In a haste to automate your marketing operations? Hope you’ve got yourself an integrated research platform. If not – you’ve come to the right place.
As consumer expectations soar higher and markets evolve, business operations have no choice but to turn towards technology to speed things up. Marketing is one such operation. Marketers today have tools to navigate operations such as social media, e-mail marketing, account-based marketing, SEO optimization, etc. These tools make planning precise and execution efficient. However, if you’re going to consumers with products or concepts tested among internal teams, the chances of millions of dollars going to waste is rather high. You need to go to the market with data driving your decisions, and that’s only possible when you have market research tools or platforms.
Step into 2023 with an Integrated Research Platform
To ensure millions of dollars is not harmed in the production, distribution, and marketing of aproduct – get an integrated research platform. As markets get diluted, consumer expectations shift, trends change and so on, it has become challenging to understand and anticipate consumer needs. Consumers are no longer as loyal as before and attention spans are minuscule. They areavailable both online and offline. Consumers want personalization, and brands want a sustainable process to match up to their consumer’s expectations.
Consumer insights is marketing currency as far as success is concerned. Adopting an integrated research platform would enable marketers to work in tandem with researchers. This collaboration would churn out increasingly accurate and actionable insights. In short marketing and research teams must work together to be successful in the coming years.
How Necessary is an Integrated Research Platform?
Marketing is obsolete without consumer insights. Ergo, marketers are in desperate need of actionable consumer insights to plan, prepare, and execute for their consumers.
Time to Insights
Unfortunately, research agencies haven’t upgraded their tech stack, and are still stuck with traditional market research methods. The TAT on traditional research methods is anywhere from 2-4 months. In this time, market preferences would have changed along with consumer expectations. Marketers cannot afford to wait for 2-4 months on consumer insights.
Time to Action
Since research agencies are not automating their processes, there is bias sneaking into the insights. Once these biased consumer insights are in the hands of marketers, there is still a delay in pushing out campaigns. The reason – lack of actionability in consumer insights. Research agencies, for the lack of marketers in their teams, are not equipped with the skill set to represent the data collected in an actionable manner, fit for marketers.
Poor Data Management
Data models and algorithms are absent making consumer feedback management a perennial headache. There is no single source of truth(SSOT), which houses all consumer data and their feedback – leaving consumer intelligence to be a myth. An absent SSOT sabotages cross-team collaboration and cross-referencing to previous consumer data.
Research automation is not simply a collection of tools for operations. It is a carefully structured plan where each tool works in harmony with the other so that research operations run smoothly. However, agencies often automate in a haste and dismiss the need for integrations. Agencies tend to use different tools for quantitative and qualitative studies, interviews, transcriptions, data analysis, report rationalization etc. Siloed automation will only amplify inefficiency.
What is an Integrated Research Platform?
An integrated research platform is the answer to all the prayers of both researchers and marketers when it comes to consumer insights. Let us run you through what you can and must expect in such a platform.
- Quantitative Studies. Survey creation and design, screening respondents, distribution, stimuli presentations, data collection, etc.
- Qualitative Research. Focus group discussions (FGD), transcriptions and translations, tagging comments with similar intentions, etc.
- Remote Collaboration. Collect consumer feedback digitally from representative panels from across the world and conduct online FGDs and interviews.
- Benchmarking. Receive actionable feedback on stimuli performance with reference to how other brands are performing in the same industry.
- Artificial intelligence. Technologies such as facial coding, eye tracking, and voice AI gives deeper insight into unstated consumer feedback.
- Actionable Dashboard. AI-powered algorithms to analyse and visualize data for clarity and actionability.
Have a look: Making Sense of Consumer Research Data with Smart Analytics
Instead of waiting around for 8-12 weeks, marketers and researchers can have access to consumer feedback and insights in a matter of 1-2 weeks. This way, marketers can out their plans in action, effectively reducing time to action as well.
A single source of truth for all consumer intelligence needs. Researchers and marketers can easily extract the necessary information and cross-reference it with older feedback. With improved visibility into consumer feedback, there is also more transparency in research processes.
Data Visualization and Storytelling
Context is a powerful factor when it comes to consumer feedback, and action must be taken considering the context. Thanks to the minds of researchers and marketers that went into building the integrated research platforms, dashboards are both contextual and actionable.
Also read: Data Visualization and Storytelling Making Lives Easier for Researchers & Marketers
With integrated research platforms combining quantitative and qualitative studies, backed by powerful AI technologies – the consumer insights that come out of it as highly accurate with no margin of error.