In a world where research drives innovation, it is critical to have all collected data in one place. The problems with the way consumer research data and insights are created and shared today are- 1) consumer research is siloed within departments, 2) the same consumer research is conducted repeatedly, 3) reports get lost in emails and communication platforms, 4) data does not always relate to actionable insights.
Building a research repository can save you hours of effort and make cross-collaboration a breeze. In this article, we will learn all about the importance of a research repository and how you can build one!
What is a Research Repository?
Insights are the new currency. Brands have increasingly started using consumer insights to 1) develop customer-centric strategies, 2) run effective campaigns, and make data-driven decisions.
But, efficiently gathering, compiling, and analysing enormous amounts of customer data is challenging. That is where research repositories come into play.
A research repository is a centralized location to store consumer data and insights. It can include quantitative and qualitative research data like surveys, focus groups, interviews, feedback etc.
What is an Example of a Research Repository?
Entropik’s Decode Platform is an integrated consumer research platform with an intelligent and collaborative research repository.
Benefits of a Research Repository
# Saves Time and Money
A research repository stores all your data in one place. This enables teams to access the data whenever required. You don’t have to spend time scrounging through decade-old files and folders or inboxes or ask around to gather the information you need.
# Improves Consumer Research Quality
Having all your data in one place allows you to compare various studies and draw meaningful conclusions easily. This also enables you to identify trends and patterns faster and more seamlessly.
# Helps Understand your Consumers Better
Since all your data across years is stored in one place, you can map the evolution of your consumer. With changing market trends, consumers and their consumption patterns keep changing. By studying these minor changes, you can launch effective and targeted campaigns and become a more consumer-centric brand.
# Helps Gain Long-Term Insights
A research repository gathers a ton of historical data over time, enabling marketers and researchers to spot patterns and cyclical tendencies. This enables them to stay ahead of the curve by anticipating market movements and proactively adapting their strategies in time.
What Makes a Good Research Repository?
Research repositories store critical information. This makes security a considerable component to consider when building or choosing a research repository.
# Ease of Access
The entire point of storing all research data in one place is easy accessibility. The interface of your research repository is seamless and user-friendly to increase adoption and usage.
No one likes a pile of numbers. A research repository should have data visualization capabilities to make data consumption easier. This also aids in faster reporting and data analysis.
# Data Segmentation
Research repositories house a lot of data. But not all data is meaningful. Teams can end up spending hours revisiting irrelevant and invaluable data. A research repository should have data segmenting capabilities to make the process more agile and actionable.
A research repository needs to be collaborative for all teams to work on a project simultaneously. It makes sharing, viewing, accessing and reporting data and insights easy and simple.
How do you Organize a Research Repository?
# Assign Accounts to Relevant Stakeholders
Don’t waste user seats on stakeholders that are not actively participating in the study. You can always invite them or share your findings as and when required. This will help save costs and keep the online repository clean and structured.
# Maintain Consistency
To keep your research repository organized, it is important that all data are properly segmented across studies. Any data not associated with a study can later lead to incomplete insights. Try segmenting basis a theme, like a product or a project.
# Keep Adding Notes, Feedback and Observations
Research is an ongoing activity. Sometimes, old research data can become relevant in the present. To harness these insights, it is essential to make note keeping a habit. Again, this needs to be on the research repository and not offline.
# Create Small Nuggets of your Research Findings
Just like chicken nuggets are a Mcdonald's favourite, research nuggets are a research repository favourite.
By segmenting your surveys, focus groups, interviews etc. into small meaningful segments, makes communication across teams a breeze. You can highlight the most important parts and share them making the research process faster and more agile.
# Grouping of Highlights
After creating small nuggets of essential information it is important to group them. This enables easy navigation and gives you a bird eye’s view of the entire study.
Research repositories are revolutionary. They provide unmatched access to consumer information and enable data-driven decision-making. By utilising the advantages of the repository and following best practices, you can fully harness the potential of consumer data and have a competitive edge.
It is important to keep in mind that a properly organized research repository is more than simply a place to store data; it is a strategic asset that fosters innovation, improves understanding of the target market, and promotes growth.
Utilising the pooled knowledge and skills across teams, you can build a strong repository that serves as the beating core of your consumer-centric strategy and drives your brand towards long-term success.