Weekly Business Insights from Top Ten Business Magazines | Week 294 | Strategy & Business Model Section | 2

Extractive summaries of and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Week 294 | April 28-May 4, 2023

4 Ways The Right Market Research Platform Will Benefit Your Brand

By Will Galgey | Forbes Magazine | May 2, 2023

Listen to the Extractive Summary of the Article

More decisions to make. Less time to make them. And too little insight to inform them. That’s the dilemma facing every marketer today. If you want your campaigns or innovations to drive meaningful results, you need to arm yourself with the right consumer feedback.  In the race to generate faster insights and get the most out of tightening budgets, brands around the world are turning to market research platforms.  Select the right one and you’ll advance your objectives with quality insights that propel your business forward.  Four ways your choice could benefit your brand

1. Listen to your gut, but back your intuition with real insight.   If you want to be a great marketer (and who doesn’t?), work with your intuition: build and nurture it. But if you want to take calculated risks with confidence, then you need to support your intuition with insight. The right market research platform will allow you to sense-check your instinct with the people that matter most, the ones you want to buy your brand. 
2. Work faster and more iteratively, but never forget the voice of the consumer.  All too often, tighter deadlines have side-lined the opportunity to get feedback from consumers, forcing us to make leaps of faith. So, when being able to pivot is integral to success, it’s vital that your market research platform supports iterative decision-making that keeps you one step ahead of the competition.
3. Champion a culture of agile insights across your organisation.  One of the huge benefits of using a market research platform is that it brings greater agility to the whole organisation. Agility is more than just speed. It is a shift in mindset, acknowledging that fast consumer feedback can provide an advantage at any stage of the development process, whenever you need to dispel opinions and inform decisions.
4. Spend less time on research design and more time activating insights.  A good market research platform will streamline the process of designing and executing research without forcing the user to get too much into the weeds of the research process. That’s priceless: a faster insights process leaves you more time to interpret results and contemplate your next move. And in the moments when your next move may be unclear, a top-notch platform can also bring expert consultants to the table, guiding you through the “so what” and “now what” so you can move ahead confidently.

3 key takeaways from the article

1. More decisions to make. Less time to make them. And too little insight to inform them. That’s the dilemma facing every marketer today. In the race to generate faster insights and get the most out of tightening budgets, brands around the world are turning to market research platforms.  
2. Select the right market research platforms and you’ll advance your objectives with quality insights that propel your business forward.  
3. Four ways your choice could benefit your brand:  listen to your gut, but back your intuition with real insight; work faster and more iteratively, but never forget the voice of the consumer; champion a culture of agile insights across your organization; and spend less time on research design and more time activating insights.

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Topics:  Strategy, Marketing, Market Research