Traditional research agencies which refuse to change and adapt will soon be out of the market research business. The same is true in any industry – if your business doesn’t evolve then you will be easily outpaced by your competitors. The industry of market research is changing very rapidly as neuromarketing tools become less expensive, more user-friendly and as a result accessible to a wider range of companies, including small and medium-sized ones. Here are some tips to follow in order to remain afloat and succeed in the market research industry.
1. Be flexible
Nowadays fewer companies allocate big budgets for long-term research. Customers look for small-scale research projects which can ensure fast results, especially if we talk about SME and start-ups. That’s why it’s very important to be flexible and quickly adapt to the rapid changes of customers’ preferences. Expand the portfolio of your services, prepare yourself for small-scale and fast projects, master new approaches and tools to provide maximum value for money.
2. Give your clients something more than standard surveys
Very few customers today will be satisfied with data obtained only via traditional surveys. While surveys still remain popular, demand for behavioral insights continues to increase. Superficial survey data is no longer the final goal of the research but rather an intermediary stage. Currently, biometric research with the application of neuromarketing tools is the easiest, most obvious and reliable way of obtaining qualitative insights into consumers’ behavior. These insights provide a better understanding of hidden, subconscious reactions of consumers to advertising, product or brand, which, as a rule, have a major impact on the purchase decision.
3. Make friends with modern tech
You have to accept that the evolution of research market is driven forwards by automation and new technology. Try to figure out how technologies work (online platforms, neuromarketing tools, artificial intelligence in the research), and how they work best for you. By doing so you’ll provide your customers with the far better quality of data as well as help them achieve their business goals easier and faster. You’ll receive a competitive advantage which will help you outpace your rivals in the industry who prefer a ‘wait and see’ attitude.
Whatever challenges you might face in course of adapting to the changes in the market research industry, apply these simple rules so that your competitors have things to be seriously concerned about.