On Feb, 5 2021
On March 4th 2021, GreenBook published an article written by FlexMR's Emily James. In the article, What is a Two-Speed Market Research Strategyy? Emily explores the reduction of binary ideologies in the insights industry, and how our propensity for one speed of research at a time is one of the last remnants to be eradicated.
The demand for quick insights that informs decisions at the speed of business has risen exponentially in recent years, and we have met that demand every single time. But for all the focus on quick, agile insight generation, we’re in danger of disregarding the benefits of the slower, steadier research speed. Thankfully, there is a way to make use of both quick- and slow-paced research in one neatly-wrapped solution.
What is a Two-Speed Market Research Strategy?
We are near to fully embracing the word ‘and’ in the insights industry, and the last few trails of ‘or’ are typically in regards to time and budget constraints. The two-speed research strategy allows us to conduct concurrent research projects simultaneously, helping us to keep our finger on the pulse of consumer sentiment, respond quickly to unexpected events, and future-proof organisations.
Two Speeds of Research
Quick research typically takes the form of surface-level data gathering, responding to shifts in behaviour and trends to keep the brand afloat. These can be planned agile projects or conducted ad-hoc as and when needed. There are many benefits to this speed of insight generation, mostly centred around real-time insight activation, but there are things we can miss in our haste to meet stakeholder demands.
Slower-paced research is the complete opposite. Carefully designed and well-considered, this research helps us truly understand global changes, directional changes in brand strategy, and consumer trends. The ‘why’ is revealed extensively through slower research, and all insights gathered from it will be richer, in-depth, and intensely valuable – if they’re still relevant at the time of activation.
Implementing a Two-Speed Research Strategy
While there are benefits and risks to both speeds of research when considered separately, what happens when we run both speeds at the same time? The result is one high-impact research strategy that combines the benefits of both while minimising the risk of choosing one over the other, boosting insight generation and value so businesses can rely 100% on the insights provided.
At GreenBook, their mission is to connect marketers and market researchers with the people, information and ideas that will generate big results for their companies. They serve the market research industry through: Research on the industry (GRIT Publications), IIeX events, Webinars and online training, GreenBook Blog (charting the future of the industry), and the GreenBook Directory, the ultimate guide for buyers of market research.