It’s important for brands to conduct traditional market research that will deliver a 95% confidence level such as when conducting a price sensitivity test or introducing a new product; but, researchers and brand leaders shouldn’t be afraid to contemplate new directions.
I recently attended the Quirk’s Event where I had the incredible opportunity to attend presentations prepared by some of the top CPG brands and fellow market research professionals. Presenters discussed how they introduced innovative research solutions into their company, how they were able to get approval to step away from the norm and try something new. The findings discussed instilled creativity, storytelling, and human context to data – so let’s take a look at a story to put context to the topic of traditional research.
Tom’s path to success.
Tom’s confidence was skyrocketing! The local venues would be packed, and site owners always welcomed him to perform as he provided a 95 confidence that their bar would be full of patrons. But, time was not too favorable as months turned into years. He was having fun and was successful, but his career growth was flat. He grew concerned, how long would it take to accomplish the ultimate dream of being an International guitarist in a rock band!?! Tom decided he needed to make a change but wanted to be sure he did so responsibly. He contemplated the risks of leaving his manager job, and what he would need to sacrifice to make a move to explore performing outside of his hometown.
After weighing the pros and cons, Tom decided that the benefits outweighed the downfalls. He understood that there would be limitations, and accepted that he was less than 95% confident that this move would lead to his International stardom.
How is Tom’s path similar to decisions made in market research?
Tom may have been only 80% confident in his decision, but knew he would always have his hometown fans for support. Opportunity and value shouldn’t have to wait on traditional research methodologies. There are quick and valuable ways brands can research without waiting several months to get a solution.
Market research solutions can be complemented with fast solutions, such as:
Do you want to make an innovative move to add value to your company’s brand? You will always have the value you learn from traditional research solutions but let’s supplement with innovated ideas too!
The Quirk’s Event is a two-day cutting-edge marketing research and consumer insights conference experience. Centered around an interactive exhibit hall, industry professionals can meet face-to-face, network and learn about the latest trends and techniques in research.