New studies confirm what you have always suspected- that a large chunk of your top talent spends time on basic tasks than the duties they were hired to perform. Especially rampant in market research, over 45% of the companies are paying their most talented and experienced data scientists to do jobs that a software will do better.
Even Coca-Cola made a $50 million mistake with the market research that resulted in their run-in to C2, the iconic brand’s ill-fated venture. Recent studies suggest that more and more brands are making the same mistake of misspending market research budgets. [source credit: Harvard Business Review]
Apparently, it isn’t enough that you have an impressive budget set aside for market research. It also matters how you spend it. A recent Gartner survey illuminated that top data scientists in more than 45% of the companies are wasting their time on trivial tasks better automated. Even the expert data analysts were found to spend their time not analyzing data but preparing the data to be analyzed.
This underutilization of expensive talent is worrying, given that decision makers rely heavily on conclusions drawn from market research. Even more disconcerting is that the top talent is wasted on basic tasks when automation options are readily available, sometimes for free.
Online survey tools like SurveySparrow take the heavy lifting in Market Research and prepare the data, leaving the decision making exclusively to the data scientists. With peerless and cost-effective market research solutions, SurveySparrow is equipped to take care of data collection as well as preparation.
“Market research is vital- there is no getting around that. But data analysts and experts will do a better job if they focus on data analysis than data preparation. That’s what tools are there for. Whenever possible, automate. Wield human expertise for better purposes than this, I’d say,” said Shihab Muhammed, Founder & CEO of SurveySparrow. “It’s high time that organizations realize how needlessly expensive market research is becoming.”
A growing number of analysts are learning about consumer preferences and buying habits through conversational qualitative research. It is already making ripples in the market research field as Gartner survey throws light on the gap between expensive resources and cost-effective solutions.
Gartner suggests that companies rethink their allocation of resources. “Given the rapid growth of both the average size of analytics teams and percentage of budget allocated to market analytics, leaders need to question if they need so many dedicated in-house analytics staff.”
Traditional approaches to Market Research are soon giving way to cutting-edge advancements like data mining and sophisticated algorithms to uncover patterns and correlations. Even as the artificial intelligence is in its infancy, we are actively discussing the scope of Virtual Market Research and AI forecasting market trends.
Given the trends, it’d be in everybody’s best interest to provide talented Analysts with the right tools and processes that enhance their efforts.
SurveySparrow is an online survey platform that creates conversational surveys. With Conversational User Interface (CUI), SurveySparrow lets users create and share highly engaging, mobile-first surveys that offer a chat-like experience. Founded in October 2017 by Freshdesk (now Freshworks) veteran Shihab, SurveySparrow makes surveys more personal and engaging, directly leading to up to 40% higher completion rates.