Thursday, December 29, 2016

Our New Year’s Resolution: Focusing on Your Future

We want you to continue to be successful in 2017. In order to do that, when it comes to business, you need to think about the future beyond next year.  

We know you are under pressure from your managers to stay ahead of the curve and always be thinking of the future in your industries. So, that’s why it’s more important than ever to attend live conferences and events to hear what the future holds directly from industry leaders.


Here are the events that will keep you thinking ahead in 2017:

·         The Media Insights & Engagement Conference
January 31 - February 2, 2017
The Ritz-Carlton, Fort Lauderdale, FL
Use code MEDIA17BL for an additional $100 off
Learn more and buy tickets: http://bit.ly/2gJ4vx4

·         Marketing Analytics & Data Science
April 3 – 5, 2017
JW Marriott San Francisco Union Square, San Francisco, CA
Use code MADS17BL for an additional $100 off
Learn more and buy tickets: http://bit.ly/2gJdpKS

·         FUSE Miami
April 4-6, 2017
Nobu Hotel – Eden Roc, Miami, FL
Use code FUSE17BL for an additional $100 off
Learn more and buy tickets: http://bit.ly/2h5377e

·         FEI: Front End of Innovation
May 8-11, 2017
Seaport World Trade Center Boston, MA
Use code FEI17BL for an additional $100 off
Learn more and buy tickets: http://bit.ly/2gFQZbV

·         OmniShopper
June 20-22, 2017
Hyatt, Minneapolis, MN
Use code SHOPPER17BL for an additional $100 off
Learn more and buy tickets: http://bit.ly/2gybsk2

·         TMRE: The Market Research Event
October 23-25, 2017
Rosen Shingle Creek, Orlando, FL
Use code TMRE17BL for an additional $100 off
Learn more and buy tickets: http://bit.ly/2gVLDO9

·         TMRE Digital
With TMRE Digital you can access 27 Sessions from the World's Leading Insights Event TMRE from the comfort of your own home or office.
Learn more and download: http://bit.ly/2fRBgt7

Don’t get stuck in the past. Look forward to the future!  

We hope to see you at our 2017 events!

Cheers,

The Knect365 Team

Friday, December 16, 2016

Image Recognition and the Future of Digital Analytics

This post was originally published on the Kelton Global Blog.

The days of text-centric social feeds are officially long gone. A whopping 1.8 billion images are uploaded to the Internet daily and of those, 350 million are shared on Facebook. Instagram recently surpassed 500 million active users, and Snapchat now has more active users than Twitter. The content that flows into our social feeds is more heavily optimized than ever to deliver more of what people want—less text and more visuals.

Brands have adapted their social content strategies accordingly by delivering more visually immersive experiences. And while we’re seeing significant shifts in branded content, this influx of visual content has yet to herald a commensurate change in social analytics. Accordingly, few gains have been made to measure and derive insights from the contents of images or video. Social listening has historically focused on the challenges of text-based analysis–specifically, the challenge of determining the context and meaning behind posts. But as social media habits evolve, it’s clear that deriving insights from pictures is an increasingly important aspect of understanding consumers. That’s where image recognition comes into play.

Brands have adapted their social content strategies accordingly by delivering more visually immersive experiences.

Simply put, image recognition is the process of translating images to data. Photos and images can reveal a wealth of data points–demographics, purchases, personalities, and behaviors (just to name a few). Through next generation image recognition, a mere selfie may reveal a person’s gender, approximate age, location disposition, and even the clothing brands that the person is wearing. As text-centric media takes a backseat to image and video, the opportunity to understand the contents of these formats grows. These insights represent a veritable treasure trove of actionable data for brands.
Tools that analyze image and video-based content are still in development, but increased investment in research is already impacting commercial products and how they’re advertised. One example is brand logo recognition–scanning images for brand logos, and flagging them with the corresponding brand names. This tool is especially powerful considering that 80% of photos shared online depict a brand logo but don’t explicitly call out the brand’s name. This fact points to a sizable opportunity for companies to measure and understand the impact of these formerly inaccessible data points.

Photos and images can reveal a wealth of data points–demographics, purchases, personalities, and behaviors (just to name a few).

As an example of how this applies to brands, Kelton’s Digital Analytics team took a look at the scores of backyard BBQ photos that flooded public forums, blogs, and social feeds over the recent 4th of July holiday. We experimented to see which of two quintessentially American beverage brands–Coca-Cola and Budweiser–netted more published images of patriotically-themed bottles and cans (as well as other forms of branding) on social media.



In the end, Coca-Cola branding was twice as prominent as Budweiser’s. We found that Coke bottles and cans popped up in more diverse settings such as public parks and inside motor vehicles, whereas Budweiser was predominantly found in bars and house parties. Coke also aroused greater sentiment around the theme of Americana, as many consumers photographed vintage Coca-Cola gear and opted for bottles over cans. This might explain why Coke captured a significantly greater share of social mentions than Budweiser.
This example illustrates several ways that brands can leverage image recognition technology to build actionable insights:

·         Ethnographic data – Identify where, when and how often brands are showing up in people’s lives.
·         Updated brand health analysis – We now have a more comprehensive point of view of brands’ online footprint.
·         Sponsorship and Branding ROI – Extend the value of branding and sponsorships shared via online news, blogs and social media through a multiplier effect.
·         Influencer identification – Find authentic brand advocates who consume and spotlight your merchandise.
·         Misuse use of brand iconography – Surface content that depicts improper usage of brand’s logo or other creative assets.

In today’s ever-shifting social media landscape, it’s never been more important for brands and their partners to stay aware of the new and emerging capabilities that can help better understand consumers’ behavior online. Image recognition is just the beginning. From AI startups to instant objection recognition devices, the mobilization and fusion of research, tech, and capital is quickly reshaping the way we think about analytics. These new tools will add even more contextual understanding to sentiment on social platforms, empowering brands to understand consumers like never before.

Wednesday, December 14, 2016

7 Ways Technology is Changing the Way Consumers Behave In-Store

By: Phillip Adcock

The retail landscape is constantly changing and the only way that stores can keep up is by constantly evolving. But how?

Modern day consumers use technology in a way that is completely different to consumers earlier in the decade. These changes have altered the way shoppers navigate stores and shop. So how should shops be following these changes — or even anticipating them?


 1) Shoppers Are Using Their Phones to Research and Buy Products In-Store

You might think that a customer browsing in your store is giving your products their full attention —  but you may be wrong. Many shoppers are combining trips to the store with trips online, comparing and contrasting price and quality. While you can’t always compete with online stores, it’s worth seeing which products are competing with yours.

2) Amazon Dash Has Given Consumers the Ability to Buy with the Push of a Button. How Are You Competing?

Amazon is trying to corner the market in next-day consumables with its new Dash button. A Dash button automatically orders a set product for next-day delivery when pressed, with products ranging from toilet paper to lemonade.

Amazon knows that one of the key things retailers need to do to compete in the current market is to make shopping as quick and easy as possible — and make the process so simple, a child could do it (which is potentially why one of the Dash buttons available orders a round of Play-Doh).

3) Overseas Importers Offer Prices That Are Nearly Impossible to Beat. So What Other Advantages Can You Offer?

One of the main types of retailers you’ll find online in stores such as eBay and Amazon are importers. Importing products from China allows them to source vast quantities of a product extremely cheaply, allowing them to sell at a very low price, with many items at 99p. How can you be expected to compete with those prices?

Answer: you can’t. Rather than cutting your profit margins to try and match importers, make sure your business outshines theirs in ways they can’t hope to compete. Instead, provide services that they cannot, such as fast delivery and great customer service.

4) Modern Shoppers Want to Speak Directly to You as a Company. Are You Easy to Reach?

One of the ways you can offer the level of customer service that modern customers expect is to communicate with them directly on the platforms they use. Consumers now expect to be able to do everything online, so to provide strong customer service, you need to make yourself available to them. Facebook and Twitter make it easy to interact with your customers, but beware: companies can easily fall into traps on social media.

5) Every Store Needs to Have a Mobile and App Equivalent. How Functional Is Yours?

As customers have evolved to be fully phone-reliant, the market for mobile apps and mobile sites has increased. These days, having a website without a mobile equivalent is a foolish move and may lose you sales. A mobile site should be as functional as your regular site and an app should function on a similar level.

6) Virtual Reality Is Growing in Popularity. Are You Ready to Make It Work for You?

IKEA recently launched a new Virtual Reality feature, allowing users of the HTC Vive to explore a kitchen (and throw meatballs into open spaces). Although this particular application is fairly low-function, virtual reality has revived and is well on its way to being the big sales tool of 2017 and beyond. Do you have the ability to allow your customers to use VR to interact with your store in a meaningful way? Whether it’s navigating a virtual store or trying out new furniture in an existing space, virtual reality is set to become a staple.

7) Free Delivery: A New Standard

One thing that stores forget is that yesterday’s exception becomes today’s norm and tomorrow’s rule. As consumers become more and more used to convenience, what would have seemed exceptional when online shopping began — for example, free next-day shipping — becomes expected. Shoppers will now potentially abandon a sale because of a lack of next-day shipping and will frequently choose a deal containing free shipping, even if it works out to be more expensive.

It’s worth remembering that consumers love the word “free”. Whether it’s “free shipping” or “buy one get one free”, shoppers will always gravitate towards those deals.

It’s hard sometimes to keep up with new retail developments. If you’re concerned about being left behind, remember: what consumers want, and have always wanted, are high-quality products for prices that are good value. Although it is beneficial to follow the latest technological trends, providing value for money is, and always will be, the best way to appeal to your customers.

About the Author: Phillip Adcock is the founder and Managing Director of the shopper research agency Shopping Behaviour Xplained Ltd — an organisation using consumer insight to explain and predict retail shopper behaviour. SBXL operates in seventeen countries for hundreds of clients including Mars, Tesco and B&Q.



Monday, December 12, 2016

Key Insights from Omnishopper International 2016

By: Derya Lawrence, Senior Analyst – Services and Payments at Euromonitor International

Omnishopper International took place in London in late November 2016, and addressed the issues impacting the rapidly evolving retailing landscape from the perspectives of consumers, manufacturers and retailers. This three day event brought together some of the largest manufacturers in packaged food, electronics and personal care, alongside grocery and non-grocery retailers and market research providers, discussing primarily the ways in which commerce is evolving, and providing practical examples of new methods of information collection that is made possible through technological developments required to stay ahead of the curve.

Here are four key insights from Omnishopper International 2016:

Strategising for the omnishoppers
Commerce is no longer restricted to a physical outlet. There are now a plethora of commerce facilitators, from computers to smartphones to consumer appliances to connected cars, all enabling new ways of shopping and paying. It is important to continuously track and monitor shopping patterns across the online/offline split to understand how, holistically, both channels are two sides of the same coin: Shoppers routinely search online and buy in-store. If they see a better offer at a competitor, or find a unique proposition at a different banner, they will take their money there. Because of this dynamic interaction, one of the largest problems for retailers today is the increase in consumers’ switching between channels and banners. Thus, in order to acquire new clients, the omnichannel strategy has to be built around fostering loyalty, through providing a new and better shopping experience both in store and online.

Embracing technology
In this mobile-first world, the possibilities in terms of connecting with the consumer before, during and after a purchase are endless, though few retailers and manufacturers do it in a seamless manner. Merchants of all types express a desire to better connect those dots in order to further other initiatives, such as providing more meaningful consumer engagement. One highlight in this respect is the arrival of Virtual Reality technology. VR can not only drive marketing strategies, but can be used as a tool for consumer engagement for market research purposes.
Traditional research techniques, such as consumer panels and surveys, have allowed for the collection of strong insight on the impact of advertising or strategy on growth in specific product groups. Yet, knowledge on where the market will be growing - and therefore where the manufacturer should invest its time and money - can be better understood through embracing new digital means and putting the consumers themselves in the driving seat. On this note, one of the leading global chocolate manufacturers shared their insights on how Online Surveys and Communities are helping them enhance outcomes of marketing campaigns and impulse purchases by allowing consumers to inform the manufacturers on what products work for them, when they are more likely to consume certain goods or how likely they are to make a purchase based on where the product is exhibited on the shelves.
Understanding consumer behaviour
New digital technologies allow for the advent of an increasing number of ways to create more convenient shopping experiences for consumers. Connected appliances, proliferation of mobile payment methods and a rapid move towards the internet of things are all altering consumer’s in-store experiences and expectations. Omnishopper International posed questions and answers on how this evolution impacts shopping behaviour. If shoppers’ desire for the most time efficient and convenient experience takes them both to online and offline channels for different reasons, it is vital to track this behavioural rationale and gather data for both online and offline to meet changing client expectations.
Once we have an understanding of the purchasing habits of consumers between online and offline, an important question is how retailers can intervene in consumer decision making in order to align consumer behaviour with retailing strategies. For this step, we are told that the field of Behavioural Economics - led by the likes of Daniel Kahnemann – that looks at non-rational forces and implicit biases that condition human choices, is starting to make inroads on marketing and consumer research. Through this key insight on how and why shoppers interact in the way they do in a multi-channel environment, understanding the hidden drivers of purchasing behaviours, retailers can locate the Pivotal Moments where they can make a significant and meaningful impact on consumers’ purchasing choices.

Future of retail
Due to the impact of technology, 21st century consumers are increasingly knowledgeable about what they want and what is on offer. The blurring of sales channels has contributed greatly to this as shoppers are able to navigate across the online/offline divide to find the best product for them along the price/quality spectrum. Now more than ever, from quality of products to pricing, smart shoppers are more aware and are therefore increasingly purchasing with higher expectations from retailers and manufacturers. With the availability of more information, consumers are also increasingly less loyal. In this context, the saying, ‘the successful retailer is the one that understands what the client wants next’ is truer than ever.







Thursday, December 1, 2016

Knect365 Cyber Week Special: $200 Off 2017 Insights Events & 40% TMRE Digital

Although Black Friday and Cyber Monday are over, Cyber Week continues with $100 off our 2017 insights events and 40% off TMRE Digital.

For a limited time only, the Knect365 Cyber Week Specials include:

TMRE Digital
With TMRE Digital you can access 27 Sessions from the World's Leading Insights Event TMRE from the comfort of your own home or office.
Learn more and download it for 40% off: http://bit.ly/2fRBgt7

The Media Insights & Engagement Conference
January 31 - February 2, 2017
The Ritz-Carlton, Fort Lauderdale, FL
Use code MEDIA17BL for an additional $100 off
Learn more and buy tickets: http://bit.ly/2gJ4vx4

Marketing Analytics & Data Science
April 3 - 5 2017
JW Marriott San Francisco Union Square, San Francisco, CA
Use code MADS17BL for an additional $100 off
Learn more and buy tickets: http://bit.ly/2gJdpKS

OmniShopper
June 20-22, 2017
Hyatt, Minneapolis, MN
Use code SHOPPER17BL for an additional $100 off
Learn more and buy tickets: http://bit.ly/2gybsk2

TMRE: The Market Research Event
October 23-25, 2017
Rosen Shingle Creek, Orlando, FL
Use code TMRE17BL for an additional $100 off
Learn more and buy tickets: http://bit.ly/2gVLDO9

Don’t miss out of this cyber week special only available until Friday!

We hope to see you at our 2017 insights events!

Cheers,

The Knect365 Team