The data collected with agile market research ensures that businesses are incorporating customer and employee needs into products, communications, and services. By understanding exactly what their audience wants and needs, businesses can quickly make effective decisions that will lead to increased market growth and a healthy bottom line.
In addition to consumer insight, market research technology allows firms to evaluate competitor performance, market saturation, and potential market gaps.
Market research is at its core, is a roadmap that shows business decision-makers how to conduct their business and what decisions they should make to maximize profits and market share across the board.
In 2019, Fuel Cycle predicted that the future of market research would include a movement towards educating market researchers, hiring more data scientists, and taking strides to decrease the gap between the technologies available and the ability to use them to further market research. This prediction has been realized in 2020 with the prevalence of technologies like machine learning, artificial intelligence (AI), and automation technology.
With the increase of these smarter market research tools comes the assumption of efficiency and a seamless “plug-and-play” experience. Is your market research software living up to expectations? Here are 5 ways to tell.
Signs You’re Not Using Cutting Edge Market Research Software
As a business, time is money. There is nothing worse than spending time and money on market research software that doesn’t provide the results you need to thrive.
Here are some signs that your cutting edge market research software is dead in the water:
1. Inefficiencies Galore
This one should be obvious but it’s worth a mention. If your market research software isn’t making your business easier to run, what’s the point? It should be simple to conduct research, track consumer behavior, and see where you stack up against competitors.
2. Your Competitors Are Thriving While You Are Wilting
Are your competitors gaining traction while your business is stuck in the mud? If so, it’s time to take a look at your market research techniques and tools.
By implementing the right agile market research tools and understanding how to boost the effectiveness of market research, a company can easily make decisions that will drive them forward towards a larger market share and boosted profits.
3. Your Decisions Are Not Based On Self-Curated Data
Shockingly, 88% of companies still rely on third-party data, rather than gathering their own insights.
Brands should instead focus on becoming an insights-driven organization by using an agile insights platform that will seamlessly adapt to the best insight methods, allowing them to target any customer, prospect, or employee at any time.
4. Your Experience Is Generic
Market research should be done differently depending on the industry so if your market research software is offering a blanketed one size fits all approach… run! Platforms that offer customizable and scalable features are superior and worth investing in.
Constant innovation with customizable and scalable features means your software never gets old, leaving you with high ROI, and an edge against the competition.
5. Your Content Marketing is Out Of Touch
If your content is text-heavy and overly promotional, it is likely making your customers run for the hills. No one wants to read a novel or be pressured into purchasing something by a cheesy car salesman. Brand marketers need to assess the impact of digital brand marketing efforts including the effectiveness of campaigns to adjust targets and maximize ROI on spend.
At Fuel Cycle, we surveyed 193 market researchers about their day-to-day work to discover the state of market research in 2020. Our far-reaching report covers all aspects of the market researcher’s experience.
Read about the state of market research in 2020 here. Plus, stay tuned for a follow-up report for 2021, coming soon!