The proliferation of new insight tools has prompted massive changes to the research industry and to how organisations harness the power of insight.
This plethora of tools has, understandably, led to an assumption that you can get more for less; you can spend half the time and half the money but get to answers that deliver twice the impact.
On the surface this feels right. Why would you pay an agency to fly halfway around the world to ask what someone in Brazil or China thinks about your product when you can get connected to them within 30 mins from the comfort of your own office? Why would you spend months and thousands of dollars doing fresh quant research when you can mine big data sources to get the answer?
- Half the time? Definitely.
- Half the cost? Almost certainly.
- Twice the impact? Hmmm… That’s where the problems often lie. Undoubtedly, doing something faster and cheaper creates a form of ‘impact’ in a business.
But if we are to really double the impact, then we are talking about something different. We aren’t just talking about the efficiency of gathering the insight, but the quality of the insight. We are talking about finding out something we didn’t know already, that creates incremental growth. And that is frustratingly rare, for 2 key reasons: