Brands Hook Into Real-Time Market Research for Agile Consumer Insights
By William Cimarosa, Vice President of Market Research at Suzy
As the need for agile insights during the COVID-19 pandemic accelerates, it’s no surprise that many brands are looking for in-house solutions to increase the speed of gaining intelligent consumer insights for more informed decision-making.
With marketing being an indispensable tool for businesses, many professionals are now turning to real-time market research methods for data-driven insights. As a result, real-time market research is quickly becoming a growing trend and now complementing more traditional, time-intensive methodologies.
Adding Real-Time Market Research to the Mix
While traditional research still holds value, real-time market research tools provide companies with results faster than traditional research approaches – taking days instead of weeks or months. By connecting researchers directly with their target consumers and removing the need for intermediaries, researchers can dive deeper into consumers’ attitudes and behaviors.
With some advanced research tools on the market, companies can even retarget those consumers with additional questions to gain a deeper understanding of the “why” behind the data, offering higher-quality insights and leading to better decisions.
Because real-time market research is easier to conduct and more cost-effective, companies can integrate research into all parts of their process versus just at key moments. Rather than making a market researcher’s job obsolete, this works largely to their advantage by freeing up time for more strategic work, predictive modeling, and developing key messages and channels to communicate with consumers–ultimately, allowing the researcher to work smarter instead of harder.
Marketers Turn to Data Science to Stay Relevant
Today, there is a growing demand for consumer insights. With that demand, has come a democratization of data, where information has become readily accessible to marketing, research, product teams and more. Even so, if market researchers aren’t careful, they can lose their relevance. Access to a large amount of data doesn’t necessarily result in useful insights.
To stay relevant, researchers must embrace data science in their market research tool kit. The key here is in knowing what to measure to inform your understanding of consumer behavior- what drives your consumer to buy your product and what are the important metrics needed to drive these purchasing behaviors?
A big mistake researchers can make is to rely only on methodologies that were tried and true decades ago. For example, normative databases were absolutely the right tool at the right time when populations more homogenous and retail and media channels were limited. In today’s fast changing world, we have an embarrassment of riches when it comes to new analytic tools that can help identify and predict the behavior changes that drive our brands.. For this reason, we at Suzy are turning to data science tools to help identify the causal relationships that are predictive of the consumer behaviors that drive growth.
There is no one way for developing data informed insights. Data science provides the researcher with robust frameworks for collecting, organizing and analyzing the growing data sets that describe their consumers. By combining the knowledge gained from DIY market research with advanced insights learned from data, brands can now make quicker decisions based on predicted outcomes.
Customization and Versatility are No Longer Optional in Marketing
Now, more than ever, it has become critical for businesses to understand consumer insights. With consumer trends and behaviors changing constantly, it has become increasingly important to understand how they are shifting from a usage perspective, and how it impacts a business in the long run. Only by understanding consumers’ behaviors can brands effectively plan for their futures.
With real-time on-demand market research tools, marketers have the ability to go through and layer different components into surveys that allow respondents to “choose their own adventure.” How each person responds then directs them to a different question, so marketers can quickly get at the nuts and bolts of what they are trying to say. Ultimately, marketing professionals can dive into unique answers to then determine more insights, and can also field questions on the fly.
In such a quickly changing and unpredictable world, customization and versatility are attributes that are no longer optional when it comes to marketing tools and methods. The expectation for quality insights is raised higher than ever. Fortunately, real-time market research tools are making it possible for marketing professionals to completely rethink and enhance their communication strategies.
Improving Marketing and Sales Alignment, Adjusting to the New Normal and Scaling Business Growth Despite Covid-19, catch more in these conversations with experts from JotForm, Xactly, Demandbase!