Why is it time to reinvent your market research cvr

Why is it time to reinvent your market research?

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As the world is experiencing massive changes, it has become more important than ever for organizations to transform themselves at a lightning speed. Here’s why brands need to reinvent and rethink their market research for driving their businesses forward:

Why is it time to reinvent your market research

Forget New Normal. Create a ‘better normal’

2020 was a tough year in history — the COVID outbreak, a movement for social justice on an international level, as well as an economic slump on a global scale. This has led to a drastic change in the preferences of both customers as well as employees. As the businesses are forced to revitalize their way of working, researchers are striving hard to understand what’s happening and how their brands should react. The companies that listen to their every stakeholder, identify & quickly close the experience gaps, and redefine their customer & employee experiences are likely to thrive in this new normal. 

Drive action by engaging stakeholders

In these unprecedented times, it has become imperative for brands to rally as well as act quickly. Thus, leveraging storytelling can empower researchers to seamlessly engage stakeholders for driving action in their specific organizations. Here’s how:

Visuals take the center stage

In today’s time where video conferencing has become a social norm, the public lexicon is revitalized with phrases such as ‘Zoom fatigue’. Due to which it has become more important than ever for researchers to draw the relevant stakeholders in and share their stories with them. But how to create exceptional visual storytelling? By following JD Schramm’s ‘FIRE’ model which says:

  • Focus on your audience’s attention
  • Include the relevant visuals
  • Reduce everything clutter & unnecessary
  • Evaluate the overall effectiveness 

Prioritizing is key

Determine the features that empower users to understand the platform clearly and the team’s actions to improve them. This plays a key role in boosting the usage of the platform. Leverage feature prioritization techniques to focus your stakeholders’ attention specifically on the actions that could make a great impact. 

Keeping time in check 

To present your recommendations to crucial and senior stakeholders, it’s essential to stay mindful of time. By condensing it into a short timeframe, you can share crucial things (that your audience cares about) with them in a span of 5 to 10 minutes. You’ll never have an hour of their precious time, so this empowers you to retain their attention.

Eliminate the lag time

The outbreak of COVID-19 has forced businesses to become able to act rapidly and

pivot. Here’s how real-time feedback plays a critical role in acting quickly in order to deal with the changes brought in by the pandemic. 

Staying aware of the pulse 

With the onset of Coronavirus, customers’ behavior and preferences have massively changed, making it more important to keep real-time insights in check. This not only helps to identify the existing product gaps but also helps to meet new customer demands.

Focusing on your research 

As the pandemic has forced years of change in a span of few months, acting rapidly on insights is the only way to keep up with the existing market. Thus, it’s time to reevaluate your research seamlessly and keep a tab on the crucial projects you need to finish.

Testing is essential 

As we’re now living in unprecedented times where the organizations’ working environment is completely different than what it was six months ago, there’s constant learning on the fly. So, it’s imperative to test and iterate quickly rather than waiting for perfection. 

Market Research toolkit to start your market research surveys and studies.

Listen to the right people

In order to take the right action, you need to listen to the right people. As every customer is different, so are their channel preferences. Intending to hear from a diverse customer pool, it’s important to follow a multi-channel approach for reaching out to them. 

Adding new channels 

To conduct customer research effectively, organizations prefer to use additional channels other than their surveys nowadays. While surveys are indeed useful, but they’re misused a lot for catching everything. There are various new channels like voice analytics, always-on digital listening, and mobile feedback that can be used in scenarios where surveys are usually used. 

Becoming aware of the bigger picture 

While the process of score-chasing is not new, it can certainly restrict your ability to identify and resolve experience gaps when it comes to customer care. If you really care about your customers, it’s important to understand their perceptions, i.e. what they’re saying across different channels. This lets you understand the root cause of the problem, where the frustration is arising from, and then determine how to deliver a great experience.

Starting small is essential 

As surveys play an indispensable role in the listening ecosystem, it’s important to keep that in mind while you plan to start adding new channels to it. Start with adding either one or two channels alongside the surveys on a particular subject. By uncovering the value those channels provide, it enables you to test and learn effectively on a small scale. 

Every voice is crucial

The earlier method of data collection didn’t relate well to diversity as well as inclusion. Now it’s important to ensure that every voice is being heard. Intending to make the research more effective, researchers need to dive deeper into the biases they have and shouldn’t focus only on the demographic questions. 

Addressing the assumptions 

In order to reduce the bias, it’s essential to acknowledge the assumptions that we make. On the basis of our experiences, we jot down the survey questions. This can be mitigated by considering how different people with diverse experiences and backgrounds would answer a particular question. For instance, even a direct question such as, “how long have you been driving your car?” assumes that every individual has a car. It excludes those people who drive a two-wheeler or travel through public transport. 

Leveraging cognitive testing 

If the respondents of a survey understand a question differently, it generates bad data. That’s where pre-testing can help. It’s a great way of ensuring a diverse and comprehensive survey design, and cognitive testing lets you seamlessly identify that different people are likely to understand a particular question differently. All you need to do is test your survey among a group of respondents and have them share their decision-making while answering each question. 

Pretesting again post translation 

There are a lot of researchers who pretest surveys, translate them, and then field them without performing another round of pretesting. Even if the dictionary translation is right, words can be interpreted differently by different languages and cultures. So it’s imperative to pretest after translation for ensuring your questions are understood by everyone! 

Thus, revitalizing and reinventing your market research can help you thrive in this new normal.  Want to maximize your market research for attaining your business goals? Get in touch with Voxco experts to make the most of your market research tools and strategies.

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