Real-time insights have enabled companies to gain the data they need within hours, something that was unthinkable less than a decade ago. This allows survey data to be quickly shared in decision forums, reducing the time needed for decision-making and response to any unexpected market situations.
Creating real-time insights is becoming increasingly easy. Do you have everything you need to benefit from them? In this article, we provide tips for successfully implementing them in your organization.
What is Real-time Market Research?
Real-time insights are surveys that leverage technology to automate common tasks in the research process. This enables the launch of a study and the access to insights data in record time.
Even simple surveys with few questions and representative samples may only require a few hours of fieldwork. Answers to such surveys can be obtained within the same day. Longer surveys or those with more complex samples may take a few more hours, but it’s now uncommon to find research that requires more than 48 hours of fieldwork.
Benefits of Real-time Insights
The shift from results delivery measured in days to hours, as was common just a decade ago, has drastically changed market research. Today, companies benefit from much faster and agile research that provides multiple advantages:
- Accelerated Decision-making: The time needed to access data is shortened, reducing the time required for decision-making. For example, when launching a campaign, a couple of weeks can be gained compared to traditional advertising pre-testing, which can be crucial for meeting scheduled broadcast dates.
- New Use Cases: Real-time insights not only make the same surveys faster, but also make possible surveys that were not before. For instance, in a crisis situation, a brand might want to understand public opinion impact before defining its response. Now, it’s possible to gauge public opinion in a few hours, use the information to manage the crisis with data, and repeat the study as often as desired to understand evolving perceptions.
- Iterative Market Research: With faster and easier market studies, the agile working methodology can be applied. Get urgent answers today and leave for the next study anything not fully defined to enter the field. This agile research approach allows having part of the information sooner and not having to wait to make progress.
- More Efficient Research: Speed gains are achieved through automation and technology use, allowing more research to be conducted within budget, covering more needs, and benefiting more teams.
Myths and Realities about Real-time Research
During the implementation of real-time insights solutions, it’s common to encounter myths that need debunking.
- Myth #1: Data Quality is Compromised. Real-time research has at least the same quality as traditional research, as it’s designed to replicate the exact same processes. Automation reduces the chances of human errors, and quality controls can discard respondents offering inconsistent answers.
- Myth #2: Expertise is Required. As real-time insights offerings improve, tools become easier to use, and support teams strengthen to provide clients with everything they need.
- Myth #3: It’s for Large Companies. Accessing real-time studies is possible for organizations of all sizes; there’s no need to commit to a minimum plan to start with real-time market research.
Tips for Real-time Market Studies
Here are some tips to help you get started easily and confidently in the world of real-time insights:
- Start with Easy or Repetitive Studies: Many companies take their first steps with small studies or studies with multiple waves to better utilize the effort of programming a questionnaire. As companies gain experience, they tend to progressively increase the complexity level of their studies.
- Select the Platform that Suits You: Ensure that the chosen tool has the solutions and functionalities you use most frequently and is intuitive and easy to use.
- Choose the Support You Need: Sometimes you may want to conduct a study yourself, while other times you may prefer the support team to program and launch it for you. Both approaches are possible, and actually, at We are testers we offer all the support you need in any usual survey included in the survey price.
- Test the Platform with Specific Studies: Many clients with credit plans started by evaluating the service and platform with specific studies. This allows you to understand the platform’s benefits in detail before committing to a larger volume of credits.
These tips will help you take advantage of the benefits offered by real-time market studies. Whether you’re a company taking its first steps or already have experience in the world of real-time market studies, our team of expert research advisors will be happy to address any questions you may have. Contact us today.
Update date 21 November, 2023