1. Develop a problem statement and research objectives for this marketing research
Recognize the problem
Brand awareness: I poked around their website and watched a few videos to find some
information on the products themselves. For the companies selling these products brand
awareness is at a peak, brands like Amazon and Google are the most prominent players
currently in the voice-activated tech market and they have no issues with people hearing about
their brand/products. Over 40% of Americans Uses/ owns a voice-activated product and the
numbers are expected to rise in the future.
Engagement: I looked at their social media and websites to find information on what people
were saying about the products. Amazon and googles smart speakers have good ratings on
their websites and by checking the social media pages you can see which products are
retweeted/liked the most. People seem to enjoy these products other than that it may be
listening to your conversations.
Sales: I searched around Statista and Marketwatch.com to find some information on the market
itself. Amazon and its Alexa/Echo are holding a majority of the market share followed by Google
and Apple. “The growth of the number of users is forecasted to more than double from the 3.25
billion users in 2019 to more than 8 billion by 2023”(Statista Feb 2020).
ROI: I reached and found a blog talking about ROI for these products. “Over 76% of businesses
that have deployed voice and chat assistants said they have realized quantifiable benefits from
voice or chat assistant initiatives, and 58% said that those benefits had met or exceeded their
expectations. Benefits included lower customer service costs and call deflection of up to 20
percent as consumers use digital assistants to get their questions answered”(Ttech 2019) Also,
because this voice-assisted technology is helpful/more streamlined it’s CLV and retention rate
seems to be pretty good based on the data I found.
Quality control: As I was going through their websites I did not see very many bad reviews