Boost your Business with Agile Market Research
What is Agile in Market Research?
Agile methodologies first cropped up in the programming world – instead of striving to create a perfect product, businesses instead focus on delivering more value for their customers by constantly innovating. Being agile allows entities to quickly embrace emerging trends and detach from ideas that are no longer showing promise.
Why businesses need Agile Market Research
98% of companies have reported that agile adoption has helped.
60% of organizations have experienced a growth in profits after switching to an agile approach.
The US government lost $32 billion because of failed IT projects.
The world needs agile, and Market Research is no different. There are certain processes in the research process that need to be optimized to allow researchers to face challenges presented by today’s digital world. With agile Market Research conducted using market research tools, businesses, and researchers working on behalf of businesses can identify organizational gaps and identify innovations that can help make a mark.
Legacy Market Research tools and methodologies have several drawbacks which prevent them integrating within an agile infrastructure.
Ponderous research process:
Many older research platforms take a long time to glean insights from collected data, and spending weeks or months manually analyzing data can hamper your decision-making agility. This problem worsens should you be expecting data from multiple sources.
Legacy research software can also take a long time to deploy surveys out in the field, which can limit how effective your insights are in the real world.
Results limited to specific departments
Getting insights from the research team to the rest of the organization is a time-consuming process, one that many companies skip entirely. This limits how agile your organization can be, and can result in a higher overhead as individual teams purchase their own path to insights.
Desired demographics are inaccessible
Identifying the right demographics for research is a challenge, but being able to reach them and getting them to participate in your research project is an even bigger one. Researchers often don’t have access to survey platforms which allow them to conduct surveys on their desired channel.
Unable to ask the right questions
Legacy market research tools can severely limit your ability to ask the right questions. Survey software with multimedia capabilities can help get far more accurate insights, as people generally respond well to visual stimuli.
Agile Market Research solutions can achieve:
Powerful analytics: Cut down on time taken
With modern survey software, researchers can minimize time taken to glean insights, thus ensuring that agile businesses have access to the latest, most accurate data at all times.
Quickly create and launch research projects
Survey design can be a taxing process when one is forced to work with outdated survey technology. Omnichannel online survey tools makes creating surveys a breeze. Drag and drop functionality allows for easy survey creation, with no coding required.
Every demographic has their own preferred channel and agile organizations need to meet their customers where they are. Agile market research solutions allow researchers to bypass geographical and connectivity limitations and conduct studies via telephone, online or face to face.
Internal and External reporting
Market research is truly agile when insights are shared across the organization. Not every employee has to be privy to each detail of your study, but they need to know what direction your business may be going in.
Agile market research allows for reports to be shared easily across the organization.
Steps for setting up an Agile Market Research Team
Step 1: Align with leadership
Once your team has been established, key stakeholders and leaders in your organization need to align in the same direction. Establish ground rules and norms that your organization will adhere to, and clearly define your agile culture and expectations.
Step 2: Data, data, data: Get it quickly, Identify opportunities, Act.
Agile Market Research is completely dependent on how quickly you can gather accurate data, (feedback as well, for research teams in a business) and leverage it to meet your goals.
Segment your research bids into smaller chunks to reduce time taken to complete, and cut down on resource misallocation in R&D.
Step 3: Pay attention to feedback management for quick insights
Research teams embedded in organizations need to track their organizations’ customer experience efforts and feedback management systems for insights. Agile teams can anticipate feedback and react accordingly, which can help improve brand image.