Self-serve market research is relatively new to the insights landscape, but it’s not something that can be overlooked for long. Self-serve platforms were one of the fastest-growing segments in 2020, growing by 30 percent in one year, according to ESOMAR’s 2021 Global Market Research Report.
While the need for new ways to conduct market research during the pandemic certainly contributed to that growth, there are other great reasons to consider implementing self-serve research in your organization.
- Meet increased demand for insights
In 2021 HubSpot reported 69 percent of marketers planned to increase their market research. That’s a big jump, but it doesn’t necessarily mean the budget or head count for market research increased proportionally. Self-serve research platforms provide a means to carry out smaller projects with relatively little time spent on setup and lower costs than full-service. The result? Those marketers can get more of the market research they want without putting undue strain on the insights team.
- Make decisions with confidence
Decision-making can be anxiety-inducing and time consuming but having consumer data can help reduce the time it takes to make informed decisions. In fact, PwC found organizations that are highly data-driven are three times more likely to report significant improvements in decision making than those who do not leverage data as often. Customizable, controlled self-serve research platforms make it easier to empower non-researchers to carry out projects without the risk of producing low-quality data. In turn, more people in your organization can access the data they need to make confident decisions more often.
- Embed the voice of the customer early and often
Customer-centricity may be a buzzword, but it’s for good reason: customer-centric companies are 60 percent more profitable than those who are not. A great way to keep your customers at the heart of your organization is to get their feedback throughout any development process. Self-serve research makes that possible with quick turnaround times and easy-to-use, repeatable methods. When teams can make adjustments consumers want earlier in the development process, they drive improved results.