Let’s Get Visual, Visual

At Lab42, everyone on the team is obsessed with data in some capacity. Whether it’s research data, sales data, or even analytics and website visitors, everyone has a vested interest in understanding data on multiple levels. While it is easier to understand data that we are personally working with, it’s more difficult to actually share this data with others (especially when we’re dealing with big data sets).

To help reduce the possibility of data confusion, we recommend using infographics to share data. Whether you need to share the data internally within your organization or with your clients, putting your data into infographic format enables the recipient to easily understand and digest the information you are trying to share. And even more, they’re much more likely to remember the information.

To demonstrate this, the team at Lab42 put together an infographic on the benefits of visual data. Check it out below, and if you’re interested in seeing more examples of our design and infographic work, you can check them out on our blog and our website.

Lab42 Infographic

 

The Roots of Innovation

Here at Lab42 we have been detailing the results of our innovation survey, which aimed to find out just how important innovation really is to the average consumer.

Our research has shown that people are willing to pay significantly more for products they feel are innovative, and that generating new ideas and listening to customers are seen as the main drivers. But where do consumers see this innovation coming from?

Silicon Valley was beaten, perhaps surprisingly, as the top US innovation spot by New York City. When asked which places consumers considered the most innovative, 27.4% said the Big Apple beating Silicon Valley into second place with 22.6%. Los Angeles was third at 14.5%, with Seattle and Chicago filling out the top five with 6.7% and 4.2%, respectively. Rather than just one dominant centre of innovation, consumers now see innovation coming from pockets across the country, which is good news for businesses without a coveted (and expensive) Silicon Valley ZIP code.

This shift from West to East might also speak to a surprising ambivalence to the role of technology in innovation we found in our survey. When asked if technology is the most important factor driving innovation, although 16.4% strongly agree and 26.6% agree, more than a third (34.3%) are neutral about its importance and 66.3% agree that a company can be innovative without technology. So as consumers are increasingly concluding that technology and innovation are not synonymous, brands will have to try more than technological showboating to set themselves apart.

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Interested in learning more about Lab42’s research methodology and how it stacks up against traditional panels? Check out our Research on Research.

The Drivers of Innovation

At Lab42, we understand the importance of innovation – we are innovators ourselves – but we wanted to know how important it was to the average consumer. What do consumers think makes a company innovative and how do they see the process of innovation?

As established in our post The Innovation Premium, consumers are willing to pay significantly more for products they feel are innovative. But how do consumers perceive innovation in a company?

Continue reading this post…

The Innovation Premium

Consumers will pay more for Innovation.

At Lab42, we understand the importance of innovation in our industry, but we wanted to know how important it was to the average consumer. How much do they actually care about innovation, and how does that impact their shopping behavior? During April 2015, we launched a survey to gather insights regarding consumers’ perception of innovation. Over the next few months we’ll be revealing some of the insights from the study that demonstrate the strategic imperative of innovation within your organisation.

One important element for marketing teams to understand is that, across the board, the majority of consumers are willing to pay more for a product or company they consider innovative. Perhaps unsurprisingly, 83% of respondents would pay more for innovation in electronics with 15% of these willing to pay more than 40% more. In the automotive industry, 75% of respondents would be willing to pay an innovation premium, with 10% willing to pay over 40% more.

Also, 67% of consumers will pay a premium for grocery store items which they consider to be innovative. And even in ‘dull’ categories such as insurance and gas, the data shows an ‘innovation premium’ uplift with 54% and 52% willing to pay more, respectively.

Take a look at our infographic to discover the full details of the premium innovation you can leverage on your company, products or services.

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Interested in learning more about Lab42’s research methodology and how it stacks up against traditional panels? Check out our Research on Research.

 

Know Your Sample: Social Media Versus Traditional Panel

At Lab42 we understand the pressures on marketing teams to secure business critical insights with quick turnarounds and on tight budgets, while maintaining the high quality insights necessary for optimal planning and decision making.

Rather than a hurdle, we feel those challenges present a great opportunity for innovation. By recruiting respondents through social media channels rather than maintaining traditional respondent panels, we believe we can address the needs of research clients in an increasingly demanding environment.

But is it a smarter way to do online research? Does it compete with traditional panels when it comes to behavioral and attitudinal representativeness? We set out to discover the truth Download our white paper and check out our infographic to find out for yourself.

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Are consumers willing to spend a premium price for innovative products and services? Check out ‘The Innovation Premium’ to learn more.