Idea 360: Delving into the unconscious mind of shoppers
"Listening to customers is not enough," market researcher Tapat Yuvaboon says, adding that he believes digging into the "unconscious mind" of consumers also helps.
Most traditional research, including the widely used focus-group method, examines the conscious mind, while it is in fact the unconscious mind that controls buying decisions, asserts Tapat, who is chief executive officer of Idea 360.“Consumers usually will use logic to answer traditional research questions. But in fact, 95 per cent of their buying decisions are driven by their perception, beliefs and emotion, and anything but logic,” he said.
Utilising an innovative market-research tool invented by well-known psychologist and market researcher Dr Howard Moskowitz, Tapat has successfully convinced many leading Thai firms – including Phyathai Hospital, Thai Beverage, SB Furniture, Bangchak Petroleum and SCB Asset Management – to experiment with the new research method during the six years since Idea 360 was established.
“Normally, it’s quite difficult for customers to give credit to market researchers, but we are able to provide them with tangible results. We are proud that our customers are happy, and are referring us to others,” he said.
Most of Idea 360’s clients approach the company with the goal of growing their revenues, while the second-highest concern is over a new product, the launch of a new brand or checking an existing brand’s health. Tapat said a political party had also approached him to help conduct research in particular constituencies. However, he declined the request since Idea 360 refrained from any political involvement, even though Moskowitz used to conduct a poll in the United States. Idea 360 works with advertising agencies to implement market research or branding campaigns for its clients. Its one-on-one research, which it claims is able to “unlock a consumer’s unconscious mind”, normally costs from Bt400,000.
The “Mind Genomics” tool that it uses to achieve this is then followed by quantitative research, which can cover a larger audience. The survey findings can then be used to tailor marketing or brand campaigns to help firms serve the actual needs of their targeted customers, the CEO said.
Tapat said one very happy Idea 360 client was even suggesting that its international franchiser abroad should use its services in other countries.
Many global firms, including Procter and Gamble, have lost trust in traditional market research while shifting to use more “immersive” methodologies, he added.
