Deliver Qualitative Insights 3 Times Faster with Market Research Automation
Over the last decade the world has changed pace: Faster technology! Faster communications! Faster transportation!
But what about consumers? They switch brands quickly, they change their habits more frequently and content is now highly personalized. Moreover, their preferences and needs are evolving at unprecedented speeds. These trends can be observed with Millennials, Generation Y (Creating Brands that engage Millennials) and Generation Z.
In this elusive landscape, while market research demonstrates incredible agility and flexibility, it still takes time to deliver accurate insights.
Can we afford to wait for this? If we wait, what are the risks in doing so?
Let’s say you would like an indepth look into consumer snacking occasions. In particular, you want to understand key drivers and habits. A classical market research approach would be to conduct Skype interviews to discuss the issue directly with consumers.
An alternative method would be to use Market Research Automation to find the relevant data that is already out there.
Let’s examine the two approaches in detail.
The traditional way: Consumer Interviews ( total time - 14 days)
The workflow below exemplifies the typical steps required to harvest insights from consumer interviews via Skype. For budgetary reasons, the agency will often only be in charge of recruiting consumers.
Several steps slow you down in collecting these results even if you already have an agency for your regular qualitative work. In particular, briefing, discussions and costs negotiations take a long time. Then there’s recruitment, field work and finally the analysis!
Realistically speaking, 14 days are necessary to conduct this process from start to finish. We assumed we needed a team of 4 participants, with 6 interviews (1h30 for each) for 2 consumer targets. 2 participants per interview (1 leading, 1 taking notes). This is followed by 1h post interview insight generation from notes and and 3h compilation work creating a presentation.
The new way: market research automation software ( total time - 5 days)
So how do you shrink those 14 days into a working week? Well, we would need to take some shortcuts…
Firstly, you can use a DIY software solution, so that you have no brief to share. Secondly, don’t ask questions to consumers via skype but instead, find data relevant to your brief directly via the software. How do you do that? Check out the workflow below:
We assumed participants will have 1 to 2 days to analyze consumer dashboards, accounting for 2h analytical work per participant and 3h compilation work creating a presentation.
With reasonable and conservative assumptions, DIY solutions are capable of delivering insights almost 3 times faster than a traditional approach, including multi-country researches. Not to mention the fact that the team will spend around 40% less working hours on set up, attending fieldwork and analytics. be on average 50% less expensive than traditional methods.
With the progress of Artificial Intelligence in all fields (e.g Amazon Echo), automated market research can now be used for complex projects including need state maps and consumer segmentations. All you need is the right provider and the right software.
If you are interested in knowing more please request a demo.