11/01/2021

Agenda

This presentation is created using R Studio and RMarkdown. For more details on authoring R presentations please visit https://support.rstudio.com/hc/en-us/articles/200486468.

  • Review - Secondary Data Analysis using Tableau - Avocado Pricing at Retail
  • Review & Discussions - Pre-course Quiz
  • Review & Discussions - Lab & Tutorial - Understanding Consumers’ Perceptions toward Grocery Stores in Bakersfield
  • Exploratory Data Analysis (EDA) - https://rpubs.com/utjimmyx/brand_positioning
  • Perceptual Mapping
  • Principal Component Analysis
  • Breakout Room Discussions

DoorDash vs. GrubHub? Which one is better?

Learning Objectives

  • Describe the perceptual mapping technique in a non-technical fashion
  • Understand how the maps can be used in marketing decision making
  • Learn how to recognize consumer segments, under-served segments, and ideal points for targeting and positioning
  • Learn how to construct perceptual maps from data
  • Learn how to make a perceptual map using R (R Studio Cloud)

Only 3% of all marketers are competent in crunching large sets of data at every job level (venngage 2019)

There is a “HUGE skills shortage in the Data Analysis and Code section.” (venngage, 2019)

Drawing New Insights from Data is a Challenge

  • “Data is the new oil”
  • The data Dilemma - Data rich but insight poor (IBM,2019; Tableau, 2020)
  • Marketing Analytics - (Indeed.com - Top marketing skills to add to your resume)
  • There is a “HUGE skills shortage in the Data Analysis and Code section in the marketing industry.” (venngage, 2019)

Exploratory Data Analysis

Exploratory Data Analysis (EDA) and data visualization often go hand in hand. The following are some popular methods:

  • Summary statistics (means, medians, quantiles, histograms, boxplots) & Data Subsetting
  • Perceptual Mapping - Multi-dimensional Scaling/Correspondence Analysis/PCA/Joint Plots (Indeed.com - Top marketing skills to add to your resume)
  • Segmentation / Cluster analysis (Indeed.com - Top marketing skills to add to your resume)
  • Time Series Analysis (seasonality analysis/forecasting)
  • Mapping (Spatial marketing, geo-marketing, heatmapping, etc.)
  • Networks and Relationships (social network/media analysis)

EDA Examples

Top marketing skills to add to your resume:

Perceptual Mapping

Marketing professionals can use data to

  • understand brand perception
  • test new product (service) features
  • discover customer segments
  • understand how each brand is comparatively positioned in consumers’ minds
  • develop a product (service) differentiation strategy

Perceptual Mapping and Positioning - Real World Applications & Examples

  • Most companies offer minimal free features.
  • Paywall strategies If a company identifies through marketing analysis that its users highly value a new feature above the others, it might choose to place that feature behind a paywall. (Stobierski 2021).
  • EBay offered “a feature from its inception that for 25 cents allowed people who sell products on the site to add a photo next to their listings” (sequoiacap.com, 2021).

How to Interpret a Perceptual Map - Strategic Questions to Consider

  • Which brands are relatively closer to the center of the map than their counterparts?
  • Which brands compete directly in the same segment?
  • Where should you try to position your product in the segment circles?
  • What is my segmentation, targeting and positioning (STP) strategy?
  • What is my long-term branding strategy?
  • What is my long-term customer retention strategy?

How to Interpret a Perceptual Map - Practical Tips

  • Consumers only focus on the most important features when making purchase decisions.
  • An attribute carries great significance when most people view it as more important than other attributes.
  • The arrow indicates the direction in which that attribute is increasing.
  • The distance between brands might reveal the relative intensity of competition.
  • The length of the line determines the relative importance of the attribute.
  • A brand (product/service) will probably perform better in a few criteria.
  • Some brands will perform well in multiple criteria ( attributes/features).

Example - Understanding Beer in the U.S.Market

What Industry Experts Think about Positioning your Brewery ?

It is critical for marketers to “use a matrix to determine where the breweries in your town fall to gain a quick eagle eye view of what’s being done and not being done in the market.”

Ref: Fague and Arthur, 2016. Using a matrix to brand and position your brewery. https://www.craftbrewingbusiness.com/featured/using-matrix-brand-position-brewery/

Example - Understanding Beer in the U.S.Market

Is there a tradeoff between centrality and uniqueness?

ReferenceS

Dawar, N., & Bagga, C. K. (2015). A better way to map brand strategy. Harvard Business Review. https://hbr.org/2015/06/a-better-way-to-map-brand-strategy

Marketing Skills 2019: Are You Qualified to Be Hired? [Updated].https://venngage.com/blog/marketing-skills-2016/

Data Rich but Information Poor: Building a Data-Driven Culture in Manufacturing https://www.tableau.com/learn/webinars/data-rich-information-poor-building-data-driven-culture-manufacturing

Gupta. 2021. Subscription strategy - a must-have before implementing the content paywall. https://www.nagarro.com/en/blog/content-paywall-digital-subscription-strategy