Businesses that understand the ever-changing dynamics required to survive in global markets, give importance to quick, data-driven decisions. Research transformations that lead to the decision-making process are based on the value of insights from resourceful business intelligence tools.
Forward-thinking teams use insights community platforms for qualitative market research solutions that enable the right decisions. The insights attributed from market research are the drivers of change that are witnessed across various aspects of development.
Benefits of insights community to businesses
Standalone data is futile, till a business recognizes the appropriate use of this information. This is true for the insights community platform, where it is just another tool until the teams understand the optimum use of this information.
The value of insight is attached to how an entity will use it to steer it to successful accomplishment. The insights offer solutions to tricky questions that impact business risk and the future viability of a product. Even trivial matters like changing a brand logo can impact the perspective of consumers about the company. A few examples where insights can improve decision-making are:
- Cost-effective means of gauging investment risk
- Is a customer-centric approach as their insights are drivers of the decisions involved
- Gives businesses opportunities to workable pioneer solutions
- Emerging trends are incorporated in all the aspects of deliverance and help in scaling growth
- Is an agile tool that helps companies quickly adapt and re-work whenever necessary
Research methods used by insight community platforms
Different platforms come up with varied methods that help in making sense of the insight information that is collected and help with easy-to-understand dashboards for the teams to take actionable decisions. Here are a few of these methods that are commonly used by insight community platforms:
- Semantics and deep learning
Market research methods in an AI-enabled world are not limited to simple questionnaires. In semantics using natural language processing (NLP), consumers’ intentions that have not been explicitly stated are captured. When companies understand their consumer’s unspoken words through their activity and online search history, their behavior patterns are identified at a deep semantic level. This feature enables brands to design and deliver relevant products and results in a better experience for their consumers.
- In-depth interview
IDIs or in-depth interviews will pose questions to target consumers and gather all the details that a brand needs to develop, design, backtest and launch a product in a phased turnout to test the waters.
- Online focus groups and insight communities
A community with like-minded individuals who can give unbiased opinions without any external influence and are part of a target audience comprises online focus groups and insight communities. It is a platform that is used for qualitative analysis that can be synced with objective data for a clear picture. With in-built features like digital moderation and automated transcription, some of the platforms in the niche space of insight tools are getting insights without influencing the consumer’s real opinion.
The world is shrinking its borders and more countries are witnessing different people from varied ethnicities choosing to stay in far-flung places. Their opinions are naturally different from native or third-generation residents of a country. It is important to understand their behavior patterns as they are between two cultures and the likelihood of their preferences changing is high. It will take some time before they gather what they need in the new country.
Digital ethnography can help companies collect this information while leveraging the available technology and power of smartphones, online interfaces, and other digital touchpoints. This study will reveal data-rich, contextual insights into the needs of a certain target group.
- Co-creation and open innovation
When all the stakeholders of a product come together to contribute their experiences, knowledge, and problem-solving skills to come up with better designs and functional products then it can be termed co-creation.
Open innovation is the concept of leaving the source code in the public domain in a cloud-based platform that can be accessed by any developer who may have the requisite skills. In this process, a company recognizes that talent for innovation is not limited to its employees and understands that great ideas can be generated outside its talent pool.
Both co-creation and open innovation are tools to engage people who will value the product at stake and in a subtle manner advertise the product in its beta or prototype stages.
- Concept development
When companies focus on developing products that will be accepted by the customers the probability of risks involved is reduced. Concept development will help brainstorm and ideate based on customers’ reactions to the product and service before launch.
It is a structured process in the ideation phase to understand if the consumer’s reaction is welcoming or tepid. It is a continuous process with inclusive methods that incorporate ideas of a larger pool so that the sample size is favorable as per the statistical demands.
If the response is not favorable, this stage enables companies to understand if consumers could not understand the use of the product or found it to be simply cumbersome or irrelevant to use.
Based on the results corrective actions can be taken to come up with better products that are more suitable for consumers. In this manner, the market potential is enhanced before the final product launch.
Business intelligence tools and market research are not new concepts to industries and have been implemented since the first industrial revolution. However, in the current age when customers’ preferences are changing fast, the need to stay current and relevant is higher than ever.
If companies don’t dedicate resources and manpower that use insight community platforms to align the information of the end-users who will pay for the product or the service, then adverse results cannot be averted.
Online community platforms help companies connect real connections with people and help generate organic leads that translate into real business. It is a tool that helps companies develop better products, enrich their consumers’ experience through proactive engagement, and stand out in the competition.