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#3.07: The “Cheap Market Research” Issue

1> Get Big Data From Little Ads
2> Staples Finds Where Customers Are Looking
3> Squinch
4> Check It Out: Protect Your Kayak With A TieYak

1> Get Big Data From Little Ads

Google’s AdWords are those tiny ads that you see on the side of the page after you run a search. They are also one of the best low-cost research tools. You buy AdWords based on the words a surfer has searched for. Each ad contains about two lines of text. You only pay for each click, and you can set limits for how much you want to spend on each ad. So when you want to test an offer or a headline, buy 10 ads with a $25 limit on each one. Try 10 different headlines or offers. In as little as a few hours you’ll be getting detailed data from Google about which ads are getting the most clicks. Google even puts the information in a convenient table for easy analysis. Think about the improved results you’ll get from your marketing campaigns if you’ve already used AdWords to determine which messages sell the most.

THE LESSON: Real responses from real consumers beat all the planning and thinking you can do. Try some quick and easy research to crank up results on your next campaign.

MORE INFO:
http://adwords.google.com/select/

2> Staples Finds Where Customers Are Looking

Where would you look for a printer cable on an office-supply web site? Under computers, printers, or accessories? Staples had a hunch that shoppers weren’t finding products where they guessed they would be, which translated into lost sales. So they put together a simple online survey: Volunteers were shown a picture of a product and were asked to guess the category in which they thought it should be listed. Guess what? As many as 45% of consumers were looking for products in the wrong place. Staples starting listing those items in multiple locations on the web site, making it easier for shoppers to buy. This basic online survey, without any fancy technology or expensive research, gave Staples the data they needed to keep their customers happy.

THE LESSON: Market research doesn’t need to be expensive. A simple survey on a web page is all you need learn how to increase customer satisfaction and sales.

MORE INFO:
http://www.internetretailer.com/article.asp?id=4016

3> Squinch

Catalog marketers have a great research technique called a “squinch” — a Square Inch Analysis — where they look at sales and profitability based on the square inches of catalog space that each product takes. You’ll learn quite a bit about how to maximize revenue by looking at your web pages in the same way. Here’s how it works: Add up the space that each product or offer takes up on your web pages. Place that information, along with the location of each product, into a spreadsheet that also includes columns for sales, revenue, and profit. You’ll see very quickly which items are taking up a lot of space but not contributing much to the bottom line, and which are your sleeper products that make big profit even with little promotion. Use this data to rearrange your web pages so every inch is generating maximum profit. You’ll also learn which parts of the page are “hot spots” that get lots of clicks independent of the offers placed there. Save this hot spot for your real moneymakers.

THE LESSON: Valuable data that will make more money for you is already at your fingertips. Use it.

MORE INFO:
http://catalogagemag.com/ar/marketing_catalog_analysis_determining/index.htm

4> Check It Out: Protect Your Kayak With A TieYak

There’s a great solution for every problem. If you own a kayak, you’ve got to worry about someone walking off with it. The TieYak the easiest-to-use portable locking system for any kayak. It securely locks your kayak to your car, a tree, or a dock.

CHECK IT OUT:
http://www.tieyak.com

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