Reason #1 – Stay Ahead of the Pack:
Former Executive Vice President, Operations of Walt Disney World Resort, Mr. Lee Cockerell in his book Creating Magic – 10 Common Sense Leadership Strategies from a Life at Disney, discusses how critical is traditional consumer research and market analysis to stay ahead of the pack. Walt Disney World Resort uses unique models to capture the facts about customers. He writes, “At Walt Disney World, Guestology combines demographics with psychographics. The former gives you measurable facts about your customers, like where they come from, how they travel, how big their families are, and so forth; the latter tells you who those customers really are.”
It is interesting to see, how a global brand like Walt Disney Resort uses the traditional market research on a day to day basis as part of its growth strategy. Mr. Lee continues, “At Disney, psychographics is the holy grail of research, and its broken down into four parts, called compass points: needs, wants, stereotypes and emotions.”
To explain this model, Mr. Lee quotes two examples, one that of Disney’s and another related to health care industry. The Compass Points Model (instead of North, West, South and East in a compass, the model has Needs, Wants, Stereotypes and Emotions) for Disney basically works like this; “What do people who plan a trip to Disney World need?” – A Vacation. What do those vacationing Guests want? – Lot of things, of course, but mostly they want fun, hassle free trips and memories to last a lifetime. What stereotypes or preconceived notions do they bring with them? – Research reveals positive ones such as clean facilities, friendly people, and fun-filled days, as well as negatives such as long lines and high prices. And what emotions do Guests experience when they’re at Disney World? Common responses include excitement, thrills, and tiredness at the end of the day.
Research in numerous industries shows that this model can be applied to any of them. The health care example; “If you’re in health care, for instance, your customers’ basic need is medical care; the wants are probably to get well and to have pain-free experiences; the negative stereotypes you have to overcome are that it’s a cold, unfriendly environment, with a chance of medical mistakes; and the emotions they come with include hope as well as fear of the unknow and fear of pain.”
It may seem a simple exercise to fill in this model, yet, once all the data is filled for all four compass points, “you will come away with a clear understanding of your customers, and you can gear your hiring, your training, and your processes and systems toward exceeding their expectations”.
A Knowledge Partner’s task will be to help you to identify – through consumer research – what goes into models like the Compass Points Model. The Knowledge Partner will be the forensic investigator of emotional DNA of your customers to help you delve deep into the unique culture of UAE where majority are expatriates; the socio-economic factors are different in comparison to rest of the world. Yet, it is possible to gain insights through structured research.