Taking control of your consumer insights

We all know consumer insights is a key driver of business strategy for all the B2C companies. Companies often outsource research to external agencies mainly to overcome operational difficulties which these agencies specialise in. But there are 2 main hurdles to this system –

- Outsourcing requires proper planning, budgeting and is time intensive

- The system comes at a cost which often eats into a limited marketing budget

While it is important to get external expertise on some of the key primary market research work, it is also important to have some of the mundane and routine primary research capabilities built in-house to save significant outsourcing cost and time associated with the entire process. Afterall, who wouldn’t like to maximise ROI on their investments?

Let’s understand this in a bit more detail.

Consumer insights requirements can be categorised in to 2 verticals –

- Research that feeds in long term business/marketing strategy

- Research that feeds in short term business/marketing decision

01 Research that feeds in long term business/marketing strategy

Companies can seek external help on the following types of market research, as these are one-off or infrequently conducted (i.e. once in 2 years) or open-ended primary research studies answering specific issues -

a. Exploration and Market sizing study

b. Consumer connects and immersion study

c. Segmentation Study

d. Usage & Attitude study

e. Product tests

f. Retail Audits & Household panel

g. Research studies carried out among niche audience or expert panel

h. Syndicate primary research reports

i. Custom research study

The above studies constitute to about 20% of overall consumer insights requirements of a company depending on the no. of product/service lines the company operates in.

02 Research that feeds in short term business/marketing decision

Market research in this vertical constitutes the rest of the 80% research investments done by the company. The studies are largely standard, frequently done and repetitive in nature. Thus these are the ones which can be developed in-house and managed internally with the help of smart automation survey platforms like SurveyGuru and respondent panel providers –

a. Brand health tracking or dipstick study

b. New Product Development

i. Concept testing

ii. Package testing

iii. Pricing Research

iv. Logo Research

c. Creative/Advertising testing – Tactical and Thematic, Traditional and Digital Media

d. Media Consumption and evaluation

e. Listing exercise

f. CSAT - Customer satisfaction – Sales and Service

g. Consumer Journey tracking & Consumer touchpoint feedback – Sales and Service

h. Employee feedback (HR)

i. Custom research study

At GRPS Lab, our vision is to simplify complexity and our flagship product ‘SurveyGuru’ is designed to cater to Consumer Insights/Marketing teams with fully automated in-built survey solutions. SurveyGuru helps our clients go live with their survey in minutes and get access to real-time insights via smart analytics and reporting interface. Thus, empowering client teams to take complete control of consumer insights with significant time and cost savings. Thereby, enabling companies to get maximum ROI on their market research investments.

To know more about SurveyGuru, reach out to us at info@grpslab.com

Posted by Gururaj Kulkarni

Speaking on today’s market scenario, marketing organization or for that matter any department within the larger organization have access to a lot of data from various sources. And these organizations/departments are finding it difficult to manage and analyze this data. For challenges like these the key stakeholders need to think out of the box and create ways to make use of the abundant data they sit on.