Magenta Consulting accomplished marketing research in Moldova since 2006, studying customer preferences and expectations, their attitude towards certain products or brands, consumer patterns, loyalty and other factors that influence the buying decision. To get a better understanding of the types of research done by our company you can follow the links below:
This service represents a complex market research that includes quantitative data collection and analysis, related to customers and consumers. We study level of consumption, particularities of consumption and customers’ attitude towards the product.
The three most important areas studied are:
- Consumer awareness about the brand, product and advertising
- Product consumption, including the information regarding the volumes, frequency and method of consumption.
- Product purchasing, including the source of purchase, frequency, volume and price.
The results of such studies permit developing customer patterns for both, current consumers of certain goods and the ones that currently do not buy the product or choose competitors’ offerings.
Revealing the customers’ habits and preferences allows us identifying the advantages and disadvantages of the studied products, customer’s attitude to the brand image and the market size. This information is needed for optimization of the marketing activity and reduction of the risks related to the incorrect product positioning. Also, this type of the research permits evaluating effectiveness of advertising campaigns.
Basing on the results of Usage & Attitude studies it possible to do market segmentation.
What are your expectations in what concerns your own brand? First of all, you certainly want it to sell your product. Indeed, the sales revenues are the most important indicator. Yet, how is your brand perceived individually or relative to your competitors? This is precisely what your sales volume will depend on.
The customer interacts with your brand on several stages. First, your customer finds out and knows the fact that your brand exists - this is called brand awareness. Then your customer considers using or buying your brand - brand consideration. Next, comes the brand trial stage - when the customer interacts with your brand for the first time and gets a certain impression about it (either a good one or not a very good one). Then comes the repeat purchase stage, which unfortunately is not always reached. Nevertheless, this is what you actually wish since this is precisely what will boost your sales. The “healthier” your product is, the bigger your sales volume will be.
How do you find out how healthy your brand is?
You can measure how healthy your brand is using a Brand Health Tracking (BHT) survey. Thus, you can monitor:
- the key health indicators of your brand: brand notoriety, brand consideration, brand trial, and brand repeat purchase
- brand perception: What is the segment of customers who are currently buying your brand and how do they view it? How satisfied are your customers as to recommend your brand to other people too?
- your brand positioning: How does your customer view your brand among other competing brands on the market?
After carrying out a Brand Health Tracking survey, you will get answers to the following:
- Has my marketing strategy been efficient enough to reach my target customers?
- Have I positioned my brand clearly and differently when compared to my competitors?
- Are my customers motivated to continue buying my brand?
When the study is conducted on a regular basis, usually quarterly, it is easier to understand how the brand health evolves and whether the effort you make in order to promote your brand is effective or not.
Brand Health Tracking Survey
- Survey’s duration: 15-20 minutes
- The method of data collection: survey via telephone
- Respondents: the consumers of the given product (of both your brand and your competitors’ brands)
- Results: a PowerPoint presentation including graphs and data analysis
Brand Health Tracking (BHT) price packages
*The offers are presented with the purpose of informing. For each service and product separately, a personalized offer will be elaborated, the details regarding the sample will be offered, and the final price will be brought forward.
✅Request an offer now on the following telephone number: +373 (22) 854384 or complete the form on the right side of the page.✅
This type of service, accomplished using Price Sensitivity Meter methodology helps our customers to establish optimum price for their product and services. The research is based on a quantitative customer survey and it shows in which price range should be positioned concrete products or services.
This study can be done for both adjusting the price of existing products to the market demand and for the new products just entering the market (in this case we select several competing products as a base point and identify the difference between the price of the studies products and the competitors’ ones).
In case of seasonal products we establish the periods when it is reasonable to apply price discounts and the value of those discounts.
When necessary, we suggest market entry price for a product or service, which can be higher or lower than the price for the next product life cycle stages.
Market segmentation, also called customer segmentation, is in essence dividing the market to customer groups having common characteristic and sharing similar buyer patterns.
The simplest type of segmentation is dividing the customers according to the socio-demographic and geographic parameters. As a result of this type of segmentation we can identify such customers’ characteristics as age, sex, education, location and nationality. Often this type of segmentation is enough to get a basic impression about the main groups of customers of certain products.
In some cases, research reveals that age, sex or social status are not the main criteria for customer segmentation. It sometime happens that customers of different age or sex can have the same buyer profile, i.e. share the same consumption patterns, while consumers with similar socio-demographic characteristics can have different consumption patterns. In this case, it is necessary to do customer segmentation according to behavioral principles, meaning to divide them into groups basing on the methods of purchasing, deep purchasing insight, habits, internal barriers, product evaluation criteria and perception of advertising.
Another distinctive method of customer segmentation is psychographic segmentation.
We recommend that our clients test the effectiveness of their advertising materials before launching an advertising campaign. The world experience shows that even changing a title of printed ads can change the number of the people who read the whole advertising text from tens to hundreds of percent. It is also true for images. If the total advertising budget is high, it makes sense to invest more in advertising development and testing, therefore launching those ads that would bring the highest return of customers and sales. Speaking about absolute values, the difference of even 20-30% is sales’ growth, due to the use of a more efficient advertising, will cover with usury the expenses related to its developing and testing, bringing to the client tangible additional profits.
Pre-testing of advertising is also needed, because very often advertising agencies are getting to much involved in competing to each other in creativity. This results in the fact, that advertising is noticed by customers, but it doesn’t not influence the buying decision, even if the customers generally liked the advertising. Therefore, often even after sound and massive advertising campaigns, the real company’s profits do not grow. Pre-testing of advertising permits avoiding this risk.
Packaging also serves as advertising for a product. The share of spontaneous purchases for FMCG category is equal to somewhat 30%, though varies depending on country and type of the product. This means that almost one third of the shop visitors purchase not the brand they initially intended to buy, and one fifth of the customers buys products from the unplanned categories. In this case, it is critically important that the product sells itself from the shelf by capturing consumer attention and standing out comparing to the competing products.
Testing of advertising is based on qualitative research methods such as focus groups and in-depth interviews. Additionally to that, Magenta Consulting provides and innovative service, new to Moldova but well-recognized in international practice, called Eye Tracking. This service permits to objectively identify to what elements of advertising or packaging does the customer really looks, or did he or she see the product at all, therefore eliminating subjectivity of the study.
Eye tracking is a revolutionary technology that tracks the consumers’ eyes. Therefore, we can test exactly how any packaging, ad, a street billboard, a website, a logo etc. was appreciated. Actually, Eye tracking can test anything can the consumer can look at.
With Eye tracking you can find out
- What the consumer looks at and for how long
- The respondent's eye gaze
- The part of the product that was not noticed
- What distracts the consumer in a negative way
- The way the text is analyzed: is it scanned or thoroughly read
How does Eye tracking work
- The Eye Tracking device is set up in front of the client. It tracks the person’s pupil and determines exactly where his/her eyes are focused
- The tested image is projected in front of the respondent
- The software generates data presented as heat maps
- The participants also answer some questions and explain their choice or opinion about the tested product
- The study involves between 30 and 100 respondents
Customer satisfaction index measurement - Net Promotr Score (NPS)
The level of customer satisfaction shows the intention of customers to keep on buying certain products or services. Using quantitative research methods Magenta Consulting identifies various parameters related to clients’ satisfaction, such as satisfaction of price, quality, service, willingness (or unwillingness) to continue purchasing the goods.
This service can include identification of such indicator as Net Promoter Score that shows the probability of your current clients to recommend your goods or service to their relatives and friends.
Monitoring with regularity the customer satisfaction and willingness to recommend, company management can understand whether the applied marketing policy brings its benefits and what consumers’ attitude towards the company’s goods or services to expect in future.
Marketing consists of consumers and obviously they all differ among each other. The difference consists in tastes, needs and preferences, life style, resources and even place of living. The demographic and psychographic data can improve considerably the marketing strategies; this kind of information is critical in determining What? Why? How? and for Whom? should the product be promoted. Psychographic profiles offer the possibility to create sets of homogenous segments that can be used to build strong predictive models in order to enhance marketing strategies’ efficiency.
Due to the validated methodologies, Magenta Consulting offers a new product which aims not only to describe a group of consumers from the demographic perspective, but also to explain their psychological peculiarities.
What does the Psychographic Profile mean?
The Psychographic analysis presents a consumer’s portrait from several perspectives: the life style, personality type, interests, attitudes, value system and dominant motivations.
How is a Psychographic Profile obtained?
The Psychographic profile is predominantly obtained based on a questionnaire that includes a validated set of psychological questions. The questionnaires are applied on sample which is representative for the Republic of Moldova. The obtained set of data is statistically processed, where the psychological questions are clustered and correlated with the specific consumer behavior indicators. In the case of more detailed psychographic profile, the consumers’ portrait is additionally confirmed through the results obtained via focus groups, in-depth interviews and even psychological tests.
Why would you need the Psychological Profile?
The promotional messages are designed for consumers. Consumers vary greatly among each other in their preferences, tastes, visions and possibilities. Knowing of the psychological types and consumer preferences enhances the probability of the desired outcomes of a target oriented promotional campaign. Psychographics is useful, because it can provide the necessary insight for creating a product or a promotional campaign that will highlight not the product’s characteristics, but the benefits it can bring the customers.
Why Magenta Consulting?
For the first time in the Republic of Moldova a market research encloses validated clusters of psychological measures. That makes us to be first to offer validated psychographics. When we refer to the concept of validation we mean the precision of the obtained data, the criteria that the psychological tools shall meet in order to obtain a profile that will be scientifically supported and at the same time will reflect the reality. Our tools are validated on a sample which is representative for Moldova. At the moment, our methodologies exceed local and foreign consulting companies, from the quality point of view, in the domain of marketing and psychology research. Excellence in the consumer behavior research is obtained due to the collaborative efforts of the interdisciplinary team of Magenta Consulting.