How Agile Market Research Is Changing the Game
Agile market research, when done properly, is truly revolutionary. This methodology makes sure that tactical, functional, and strategic marketing decision making matches the momentum of consumer trends and shifts.
Agility is a necessity for today's fast-paced business world. Researchers and marketers are under tremendous pressure to deliver fast, accurate, and cost-effective market research to their stakeholders. By combining the agile approach with flexible and innovatively designed market research platforms, quick and conclusive insights can be obtained without sacrificing the research quality.
The meaningful analysis and the reliable results attained through the agile market research approach find their place across the various phases of the project cycle. This includes concept testing, development, performance, behavioural research, product launching, etc.
Agile market research gives you a direct connection with customers
Truly agile research requires the support of intuitive technology to accelerate delivery and provide quality and cost-effective analyses and insights.
What Is Agile Research?
Agile is not just a buzzword, the truth is it's a game changer. In simple terms, agile market research means fueling the traditional market research with innovation and technology to find the best path forward. Whether you are from an innovation team, marketing, or into customer experience, the agile approach ensures pacing things up to match the speed of your team so that you can create and iterate business practices in real-time.
A lot of time is required in the development and execution of a large-scale market research campaign, an agile research works by breaking the research data into shorter cycles to quickly learn what works and what doesn’t. This innovative approach not just improves workflow, but also enhances productivity by streamlining many front-end and back-end functions.
Thus, agile research seeks to handle urgency by collecting, recording, and processing the key learnings for continuous improvement. This methodology gives researchers the opportunity to gain a deeper understanding of the customer experience during the feedback process.
The most important aspect of agile research is that it allows the customers to respond to the research task wherever they get a chance to do so and this timeline is not linked to the completion of the task.
This when combined with various tools results in improving the customer experience and offering a shorter process of response. When the projects are short, any decision which is not producing the desired outcome can be quickly identified and efforts can be redirected.
Why Agile Market Research Is the Right Choice?
Due to the Covid-19 pandemic, corporations have had to cut parts of their budgets, especially their market research budgets. Agile solutions can offer more cost-effective alternatives. So why choose agility at this time?
Businesses need agility to thrive in the current fast-paced and technologically-driven world. Above all, the world over, people want to get faster and more frequent results. But faster results do not necessarily mean giving up on the quality of the data. On the contrary, agile research focuses on using hard facts to drive decision making.
This does not necessarily mean that agile methods should replace traditional research processes. Indeed, with a relentless focus on delivering the best outcomes in the quickest possible time, agile research effectively integrates the traditional market research methods with an innovative approach to gain quality data about core customers. This is why, depending upon your needs, agile research offers some serious benefits to help you run through the process quickly and achieve reliable results.
By using technology to streamline processes, agile research increases the speed of the completion of processes by making them real-time and automated. This approach in turn also enhances the accuracy of insights as researchers now spend more time working on the things that matter. Automation also brings consistency to the results and reduces the chances of error. Thus, automation offers speed and flexibility along with affordability to improve the market research process.
The agile research strategy of customizable market research platforms offers the convenience of unique flexibility throughout the research process. This feature not just lets you anticipate changes but also equips you with adaptability to implement those changes. These platforms also offer free templates to quickly set up your research and iterate the processes as you go.
As opposed to problematic panel-based research, the agile methodology leveraged by Bolt uses behaviour science to recruit research participants to target customers.
Unlike traditional researchers, agile market researchers have a plethora of data at their fingertips. This valuable data is not just fast and convenient to gather, but also provides researchers with the ability to optimize their research campaigns and enhance user experience. Thus, behaviourally targeted participants are an essential element of effective agile research.
Agile market research provides fast, accurate, and insightful results
As stated above, agile research focuses on using hard data to drive decision making. This kind of methodology continually seeks feedback about the effects of any changes and tracks the ROI by analysing data, past experience, and best practices. The goal of agile research is to capitalise on your research and make the next research cycle more successful. With frequent and fast insights Consumer Insight Managers get a chance to understand all the aspects where improvement is possible as it relates to agile research. This enables companies to find answers they need quickly, affordably, and accurately.
To understand the agile approach better, let's take a look at this case study:
Brief: A leading CPG brand wanted to understand how their new concept would perform across men and women ages 18+ in the UK.
Solution: Using Bolt Pulse, the client created and conducted a three-minute mobile survey that ran across Facebook and Instagram. This survey included essential questions for concept testing as well as optional questions.
Result: The client gathered key insights from over 500 users in just 3 hours out of which ¾ indicated they would go ahead to buy the product. Also, the quick survey helped to reduce the end-to-end research time from 4 weeks to 4 hours and the clients' external cost by over 50%.
Agile Market Research with Bolt Insight
Want to learn more about how to successfully implement agile market research within your company? A unique and innovative platform like Bolt Insight lets you follow an agile strategy to strengthen your team efforts and reduce the duration of your decision cycle. Contact us to determine which strategies will work best for your firm so that you can take fast and meaningful actions to achieve your business goals.