According to ESOMAR figures, 48% of market studies were conducted internally in 2020 without hiring an agency. This number was only 40% in the previous year. Technological advancements and the need for agility in decision-making have driven the expansion of SaaS market research platforms. We’ll tell you what they are and why everyone is incorporating them into their insights strategy.
What Is a SaaS Market Research Platform?
Hiring a market research agency used to be the only way to conduct research until a few years ago. Based on the briefing, the market research company would design a methodology, carry out fieldwork, analyze the data, and return with conclusions and recommendations after a few weeks.
Now, technological advancements have enabled new ways of conducting studies, offering several advantages over traditional market research: SaaS market research platforms.
A SaaS (Software as a Service) is an application subscribed to for use during the subscription period. Nowadays, marketing teams already work with subscription-based software packages such as CRMs, marketing automation platforms, email marketing tools, or graphic design software. Companies like Salesforce, HubSpot, Mailchimp, Adobe, among many others, have expanded through SaaS models, and many marketing teams regularly use them in their daily operations.
A SaaS market research platform is a solution that allows companies to create their own market studies directly without intermediaries. You simply need to access the platform, select the sample you want for the study, create a questionnaire with the desired questions, and launch it into the field. A few hours later, the platform has the answers that will enable you to make decisions.
Advantages of Using a SaaS Market Research Platform
Many B2C companies have already adopted a SaaS market research platform to support their decision-making. This rapid development has been possible thanks to several advantages:
- Speed. Research through an agency involves many unnecessary steps that are not required when a company can create the study itself. Tasks such as creating a briefing, budget evaluation, negotiation, questionnaire supervision… all of these are no longer necessary. You can enter the field very quickly, and the data is available within hours. This allows you to accelerate decision-making and stay ahead of the competition.
- Efficiency. Eliminating unnecessary steps results in a reduction in the cost of market research. Thanks to a SaaS market research platform, large companies can conduct many more studies with the same insights budget and support more brands and products with reliable data. Smaller companies can access research that was previously a privilege of larger players in their industry.
- Agility. Traditional research involves time and budget, so when conducting one, it’s essential to ensure it covers all objectives. This results in lengthy and infrequent market research studies. A SaaS market research platform allows for much greater agility. There’s no need to wait until you have all the questions to enter the field since you can progress iteratively. For example, you can quickly screen concepts to focus on the innovation process today and leave specific marketing mix aspects for testing when they are better defined next week.
- Democratization within organizations. Another significant advantage of SaaS market research platforms is that they make market research more accessible throughout the organization. Some insights experts provide access for marketing teams to create their questionnaire drafts. This allows roles like Brand Managers or Product Managers to get involved in research and increase its use in defining marketing strategy.
- All studies in one place. SaaS market research platforms also serve as portals where all studies conducted over time can be consulted or used to create new waves in the future.
How to Get Started with a SaaS Market Research Platform?
Getting started with a SaaS market research platform is easy. A review of studies conducted over the past few years will help you get a first dimension of your needs. This will help quantify the number of credits required to cover one year’s needs. If you fall short, don’t worry. You can always add more credits or resize your subscription later on.
Also, keep in mind that a SaaS market research platform complements traditional research very well. You can conduct some quick studies on the platform and continue to commission other studies from traditional agencies. As you gain experience with the platform, it’s common for its use to expand to more studies progressively.
We are testers’ research platform is intuitive and easy to use. In case of any doubt, whether when creating the questionnaire or at any other stage of the process, a team of experts can help resolve all your questions. This extra service makes it much more than just market research software.
Interested in exploring more about the platform? Our team of experts will be happy to help you get started or get the most out of our SaaS market research platform.Update date 22 December, 2023