Project Overview: Marketing Research and Marketing Plan
Client: Colorado Springs Philharmonic
Methodology
The Colorado Springs Philharmonic Orchestra's revenues are dependent on single and season ticket purchasers. An assessment was done to examine marketing strategies currently in use and identify ways to use the marketing budget more effectively.
The two areas pursued were (1) identifying what is perceived as the significant factors in people's purchasing decisions, and (2) determining the ways in which customer segments receive information. If customer segments are isolated, marketing messages can be tailored to each audience and the marketing mix can be redesigned to focus marketing spend on the most effective channels.
An online survey was utilized and results were analyzed utilizing statistical models to determine significant relationships of the data. Interviews were also conducted to assess brand equity in the Pikes Peak Region.
Results
Marketing plan was developed. Segments were identified and the marketing mix adjusted to reflect media channels that are most effective for reaching Philharmonic audiences to generate awareness and ticket purchase. Partnering, promotional opportunities and long-range planning were also recommended as part of the plan.
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Project Overview
Client: Colorado Farm Bureau Insurance
Project/Survey Goals
The goal of the study was to present data with a different focus than what has been done previously for CFBI. The survey model used measured a customer's relationship with CFBI, and asked for customers to rate service expectations and perceptions along five dimensions using a 1 to 7 scale: Reliability, Responsiveness, Assurance, Empathy and Tangibles. Reliability is the most important determinant of service perception.
The survey examined how well CFBI meets customer expectations, and reasons customers either switch or renew their policy. With a better understanding of the differences between service satisfaction expectations for customer segments, CFBI can explore additional marketing/service standards to meet the needs of their current customers and growing segments.
Results
The resulting data was tabulated not only using statistical models, but reporting of meaningful recurring comments about service from qualitative questions. Questions revolved around agent visits, service from the corporate office in processing claims and whether the products fit the needs of the target market.
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New Product Concept Testing
Project Overview
Client: Anonymous
The primary objectives were to:
- identify market segments, and determine if they were measurable, quantifiable, and accessible
- collect data on start-up capital needed to fund the venture including consideration for square footage and the cost of the interior build-out
- analyze costs to determine if, and at what point, the business could be profitable and the number of customers required to make the idea a viable income opportunity
Methodology
Even if the costs were feasible, surveys were conducted to assess appeal to consumers and purchase intention if the product existed. The primary confirmatory data collection was accomplished by showing a visual representation of the concept to potential customers and then asking key questions.
Financial models including three years of income statements, loan amortization schedules and start-up cost analysis to determine break-even and profitability.