A study conducted by Digsite¹, asked researchers to talk about the challenges that held them back from accurate and speedy research. 35% of respondents mentioned they have trouble acquiring data for both quantitative and qualitative research. Another 34% respondents were irked by the time it took for vendors to deliver on insights.
There are other challenges in consumer research such as unrealistic deadlines and limited budgets as well. For now, we shall focus on the two main hiccups researchers face when it comes to consumer research in 2022. Data quality and time to insights.
What is Time to Insights?
The time taken for researchers to design the research, identify the panel, collect the data, analyze it and arrive at insights. Brands usually need their insights accessible within a week or two of citing their requirements, but that is not the case today.
What is Good Quality Insights?
Good quality insights are when they provide value to researchers/marketers when trying to come up with consumer-facing campaigns. Insights is not just inference from the research but must be actionable, enabling marketers to plan their next course of action.
The Need for Faster and Accurate Insights
When respondents are shifty with responses, there is ambiguity in data which later resonates in the insights. Insights derived from such data is vague and untrustworthy.
Slow Go To Market (GTM)
When insights are late, product and marketing teams are held back from releasing products into the market. Even if they were actionable, product teams have already lost their window of GTM opportunity.
Researchers must be equipped with speedy and accurate insights to recommend the best plan of action to the marketing teams. Without it, marketers often shape campaign based on their instincts. “Going with the gut” often backfires for marketers.
The Dilemma of Brands
- Large brands that enlist agencies to run their research have no visibility into the research methodologies or data. This may affect the efficacy of their consumer-facing campaigns/products.
- Brands are made to wait 3-6 months to receive insights. By this time, market trends would have shifted, with their competitions pulling ahead.
The Dilemma of Research Agencies
- Clients receive outdated insights, owing to long research timelines. This sets them up for failure when they launch outdated campaigns/products/innovations.
- Researchers still depend on traditional methods that is dependent on manual work, unable to adopt technology into their processes.
Agile Research to the Rescue
Brands that invest millions in product launches and marketing campaigns must demand for visibility into consumer research data, uncompromising data quality, and quicker actionable insights. Agencies need to look towards newer methodologies to solve their archaic problems.
That’s where agile research comes in. It streamlines and speeds up consumer research by introducing latest technologies and tools. Instead of executing process in a linear fashion, agile research is more of a loop that optimizes processes after every cycle.
What is Agile Consumer Research?
Agile Consumer Research focuses on breaking large scaled market research into smaller sections that is carried out continuously. This helps in wrapping up the research quicker and get deeper insights.
- It helps to adapt to changes organically. Since market research is broken into segments, it is easy to identify what works with the consumer, helping brands adopt the learning into their campaigns.
- It is about continuously seeking feedback on how to optimize. This can be done by analysing the ROI and changes in consumer engagement that were learnings from the previous market research.
Speedy and Actionable Insights with Agile Research
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Don’t Wait Any Longer. Upgrade Your Consumer Research
Whether you’re a researcher or a marketer, struggling with consumer research and insights, you’ve come to the right place. As the market evolves, it is high time to adopt agile research methodologies to ensure flexibility and insight resilience within your consumer facing campaigns.
With the aid of end-to-end DIY research platforms, research cycles can be brought down owing to intelligent automation. Behavioural analytics, such as facial coding, eye tracking, and voice AI gives insights into how the consumer is feeling. Marketers and researchers can take data-driven decisions helping them come out victorious.