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:
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.
This type of research helps identifying how well the customers know, use and are loyal to a certain brand. The level of spontaneous and assisted brand awareness is also identified as well as the intention of the use in the future, brand image, presence of alternative brands, the level of trust to the studied and competitors’ brands. The definition of “tracking” itself presumes a certain regularity of measuring those key performance indicators during a longer period of time. Such measurements permit to “keep abreast of” the market dynamics and intervene if some negative trends were observed.
Retail audit permits suppliers to evaluate their sales through retail chains compared to the competitors’ ones. The comparative evaluation is done for such parameters as price, value and volume of sales in different product categories and brands, volumes of product stocks in deposit, share of different suppliers, goods and brands in the sales structure, share of different types of packaging.
As result, the client gets exhaustive information regarding positioning of different suppliers and brands in certain product groups, bestselling products and trends in the studied product group.
Magenta Consulting provides retail audit reports that are based on the data obtained directly from several retail and drug store chains in Moldova. The report results are aggregated for several retail chains, as the exact figures pertaining the sales of a concrete retail chain are commercial secret and cannot be disclosed.
Retail audit is an expensive research method. If a client is satisfies with the information that can be obtained during simple visiting a number of retail outlets and collecting information on prices, assortment, merchandising, promo materials and promotions, then such a research is called store check, and it is significantly cheaper.
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.
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.
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.
Each company must position itself correctly in order to get the maximum competitive advantage in its market niche. Unique Selling Proposition is an attractive idea that clearly distinguishes your company from the competitors on the market. USP is a foundation of business success for any company.
Most companies on the market cannot correctly identify their Unique Selling Proposition and, being similar to the competitors, are implied in permanent price wars in order to attract customers.
By doing marketing audit for our clients Magenta Consulting experts help formulating a Unique Selling Proposition that is a company specific only, therefore assisting companies to stand out from a bulk of alike businesses that do not promise any special value to customers and that just copy a common marketing concept “Buy from us”, not even appealing to real life purchasing motivation.
This type of research represents analysis of size and development trends in concrete production and service sectors. During this research we also identify market shares of the main players. Research goals often imply application of the Porter’s Five Forces model that permits evaluating the competitive environment and identifying internal and external factors that influence the market.
Such research also includes analysis of the distribution system for goods and services, mark-ups applied at different level of value chain, logistics and particularities of each distribution channel.
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.
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.
Social research does not relate to the marketing one, however, it shares the same research tools.
Social studies include censuses and public opinion surveys with the scope of identifying the attitude of the population towards different socio-political phenomenon, public initiatives and political decisions related to the society and state institutions. Social research helps identifying the level of society’s awareness of the processes that take place in such areas as health, education, social protection, justice, trade, human trafficking, e-government, tax and administrative reforms and others.
Besides surveying general public, such studies also include research of business society, public authorities, and also political surveys that are carried out by Magenta Consulting on a regular base.
Social research often requires not only identification of facts, but also interpretation of results and developing recommendations focused on different processes optimization, reduction of negative factors’ impact, industry promotional strategy development and other activities that imply consulting. Magenta has a vast experience in delivering consultancy support to social studies in the field of public policies implemented by public authorities at the stage of their development or correction.
Taking into consideration the fact that customers’ preferences are constantly changing, Magenta Consulting insists on the realization of periodical studies concerning consumers’ behavior in order to anticipate these changes and to adapt the products/services to new demands.
In order to determine the level of consumers’ satisfaction after the sale, our company carries out studies on consumers’ satisfaction. These studies help to determine the reasons that have caused the selection of a specific product/service, to measure the importance of every criterion which influences their choice, to identify consumers’ expectations concerning the product vs. the level of satisfaction after using it.
In order to sketch the buyer’s profile, Magenta carries out studies of consumers’ behavior, which point out the customers’ life style, the way they think, analyze and choose among different alternatives and also, how do they use the product/service they purchased. We analyze the motivational and perceptional factors and offer solutions referring to how these factors can be used to attract more buyers.
Through market segmentation studies and determination of demographic and psychological characteristics of consumers, we group actual and potential clients on the basis of analysis of their life style, attitudes, social values, as well as demographical and socio-economic characteristics.