Status quo – the existing state of affairs, current customs and practices. In any industry, status quo is something that is widely accepted and used as standards. A disruptive product is something that challenges the status quo. An early adopter embraces the disruption. The product that perseveres through the resistance of status quo reaches mass adoption and sets new status quo.
One of the industries that has status quo set for decades is market research, we commonly refer to as traditional market research. Focus groups of tens are used for qualitative insights. Surveys of few hundred provide quantified projections.
There are quite a few issues with traditional market research. Let’s talk about the top ones. It is plagued with respondent bias. The answers are driven by the questions you ask. There is no discovery based on what consumers want. Research fatigue limits the sample sizes. Time involved in developing the questionnaire, recruiting respondents, collecting data and compiling results is way too long when the average life of products in most industries is down to months. The biggest issue that’s a key hurdle in garnering strong insights is the disconnect between qualitative insights and its natural quantification (again you can get forced quantification using the Q&A process).
What are we doing about it? We are challenging this out-dated status quo.
MavenMagnet is transforming market research. We are taking the entire concept of Q&A out of the research equation. This eliminates respondent bias and let brands hear the real voice of the consumers. The insights are completely discovery based driven by consumer perception. Our sample size is in tens of thousands, so we provide natural projection of these insights. We deliver qualitative insights on quantitative scale in one to four weeks making it actionable for brands to update their positioning, understand their consumers, and optimize their campaigns.