In their recent Marketing Data and Analytics Survey Gartner asked marketing leaders on which activities their marketing analytics team is spending most of their time.
64% of marketing leaders answered that their marketing analytics teams spend most of their time on Data Management, Data Integration and Data formatting. Only 33% answered that they prioritised their time on exploring data for new insights.
This survey is consistent with what Consumer Insights and Market Research teams are experiencing. The typical research budget and most of the time is spent on managing data collection, leaving very little to generate insights.
The productivity of researchers is impacted by the replication of processes and data as well as by the limited reusability of previously collected data.
A typical corporate marketer fields survey projects with multiple vendors and they increasingly also run their own studies internally. Each of these players involved use different surveys and analysis platforms and then deliver written reports to their clients.
With either written reports and/or data files in different formats as deliverables the marketers have got a hard time to deliver insights at the speed the business needs. In most cases they don’t control or own the raw data which would empower them (with the right tools) to do their own data discovery and to leverage historical data collected from previous studies.
Consequently, marketers risk to be exposed to insights blind spots as data is scattered throughout the organisation. Decision makers are not able to access data theyneed at key decision-making points. Data is often in disparate formats, fragmented and difficult to reuse.
The result is a limited ROI on research spending and too slow an insight generation processes as required by the business. What amplifies the problem is that current analysis tools fall mostly into two categories of either easy to use but inadequate DIY tools or highly sophisticated but difficult to use applications.
The QuenchTec team has made it their mission to empower researchers to spend less time and resources on data management processes and concentrate on discovering insights.
Based on in depth-discussion with marketers QuenchTec’s product and development team concluded that any developed solution needed to address the following business challenges:
- How to conduct research faster and cheaper through automation without compromising on proven methodologies?
- How can different datasets be captured and integrated for a customer centric view?
- How can advanced analytics like ML lead to deeper/better insights?
- How can research findings seamlessly be integrated into business processes for actionable insights?
The team identified that the marketers could achieve the biggest efficiency gains by addressing the current analysis and reporting deficiencies of the insight generation process.
Here is how the team addresses the challenge.
- One secure place for all survey data in the right format ready to be analysed. Survey files can be imported with one click from any survey design platform.
2. Powerful analysis. Easy to use. No PHD required. Users need to be in control of their own data and discover insights fast and with ease. No more restricted by excel, no more overwhelmed by SPSS, no more dependent on others to understand your own data.
3. Co-creation and collaboration with internal and external stakeholders working on the research project. One and the same analytics platform for all involved in delivering insights for the business.
4. Create and publish reports with just a few clicks.
The is just the beginning if the journey in working with marketers to design a research platform which allows them to be in control of the research process, deliver insights at the speed required for their businesses and increase the ROI of their work.
You can check out here how far the team has got on this journey.