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Foundational Consumer Insight to Accelerate Innovation.
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Welcome to F-Stop*

Faulkner Strategic Consulting's monthly eNewsletter

We're talking today about foundational consumer research.

First, what is that?
The scope of foundational research is across an entire industry, market, category or consumer group (vs. for a specific problem, product or project). Examples include:
  • Category fundamentals 
  • Consumer segmentation 
  • Habits & practices
  • Attitudes & usage
  • Ethnographic interviews

Second, is foundational research just for big brands or existing businesses?
Absolutely not! Foundational insights are required for growth and innovation from to smallest startup to the largest corporation.

Think of foundational research as what comes first. In Lean Startup language, it's identifying and understanding the problem before learning about and optimizing the solution. 
Now let me give you 3 good reasons to invest in foundational consumer research:

1. Foundational research is a well of information you can draw from over and over again.
A robust quantitative fundamentals study can yield myriad analyses and reports for multiple business objectives and if conducted on a semi-regular basis can replace many other, smaller studies, ultimately saving both time and money.
 
2. Foundational research helps identify issues and opportunities and where to focus.
By deeply understanding your customers and what’s most important to them, you can get ahead of possible pitfalls and beat competition to the punch. If you identify an issue or opportunity in foundational research, you know where to dive deeper. Quantitative foundational research in particular can provide a broad picture of your market/category landscape to help shape and prioritize future research plans.

3. Foundational research helps you develop deeper understanding of your customers so you can create on their behalf.
One of the primary objectives of foundational research, especially qualitative, is to get to know your target customer so well that you actually develop a gut level feel for what will resonate with him or her. This is of course important for running a current business, but absolutely essential for future innovation. 

Click here to read the full article with more details and lots of practical examples.
Thanks for reading this month's issue of F-Stop. Previous issues are available for download here. Feedback is always welcome and please feel free to forward to friends and colleagues! 

Sarah Faulkner
Principal, Faulkner Strategic Consulting

 

Faulkner Strategic Consulting guides companies with unique, meaningful and compelling insights that give direction to future innovation and help brands reach their full potential.

*Why F-Stop? In photography, F-Stop is a measure of lens speed which controls the brightness, or illuminance, of the scene. These concepts are central to innovation as well. The goal of F-Stop is to provide resources, information, and inspiration to illuminate and accelerate innovation.
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