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With the huge impact of digitalization on today’s modern lifestyle, every industry is striving hard to radically transform its business operations and create a growth-oriented vision for the future. As consumers expect more clear and instant interactions with brands now, researchers need to adopt an agile market research methodology for seamlessly supporting their marketing as well as product development efforts. From small startups to the biggest industry leaders like Amazon, every company is moving to agile research methodologies for getting things done. What makes these organizations embrace this modern way of research? Let’s find out:
An agile market research methodology is a strategically approach that aims at analyzing and reinventing the ongoing business practices to address the urgency caused by the continuous change in customer behavior and market trends. It is known for replacing traditional and lengthy market research campaigns with quick (agile) techniques to deliver faster growth and improve ROI.
Leveraging agile market research methodology not only helps you create effective strategies & products that resonate with your audience but also lets you deliver more effectively by following a customer-centric approach. By gathering accurate and actionable insights, agile market research plays a key role in reaching out to the right customers quickly, validating new business ideas, and keeping a real-time pulse on the existing market.
Here are the steps involved in agile market research:
By effectively reviewing the standard workflows of a particular project, traditional market research includes a number of phases such as – project kickoff, design, review, analysis, as well as reporting. As there’s fixed time allotted to every phase in this traditional approach, a right output is generated before transitioning to the next phase. However, following this approach consumes a lot of time and effort.
Whereas agile market research starts at a smaller level and proceeds in stages known as “sprints”, that develop on the preceding one. Being faster and more affordable than traditional research, agile market research empowers researchers to gain more insightful feedback about the consumer experience. Since the research tasks are not time-bound, consumers are free to respond as per their choice or availability. Due to the seamless integration of different tools for data collection, agile market research offers a shorter process of response, thereby improving the overall CX.