In today’s dynamic business environment, obtaining quality feedback from key stakeholders is ultimately essential to making crucial strategic decisions. Online insight communities make a world of a difference by reducing the risk for marketing professionals and heightening the return on investment of every effort made in the product development cycle and different campaigns. They are both an effective and a low-cost method for conducting market research. In fact, a study conducted in 2016 by Leader Networks found that 86 percent of marketers believe that having a branded online community benefits core business operations. This statistic alone shows the power of community building for brands.
How Common are Market Research Online Communities?
Online insight communities are growing at an ever-increasing rate due to their invaluable contributions towards innovation. For example, 23 percent of marketers who have online communities have noted the fact that the size of their communities has at least doubled in the past years.
According to Greenbook’s 2018 Q3-4 report, 59% of organizations are already making use of insight communities, 21% are considering using them, resulting in an overall 80% that have an interest in them. Online insight communities allow businesses to gather a vast amount of information in a very short amount of time compared to traditional market research methods. As a result, many organizations are taking advantage of them and are reaping the benefits of doing so.
For example, when it comes to making customer centric decisions, insight communities are the way to go. In a study done by Sector Intelligence, 86% of Fortune 500 companies report communities provide richer insights into customer needs. Traditional research just does not have the capability or capacity to offer the same experience that insight communities do. Insights can be used to examine exactly what consumers need as well as want. These findings are invaluable towards making strategic decisions that optimize earnings.
Insight communities also increase efficiency by reducing the costs of running multiple initiatives. In Sector Intelligence’s study, it was noted that “43 percent report they use fewer focus groups as a direct result of engaging in collaboration via the private online community while 36 percent report conducting fewer surveys”. When companies integrate the consumer’s perspective, the product development cycle is accelerated and products and services better match consumer’s needs. The result is increased customer satisfaction and success in the marketplace.
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