Thanks to mobile devices, social media, and e-commerce platforms, we all know how seamless the modern digital experience can be—to the point we’ve grown to expect that’s how they should be. In the financial services industry, startups like Acorns, Robinhood, Betterment, and Wealthfront have emerged as digital-first operations. These companies are built from the ground up to focus on stronger customer experience (CX). That starts with being easier to use, intuitive, reliable, and helpful. But true magic came by building new, innovative experiences that deliver even more value.

Video research might not be the answer to all of your dreams—but it can be the answer to many of them.

Jeff Bezos recently proclaimed that market research isn’t really helpful. In his letter to Amazon shareholders, he denounced the merits of market research—which surprised many given the company’s reliance on data-informed decision making. From my perspective, he is spectacularly wrong; even if there are nuggets of truth in his commentary. While Bezos’ sentiment may have a little bit of truth in it—the bulk of your customers can’t imagine products that haven’t yet been invented—market research still plays a critically important role at successful organizations, including Amazon.

Thanks to new research approaches, all companies—even those with storied histories—can innovate as quickly as startups, leveraging consumer insights to inform the best way forward.

For some time, organizations have used experience design (XD) research to help sculpt processes, services, events, and products that customers would interact with. This kind of research focuses on the quality of each experience and the context surrounding how people experience it. 

Empathy plays an integral role in the way companies interact with consumers. It helps us understand where someone else is coming from, what they think and how they feel. As a result, it helps organizations get a better understanding of the exact kinds of products customers want. It can also help companies improve processes, services, product packaging, marketing campaigns, and more.