StatGenius (formerly SurveyWx) helps survey researchers apply advanced segmentation analysis techniques – without having any mathematical knowledge. This includes finding new segments (aka “Cluster Analysis”), but even more interestingly, StatGenius will tell the researcher what makes one segment unique and different from any other. This has broad implications – if you can determine exactly what features or psychographics make a targeted segment unique, a marketer can then tailor their messaging, positioning, and product features.
Let’s look at an example. John B. is a research manager at a healthcare device company. They were seeking to launch a new product line into a competitive market – in this case, a major competitor controls over 60% of all sales. Although John intuitively believed that their own product could profitably compete against this major competitor, he did not yet have the data to develop a go-to-market strategy.
John had to run a healthcare panel, find which segments of doctors are most likely to try a new new competitor, and then establish what makes them different. Typically, he would outsource this process to an expensive market research agency or a statistician; but instead, he solved this himself using self-service survey research tools.
To start, John used a survey platform such as SurveyMonkey, Qualtrics, or Alchemer (formerly SurveyGizmo) to survey his panel of doctors. Once the results were collected, he prepared to spend a week on the statistical segment analysis. Imagine his surprise, when he was able to complete the segment (cluster) analysis in the same afternoon, and present his findings at the end of the day!
Using StatGenius, John established four potential segments of the markets – and one of them reported a high willingness to try a competitor! This is the market that John’s company wants to focus on – because their biggest concern is finding and attracting doctors who are willing to move away from an entrenched competitor.
StatGenius allows researchers to study their segments – either by ‘contrasting’ or ‘comparing’ them. John decided to use the Segment Contrast feature, in order to statistically determine what makes his target market unique. To run this, he tells StatGenius what segment he wants to investigate, and then tells it to contrast against the rest of the respondent population. StatGenius then, on his behalf, runs something called Bayesian Inference (don’t worry, John didn’t know anything about this either) – and it immediately displays the results.
Using the Segment Contrast feature, John learns that the target segment has some particularities, that make it different from the rest of the doctors. First, the segment shows low ratings for the RITUS competitor brand… and RITUS is also the main brand the segment is using! This could mean for John that communicating the advantages that his product provides compared to RITUS may result in a strong selling point for his new Health Device product.
StatGenius also tells him that his segment does not generally prefer local brands. Communicating the foreign technology that his new product will introduce to the market would be another strong point to strongly position his product in the targeted segment minds!
Not only that, but StatGenius shows Jim that the target Doctors are experienced (age 56 and up) and they present a high frequency of device usage without any kind of assistance… another powerful insight that will allow Jim to understand how to attract competitor users to his new product!