Cracking the Code to New Markets in Marketing Research
For decades, technology has been changing at a herculean rate. Companies today recognize the need for near-constant innovation to address the needs and wants of a fickle, competitive marketplace. They also need actionable, reliable, and high-quality customer data to stay relevant.
Recently, Toluna was partner of La French Touch Conference, held in New York City to build a bridge between French and American innovators and entrepreneurs. Toluna is an entrepreneurial company, with a focus on cracking the code to new markets in marketing research and helping other innovators and entrepreneurs do the same.
Doing marketing research the way it has always been done no longer works. Being a bit – or a lot – disruptive is what will make the difference in how marketing research aids in helping clients achieve their objectives and goals. Toluna is pleased to play in that “disruptive” space.
Supporting companies in their critical business decisions takes more than providing data, however. Marketing research needs to be deeply plugged into what consumers think because today, now more than ever, consumers have a voice, and they know how to use it. Social media has made consumers’ views impossible to ignore. To do so is to miss a rich source of information and insights. But disruptive marketing research is not just about collecting a lot of data. It’s about gathering theright data that will help marketers understand the customer, prospective customer, and the marketplace at large.
Research done right can influence decisions at every level of the business whether it is a major product launch in a new geographic market or the placement of a purchase button on a website. Efficiency and automation have fundamentally changed and modernized the way market research is conducted. This “DIY” approach has far-reaching effects.
Companies armed with data insights from automated research can quickly test new concepts and speed up the decision-making process. They can expand the number of decisions that are evidence-based, helping to fuel growth by uncovering new product and market segments.
A lot is riding on a new product launch. According to the Harvard Business Review(1), there are five reasons new products fail:
- Companies can’t support fast growth. It’s one thing to grow in tiny increments. It’s another to grow explosively. Not being prepared for significant growth can undermine the entire enterprise. This isn’t a marketing research problem, actually. But the other four are.
- The product falls short of claims and gets bashed. Underestimating what customers want or hyper marketing that over-promises will doom a new product.
- The new item exists in “product limbo.” If buyers can’t tell the difference, there is no compelling reason to switch from what they are currently using.
- The product defines a new category and requires substantial consumer education – but doesn’t get it. Sometimes radically different is too different without adequate explanation.
- The product is revolutionary, but there’s no market for it. Nothing is worse than launching a product that no one wants.
New product launches come with significant risk. Quickly understanding how buyers are receiving the new product, learning what is going right, and what is going wrong is more important than ever. No company has weeks to wait for marketing research results anymore. Using DIY automated tools and pulling together the right data can mean correcting any of the four marketing research related issues above long before they become problems.
The major drivers reshaping how market research is conducted – speed, cost, automation, real-time insights – are impacting many other industries across the globe. With automated research, technology fuels the speed; leading edge tools provide the data and analysis. By being disruptive, we have managed to crack the code to make marketing research easy and affordable for everyone. In fact, our business is designed to help our clients to “crack the code themselves” by moving into new markets, launching businesses, and expanding into new geographies.
In conjunction with La French Touch conference, Toluna has launched its entrepreneurship program to support innovators around the world. Eligible entrepreneurs will benefit from a free access to QuickSurveys premium features and consumer insights to obtain meaningful, actionable data that will drive their business ahead.
Click here to see Frederic-Charles Petit’s speech at La French Touch conference.
In conjunction with this conference, we have asked 2000 consumers in France and United States their opinion about innovation and entrepreneurship opportunities in their respective countries.Click here to download the infographic and see what we’ve found!
(1) Joan Schneider and Julie Hall, “Why Most Product Launches Fail,” Harvard Business Review April 2011 accessed July 1, 2016, https://hbr.org/2011/04/why-most-product-launches-fail