Budget planning plays a critical role in ensuring consumer insights are embedded into key initiatives and campaigns. Without enough money on hand, researchers have a harder time getting the data they need in time to make consumer driven decisions.
Agile organizations enjoy several benefits—like moving quickly, making better decisions, and responding to market changes faster. But what exactly does market research look like in an agile organization?
Beyond CX - How Insurance & Financial Services Companies Are Using Agile Research to Drive Product Innovation
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.