Choosing the Right Market Research Platform
Market research has become much more accessible and efficient for businesses in today’s landscape, especially with the rise of research automation. Automation eliminates the need to perform some of the more tedious tasks involved in market research, enabling researchers to refocus their efforts on more valuable activities.
Time and money remain major concerns for many businesses, which is where market research platforms come into play. Market research software companies offer time and cost-effective solutions for businesses, and unlike agencies, can often cover all phases of the process, from sourcing respondents and data collection to in-depth analysis and recommendations.
There are many market research software providers to choose from, which can prove overwhelming during the selection process. Knowing your business' specific requirements and aligning these needs with service offerings is the key to finding a platform that can best fulfil your research objectives.
We explore six factors to take into consideration when seeking a market research platform to help make your choice easier.
Which Method Are You Using?
When choosing market research software, you must first determine whether it can manage the type of research you wish to perform. Find out which methodology/ies the platform offers and locate any case studies or testimonials that can attest to its ability to perform effective research. Is the software compatible with your industry? This is an important question to ask, as there are often many unique characteristics within different industries that some software can cater to better than others. Depending on the complexity of your study, you may also require customisation in your research. In this case, you will need to use a platform that allows for custom inputs.
Conjoint.ly’s market research platform offers a wide range of automated, custom, and DIY tools for product and pricing research, which use various proven methodologies, such as conjoint analysis. Clients from dozens of industries successfully use our online software every day, gathering meaningful insights to make informed business decisions.
What Functionality Do You Need?
To plan a project with a market research platform, you need to determine which stages of research you want to conduct with the software and whether it can effectively complete these on its own. For example, you may wish to source respondents from existing business data, use an agency to collect survey data, and use a market research platform exclusively for data analysis, or you may want to do all these tasks using the platform. The answer will often depend on what your budget and time constraints are and how capable the platform you choose is.
Conjoint.ly provides a complete online solution for all stages of the research process. You can choose how you wish to source respondents – bring your own, target specific panel respondents, or use a pre-defined panel. Set up your survey with ease with the user-friendly interface and allow Conjoint.ly to handle the data collection and statistical analysis processes automatically.
Is Support Available?
Market research platforms alleviate much of the complication and tediousness from your study, however, this does not mean you will not require additional help occasionally. Learning the features of a new interface whilst troubleshooting any potential issues can be frustrating and time-consuming without sufficient support from the provider. Check that the platform you are considering offers readily available assistance and basic functionality guides to ensure your experience is seamless and pain-free. Keep an eye out for a feedback option to address any pain-points or feature requests you may have. A good platform is constantly evolving and adapting to improve user experience.
Conjoint.ly offers support throughout the entire research process via phone and email. We regularly update product guides and FAQs on our website based on common user requests and the platform itself includes quick tips for certain features. We are constantly updating our platform to improve functionality and ensure user experience is as seamless as possible.
What is Your Budget?
Your business' budget allocation will significantly affect how you conduct your market research. Market research software providers usually offer several subscription options to suit different sized businesses and their respective needs. You should consider how many of your colleagues will require access to the platform and how many projects you wish to run as these factors often determine subscription pricing. Browse several offerings and conduct a cost-benefit analysis to ensure you choose the most appropriate package.
Conjoint.ly offers two subscription options, Professional and Corporate, that both provide unlimited access to our online software. The Professional licence is ideal for consultants and individual team members who do not need to share full access with others. If you are from a larger team and require shared licencing, the Corporate licence allows access to unlimited users within your company. Sign up for our Free Survey Tool to test out the platform with full functionality, before making a purchase.
How Will It Affect Your Process?
What market research tasks are currently the most time-consuming for your business? Which processes can you eliminate? How do you work within your team and business to share ideas and collaborate on projects? These questions should be front of mind when deciding which market research platform is right for your business. For example, if you are mostly concerned with reducing market research spend, you will be looking for the most economical option, whereas, if you want to improve communication and visibility between team members, your priority will be shared access. Identifying which factors are most important for you will help shortlist your options to find the most suitable one.
Conjoint.ly provides an agile alternative to other software and consulting solutions, which means faster access to meaningful consumer insights. Our automated tools perform repetitive tasks for you, allowing you and your team to focus on more important research objectives. We offer pricing options which suit both individuals and larger teams to ensure you find the most cost-effective solution for your needs.
Can It Integrate or Transfer Your Current Workflow?
If you are already using another software for market research, such as a survey tool, you need to consider how this will integrate with the market research platform. Take note of which other tools you are currently using and ensure they are compatible or transferable before committing. It is also important to assess how the transition will affect your current workflow and if there is a more efficient way of working with these tools in combination. Ask the platform provider directly if you are unsure of a tool’s compatibility.
Conjoint.ly’s market research platform can be used in conjunction with a wide range of other survey tools. You can also upload Excel datasets with any existing respondent information that you would like to include in your survey.
Market Research Platform Comparison
The below table outlines a comparison of features and capabilities across a number of different platform types to help you identify the functionality you require.
|Platform/Feature||Single Purpose Tool||Multi-Tool||Major Provider||Conjoint.ly End-to-end Platform|
|Area of expertise||Narrow||Limited||Broad||Specific|
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Written on 27 September 2020 by:
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