Mkt530 Module 2: Reporting Research Results Ch 23 (in recent editions) Using Secondary Data Ch 4 Reporting Research Results Ch 23 No matter what kind of job you get … • • • • • • • Marketing Research Marketing Strategy Professional Sales Digital / Social Media Marketing Brand Management Consulting Non-marketing An important part of your jobs… … is probably going to involve writing up results of something … research reports, product briefs, sales proposals, results of campaigns, activity summaries, or something similar Report write-ups typically have a very specific format, either for a client or for internal use Keys to all report-writing: A Clean Cover - always Title, Graphic, Researcher(s), Date Title, Graphic, Researcher(s), Date Title, Graphic, Researcher(s), Date Title, Graphic, Researcher(s), Date Effective? A Letter of Transmittal - Often Especially a report for a client Executive Summary - Usually The Executive Summary taps into each of the major findings that are detailed later in the report – Typically bullet form (but not always) – Succinct and to the point – Summary of final findings and recommendation either at end or at beginning of executive summary Continued … Body of the Report: Using text to refer to Tables, Maps, and Graphs Always: Subtitle Discussion From Table Table Source New Packaged Facts Format Charts are cooler than most tables It takes 10 seconds to make a chart Pictures can “accessorize” boring tables Once you put a map or chart into PowerPoint you can add lots to it Hi, Mom!! Best Site Snips and Screen captures are fine But only leave in a table what you are going to use … Meaningful data?? Reporting survey results Percents only … not sample numbers ! Reporting survey results NO NO NO Edit your columns Keys • Clean • Heading, paragraph, then table/graph and source • Paragraph - use of some specific numbers from the tables, maps, graphs but not overwhelming • Succinct but long enough to explain what the tables etc “tell us” beyond just the numbers. Using Secondary Data Ch 4 Secondary data (our definition) Stuff we didn’t do but can look up or buy Secondary data in marketing research External secondary data search used to be a required step early in a marketing research project to just get basic figures and parameters to start the research – No longer - Computer storage and internet access have changed all that. Types of projects where secondary data is very useful • Market size (as part of opportunity analysis) • Market segmentation (demographic, psychographic, geographic, product usage, etc). • Market potential – overall and geographic • Location analysis and site selection • Market dynamics – change over time • Competitive structure and competitor activities • Trends Secondary Data can tell powerful stories • And very often are the first chapter in a report that also contains primary (survey) data Telling stories with Secondary Data Cause or Correlation? Relying on Secondary Data? Privately versus government – generated Scientifically generated versus non … Age of data Vested interest versus unbiased information provider Vested Interest? Market for illegal sports betting in US is not really a $150 billion business The first thing you do in such cases is look for a real-world example. In this case, data from the U.K., which has allowed sports gambling for decades, with thousands of betting parlors offering odds on everything from Premier League matches to when royal babies are born. The U.K.’s Gambling Commission tracks betting statistics and issues an annual report. The one released in January shows that Brits placed about 10 billion pounds in bets in the latest fiscal year. To get a comparable estimate for the U.S., that figure needs to be adjusted by population and currency. The U.K. has only about 66 million people, compared with 327 million in the U.S. And the pound was worth $1.36 on May 14. After making both adjustments, this suggests that if people in the U.S. are allowed to make bets at the same rate as in the U.K., the size of the industry would be about $67 billion a year. While enormous, that’s a far cry from $150 billion. Secondary Information Three basic types of secondary information we use: 1. General information, market size, market structure, economic issues, industry issues, industry trends, social trends, driving forces, characteristics of markets 2. Numbers, performance, locations, types of businesses (and other economic entities) 3. Numbers, behaviors, locations, types of people The obvious first step … Wikipedia for background More Wikipedia Wikipedia has great click-throughs Wikipedia Click-through to … Trends But … Gathering “official” secondary data Current Economic Indicators https://www.richmondfed.org/~/media/richmon dfedorg/research/national_economy/national_e conomic_indicators/pdf/all_charts.pdf http://brunolib.cba.ua.edu/ For Industry Reports by 5 Digit NAICS NAICS NAICS Codes (used to be SIC) NAICS Code Details MarketResearch.com Academic From Statistica … Also in the UA Library Sport Statistics Association Information Over 23,000 Assocations Along with the details Secondary Information Three basic types of secondary information we can find: 1. Market structure, industry structure, economic issues, industry issues, industry trends, social trends, industry drivers, characteristics of markets 2. Numbers, performance, locations, types of businesses (and other economic entities) 3. Numbers, behaviors, locations, types of people The basic source for business counts and industry figures (unbiased and accurate) is the 5 year Census Census Web Page Business Data from the Census NAICS codes for manufacturing NAICS codes for retailing NAICS codes for retailing II Problems with government data • No names or sensitive company info disclosed • Some information is not reported because it will reveal too much • Time intervals for revenue-related data collection are lengthy The downside of Census Data Government Census Updates County Business Patterns But … the Govt. websites are a pain So … • Private companies have taken over much of the between-census estimation of things Reference USA (via UA library) Source: Starts with Yellow Pages Downloads to Excel A B2B Potential Search Manufacturers In Zip Code 360xx With over $50 million in annual revenue Voila’ Ad$pender Report Type: Media Mix Report Completed: 5/18/2020 12:09:56 PM EDT Reported Time Period: 12/1/2018-12/31/2019 NETWORK TOTAL DOLS NETWORK TV CABLE TV B-TO-B DOLS RADIO DOLS INT DISPLAY PRODUCT (000) DOLS (000) DOLS (000) (000) (000) DOLS (000) Cicis Restaurant : General Promotion - Pizza Restaurant 17550.9 17542.4 8.5 Dominos Brooklyn Style : Pizza Product 655.4 655.4 Dominos Carry Out Special : Pizza Product 155098.2 35355.7 119742.5 Dominos Hand Made Pan Pizza : Pizza Product 81 81 Dominos Large 1 Topping Pizza : Pizza Product 0.1 0.1 Dominos Large 3 Topping Pizza : Pizza Product 14.8 14.8 Dominos Large 3 Topping Pizza Pizza Product & Dominos Medium 3 Topping Pan Pizza Pizza Product : Combo 0.1 0.1 Dominos Medium 2 Topping Pizza Pizza Product & Dominos Specialty Chicken Pizza Pizza Product : Combo 0.3 0.3 Dominos Mix & Match Deal : Pizza Product 53481.8 11272.7 42209.1 Dominos Pizza : Pizza Product 13.3 13 0.3 Dominos Pizza : Various Pizza Products 0 0 Dominos Pizza Restaurant : General Promotion - Pizza Restaurant 116181.2 39857.4 76323.8 Dominos Pizza Restaurant : Mobile App 47994.8 8324.9 39669.9 Dominos Pizza Restaurant : Mobile App & Online 11.2 11.2 Dominos Pizza Restaurant : Multi Pizza Restaurant Products 18648.2 2165.7 16482.5 0 Dominos Pizza Restaurant : Online 27018.8 6103.3 20915.1 0.4 Hungry Howies Heart-Shaped 1 Topping Pizza : Pizza Product 1.1 1.1 Hungry Howies Pizza Restaurant : Business Proposition 520.4 520.4 Hungry Howies Pizza Restaurant : Online 0.4 0.4 Little Caesars 5 Meat Feast Pizza : Pizza Product 0.6 0.6 Little Caesars Crazy Bread : Bread Product 37.6 37.6 Little Caesars Deep Deep Dish Pizza Product & Little Caesars Hot-N-Ready Pizza : Combo 3.8 3.8 Little Caesars Enterprises Inc : Business Proposition 38.6 38.6 Little Caesars Extra Most Bestest Pizza : Pizza Product 7750.3 214.3 7536 Little Caesars Extra Most Bestest Stuffed Crust Pizza : Pizza Product 19159 2887.7 16269 2.4 Little Caesars Hot-N-Ready 5 Meat Feast Pizza : Pizza Product 19365.5 2191.3 17174.1 0.1 Little Caesars Hot-N-Ready Bacon Wrapped Deep Deep Pizza : Pizza Product 11350.5 2071.5 9277 2 Little Caesars Hot-N-Ready Classic : Pizza Product 1.5 1.5 Little Caesars Hot-N-Ready Combo Meals : Pizza Restaurant Value Meal 1.1 1.1 Little Caesars Hot-N-Ready Deep Deep Dish Lunch Combo : Pizza Value Meal 3228.7 348.1 2880.6 Secondary Information Three basic types of secondary information we can find: 1. Market structure, industry structure, economic issues, industry issues, industry trends, social trends, industry drivers, characteristics of markets 2. Numbers, performance, locations, types of businesses (and other economic entities) 3. Numbers, behaviors, locations, types of people People data • Numbers of people • Numbers of people where – Nation, state, county, tract, zip, block group, block, radius, trade area • Numbers of types of people • Numbers of types of people when – Past exact (?) versus now (estimated) versus forecast Step one - The US Census www.census.gov 2010 Census of Population and Housing Beyond just numbers and demographics by geography • We need spending estimates • We need lifestyle insights • We need product usage • We need these BY demographics Estimating Consumer Spending by category of good/service http://www.bls.gov/cex/home.htm#data http://www.bls.gov/cex/ Adding Geography Tuscaloosa Block Groups (n) Tuscaloosa Block Groups (s) Updating Census Data • Estimates (!) of newer Census-type data are available from a variety of sources – some free, most not. • Most GIS packages include them. Some are part of a larger package https://claritas360.claritas.com/mybestsegments/ Personality Segments A really good GIS: My Demographics Package Simmons Insights Takeaways from Secondary Data Research • Sometimes it is all you get – Feasibility analysis – Market opportunity analysis • Sometimes it is all you need – To convince the bank / boss – To compare alternatives • Very cost effective if done right • Most times it helps you figure out what you don’t know so you can add that element later – To generate hypotheses
