Global Quant to Inspire Product Innovation

Global Quant to Inspire Product Innovation

Summary

The goal of the research was to understand the future of home entertainment and swiftly evolving home entertainment distribution channels around the world. Along the way, Vital Findings had to uncover hidden trends and latent needs, create actionable results from mountains of raw data, and find market opportunities that a movie studio could immediately exploit. Vital Findings studied active consumers of home entertainment products in multiple countries by conducting comprehensive 30-minute online surveys and 10-minute random digit dial market sizing surveys; each survey was meticulously crafted to take into account language and cultural differences. We collected, organized, and interpreted enormous amounts of data spanning both time and geography, combining state-of-the-art statistical methods with the aesthetic of a top design team to provide the crucial information required in big picture decision-making. We provided a holistic view of an industry undergoing rapid transformation and gained insights into consumer values and priorities as well as future trends in the market. Most importantly, we identified several key areas where entertainment companies should focus on growth with specific marketing strategies in mind.

Objective

Maximize revenue utilizing the myriad of new channels in home entertainment distribution.

A major entertainment company approached Vital Findings wondering how it could optimize distribution strategies across different home movie watching methods, utilizing both global and country-specific strategies. The company offers films and other media through DVDs and Blu-ray Discs, video on demand, and digital services such as iTunes. The company asked Vital Findings to conduct a broad, international survey of this swiftly changing industry in order to better understand consumers’ needs and to recommend both specific tweaks to its existing product mix as well as bold new initiatives aimed at satisfying a rapidly changing customer.

Approach

In order to take on this challenge, our researchers wanted to pinpoint synergies that maximize consumer value as well as profit margins for the entertainment company both domestically and internationally. With such a complex and challenging mandate involving huge amounts of data in multiple countries, we knew that we would have to be creative in our approach. We took advantage of our considerable in-house entertainment industry expertise to develop a unique, comprehensive survey questionnaire from the ground up. We translated this survey into the language of each destination country, and then adjusted the questions in order to account for differences in cultures and norms. The highlight of Vital Findings’ challenge was how data from different countries and languages was collected and then presented: we created a succinct, attractive presentation with the busy media exec in mind.

Result

For such a massive, multi-country study, the breadth and depth of data can seem overwhelming. However, our state-of-the-art design and analysis allows us to create actionable results immediately from mountains of raw data; our study uncovered unmet needs for new products and niche markets that were previously unknown. Many of these discoveries have been spun into further studies and some, such as programs to exploit synergies in distribution methods, are now in product development.

By compiling economic data and country-wide trends, we created a study that addressed industry-wide challenges and opportunities. Our ability to manage massive amounts of data in a setting across multiple countries would have been in vain without our innovative design team that was able to present this data as specific opportunities that entertainment companies can now exploit. Combining our data with our unique design strength enabled us to uncover hidden trends and latent needs and present a 6 slide version of what used to take 20-30 slides to communicate.

Opportunity

Vital Findings can solve a variety of problems using our comprehensive quantitative methodology. With our advanced analysis, synthesis, and design competencies, we are able to not only take a global challenge and find a solution, but also bore into the nuanced conditions that create new business opportunities in a specific location, market, or industry. One of the greatest challenges in addressing a global issue with a host of supporting factors is the ordering and synthesis of so much data from disparate locations around the world. Our design-centric approach allows us to showcase these complex and interrelated challenges in aesthetically pleasing and useful frameworks. Sometime studying a question from all three perspectives: quantitative, qualitative, and design can help explain the context behind why a behavior is occurring and how to better prepare and develop for it moving forward.

Here are some other examples of the type of questions that would fit well with our comprehensive methodology:

  • Which of my target markets are likely to "leapfrog" current technologies (e.g. online) in favor of emerging tech (e.g. mobile)?
  • Introducing a new product overseas, how can I differentiate "cultural" obstacles from socioeconomic ones?
  • How can I optimize application development for global cell phone usage and platforms?
  • My industry’s growth has ground to a halt, where should I look for hidden demand?

Vital Findings’ approach is tailored to answer the big questions – allowing leaders to glimpse the future, while keeping their feet firmly planted in a foundation of data.

Keywords

  • Multi-Country Quantitative Survey
  • Home Entertainment Market
  • Global Scope, Local Emphasis
  • Hybrid Online/Telephone Methodology

Innovative Methods

Home entertainment industry expertise:
VF team members have over 20 years of combined market research experience in the home entertainment field, from market-level, state-of-the-industry assessments to deep dives into the marketability of specific film titles.

Synthesis of a tremendous amount of data:
The team at Vital Findings undertook a comprehensive study that analyzed consumer behavior over several years and across 13 countries.

Highly customized questionnaires:
Each country’s survey was not only translated into its native language, but also adjusted to reflect cultural relevance and norms. This highly specific and tailored data provided home entertainment consumption findings formerly unknown in the industry.

Global Scope, Local Strategies:
Many multi-country studies focus the analysis on comparing one country to another, often producing findings that are easily explained by differences in income, household composition, or retail infrastructure. Vital Findings' team developed a bottom-up global framework for the analysis by focusing on each country individually first.

Design-sensitive presentation:
Incorporating historical information from previous years of this recurring international survey, our data could have filled thousands of slides. Instead, we condensed a 150-slide deck for each territory into just 6 key topline slides in order to present a compelling, actionable, and aesthetically pleasing report to entertainment execs accustomed to looks as well as substance.

Cutting edge design elements:
In order to provide such a succinct and informative presentation, we developed tools that show data in several dimensions at once, making complex results easy to compare and analyze for trends.

Pie charts:
We took the traditional pie chart and added concentric circular layers as well as hierarchical coloration in order to show multiple variables at once.

Composition of several pie charts:
By creating pie chart eco-systems, a quick comparison between countries and an analysis of a specific country’s home entertainment market is possible on a single slide.