Domain 1: Marketing Research Flashcards
What are they 4 phases in the life expectancy of products and services?
Development, Growth, Maturity, Decline
The purpose of this is to determine what work is out there and whether the market you are in will continue to provide work.
Market Research
What is Primary Research?
Original research designed by you or for you
What is Secondary Research
Research conducted by third parties, such as publications, associations, etc.
Where should Primary research begin?
In House - start with your lead or proposal list
The best market research efforts are _____________
A combination of primary and secondary research
What is Quantitative Research?
Research of measurable properties and their relationships
What is Qualitative Research?
Aimed at gathering an in-depth understanding of behavior and the reasons behind it.
One of the major differences between qualitative and quantitive research is ____________
The role of the researcher
An excellent source of information about our clients is __________
The Professional Associations that they belong to
This metric is limiting and ineffective for measuring marketing effectiveness
Jobs Won
While a valid metric, ______ has limitations.
Overall ROI
What is a hit rate?
The number of jobs won to the number of jobs pursued
What is the formula for calculating marketing ROI?
Total Revenue - Total Marketing Expenses = Total ROI
What is the best way to assess your marketing efforts?
Use a variety of factors and multiple metrics to determine where dollars are being spent.
What are the main elements that have to be evaluated and monitored to evaluate your marketing effort?
Lead / Prospecting Effort, Communication / PR Effort, Firm Identity, Proposals, Presentations, Client Satisfaction
The real starting point (aspect) of your marketing effort is ___________
Identity
The most important marketing activity / metric is what?
Client satisfaction
What is marketing research?
Scientific discovery methods applied to marketing decision making, generally comprised of market, competitor, and client research.
What are some examples of Primary and Secondary Research?
Primary: Proposal Reviews, Roundtable Meetings, Client Surveys, Lawyer, Banker
Secondary: McGraw Hill, Consulting Firms, Economists, ABC, Government Portals
What words are used in Boolean Strings?
And, Or, Near
What is a SWOT analysis?
Provides a method to systematically review internal (strengths, weaknesses) and external (opportunities, threats) elements that have a direct influence on company success
What type of support does a CRM provide?
Coordinating front office marketing, customer service, tracking leads, analyzing client data, interaction with customers.
Main challenge noted by Senior Marketing Professionals?
Quantifying and measuring the value of marketing programs
What factors should go into determining a growth goal?
Net new business, one-time project replacement, average useful life of clients (potential lost clients)
What three areas of measurement should be added into growth plan?
Micro measurement of ongoing marketing ROI, Macros tracking of marketing and sales results vs growth goals, overall analysis of marketing ROI (year end)
Three examples of measurable marketing activities
Direct marketing, referral programs, Public relations
Measures of measurement for Direct Marketing?
of leads generated, # of proposals generated from leads, ROI
Methods of measurement of Referral Programs
of referrals given vs. # of referrals received, # of proposals generated as % of referrals received, ROI
Methods of measurement of Public Relations?
of articles placed as % of articles pitched, # of press release pick-ups as a % of submitted, ROI
Define marketing
Process of positioning firm to ask for business or be asked for help
Define sales
Process of listening, defining needs, dealing with objections, asking for business, closing the sale - usually face to face
Who is the Lead Originator of the Pipeline Report?
Person who bring a new lead to the firm (through any means)
What is a Working Lead in the Pipeline Report?
Person who will lead the follow up activity for each opportunity
In order to have a good chance of meeting growth goals, how much should be in the Pipeline Report?
The equivalent of annual growth on an ongoing basis
Describe a Client Satisfaction / Feedback Survey
Used to gauge clients’ perception - often contains elements of perception and market intelligence surveys - should be a vital element of a firm’s marketing program
Describe Perception Surveys
Done before developing a brand or during a change in leadership to measure the current perception of the firm
Describe a Market Intelligence / Thought Leader Survey
SME interview - can be recycled frequently
Describe a Benchmarking Survey
Form the basis to compare your firm t
Describe a Benchmarking Survey
To compare your firm to competitors and peers, such as marketing best practices or structure
Describe Internal Surveys
Respondents are within the firm - provides any type of questions
Describe Focus Groups
Internal or external - in-person gatherings to gauge opinions
