By Adriana Rocha
Big brands know competition from emerging brands and agile startups is brutal and that these entrants do not do things “the way they’ve always been done.” For those large companies, innovation is a key component of their success path, and their CMI teams are constantly under pressure to provide quick responses that can help their organizations grow their business.
Slow and expensive traditional market research methods of delivering consumer intelligence and insights are often incomplete and limited to what qualitative or quantitative research can provide. Rapidly interacting at the front line of the innovation process leads to agile consumer intelligence – the key to competing with disruptive startups and new brands that steal the scene in the nowadays dynamic competitive landscape.
The critical path for large brands to innovate, and compete with fast and emerging start-ups, is to identify and understand their most profitable audiences in a timely manner, enabling them to make the right consumer centric decisions that will lead to innovations, helping to grow their businesses. But how can market research help big brands innovate and improve the creation of strategies to generate growth?
One of our customers, Banco Itaú, the largest bank and most valuable brand in Brazil, is an excellent success case of agile market research driving innovation and business growth. The bank’s market research team has long understood the need to act at a start-up pace and has been applying agile consumer intelligence to the bank’s product development and innovation processes. As we recently presented in our first MRX Talks (São Paulo, Oct/2018), Itaú’s MRX team, with the help of eCGlobal, has been developing more and more research, quickly and economically, generating high quality insights that are quickly applied and integrated into the process of innovation. Execution time has been reduced to 1/3, and actionable insights are delivered to internal business areas within 1 to 5 days. Cláudia Furniel, research manager at Banco Itaú commented: “The products and services are developed on average of 15 days, with the “Lab” it was possible to reduce our average timelines from 2.5 months up to 5 working days “, highlights Claudia.
Helping a company to be agile requires a combination of quick surveys and communities of consumer insights, with automation and big data analytics, creating real opportunities for brands to integrate consumer intelligence into the innovation process. Using a connected data approach (fusion of primary research and behavioral data) becomes essential for quickly understanding audiences . Adopting these modern insights solutions, brands can accelerate time to market and compete in a smarter way, using insights in “multiple layers”, allowing the creation of customized solutions, with effective approaches that lead to successful business strategies, based on the consumer.
*Adriana Rocha is co-founder and CEO of eCGlobal Research Solutions, a leading provider of innovative social media and technology solutions for Consumer Insights. With more than 17 years of experience in marketing research, lecturer at several international conferences, Adriana holds a degree in Computer Science from the Federal University of Bahia (UFBA) and a MAB in Marketing from the School of Advertising and Marketing (ESPM).