Last February 14th, Dig joined the Quirk’s event in London – an interactive two-day exhibition curated for research and insight professionals.
This year, there were more than 100 exhibitors and over 80 educational workshops. Most of the event participants represented the UK market, so we wanted to share our observations on the key issues emerging in this market.
Automation is no longer an emerging trend — it’s a necessity
Reduced insights budgets and cost cutting are pervasive across industries. A wide range of firms, regardless of their financial well-being, seem to be trimming their research spend.
Proving the value of an insights team is still a challenge in many organizations. Automation is often used as a cost-effective way of delivering immediate benefit to the stakeholders.
Here are a few examples of how you can get the benefit of automation in your team:
Consolidate what you already have.
The Coca-Cola company partnered with Interrodata to consolidate all its internal data sources. This massive consolidation allowed teams across the organization to download reports relevant to their division from a user-friendly dashboard without contacting an insights team.
The best part of this change was that the reports had commentary written by artificial intelligence embedded in the platform. This eliminated any deviations in the interpretation of results.
Not every business question needs an expensive methodology.
Making an impact within the organization is particularly challenging if your budget is limited. In this case, identifying research needs that can be addressed with automated tools and methodologies is key.
One way that Dig Insights is addressing this need is with Upsiide – an idea screening tool that can handle any text or image stimuli.
Upsiide is now available as a SaaS platform to give you even greater cost benefit.
Insights and strategy functions are now viewed as one
According to a report shared by MRS (Market Research Society) at the event, there are four stages of Customer Insights maturity based on the level of its integration into business decision-making as well as influence and focus.
Stage 1. Traditional market research provider
Stage 2. Business contributor
Stage 3. Strategic insights partner·
Stage 4. Source of competitive advantage.
The rise of automation gives insights departments more opportunities to act as a strategic advisor within the organization. This translates into the need to build the right team culture and to find research partners that can bring a fresh perspective.Team culture is difficult to change, so give yourself enough time.
When choosing a strategic research partner, consider the following questions:
- Does this partner have enough experience in the industry?
- Are they keeping their finger on the pulse of innovation in the industry?
- Do they improve their approaches or adopt new ones?
- Will they help me socialize results internally?
Conversations about new ways of collecting data have started
Some companies are developing new ways of reaching consumers. A company called Qriously, which was recently acquired by Brandwatch, built a tool allowing them to place questions instead of banner ads.
Interestingly, people are willing to answer such questions for free. Boredom was named as the main reason for them to do so.
When looking at new ways of collecting data, considering asking the following questions to make sure the method suits your needs:
- Who can I reach with this data collection method? Is this a targeted or nationally representative sample?
- What mechanisms are in place to ensure quality data is collected?
- How many questions can I ask these respondents?
Dig Insights is considering these questions as we focus our methodological innovation on developing research methodologies that feel like social media.
We are moving from the traditional survey experience, which no one enjoys, to an enjoyable experience that feels like social media while delivering the insights we need.
In addition to a more enjoyable respondent experience, our clients are also able to use these tools to reach audiences, such as younger people, who reject typical research approaches.
How can we help you stay on top of industry trends?
Dig Insights was founded in 2010 by a small group of senior researchers. Apart from Upsiide, we have developed a number of data visualization and analytics tools over the years.
At the moment, we are embracing artificial intelligence and APIs by integrating them in our research processes and tools.
To help our clients turn research results into action plans, we offer workshop facilitation to ensure no insight is left on a shelf.