Blog | 5 Ways For Agencies To Differentiate In Market Research
Published 4 July 2017 by Alex Osbaldeston
Market research agencies face two key challenges when it comes to successfully running research programmes. As I covered in this previous post they need to ensure that they are maximising efficiency. At the same time they need to differentiate themselves from competitors by demonstrating the value that they deliver to their clients on an ongoing basis.
There are five key ways to accomplish this:
1. Make your insight actionable
Market research projects provide deep insight that can support better decision making and more informed operations, across the client’s business. Yet often it is difficult to bridge the gap between written reports and taking meaningful actions or to get insight into the hands of the managers that need it. To ensure that your results drive real change for clients look to dashboard-based graphical reporting that provides a real-time view of research data, personalised to their role, allowing individual managers to easily drill-down and ask What if? questions, without needing you to create new reports every time. This increases the agency’s footprint within the client while demonstrating the relevance of its work to better understanding the market and improving the bottom line.
2. Deliver insight faster
Digital transformation is impacting all organisations, increasing competition and requiring businesses to be more nimble and agile. This impacts the time clients are willing to wait for market research results – they now need them to be delivered as close to real-time as possible. Ensure that you are working with technology that can cut inefficiencies out of the research progress and provides results within hours and days, not weeks and months.
3. Build on a platform for innovation
One thing is sure – market research needs are constantly changing and evolving, making it difficult to predict the future. Agencies should therefore build their business on a single, scalable and expandable technology platform that allows them to customise and create new solutions, question types and reports as their needs change.
4. Be mobile-first
Every agency understands the importance of mobile in connecting and engaging respondents, meaning that providing surveys built on responsive design or delivered through apps should now be standard. However, agencies should look beyond this – how can they use the specific features of a phone, such as messaging, camera and location in order to deliver a more engaging experience and to collect more detailed insight for their clients? Can they trigger surveys based on events and are they delivering mobile-first insight and reporting?
5. Seize new opportunities
Reaching respondents and retaining their attention is becoming more difficult, meaning that agencies need to become more agile if they are to successfully understand consumers. Look for a platform that can provide the flexibility to quickly launch new services and seize new opportunities– for example automatically creating pop-up communities based on respondent answers to deliver fast, deep insight on specific questions.
To succeed in an ever-more competitive world, market research agencies will need to balance efficiency and innovation, embracing both if they are to operate effectively and continue to meet client needs. Switching to a single technology platform delivers the flexibility and agility to achieve this, enabling them to differentiate with clients by providing insight that adds real value to their business operations.