This Week In Market Research: 8/31/15 - 9/4/15

One of the most important things in market research is finding out what makes a consumer trust specific brands and in turn, remain a loyal customer to that brand. This week, Adweek released an article that discovers the CPG brands men and women trust the most. According to the article, male consumers ranked Band-Aid No. 1 with Heinz Ketchup and Neosporin Antiseptic following close behind. Comparatively, women placed Band-Aid second behind Ziploc bags. Reynolds wrap and Neosporin, respectively, came out to third and fourth. In analyzing this data, Mike de Vere, Managing Director of Consumer Insights as Nielsen, stated that ''For men, brand trust is a bit more diversified' [than it is for women.]" And in remarking on the choices from women, he claimed that the majority of the products on their list helped to make their lives simpler in different ways. ''For women, trusted brands are tried and true and have stood the test of time.'" These surveys on consumer insights open up doors to learn more about the way a product can be more marketable and trustworthy to the consumer.

An infographic that was released this week on Adweek, discusses and details the various purchases of the very wealthy in America. According to market research, these individuals are reviving the business of luxury goods and keeping it alive. ''The good news for luxury marketers, their agencies and the media alike is that consumers with really deep pockets are digging into those pockets with gusto, even more so than their merely affluent counterparts. According to Bob Shullman, the Shullman Research Centers founder and CEO, these high income and wealthy consumers are not just purchasing, but they are also purchasing with more frequency. So what are these people purchasing? The infographic shows that among other things, fine wine/beer/spirits, fine jewelry, and home furnishing/antiques are some of the top items bought by these wealthy individuals. The infographic itself is extremely detailed and details numerous purchases that you may or may not have assumed.

As many of the 'baby boomer' generation begins to retire and those business hotels are no longer required, how should hotels respond to this newer generation? According to an article on AdWeek released this week, hotels like Marriott are shifting their marketing approaches in order to reach the 'millennial' travelers. 'So how does a tradition-rich lodging brand stay relevant in a changing marketplace? For Marriott Hotels, the signature brand of lodging giant Marriott International, the answer was simple: If you want to know what next-generation travelers want, just ask them.' In their new marketing strategy Marriott is crowdsourcing the client's ideas and opinions on what would make their business hotel experience more enjoyable. Already, this strategy appears to be working well for Marriott, as the grassroots approach generated 2,000 from a suggestion to provide vending machines that stock healthy snacks. This move by Marriott is an excellent example of why market research is crucial to innovation and business growth.

This week Entrepreneur released an article written by contributor Matt Mayberry, Maximum Performance strategist, which discusses the three best ways to develop a healthy mindset. The first point discussed is to build a grand vision for your life. Mayberry states that one of the many reasons people struggle with controlling their minds and realizing the beauty in life is due to a lack of vison. 'It's important that we create a grand vision for our lives because that's what pushes us forward despite whatever hardship or negative situation may be present at the moment.' The second tip he suggests is to make a 'trigger card.' In other words, write down two of your most important goals on a notecard. The way you write these goals however, will be written in the past tense as if you've already conquered them. 'When Jim Carrey was a broke, struggling actor, he took a blank check and made it out to himself.' Finally, Mayberry suggests that you sit down and 'answer some of life's biggest questions. Now this last one may sound like an impossible task, however the meaning of this last task is what's important here. 'What do you want your life to stand for? How do you want to be remembered? What do you want your contribution to the world to be'? For those of you who were worried about answering questions like 'what lies in the deep depths of the unexplored ocean floor', you can take a deep breath. These 'big life questions' really pertain to the person you want to be and how you want to be remembered in life. All three of these tips, according to Mayberry, should result in a healthier mindset.

Nichole Dicharry, is a Digital Marketing Assistant at IIR USA, Marketing and Finance Divisions, who works on various aspects of the industry including social media, marketing analysis and media. She can be reached at Ndicharry@iirusa.com