The business world has changed completely in the last few years. Obviously Coronavirus has had a huge impact, but even before that, the pace of change was unprecedented. This means that organisations need insight into their customers and the markets they operate in faster than ever. They no longer have time to wait months for a research report that only a handful of people in the organisation will read. They need continuous insight that is relevant to their organisation, their customers, and their markets.
The traditional approach to market research involves either commissioning bespoke research which typically takes months not weeks, or buying a subscription to a generic research service. This is often not directly applicable to the context of the organisation and therefore adds risk to the decisions that are based on it.
Primary research is the most expensive and time-consuming part of any research project. Despite this, the raw research data is almost always used for a single project and then discarded. This is usually because there is no way to easily locate a piece of research when someone comes back asking a different research question.
This is similar to the problem that the software development world was trying to solve with Open Source software. Lots of organisations were independently building software that solves the same problems. This meant that building software was slow and expensive. By pooling resources and building software to be shared, everyone has benefitted from much faster, more efficient and higher quality software.
At Insightflow, we believe that we can apply the same principles that drove open-source software to research. We will encourage and facilitate the community to create open, shared repositories of primary and secondary research. We will enable researchers to create insights from these and build open-source research reports from these. Organisations will gain access to the research and the reports for a fraction of the cost of researching themselves and will be able to request or commission research through the platform as well.
We believe that this approach will significantly increase the value of every piece of primary research, it will reduce the “survey fatigue” problem that consumers suffer from. By building a community of researchers who can learn from each other and offer peer review of insights and research findings, we will also improve the quality of research.
This is not something we can achieve on our own, so we want to build a community of people who share our vision. Together, we can open up high-quality market research to a new audience and by doing that help smaller businesses to grow faster and recover from Covid quicker.