Presentation is loading. Please wait.

Presentation is loading. Please wait.

Incorporating Market Research into Product Development Walter H. Zultowski, Ph.D. WZ Research + Consulting, LLC SOA Life and Annuity Symposium May 18,

Similar presentations


Presentation on theme: "Incorporating Market Research into Product Development Walter H. Zultowski, Ph.D. WZ Research + Consulting, LLC SOA Life and Annuity Symposium May 18,"— Presentation transcript:

1 Incorporating Market Research into Product Development Walter H. Zultowski, Ph.D. WZ Research + Consulting, LLC SOA Life and Annuity Symposium May 18, 2010

2 Guiding Principles Market research doesnt make decisions; executives do Market research isnt just about big decisions Market research is often more about what NOT to pursue, than what to pursue Market research is less about THE research project, and more about ongoing market insight Market research is better viewed as a component of the product development/innovation process and less as a standalone department or function 2

3 Market Research Methods – A Primer SecondaryPrimary QualitativeLiterature Reviews Sales Reports In-Depth Interviews Focus Groups QuantitativeSyndicated Studies Internal Data External Data Experimental Studies Surveys 3

4 A Comment on Focus Groups The most abused research method You can never do enough focus groups to get a representative sample Numerous potential sources of bias They definitely have a role Can be used in decision making 4

5 A Comment on Surveys Personal interviews vs. telephone vs. online Have become the second most abused research method A survey is only as good as its sample Theres no good way to ask a bad question Implying causation from correlation 5

6 Should Market Research be Done Among Consumers or Agents? 6

7 Seems Simple, Yet Frustration Abounds… Actuaries dont value research. Researchers are too academic. The actuaries dont bring me into the product development process early enough. How do I know what to research if I dont know the company priorities? 7

8 Whats the Solution? It Depends... 8

9 What One Means by Product Development Level I: Changes to Existing Products (Updates, Reprices, Riders) Level II: New To Company, But Not to Market or Industry Level III: New To Market, But Not To Industry Level IV: New To Industry 9

10 Type of Research Activity Level ILevel IILevel IIILevel IV Market Research Innovation Management Market Research in Product Development 10

11 Product Development Needs to: Develop more of a marketing focus Embrace market research as a part of the product development process Build time into the process for market research input Manage for both product maintenance and innovation Be open to disruptive product development 11

12 Researchers Need to: Focus less on PROJECTS, and more on impact Move from results to insights and implications Become storytellers vs. research reporters Take responsibility for results and implications, rely less on vendors Build a proactive market research plan, dont just wait for projects Embrace the industry, become a Student of the Business and less a market research professional Do a better job of integrating multiple sources of information 12

13 |


Download ppt "Incorporating Market Research into Product Development Walter H. Zultowski, Ph.D. WZ Research + Consulting, LLC SOA Life and Annuity Symposium May 18,"

Similar presentations


Ads by Google