To stay competitive, businesses need to stay up-to-date on what their customers think of their products and services, but it can be difficult to know how your company compares to competitors and other trends in the industry. Agile market research will provide you with insights you can use to improve your product or service, as well as shorten your product development cycle, so you can put what you’ve learned into action sooner. Here’s how it works and why it matters to your business.
What Is Agile Market Research?
The term agile can be used to describe a variety of methods, but in most cases, it involves having lightweight and flexible research frameworks. For example, when companies are building a new product or service and need to gather information from potential customers quickly and cheaply, they use agile market research.
This method takes into account both quantitative data (e.g., surveys) and qualitative data (e.g., focus groups). After talking with some members of an audience, you should have enough information about your target customer segment to refine your idea further or move forward with development—depending on what you learned during market research interviews and how your audience responded to prototypes/products.
Benefits of Using Agile Market Research
Agile Marketing with Agile research can help you get answers fast and adapt to change without getting bogged down in endless rounds of questionnaires, focus groups and phone interviews. When you bring together stakeholders from key departments, create a clear set of research objectives, and then put everyone on a timeline for completing tasks, your firm will benefit from faster, more targeted information gathering.
If you’re thinking that “How much faster is Agile Market Research?”
Then, In our experience, it’s always quicker than traditional methods by at least 50 percent—and sometimes twice as quick or even three times as quick.
More About the Requirements
How Can You Get Started? Decide how much time and money you want to spend on research. Involve members of all related departments (sales, R&D, engineering) to determine what questions need answering. Create an action plan with start-dates for each task (expect some push-back about deadlines).
Set up regular team meetings (daily or weekly) during which researchers provide updates about their progress and discuss issues that have come up in their work so far. And don’t be afraid to cancel a meeting if no new information has been gained! After a couple months, evaluate whether your approach is working. If it isn’t, switch strategies or bring in additional resources; continue on until you achieve your goals.
Final Thoughts
Today’s market is changing rapidly. To stay ahead of customer needs, your company must respond quickly to new trends and gain insight from your customers. Unfortunately, data has a way of getting stuck between teams and departments—it gets analysed in isolation and rarely shared with other parts of the organization. In order to make sure your organization can react quickly to changes in customer wants and needs, you need a streamlined process for gathering data from multiple sources. That’s where agile market research comes in.
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