The days of tasking an agency or team to fully conduct market research on behalf of your company are quickly fading away. It’s no longer feasible or acceptable to leave something so important in the hands of someone who doesn’t know your products or services and your customers as well as you do. Plus, it becomes incredibly costly as each iteration of market research lands on your desk, only to be sent back with more recommendations or an increased focus so that you can get what you want. This is where collaborative market research steps in and introduces itself as the new wave of market research that will help you get exactly what you need, when you need it. So, why’s it better together, and what’s the big deal with collaborative market research?
Two heads are better than one
Or in the case of collaborative market research, many heads are better than one! Not only do you gain the advantage of being able to collaborate on the market research project from a client’s perspective, but you also gain the massive advantage of accessing many different professionals, all at once. Usually, a single agency or team will be well versed in one or two fields when carrying out the research. However, if you opt for the collaborative market research route, many different professionals from various walks of life have the opportunity to contribute to the research and ensure that it’s a more rounded project. This means that you get better insights, from different perspectives, which you’re able to use as you shape and build on your product or service.
Find common ground on your creative resources
Collaborating on your creative resources is an essential part of the market research process, but it can also be tricky because it may involve many different, and often conflicting, opinions. Through collaborative market research, you’ll get feedback that’s based on many different opinions on the creative resources that you’re going to use to take your product or service to market. However, it’s still possible to collate the information and find some common ground. For example, what’s the central theme in the feedback you’re getting from the various professionals? Is it that the resources aren’t colourful or bright enough, or maybe that they’re too busy? With some expert help, you’ll quickly be able to cut through the noise of individual opinions and get straight to the heart of what the market researchers are trying to tell you.
Save time and money
Because you’re getting a large amount of focused feedback from many different professionals, you’ll have a good idea as to what works and what doesn’t as you continue to build-on and create your product or service and its go-to-market plan. This not only saves you time by preventing the constant back and forth that comes with traditional market research agencies, but also tremendous amounts of cash. As one of the key collaborators on the project, you’ll also be able to guide the entire process as it evolves and make sure that it stays on track—just in case it starts to derail with the multitudes of differing opinions. Therefore, by working with the experts in collaborative market research, you’re able to maintain a certain level of control over the insights that are uncovered, helping you make smarter decisions that better compliment your product or service offering.
Now, we know what you’re thinking; if collaborative market research is the bee’s knees and is so much better than traditional market research, it’s going to cost a fortune! However, this isn’t necessarily the case. Companies like Delvv.io have made it incredibly easy and cost effective to access this type of research no matter the size of your business or project. And just because you have a major project or blockbuster idea, it doesn’t mean you’re going to pay Hollywood-based prices. The benefits for collaborative market research go way beyond the few mentioned in this post. Why not reach out to us today and discover the many more we can unlock for you.