Learn about our newest development, Insight Reels! This infographic goes over how they work and how you might benefit from them.
What Should Enterprises Look for in Their Market Research Solution?
Most business leaders understand the power of market research. Market research helps you understand the needs, wants, patterns, behaviors and opinions of your audience. This leads to making better marketing and advertising decisions, creating better products, and helping you more effectively weed out the competition.
What every business owner may not know is the power of market research software. In other words, business owners may be missing out on helpful market research solutions available to them by investing in a new solution. This post will cover some of the most common solutions you get when you take your market research efforts to the next level by investing in market research software. You can also look at this post as guidance on what solutions to look for when selecting a top-notch market research solution.
Streamline and Guide the Research Process
An excellent market research solution will quickly guide you through the research process. It should minimize your efforts and streamline project processes, saving you time, making your life easier and your work more impactful. This means, it should:
- Guide you through survey or study design
- Help you determine the right approach and make sample size recommendations
- Streamline data collection by collecting feedback through multiple channels including web, email, mobile, SMS, IVR, face-to-face, etc.
- Offer automated data analysis that highlights business insights
- Provide smart reporting with the ability to drill down into structured and unstructured data and provide reports tailored to your needs
- And more!
You could conduct a study on your own, but a market research solution will do all the hard work for you and guide you step-by-step with ease.
Your market research solution should help you design a study, analyze and report insights with ease.
With a good market research solution, you won’t have to design your research from scratch and you won’t have to do most of the manual coding to set up your research. The software will have done all the hard work for you. Then, all that is left to do is drag and drop or fill in the blanks to create your study.
With the click of a few buttons, you can have a well designed study up and running in no time. A market research software is the best option for eliciting quick feedback from consumers in a fast-paced industry.
Are you looking to track consumer behavior? Maybe you want to track the same set of behaviors across different channels. Maybe you want to check out how your company is performing vs. your competitors. What if you want to take an academic approach to drill deeper? Perhaps you want to conduct a quick NPS or CSAT survey just to see how customers like your brand. Do you want to get product and advertising feedback?
The options for the type of information you need to collect as a company are endless. You could outsource different types of research to different companies, but the costs can be very high. A more cost effective solution is to invest in a market research software that can handle different types of research questions. There are plenty of solutions on the market that will help you do everything from conducting academic research to product testing and everything in between.
A surefire successful market research method is to elicit feedback from an online panel. But, panels are time consuming, especially considering you may be gathering data over longer periods of time with a panel than you would with a one-time survey.
Look for a market research solution that manages your panels efficiently. You want a panel that will help increase participation and deliver accurate and representative feedback with as little effort from you as possible.
A research software should include streamlined data collection and analysis that fosters business growth. In other words, it should be easy to see the results that lead to an increase in customer satisfaction, understanding of customer needs, insight into what products or services to build, and a reduction in customer churn. Business leaders conduct research to learn what they can do to drive better business results. Your market research solution should lead to your end goal.
Market research through direct feedback and data collection and analysis are the best ways to glean telling insights for your brand. However, there is a right way and a wrong way to conduct research. Gone are the days of putting together a study by yourself and hoping you got it right. The best way to get the insights you need in a timely manner is to invest in market research software that will do all the hard work for you and ensure your study is up to par.
For more information on one of the best market research softwares that includes all the market research solutions you need, visit Fuel Cycle today!