The imperative of formal innovation programs in market research

If you work in the market research and insights sector, you already know: we are moving ahead at lightning speed. Technology advancements, in our industry and others, and client needs are continuously evolving. We can either play a game of "catch up" - one that the industry has unfortunately played for some time - or we can formalize innovation. Structured innovation initiatives are crucial in staying ahead of the curve and meeting the ever-increasing demands for rapid, impactful insights.

This isn't just an anecdotal observance. The market research landscape is swiftly changing. According to a recent report by ESOMAR, global spending on market research reached $79 billion in 2022, with a significant portion allocated to technology-driven methodologies. This shift underscores the necessity for research firms to adopt agile and innovative approaches. We already know this to be true. Our conferences, publications, conversations with peers, webinars, podcasts and everything else are making it clear: adopt quickly or be left behind. Traditional methods are no longer sufficient; clients seek faster, more actionable insights that can inform their strategies in real-time.

Lip service isn't going to do. Companies need to create formal innovation programs, where people can focus on pushing methods and agile technology implementation to the next level. For those that have the structure and team in place to develop innovations in-house, an important element of a successful innovation program is collaboration with customers.

Elements of a successful innovation program
External partnerships: Partnering with customers, academic institutions, and industry partners allows for the co-creation of new capabilities and exploration of other advanced technologies. This type of collaboration ensures that innovations are directly aligned with the needs and challenges faced by businesses today. By working closely with others with various viewpoints and areas of expertise, market researchers can develop tools and solutions that provide invaluable insights and contribute to overall business strategy. In addition, collaborating in this way can help speed up the development and commercialization of new products and services. For example, leveraging partners' established processes, technologies, and market channels can expedite innovation cycles.

Agility: The ability to move quickly is paramount in running an effective innovation program. It's like the difference between trying to turn a multi-decker cruise ship or a high-performance catamaran. You want to be able to test, pivot, test, try - allowing for rapid experimentation and refinement of new ideas. This approach enables research firms to respond quickly to client needs and market shifts, delivering high-quality insights with fewer resources. The ability to run various proofs of concept, both standalone and integrated with existing platforms, ensures that innovation is both scalable and impactful.

Of course, we have to talk about AI
Technological advancements such as AI-driven survey enhancements and qualitative data analysis tools are transforming the market research industry. It is the theme du jour. At Rival Labs, we have done quite a bit of work in this arena as we seek to test and identify new features and solutions that can help executives, marketers, and research leaders uncover insights faster. On the collaboration front, we are working with forward-thinking companies like ŌURA for some of our initiatives before bringing them to market.

Just a few of the areas in which a formal innovation program has allowed us to make progress include:

• AI Tone Refinement - AI-driven recommendations to enhance the tone and style of surveys, making them more natural and conversational.

• AI Summarizer - Provides quicker insights from unstructured qualitative data and video open-ends, saving time, effort, and money.

• AI Probing - AI-powered follow-up to qualitative open-ended questions helps address brief or less thoughtful responses, making it easier to derive meaningful insights.

• AI Thoughtfulness Scores - Evaluates the thoughtfulness of open-ended survey responses by assigning scores based on a large number of criteria. This score pairs with the AI probing feature to ensure that the AI follows up only if an original response to an open-end is not thoughtful enough.

• Scripting Co-pilot - A sophisticated conversational agent designed to assist researchers in debugging and developing intricate research scripts on the Rival platform, enhancing both efficiency and precision in their workflows.

• AI Co-Pilot - This AI chat authoring co-pilot allows users to automatically author a chat from a word document or prompt instructions. This drastically reduces the time needed to author a chat.

These types of innovations demonstrate the tangible benefits of formal innovation programs in improving the research process.
Continuous improvement and collaboration

Innovation in market research is not just about adopting the latest technology; it is about fostering a new kind of culture from the ground up. By working closely with clients and industry leaders, research firms can identify emerging needs and develop solutions that address them effectively. This collaborative approach ensures that innovations are not only cutting-edge but also highly relevant and impactful.

Formal innovation programs provide a structured environment for experimentation, enabling companies to transform curiosity into breakthrough solutions. This systematic approach to innovation is essential for staying ahead in an ever-evolving landscape. It allows for the development of tools that enhance the depth and quality of insights, providing a more nuanced understanding of consumer behavior and market trends.

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