Research--to the very end
The death business is a business like any other. It needs good marketing and research to optimize profit. At lunch today at the AMA’s annual Marketing Research Conference in Palm Desert, Calif., a series of roundtable discussions grabbed attention and gave meaning to the idea of “lunch and learn.” Like many conference attendees, Gayle Lloyd is an expert researcher. Unlike most attendees, however, Lloyd is the head of product research and competitive intelligence at Batesville Casket Co. in Batesville, Ind.
The company is the largest player in the casket manufacturing business, but there are still a lot challenges facing the industry, such as the growth in cremations and rising funeral costs beyond the casket purchase.
Lloyd presented a Batesville’s research case study to the 10 attendees at the roundtable lunch with Chris Diener, senior vice president of methodology at Lieberman Research Worldwide, her research partner for the study. Once you get over the ick factor of marketing caskets, you realize it is a business like many others. It’s a manufacturer operating in a maturing industry in the B-to-B space. Its approach to research, as commented by several at the table, was incredibly similar to the approach the auto industry takes. The study presented how the research process winnowed a list of 90 new product ideas down to two that will be launched this November. LRW and Batesville Casket fielded answers from more than 700 qualified participants (those who had made a casket purchase decision for a loved one in the last five years) that walked them through the custom casket purchase process and measured the value and perception of the casket options. In the end the research balanced the profitability of the product to the needs of the family purchasing the casket. The kicker: the online research process helped remove some of the oddities that pop up in focus groups when talking about caskets. No one asked if they could climb in and close the lid.
