WELCOME TO OUR BLOG!

The posts here represent the opinions of CMB employees and guests—not necessarily the company as a whole. 

Subscribe to Email Updates

BROWSE BY TAG

see all

The Anchoring Effect—Avoiding Bias in Market Research

Posted by Hannah Russell

Thu, Feb 08, 2018

anchor.jpeg

Consider the following questions:

  1. Did Thomas Edison patent more or fewer than 7,000 inventions?
  2. To the best of your ability, estimate the number of inventions patented by Edison.

Unless you retained your 7th grade social studies knowledge, you’d probably have a tough time answering. But based on the context given in question 1, you may guess somewhere in the several thousand range. Why is that?

As Nobel Prize winning author Daniel Kahneman explains, this is an example of the anchoring effect—a cognitive bias in which humans tend to rely on the first piece of information offered (the “anchor”) when making decisions. The detail (e.g. number) we automatically “anchor” to then influences subsequent decisions.

So, in the Edison example, according to the anchoring effect, the “7,000” in the first question impacted your answer to the second question.

Consider then, if instead the first question had been: “Did Thomas Edison patent more or fewer than 100 inventions?” Your answer to the second question would likely be a lot less than what it had been in the first scenario.

Our perceptions are often influenced by the stimuli we are exposed to—both consciously and subconsciously. Sometimes, though, this information is useless in helping us make correct judgements (such as the number 7,000 in the example above). Even if we’re aware of an external influence, it can be hard to discount.

As market researchers, we have an obligation to manage and mitigate this type of bias to preserve the integrity of our data.

When creating a survey, we try to avoid anchoring respondents in a particular number (or other pieces of information) and are careful in the way that we order questions. If we’re exposing respondents to various numbers (which is often the case in pricing research), we rely heavily on analytical techniques that ensure randomization and exposure to multiple scenarios.

Ultimately, we can’t avoid priming effects altogether—there is no such thing has 100% unbiased data. But, we need to keep these psychological biases in mind when designing, implementing and presenting data. By recognizing the downstream consequences of something like the anchoring effect, we’re better positioned to find truthful and actionable insights for clients.

Hannah Russell is a Project Manager at CMB who indeed retained her seventh grade social studies knowledge. Thomas Edison accumulated 2,232 patents worldwide, 1,093 of which were in the US.”

Topics: consumer insights, research design, consumer psychology

Begin with the End—Lessons Learned

Posted by Caitlin Dailey

Fri, Feb 02, 2018

Dollarphotoclub_91556333.jpg

A former colleague of mine had a post-it note on his wall that read: You have as many hours in the day as Beyoncé. Inspiring words, but for those of us in professional services (rather than entertainment) it can feel like the to-do lists never end.

I recently watched a webinar on productivity given by MIT Sloan School of Management Senior Lecturer Robert Pozen. There was a lot of useful information in the webinar, but one piece of advice really resonated: begin with the end.

“Beginning with the end” means letting your desired outcome drive the planning and execution of your task. If you are cognizant of what your end-goal is, it will make tackling projects of any scope a lot easier—whether that’s writing an email or the final report of a multi-phased segmentation study.

At CMB, we always begin with the end in mind. When kicking off a project, we meet with key client stakeholders to align on business and research objectives. We leverage our proprietary Business Decision tools to identify what the desired business objectives are, and use that information to inform our research objectives and design. This preliminary decision-focused conversation ensures the research solution, story, and results are actionable and will deliver meaningful outcomes with true business impact.

Once the project is kicked off, no time should be wasted—consider building out a narrative and recording tentative conclusions as soon as data starts coming in. It can be tremendously helpful to have a mid-field check of the data to revise those conclusions, and then do a final revision once you have all the data. The story might not change much during this time, but writing and revising your conclusions prior to the close of an initiative can make delivering the final report less stressful.

Particularly in market research, there’s pressure to deliver results faster than ever. When you start with the end in mind, you can be building out the story in an iterative process, rather than scrambling to at the end. Since unearthing a clear and meaningful story is one of the most important pieces of a project, you’re only helping yourself (and your colleagues) by beginning with the end.

Other ways to improve productivity

As I mentioned, there were loads of other useful tips from Pozen’s webinar on how to increase productivity:

  • Write down your daily goals: Rome wasn’t built in a day, so jot down objectives you can realistically accomplish today.
  • Don’t exhaust your schedule: Avoid scheduling every minute of your day. Having a calendar filled with meetings may look productive, but it’s important to include “thinking time” for yourself.
  • Include work and non-work tasks: Your list should include routine essentials like going to the gym or having dinner with your family. This will help maintain a healthy work/life balance and will give you time to “recharge”.
  • Manage your inbox: If you’re in the zone, don’t feel pressured to stop and respond to each email immediately (unless it’s urgent, of course). Instead, set aside time a little later to respond to all emails.
  • Let go of perfectionism: Do you reread an email 5 times before you hit send? Scan through a deck repeatedly? Chances are, it were ready to go after the second review, so save your mental energy for something else and move on.
  • Quit procrastinating: One of the biggest hurdles to getting things done is simply starting them.

I’m now being mindful of how I can incorporate these practices into my life to maximize my productivity, and in turn, hope to tip the scale of my work/life balance in favor of a more stress-free work week. I hope you can too!

Caitlin Dailey is a Senior Project Manager on the Financial Services, Insurance, and Healthcare team at CMB and is looking forward to trying out these tactics to help get her out of the office a little earlier in 2018.

Topics: methodology, business decisions, research design

Competing on Image Isn't Enough: Why and How to Make Your Brand an Expression of Identity

Posted by Dr. Erica Carranza

Wed, Jan 24, 2018

girl with coffee.jpeg

Brand image matters.

For marketers, that’s a truism—and for good reason. Brand image does matter. I see evidence of it every day, in the work we do at CMB, uncovering insights that help brands craft winning strategies. We spend a lot of time helping our clients decide how to fine-tune their brand image, market it effectively, support it with products and customer experiences, and track their progress. Some brands have been wildly successful in their pursuit of a brand image that has helped them maintain a competitive edge (e.g., Disney is “magical,” Apple is “innovative,” Walmart is “affordable”).

But the traditional focus on brand image hasn’t kept-up with people’s lives.

We live in a world where people are inundated with options. Are you looking for something to eat? Something to watch? Something to wear? Whatever it is, rest assured you’ll have lots of possibilities. Even something as mundane as shampoo yields over 100,000 hits on Amazon. It’s gotten to the point where scientists are studying the effects of “too much choice” on our wellbeing.

In a market this saturated, competing on brand image is no longer enough.

Most brands already strive to communicate a positive brand image and a well-defined set of brand benefits. In every industry, many brands are vying for the same customers and claiming the same (or similar) attributes. People are quick to say that Apple is “innovative”—but they say the same thing about Samsung. So, when they’re choosing their next smartphone, “innovative” won’t be a deciding factor.

Furthermore, competing on brand benefits (like service, cost, and convenience) isn’t always practical. I witnessed that firsthand in my time at American Express. Great customer service and Membership Rewards were once part of a unique value proposition. But, nowadays, card benefits offered by one brand are quickly copied by others, and the industry is stuck in a “race to the bottom.” In their efforts to beat competitors and increase share, brands are undercutting profitability to offer ever richer card rewards.

What’s a brand to do in a world where it’s gotten this hard to compete on brand image and benefits?

The answer: Compete on brand tribe.

People love brands that help them express their identities. And, thanks to the explosion of options for consumers, every choice is now a chance to express who we are.

Yet decades of scientific research have shown that our identities are social—they are shaped by our social groups, norms, and connections. Who we are depends on our real and aspirational relationships with other people. So truly strategic brands lead people to equate using the brand with joining a tribe that expresses an identity. And the secret to creating that connection is a clear, compelling brand customer image. After all, brands aren’t people. But brand customers are.

Your brand’s customer image is the mental picture people have of the kind of person who typically buys or uses your brand. It’s related to brand image, but it’s not the same. To take one of my favorite examples, consider Subaru. When we ask people to describe the brand Subaru, they say “safe” and “reliable.” But when we ask them to describe the typical Subaru owner, they say “middleclass,” “family-focused,” and “outdoorsy.” They picture someone with kids and a dog, who likes to hike, and who supported Bernie Sanders in the 2016 presidential primaries. There’s a lot of nuance to their image of the typical Subaru customer—including attributes a person can embody, but a brand cannot.

Of course no image of your brand’s typical customer will truly capture your actual customer base. Your brand’s customer image is more like a stereotype: A set of overgeneralized assumptions about typical members of your brand tribe. But people tend to rely on stereotypes—often unconsciously—in order to navigate our complex world. Accordingly, brand customer image has powerful effects on consumer behavior.

For example, at CMB we’ve found that:

  • When people identify with their image of a brand customer, they are 14-times more likely to choose that brand, and 15-times more likely to recommend it.
  • As predictors of brand engagement, our measures of identification with the perceived customer routinely beat perceptions of the brand—even on dimensions as important as quality, price, value, service, convenience, authenticity, reputability, and innovation.

Taking all this into account, it’s no surprise that many of the most iconic ad campaigns have invoked a clear, compelling customer image. Remember “I’m a Mac / I’m a PC”? Dove’s “Real Beauty”? Or the insidiously cliquey “Choosy moms choose Jif”?

To effectively compete on brand tribe, make sure that you have answers to these three questions:

  1. What is your brand’s current customer image? Does your target audience already have an image of the kind of person who uses the brand? If so, how clear is it? What attributes define that image (e.g., what demographics, motives, and values)? And what (if anything) makes it unique compared to competitors’ customer images?
  1. How compelling is that image? Is it an image of a person your target audience can relate to? Is it a kind of person they know and like, or would like to know? Does it represent an “ingroup” or an “outgroup” tribe—and how appealing is it compared to their images of competitor brand tribes?
  1. How can you optimize that image? What’s working about the image, and what isn’t? Which assumptions should you reinforce—and which should you work to change—to own a customer image that is compelling and unique for your audience, and realistically attainable for your brand?

If we want to influence consumer behavior, we must remember that consumers are people, and that people are social animals. Show them a group that they want to belong to, and they’ll adopt the attitudes and behaviors they believe to be normative (i.e., typical) for that group—including choosing the same brand.

Yet most brands today are not leveraging this powerful insight in a truly disciplined, quantitatively-validated, systematic way. 

And in the current competitive context—across industries—it’s more important than ever. Brands assume that consumers are asking themselves, “What brand do I want to use?” But, at a deeper and more decisive level, they are really asking: “Who do I want to be? Do I want to be the kind of person who uses this brand?”

Interested in learning more about how CMB leverages consumer psychology, advanced analytics, and market strategy to help clients build customer-centric brands? Watch out latest webinar on BrandFx and the three critical pieces to the brand engagement puzzle:

Watch Now

Topics: brand health and positioning, Identity, AffinID

CES 2018: Virtual Assistant Battle Royale

Posted by Savannah House

Wed, Jan 17, 2018

AI_Resized.jpg

Last week the 2018 Consumer Electronics Show (CES) wrapped up in Las Vegas and left us feeling excited and invigorated about what’s to come in tech. From talking toilets to snuggle robots, CES 2018 was yet another reminder of how deeply technology has infiltrated every aspect of our lives.

This year, once the world’s largest tech show found its way out of the dark, CES was all about virtual assistants.

Alexa vs. Google Assistant

Amazon’s Alexa has dominated the virtual assistant category—claiming 70% of the market share in 2017 and then ending the year with strong holiday sales as the most downloaded app for Apple and Android on Christmas Day. But this year, Google (who typically keeps a low profile at CES), made its presence loud and clear.

From wrapping the Las Vegas monorail with the words “Hey Google” to erecting a massive playground in the CES conference center parking lot (complete with a giant gumball machine), Google is making it clear that it intends for Google Assistant to be a legitimate contender in the virtual assistant space.

It’s about integration, not separation

Both Google and Amazon used CES 2018 as a platform to announce new partnerships for their virtual assistants. Alexa will soon be found in Toyota cars, Vuzix smart glasses, and Kohler smart toilets. Meanwhile, Google is integrating its smart technology with a slew of products from leading brands like Sony, Lenovo, and Huawei.

If there’s one takeaway from these partnership announcements, it’s that voice assistant technology will not be confined to the realm of their makers’ product lines. Instead, voice assistants intend to be everywhere—plugging into smart glasses, smart earbuds, and smart toilets—underscoring the tech industry’s expectation that voice assistants will continue to play a much bigger role in our digital lives.

Crossing the chasm

It appears Google’s goal at CES wasn’t necessarily to woo tech lovers with its Google Assistant. Rather, it was to show regular people what is possible with virtual assistant technology. This is important because it demonstrates the (potential) ubiquity of this category once thought of as only for early tech adopters.

However, despite pushes to show “regular" people that virtual assistants are meant for everyone, our research indicates that social identity is playing a role in preventing widespread virtual assistant adoption.

As the chart indicates below, peoples' ability to relate to the typical user is the biggest driver in virtual assistant usage:

VA drivers (branded)-1.jpg

However, currently, consumers can’t relate to the typical virtual assistant user, which is keeping them from “crossing the chasm” and becoming regular users themselves.

The virtual assistant category will only grow in complexity as more companies enter the game (let’s not forget about Siri and Cortana). But, while flashy conference displays, exciting partnership announcements, and product demos are all helpful in attracting more consumers, if virtual assistant brands want to achieve more mainstream adoption, the brand and creative teams need to tackle the virtual assistant image problem head on.

Savannah House is the Marketing Manager at CMB, and as a light sleeper, is most excited about the robotic pillow.

Topics: technology research, internet of things, Identity, AffinID, Artificial Intelligence

AI's Image Problem: Who's the "Typical" Virtual Assistant User?

Posted by Chris Neal

Tue, Jan 09, 2018

siri2-1.png

Every nascent technology and every tech start-up faces the same marketing challenge of “crossing the chasm” into mainstream adoption.  Geoffrey Moore framed this very well in his 1991 classic, “Crossing the Chasm”:

adoption curve.pngWord of mouth can play a huge role in motivating certain segments to sip the Kool-Aid and make the leap.

With CES 2018—the world's largest gadget tradeshow—happening in Vegas this week, I can't help but wonder if mainstream consumers don’t relate to the early adopters of a new technology? What if they think it’s used by people who aren’t part of “their tribe”? Will it prevent them even considering the new tech? There are countless technology categories that have faced this challenge, for example:

  • certain gaming categories trying to expand beyond 15-24-year-old males
  • consumer robot products to this day
  • social media when it was first introduced
  • Second Life and other virtual worlds

I hypothesized that the virtual assistant (VA) category—and specific brands within it—faces this challenge. Yes, many people have tried and used Siri, but few mainstream consumers are truly using virtual assistants for anything beyond basic hands-free web-queries. To further complicate things, an increasing number of “smart home” products that connect to intelligent wireless speakers in the home (e.g., Amazon Alexa, Google Home, Apple’s forthcoming HomePod) are proving divisive. Some people love the experience or the idea of commanding a smart device while others categorically reject the concept. 

My team and I had the chance to test out a few hypothesis through our Consumer Pulse program and —voila!—we’ve got some tasty (and useful) morsels to share with you about how social identity is influencing consumer adoption in the virtual assistant space using our proprietary AffinIDSM solution.

Here’s what we found:

Social identity matters in the virtual assistant space. We studied US consumers (18+)—covering usage, adoption, and perceptions of the virtual assistant category and a deep-dive on four major brands within it: Apple’s Siri, Amazon Alexa, Google Assistant, and Cortana by Microsoft. We covered rational perceptions of the category, emotional reactions to experiences using virtual assistants, and perceptions of the “typical” user of Siri, Alexa, Google Assistant, and Cortana.

We then ran fancy math™ on our data to create a model to predict the likelihood of a virtual assistant “category rejecter” (i.e., someone who has never tried a VA before) to try any one of those assistants in the future. Our analysis indicates that how much a current VA category rejecter relates to their image of the type of person who uses a virtual assistant is the number one predictor of whether they are likely to try the technology in the future:

Blog_Chris.png

Unfortunately for the industry, category rejecters do not find the typical VA user very relatable. 
AffinID metric by brand.png

As the chart indicates, relatability (biggest predictor of likelihood to try as shown previously) scores the lowest of the three components of AffinID: relatability, clarity, and desirability. You may ask yourself: “are scores of 12 to 14 ‘good’ or ‘bad’?  They’re bad: trust me. We’ve now run AffinID on hundreds of brands across dozens of industries, so we have a formidable normative database against which to compare brands. The VA category does not fare well on “relatability,” and it matters.

Some brands’ VA ads, while amusing, are not very relatable to “normal” mainstream consumers. For example as my colleague Erica Carranza points out in her recent blog, Siri’s ad featuring Dwayne “The Rock” Johnson doing impossibly awesome things in one day (including taking a selfie from outer-space) with the help of Siri isn’t exactly a “normal” person’s day. A-grade for amusement on this one, but it is playing into an existing perception problem.

Stereotypes about users’ age and income are currently keeping “rejecters” away from the virtual assistant category.

The age gap between rejecters and “typical” virtual assistant users is a social identity construct keeping rejecters out of the category. Current rejecters, not surprisingly, skew older while current heavy VA users, also not surprisingly, skew young.

We uncovered this disconnect with a big predictive model using “match analysis” on a variety of demographic, personality, and interest attributes. For every attribute, we examined whether there was a “match” or a “disconnect” between how a rejecter described themselves vs. how they perceived the typical user of a virtual assistant brand.

The two specific perceptions that had the greatest ability to predict a rejecter’s likelihood to consider using a brand in the future was an age-range match and an income-range match. For example, if I’m over 35 years old (hypothetically!), and I perceive the “typical” user to be under 35 years old and higher-income than me…so what? Well, it does matter. For new technologies to achieve mainstream adoption, they must debunk the widespread perceptions that the early adopter is “young” and highly affluent, and that their product can be used by everyone (think: Facebook). SNL pokes fun at this generational discrepancy.

But in all seriousness, if a virtual assistant brand wants to achieve more mainstream adoption among older demographics, the brand gurus and creative teams working on campaigns need to tackle this head on.

And they must try to do this—ideally—without alienating the original early adopter group that made them their first million (think: Facebook, again…how many Gen Zers do you know who actually use it actively?). I—prototypical 45-year-old suburban dad—can’t imagine using Snapchat, for instance. If Snapchat wanted to get me and my tribe to buy in as avid users*, it needs to convince me that Snapchat isn’t just for teens and early twenty-somethings. Or it needs to launch a different brand/product targeted specifically at my tribe, and market it appropriately.

It’s worth noting there are other social identity constructs that help predict whether a non-user of a virtual assistant is likely to try a product in the future. For instance, the few VA category rejecters who perceive the typical (young, affluent) user as being as “responsible/reliable” as themselves are more open to trying a VA in future than those who do not perceive VA users this way. So, we’re seeing this stereotype that virtual assistant products are for young, affluent professionals living in a major coastal city with no kids to contend with yet, and this is turning some consumer segments off from trying out the category in earnest.  

Stay tuned to this channel for more on our study of the virtual assistant category. I’ll be covering some key insights we got by applying our emotional impact analysis—EMPACT℠to the same issue of what virtual assistant brands should be doing to achieve further adoption and more mainstream usage of their products. 

*I am more than 95% confident that the Snapchat brand gurus do not want me as an avid user…and my ‘tween daughter would definitely die of embarrassment if I ever joined that particular platform and tried to communicate with her that way.

 

Topics: technology research, EMPACT, Consumer Pulse, AffinID, Artificial Intelligence

Welcoming a New Year and New Opportunities

Posted by Jim Garrity

Fri, Jan 05, 2018

2018-for social.jpg

It’s 2018 and I truly believe there is no better time to be in the insights business. Yes, our industry and our clients face daunting challenges—new market entrants, digital disruption, political and regulatory upheaval, and increasingly empowered consumers are just a few. But it is also true that these disruptions have the potential to reveal—to those organizations prepared to tackle them—more opportunities than ever before. 

I firmly believe that CMB has never been better positioned to help our clients face both the challenges and the opportunities head on.  As we enter this new year, I want to reaffirm our commitment to you—to continue to be your collaborative, decision-focused, creative and forward-thinking partner. I also want to share just a bit about how we are investing in your success—ensuring we help you meet your objectives today and in the years to come.

Investment in groundbreaking Consumer Psychology solutions: Brands that will thrive in the future understand consumer motivations are both critical and complex. Our Consumer Psychology team lend their innovative thinking on the self, identity, and emotions to all of our work.

Developing configurable solutions to solve common problems quickly and cost effectively: Time and cost pressures will only increase over the coming year(s) and we are committed to leveraging technology and processes to deliver tailored results without resorting to cookie-cutter approaches.  We’re also excited to offer expanded solutions in partnership with our new parent company—ITA Group—delivering insights into the world of incentives, engagement and cultural transformation.

Staying on the forefront of the latest in predictive and advanced analytics techniques: Massive computing power paired with our Advanced Analytics Team’s expertise give our clients the advantage—providing a best assessment of the future under a variety of scenarios. Clients have LOTS of data that tells them what DID happen, we leverage predictive analytics to tell them what WILL happen—a critical need in a changing world.

Thoughtful and creative solutions from innovative design to co-creation: While a creative approach to a quantitative research design might seem worlds apart from an inventive co-creation workshop—we know meaningful insights aren’t about numbers on a slide and that creativity, curiosity and a relentless focus on decisions lead to the biggest breakthroughs.

Our people are your partners: Your CMB team is smart, client-focused and fun to work with. From our most tenured and expert senior consultants to our incredibly bright and creative associates, every member of your CMB team is focused on helping you and your business succeed.

Thank you for your partnership and here’s to a new year full of successes for you and your team.

Topics: technology solutions, business decisions, data integration, Market research

2017: A year in review

Posted by Savannah House

Tue, Jan 02, 2018

blogging.jpeg

2017 was filled with exciting and challenging projects, product launches, a new partnership with ITA Group, insightful conference presentations, and more. As we look ahead to 2018, we’d like to take a moment and reflect on some of our favorite blog posts of 2017:

“Why the Market Research Industry Must Stand Up for the Census” 

written by Athena Rodriguez

You'll be forgiven if the US Census hasn't made your top "list of things to worry about" this year. But the 2020 US Census is in trouble. Its lack of funding coupled with this year’s resignation of Census Bureau director John Thompson has put the 2020 census in danger—and the ramifications are deeply concerning for the market research industry.

“AI, AI, AI! What next?”

written by Brant Cruz

Artificial Intelligence (AI) will continue to permeate strategy discussions in 2018. From financial services to tech, a lot of brands are thinking about the future of AI. But many are struggling to answer foundational questions like where will AI live organizationally? Does it deserve its own category of products/apps, or should it remain a concept that permeates nearly every project across departments? As AI continues to be a hot topic in 2018, it will provide a lot of exciting challenges and opportunities for brands in all industries.

The Social Identity Effect: How one Millennial “Found Herself” at the MFA After Midnight 

written by Lisa Hoffman

Boston’s Museum of Fine Arts wanted to change its image. So, it changed the image of its stereotypical visitor when it introduced #mfaNOW—a series of late-night parties, artistic celebrations, and lectures targeted at young Bostonians looking for a fun night out. It offers millennials the opportunity to see their peers experiencing (and enjoying) the museum in an entirely different context than a typical daytime visit—a paradigm shift for an established brand. Brands looking to influence or change their brand perception need to consider who their typical (or target) customer is and create experiences and offer services and products that appeal to that person.

BrandFx: How to Fix Brands' Consumer-sized Blind Spot 

written by Mark Doherty

If your brand measurement program doesn’t consider social identity, you’re missing a critical opportunity. While research and insights have generally kept up with this evolution in consumer-centric thinking (witness the growth of ethnographic work and customer journey mapping), brand tracking has not. Most brands are still tracking their brand health through measures focusing solely on their brand and not on the consumers. BrandFx—CMB’s proprietary approach—focuses on what consumers want from a brand—the benefits driving purchase, loyalty and advocacy.

Does Your Metric Have a Home(plate)? 

written by Youme Yai

Stats have been at the heart of baseball for as long as the sport has been around—few other sports track individual and team stats with such precision and detail. With all this data, sabermetrics can yield some unwieldy metrics that have little applicability or predictive power. And sometimes we see this happen in market research. There are times when we are asked to collect hard-to-justify variables in our studies. While it seems sensible to gather as much information as possible, there’s such a thing as “too much” where it starts to dilute the goal and clarity of the project.  

Thank you to our readers, and to everyone at CMB who contributed to the blog in 2017. We've got some great content lined up for 2018, so stay tuned!

A New Year's Resolution For All Professionals

Posted by Dana Vaille

Wed, Dec 27, 2017

hikers.jpeg

My New Year’s Resolution came to me at a recent manager’s meeting where I was reminded of the importance of professional development—both for our teams and for ourselves. So, in 2018, I resolve to be more intentional about practicing what I preach—that we all must be committed to doing what we can to learn and grow professionally.

As a manager, one of my biggest responsibilities is to encourage and foster professional development among my team. But sometimes it’s easy to forget to take advantage of the opportunities myself. Fortunately, CMB is deeply committed to the professional development of all its employees—across departments, from the top down. My team and I are equipped with a lot resources to help us grow—CMB hosts, encourages, and supports a variety of training and development interests—both the tactical development of skills and interest-based desires.

“Professional development” can mean many things. It’s not always about correcting for a specific problem or working to close the gap on a particular skill—nor does it necessarily have to be a formal training session or coursework. We can develop ourselves in a lot of ways. From conferences and networking events to free webinars, any opportunity for growth is constructive.

No matter how far into your career you are, there’s always room for learning, improving, and refining. So, in 2018, I encourage you to continue advocating for the professional development of your team—but don’t forget about yourself.

With that I’ll “walk the walk” and resolve to identify and take advantage of at least one professional development opportunity per quarter. Wish me luck!

Interested in joining the CMB Team? Check out our open positions here.

Topics: Chadwick Martin Bailey, CMB Careers, Market research

'Twas the night before field close...

Posted by Dr. Jay Weiner

Wed, Dec 20, 2017

 

Wintry forest.png

 

'Twas the night before field close and all through the internet,

not a respondent was responding, not even a Female head of house.  

The questionnaires were posted on the net

with care in hopes that data soon would be there. 

 

The clients were nestled all snug in their beds,

while visions of PowerPoint decks danced in their heads. 

And the project team has just submitted the model request form.

 

When out in the office there arose such a clatter,

I sprang from my cube to see what was the matter. 

Away to the PC, I flew like a flash. 

Tore open the zip file

and through up the SPSS.   

 

The mean PI of the new concept gave a glimmer of hope

to the client service folks below. 

When, what to my wondering eyes should appear,

but a little multicollinearity and 8 respondents with missing data.

 

With the drivers unclear,

I knew in a moment it must be a Treenet. 

More rapid than correlations the importance scores came. 

And he whistled and shouted and called them by name...

 

Functional benefits, EMPACT and AffinID. 

To the top of the stack, to the top of the pile,

now for importance we understand all.

 

As bivariate plots against dependent variables show

when they meet with a knot, they bend on the fly. 

Non-linear obstacles we decry,

the relationship is clear, and now we know why. 

 

With the click of a SEND, the report deck went out. 

The clients were happy, the results made sense.

 But I heard them exclaim ere they stopped for the night.

 That’s just wave 1, wave 2 is coming so just sit tight.

 

Happy Holidays from all of us at CMB.

Robo-Advisors Aren't Your Father's Financial Advisor

Posted by Lori Vellucci

Tue, Dec 12, 2017

Back in the day, if you had a little money to invest, you called up the brokerage firm that your dad used, you talked to his“guy” and you asked him to invest your money for you. Those days aren’t totally gone, but over the last few years new technology has disrupted the traditional investor-client relationship—resulting in more ways than ever to invest your money yourself.

We all remember the iconic E*TRADE baby from way back in 2013. E*TRADE’s campaign brought the online discount stock brokerage firm for self-directed investors model into the mainstream. Since then, more DIY investment platforms have cropped up, each vying for the modern self-directed investor’s business. But one important learning from the DIY trend of the past decade is that even though this model lends itself to independent investing, DIY-investors still need some type of investment help.

Robo-advisors: The rise of AI in finance

The first robo-advisor was released in 2008 to help these new investors make smart money choices. For the most part, early DIY investors didn’t have a formal finance background, so robo-advisors offered them portfolio management services and insights that were once reserved for high-net-worth individuals—at a fraction of what a traditional human financial advisor might charge. It was a gamechanger.

Robo-advisor technology continues to shape the financial services industry with big players like Charles Schwab and Ameritrade each launching their own in the last few years. This growing interest and investment in robo-advisory technology is great for DIY investors and offers a ton of opportunity for traditional financial firms be on the cutting edge of FinTech.

Given the changing landscape, we wanted a better understanding of investor perceptions of robo-advisor clients.  Through our 2017 Consumer Pulse, we surveyed 2,000 US adults about FinTech, traditional financial services firms, and who they perceived as the technologies' typical user.

Who's using robo-advisors?

Typical Robo-Advisor User.png

CMB’s AffinID (a measure of social identity’s influence on consumers) score for this FinTech offering indicate that while all three components of AffinID (clarity, relatability, and social desirability) could stand improvement within the investor community. Relatively speaking, relatability is weakest--people have a clear image of what the typical robo-advisor user is like and that image is socially desirable, but they don't view the typical user as part of their "tribe".

The inability of investors to relate to their image of the typical robo-advisor user sheds light on a potential roadblock. Robo-service providers targeting traditional investors might consider messaging that conveys a typical user more closely aligned with the “traditional investor image”.

What emotions are driving use?

We found that robo-advisor users themselves are driven by feelings of being smart, wise, and savvyefficient, practical, productive.  Inspiration and motivation are also key emotional drivers for robo-advisor services.

Emotions that drive robo-advisor usage2.png

Why does this matter? It tells us what brands looking to differentiate themselves in a crowded FinTech market could be doing to attract more customers. These emotional drivers could be important messaging elements for those companies looking to court new money from traditional investors.

Are robo-advisors the next "big thing" in FinTech?

FinTech adoption curve2.png

Three quarters of robo-advisor users consider themselves early adopters, this is in contrast with users of mobile wallet and online-only banking--two technologies that have entered the mainstream. As traditional financial service providers make considerable investments in driving robo-advisor adoption, our findings show that to drive adoption it's critical to understand both how consumers want to feel, and how they perceive and relate to their image of the typical user.

Interested in learning more?

Our comprehensive FinTech study also looked at online-only investment apps, online-only banking, and mobile wallets. Download a sneak peek of our findings from all four in our Facing the FinTech Future series:

Topics: financial services research, Identity, AffinID, Artificial Intelligence, BrandFx