ADDITIONAL ANALYTICS BY LAB42

Your data is only as good as the quality of your analysis. Lab42 provides additional analytics to help you gain more valuable insights from your data and make sound business decisions. These additional analytics are designed to help you at different stages in the product lifecycle – from product development to tracking performance in market.

Lab4 specializes in the following analysis techniques:

  1. TURF Analysis
  2. Van Westendorp Price Sensitivity
  3. Derived Importance / Quadrant Maps
  4. Factor / Regression Analysis

TURF ANALYSIS

What it is: The TURF Analysis is a technique that allows us to assess the ideal number of product attributes which will attract the most unique (unduplicated) customers. Continue reading this post…

2016 PRESIDENTIAL ELECTION: THE COUNTDOWN CONTINUES

With only six months remaining until the United States elects its next President, we have already seen one of the most drama filled election cycles in recent history. In the six months since our last research, the list of candidates has slimmed to five from the original nineteen, and we are starting to see more consistency of voters’ viewpoints. Check out our infographic and results below.

electionround2_final_standard_res

Continue reading this post…

Concept Testing: Turning Consumer Insights into Better Products and Services

Some new products and services are groundbreaking, successful and quickly become integral parts of our lives. Others aren’t. Numerous studies have shown that as many as 80% of new product launches fail each year. If you or your clients have an idea for a new product or service, make sure there is market demand before you get in too deep. A small investment in quantitative research early in your exploration could save significant expense in the future.

In this blog post, we highlight the basics of concept testing – including what it is, study design and best practices. To learn more about Lab42’s approach to concept testing, you can download our full whitepaper below.

WHAT IS CONCEPT TESTING?

A Concept Test is a research strategy designed to assess the market viability of a new product or service. It will help you determine how appealing the concept is, how likely consumers are to buy or use it, and to identify areas for further optimization.

STUDY DESIGN

Lab42 uses a very straightforward process for testing concepts. After screening for the appropriate audience, qualified respondents are exposed to the un-priced concept and asked a battery of questions to assess its appeal, effectiveness and potential customer motivation. In addition to our standard set of concept test questions, we can also add additional modules that will allow you to understand the appeal of specific features of the concept and determine the acceptable price ranges for the product or service. We finish the survey by asking respondents for their demographic information, which will allow us to analyze the aggregate data along these demographic points. Continue reading this post…

USING RESEARCH AND DATA TO DRIVE YOUR PR

At Lab42, we realize how challenging your job can be as a PR or communications professional. One successful media pitch can make a huge difference to your clients’ businesses. However, clients do not always have pitch-worthy news. Even if you have a PR strategy already in place, you can propel your clients’ media exposure to new heights by generating genuinely newsworthy data using market research.spotlight

When we started Lab42, we realized that the best way to display our market research prowess was to conduct our own survey, generate compelling insights, and transform those data points into an infographic. The tactic worked quite well for us. Our research and infographics have been picked up by dozens of news outlets, including The New York Times,Wall Street Journal, Chicago Tribune, Forbes, Mashable and Newsweek (to name a few). After seeing our success with this method, we started recommending it to our clients.

Traditionally, market research has been used for internal projects – customer and employee feedback, concept testing and ad testing, for example. But market research is also a strategic marketing and PR tool. Generating custom, specific insights for your client or business is a great way to stay top-of-mind with the media.

If you are new to the world of market research, here are key points to keep in mind:

Continue reading this post…

AN INTRODUCTION TO LAB42’S PROPRIETARY SAMPLE

The market research landscape is constantly evolving. Just 15 years ago, telephone surveys were among the gold standards of research, and online research was in its infancy. The ways people communicate, consume entertainment and information, as well as the way brands engage consumers are changing rapidly. According to recent research by PEW, 85% of US adult population is internet users and 65% uses social media, while only 60% of the population has a landline phone.

As people spend an increasing amount of time engaging online, through social media and apps, it was only a matter of time before companies would develop ways to engage consumers where they are naturally spending their time.  As a result, Lab42 has developed a unique platform to collect sample sourced through partnerships with social media networks, e-retailers, games, and applications, providing an attractive alternative to traditional sample panel providers.

In this blog, we will outline how the Lab42 sample is collected, how we validate it, the benefits of using our sample, as well as similarities and differences between the Lab42 sample, panel sample and river sample.

Continue reading this post…