2 Oct 2022| ONPASSIVE
Agile Market Research: Why Should You Care About It?
People around the world want more money, more things and more information. And in the past, it was believed that to get more, you need to do more – work more, research more, produce more and reach more. But what if you get the desired result only by doing the right thing not more? What if, instead of wasting time and efforts on activities that don’t yield quality results, you could concentrate on what really matters? What if you could get outcomes faster? ‘Agile Market Research‘ is a tactical approach that attempts to address the need caused by the changing trends and consumer preferences by providing continuous analysis and modification of business practices in real-time. It replaces historically formulaic and time-taking market research methods with techniques that are ‘agile’ to identify pitfalls and bridge gaps in an organization’s performance to drive favorable results and improve ROI.
Let’s discuss the ways agile market research drive growth and innovation for businesses.
The tedious tasks which researchers used to perform in the past can now disappear from their desktop at the click of a button. Project scoping, getting a price quote, feasibility checks, or launching of a project to a global survey panel – modern automated research and survey tools can do all of these for you faster and more effectively.
Not everyone knows how to do effective market research, especially how to do it right to get past the clutter and dig out the desired insights fast. And who wants to get trapped by complexity when gearing up to launch a market research survey? AI helps democratize some of the most complex tasks involved in the process of market research. Thereby enabling businesses to derive powerful insights while strengthening their decision-making.
Seasoned researchers understand that some methodologies are quite straightforward to reproduce once you know the nuts and bolts. A concept test stays unchanged no matter whether you are testing a new product or a brand logo. The same applies to other market research use cases such as ad effectiveness, brand tracking, net promoter score or customer satisfaction. You can scale your research efforts through case-specific agile research tools which remove tons of friction from the user experience.
With the richness of cost-effective and automated market research tools at their disposal, agile market research projects now being found in the annual plans of more marketers and teams than ever. As per surveys, 56% of businesses have continued demand for market research but face limited budgets. To match the pace of the competition in the market you must have agile market research in your marketing strategy.
When your teams apply an agile approach to market research, they can test concepts with a target audience, create a prototype and get feedback, or assess consumer response to a marketing drive much faster than those who follow the traditional research process. The modern agile market research tools prioritize automation and responsiveness, reducing the rigidity that restricted the application of research tools in the past. The latest market research tools automate much of the process and depend on data visualization rather than static PDF reports. Such tools allow your team members to quickly understand trends, review feedback and make effective decisions.
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Tags: Technology Artificial Intelligence