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"We have found the research and insights delivered by Square Holes to be of the highest standard. Not just factual, but they gave direction as well which we have been able to adopt.”
- Marketing & Fundraising Manager, Zoo
Define and monitor performance indicators, and identify priority strategy adjustments to enhance impact.
Square Holes monitors and reviews the progress towards the strategic mission - awareness, intention to buy, usage, word-of-mouth et cetera via quantitative (sales, survey, Google Analytics etc) and qualitative data, observations and experiences. We assist with evolving the strategy and are on the look out for emerging trends and opportunities. Working with clients to reflect on lessons learnt, based on the performance monitoring, and ponder strategic priorities moving forward.
Such performance monitoring may be on-going and systematic, or at reasonable frequencies depending on the measure (e.g. weekly, monthly, quarterly, six monthly). More regular tracking allows for greater ability to precisely identify and respond to priority gaps, and to accordingly measure statistically significant improvements in brand value, customer retention, sales, advocacy and other key metrics over time. “The definition of insanity is doing the same thing over and over again, but expecting different results (Albert Einstein).”
Square Holes project examples ...
Three typical key steps
We monitor the ever-changing world, our diverse cultures and evolving society. From our usage of technology, to changing definitions of 'community.' Disruption of retail, banking and local economies. How our attitudes to environmental and wider sustainability are evolving, and what drives action. Increasing anxiety and new exciting opportunties!
Often appropriate data is not easily available to accurately measure brand value, and there are complexities. Similarly, it can be difficult if not possible to measure marketing impact. The most robust way to measure brand value and marketing impact, beyond short-term revenue, is to identify the perceptions via a representative survey of the target market.
Building customer contentment is generally a medium to long term priority of service focused enterprises, as improvement in the short term may not have an immediate impact. It is worthwhile to monitor what is going on in the minds of happy and not so happy customers, so the good bits can be leveraged and bad bits can be acted on and resolved.
Social media conversation
There are tools to support the easy collection, monitoring and analysis of social media data such as Facebook, Twitter et cetera. From a research side, the challenge can be in collecting the data in a structured format to allow for reliable analysis of segments and distinctive groups, e.g. what do young people think vs older people?
Square Holes conducts research for a wide-range of government, commercial and other clients.
Relevant posts on squareholes.com ...