What can we learn from new immigrants?
A couple of key things. New migrants see Kiwis for what and who we are so when we are trying to understand our identity and the codes that steer our beliefs and behaviours it's helpful to have a third party view. They recognise how we use humour and our unique connection with nature for example.
Plus, they are way more flattering about how well New Zealand delivers on social equivalence than Kiwis are. Kiwis are pretty hard on themselves in how well we deliver on a code that is at the heart of being a New Zealander.
The other thing that matters is how they acquire brand impressions. New Zealander’s perceptions of brands are formed when they first experience a brand – perhaps back in childhood – but for a new migrant not only will they be learning about that same brand in a different time and iteration of the brand/product, but they will also be acquiring their knowledge fast. First impressions matter as migrants accustom themselves to life in New Zealand and the decisions they make about brands in those first few months will stay with them for the rest of their life in New Zealand.
Separate to this knowledge hub, you’ve also created a few new tech tools to help businesses in real-time, rather than through thought-leadership. Is it important to have both so you can look out at macro trends and down at how your business is performing?
We are super clear on what it takes to win in business, in terms of the demand side. To do this, two key things need to be in place:
- You need amazing ‘real time’ understanding of what people are doing and what this behaviour means.
- You need brilliant minds and strategic frameworks to apply this to a business problem or opportunity and communicate a path forward.
To activate this, we are really focused on how we can use data and AI to unlock insights into what people are doing and why – such as how transaction data or social media data can be used to decode behaviour or understand why some brands perform better than others based on what they say. And we are also really focused on how we make sure we are harnessing the best thinking from areas as diverse as management strategy and behavioural economics to inform how we apply this data to problems.
You need both.
How accurate is the social media sentiment? And can it be linked to real business outcomes?
Social media is brilliant in lots of ways as an insight into our shifting cultural and social dynamics – in aggregate all those tweets, post, pics, likes and shares tell us a huge amount about what we value and how the ‘herd’ is moving.
We have just completed a study linking social media behaviour to transactional data for New Zealand businesses and there is a measurable impact on the financial performance of businesses based on how they use social media.
Put simply, the more effective people are with social media, the more they sell. Our next steps are to turn this into a tool that can advise businesses on how to behave in social to maximise sales – it’s a super interesting space and it has massive potential to help businesses manage this complex environment easily.
TRA has come a long way since it kicked off. What’s next?
Through our eyes, we are at the beginning of a whole new era, where the range of data sources available for understanding people will fundamentally change, due to advances in connectivity, processing power and AI. Suddenly, everything that is bought, interacted with or published is becoming available for use, and the scale of this information opens up possibilities for understanding people and their desires that was only dreamed of previously.
The new game is learning how this can be harnessed, and developing ways of accessing and curating this to make it usable as a strategic planning tool. This is where we find ourselves now and we are investing heavily in driving capability and thought leadership in this space.
It’s really exciting times and promises, more than ever, a path to customer-centricity for business that can drive massive business change.
- Check out TRA’s new content platform Mainframe here.
This story is part of a paid partnership with TRA.