't on purpose.
(Video 1) Secondary Data vs. Secondary Research; Syndicated Data: How has "open science" impacted marketers in terms of accessing/using secondary information?
Open science shares the raw data that is actually generated as part of a research project large research firms and companies are sharing their raw data sets from this and it can be helpful for us.
Ch.3: Secondary Sources Of Information: Why we like/dislike Secondary Sources?
PROS: - Secondary Info may solve the problem. -Secondary Info Searches Cost Less -Secondary Info had Important Supplementary use: (i.e. Defining the problem and formulating hypotheses about its uses, Planning the collection of primary data, Defining the population, and selecting the sample.) CONS: -You cant always find consistency -Data may not use the same categories or demographics. -You have to know what techniques were used and what the original purpose for the data was as you research secondary sources.
(Video 4) Limitations of Internal Secondary Data & Data Integration Pros and Cons of Internal Secondary Data
PROS: Are usually cheap and accessible and give highly detailed info. CONS: Often come with limitations and an incomplete picture This tends to be limited to customer behavior data: -scarcity of customer behavior pre and post-purchase -scarcity of info on a potential or prospective customer -Scarcity of customer mindset information (Awareness, interest, attitudes, motivations) This data is sometimes trapped in Organizational Silos (some departments have better access than others)
(Video 7) External Secondary Information - Academic Journals & Commercial Services How do applied marketers make use of secondary information from Academic Journals? What are the challenges and advantages applied marketers have to deal with when using academic journal sources?
PROS: The information can be pragmatic and Helpful helps solve practical problems. CONS: Journals can be very intimidating and a mouthful.
(Video 8) External Secondary Information - Web Tools & Overall Discussion about External Secondary Information Advantages and disadvantages of external secondary information
Pros: External Secondary info is readily available, Can be overwhelming but is inexpensive and quickly explained. Great supplement for your primary and gives a framework for primary needs. Can help with gaps of info that can be gathered with primary yourself Cons: often this is secondary info- since we'll almost find what we needed, near it. You have to see if it is adequate. Sometimes has a mismatched problem. You find a number of beers bought but you want to know how much they are spending on beer. Also, is data from 2 years ago worth using?
(Video 9 Part 2) Evaluating Secondary Data Even when it seems like "the right" information was measured, how can "the how" of data collection result in an untrustworthy secondary research study.
Satisfaction Surveys and sheets in aggregate. they way the surveys suggest the way we can conduct the survey Find out how consistent the info is from other similar data you find
(Video 1) Secondary Data vs. Secondary Research; Syndicated Data: Secondary Data vs. Secondary Research (what is the difference?)
Secondary Data Someone else: -Problem identification and research question -Research Design -Data Collection -Analysis and generated a research report < YOU: make use of Research Report Secondary Research (YOU design your own research study where you recognize that Someone else's research design and data collection can be useful for your own purposes Analysis: YOU using Someone else's data to conduct your own analysis Research Report YOU yourself generate a research report from all this
(Video 1) Secondary Data vs. Secondary Research; Syndicated Data: Can you interpret a basic output from SimplyAnalytics (similar to what was shown in video)?
SimplyAnalytics isnt the synicated data platform itself, but rather platform that merges onto other data sets that are for sale and we can run reports and data visualizations from it. Simmons local is the program map we use in the video. to generate a unique report
(Video 9 Part 1) Evaluating Secondary Data What is the difference between "unknown features" and "known issues" with a secondary source?
Source affects may affect an impact of a particular study
(Video 5) External Secondary Data - Introduction &Illustrating the Use of Government Sources (Census) How do marketers use Trade Association reports as a source of secondary information?
Surveys to use in relation to distribution and things they can do to see if they should keep delivering or stop doing it.
(Video 1) Secondary Data vs. Secondary Research; Syndicated Data: What is syndicated data? Why do marketers use syndicated data providers?
Syndicated Data- Data available for anyone to use for a price, some firms specialize n giving syndicated data to customers. -Marketers use Syndicated Data Providers so they can buy and customize data for their own unique needs, they provide integration with their systems too
(Video 4) Limitations of Internal Secondary Data & Data Integration What is data integration? How does it enhance secondary data sources for marketers?
The combination of technical and business Processes used to combine data from disparate sources into meaningful and valuable information. trust data from a variety of sources
(Video 6) External Secondary Data - Industry Sources What is the unique benefit we often find from research published by trade associations & professional journals, compared to other sources of secondary information?
This research is helpful because it's valuable to marketers looking for insight into a particular industry, pain points, advantages, disadvantages, etc Different journals give insight into the beverage industry but much of it is hidden behind a paywall.
(Video 6) External Secondary Data - Industry Sources How can trade associations be a useful source of secondary information?
Useful for topics on a particular industry or product category. useful to all members in that industry Example: Brewers Association
(Video 2) Computing and Interpreting Metrics from Syndicated Marketing Databases - SimplyAnalytics You WILL be asked to INTERPRET the results of a typical data table from a syndicated marketing report.
When looking at the index numbers know how much more or less % likely someone is that the most the averages on the index (Ex: 40% more if its 140% and all others are 100%)
(Video 9 Part 2) Evaluating Secondary Data Why is it important to look closely at what information is collected? Why can't we necessarily just trust a study measured what it claimed to have measured?
You can figure out the quality measure of how they collected those polls sometimes the clarity isn't right for them to understand the polls and questions. Fivethirtyeight measures the quality of the poll and letter grade. A+
(Video 9 Part 1) Evaluating Secondary Data Why is it important to assess who conducted the original study? What about the original funding sources behind a study?
because whoever conducted the secondary information wasn't doing a direct study of what your trying to find but rather something else
(Video 9 Part 2) Evaluating Secondary Data What is the advantage of relying on multiple sources to "aggregate" secondary information?
to build a single unified prediction
(Video 7) External Secondary Information - Academic Journals & Commercial Services How do marketers use commercial services as a source of secondary information?
useful information for marketers much like Q Score to measure the likeness of something
(Video 9 Part 1) Evaluating Secondary Data Why is it important to assess the original purpose of a secondary research study? How does that help inform our ability to assess the appropriateness of the study for us to use?
we need to see if it relates to the problem we need to solve if not we don't use it.
