Like financial services, the market research space has experienced a remarkable amount of change in recent years. The traditional ways of working are being disrupted.
It feels recent but it has actually been happening for decades. The information age really started in the mid 20th century. Since then there have been unfathomable advances in computing, data storage, data transmission with the internet, and data collection from mobile device usage.
The information age has produced so much data that it can feel overwhelming. Futurists often liken data to oil. But it’s nothing like oil. Oil is a finite natural resource and stocks are depleting. But data won’t run out. We are producing more of it every day.
In fact, every day we produce 2.5 quintillion bytes of data worldwide. There are 18 zeros in a quintillion.
But it’s not helping. Businesses have so much data but they’re not making better informed decisions. The data is overwhelming us. It’s clear that data’s real value is in its refinement and distribution.
It’s hard to find the signals amongst all the noise. And traditional market research surveys just produce more data. They are part of the problem, not the solution.
Something’s got to give, and the financial services industry is demanding change. Here are three ways the team at MYMAVINS is disrupting traditional market research methodologies.
1. Taking the most direct path
Twenty years ago author Malcolm Gladwell published “The Tipping Point”, a book exploring how ideas and products can spread like viruses. He identified three agents of change who play a role in the success of any kind of social epidemic. One of those roles was the mavin.
According to Gladwell, mavins are information specialists, people you can rely on to connect you with new information. They accumulate knowledge about the market and know how to share it with others.
It’s quicker and more efficient to partner with a mavin than to undertake a new primary market research project. The reality of business is, most of our questions have been asked and answered by someone else before us. And it’s simply inefficient and time consuming to run a survey when the answer already exists somewhere.
At MYMAVINS we keep our fingers on the pulse of the market and first apply existing knowledge, frameworks and data sets to solve the puzzle. It’s possible because the team sits at the crossroad of expertise, knowledge and technical skills. We know where to find the insights that already contain the answers to your questions.
2. Action research methodologies provide better agility
Of course, sometimes businesses have challenges that are unique and nuanced, and require a new primary investigation.
Traditional market research projects can take months before results are shared. The process is ill-suited to today’s fast-paced, competitive environment, where businesses need to innovate just to stay competitive.
Our research process is different. We approach your business problems and goals collaboratively, working with you in an agile, iterative manner. We call it action research.
We perceive our clients as co-researchers who are actively involved throughout the process.
Insights become clear sooner which sets the foundation for continuous improvement, innovation and lasting business change.
3. Embedding customer centricity into everyday decisions
Data science combined with behavioural science frameworks can drive the ability to know and service customers more intimately, without relying on answers to intrusive questionnaires.
If you have a CRM, you have the foundation of data that can be built upon to embed a focus on customers across people, platforms and processes. We can help you get the right insights into the right hands at the right time.
There are no black boxes. It’s about more than algorithms and artificial intelligence. We create transparent solutions with sensible business rules and risk mitigation precautions.
At MYMAVINS, we’re bringing next generation research methodologies and consulting services to the financial services sector. We can help you find clarity to make the right business decisions with greater efficiency than traditional methods of market research can achieve.
And we do it with confidentiality. Because the hallmark of professionalism is keeping the information about your business your business.
Jason Andriessen is a Consulting Partner at MYMAVINS. Reach out to him at Jason@mymavins.com.au