1 / 13

Guiding Principles

Incorporating Market Research into Product Development Walter H. Zultowski, Ph.D. WZ Research + Consulting, LLC SOA Life and Annuity Symposium May 18, 2010 . Guiding Principles. Market research doesn’t make decisions; executives do Market research isn’t just about big decisions

zahina
Download Presentation

Guiding Principles

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Incorporating Market Research into Product DevelopmentWalter H. Zultowski, Ph.D. WZ Research + Consulting, LLCSOA Life and Annuity Symposium May 18, 2010

  2. Guiding Principles • Market research doesn’t make decisions; executives do • Market research isn’t just about big decisions • Market research is often more about what NOT to pursue, than what to pursue • Market research is less about THE research project, and more about ongoing market insight • Market research is better viewed as a component of the product development/innovation process and less as a standalone department or function 2

  3. Market Research Methods – A Primer 3

  4. A Comment on Focus Groups The most abused research method You can never do enough focus groups to get a representative sample Numerous potential sources of bias They definitely have a role Can be used in decision making 4

  5. A Comment on Surveys Personal interviews vs. telephone vs. online Have become the second most abused research method A survey is only as good as its sample There’s no good way to ask a bad question Implying causation from correlation 5

  6. Should Market Research be Done Among Consumers or Agents? 6

  7. Seems Simple, Yet Frustration Abounds… “Actuaries don’t value research.” “Researchers are too academic.” “The actuaries don’t bring me into the product development process early enough.” “How do I know what to research if I don’t know the company priorities?” 7

  8. What’s the Solution? It Depends... 8

  9. What One Means by “Product Development” Level I: Changes to Existing Products (Updates, Reprices, Riders) Level II: New To Company, But Not to Market or Industry Level III: New To Market, But Not To Industry Level IV: New To Industry 9

  10. Market Research in Product Development Innovation Management Type of Research Activity Market Research Level I Level II Level III Level IV 10

  11. Product Development Needs to: Develop more of a marketing focus Embrace market research as a part of the product development process Build time into the process for market research input Manage for both product maintenance and innovation Be open to disruptive product development 11

  12. Researchers Need to: Focus less on “PROJECTS,” and more on impact Move from results to insights and implications Become storytellers vs. research reporters Take responsibility for results and implications, rely less on vendors Build a proactive market research plan, don’t just wait for projects Embrace the industry, become a “Student of the Business” and less a market research professional Do a better job of integrating multiple sources of information 12

  13. 860-471-3692 | www.wzresearch.com

More Related