It’s a data-driven world out there, with new, more impactful research methods being implemented every moment.
It wasn’t always like this. There was a time where traditional research was enough to give organizations a competitive edge. But as time went on, the need for more relevant and more insightful data became more paramount in making high-stakes decisions.
Ultimately, this gave way to the emergence of new age data collection. While some organizations were early adopters and hopped on board, springboarding them into optimized decision making, other organizations remained a step behind.
If you’re stuck in your old ways of doing research and are ready to hop out of the rut, these are solutions for your organization.
The Challenges With Traditional Research Collection
Relevancy
Traditional research collection, while it does offer some insight, doesn’t always maintain its relevancy. Especially, as societal trends and norms shift so rapidly. What was once a ground-breaking data discovery, could now be completely irrelevant in just a short amount of time. The challenge is that it’s hard to know when data is no longer relevant if it isn’t cross-referenced with larger samples.
Inaccuracy
One of the biggest challenges with traditional data collection is it has high potential to be inaccurate. When collecting data manually from online surveys, focus groups, etc., it doesn’t account for the fact that some answers may be embellished, or that respondents can be influenced by peers. Plus, that old principle that states “people only have something to say when they’re super satisfied or super dissatisfied” remains true and stronger than ever.
Analysis
It’s no longer enough that data is collected and displayed for decision makers. High-stakes campaigns are implemented based on data analyses, warranting that data must be more accurate, and more creatively analyzed than ever before. It has to be deeply insightful and predictive, so companies can optimize campaigns without wasting resources.
The Importance of New Age Data Research and Analysis
Fortunately, new age data research intelligence remedies challenges that accompany traditional means of doing research. As new data comes in, not only is it analyzed for accuracy, but market intelligence gets “smarter” with each analysis, helping to refine predictions over time. New age market research intelligence offers accurate, more insightful data in real-time so key decision makers in all areas of an organization can make adjustments as needed. Plus, data is cross-referenced with other samples to produce performance metrics to help keep an enterprise performing at or above par.
How to Get Out of Your Research Rut
If you’re ready to break out of your research rut, adopting a market research intelligence solution, such as Fuel Cycle, is your answer. It opens up a multitude of new opportunities by exposing you to critical, predictive insights that can pilot your company toward market leadership.
