Doing More with Less

Living in times of high inflation (rates we haven’t since the 1980s) introduces an incredibly complex time for brands. Consumers may begin reaching for cheaper alternatives, while brands themselves struggle with higher production costs.

But with crisis comes opportunity. Unlike the 1980s, brands today have the ability to consistently monitor changing needs and sentiments of their consumers and the market. However, brands are going to have to fundamentally shift their approach to market research. More specifically, they’re going to have to do more, with less.

At quantilope, we work with, and have been seeing, an influx of brands seeking to save resources by moving their research capabilities in-house. Shifting away from full-service agencies and towards automated technology has been a trend growing since 2020 – one that we’ve seen proliferate even more in 2022.

However, it’s important to note that brand leaders aren’t questioning the importance of consumer insights to guide business strategies. In fact, it’s quite the opposite. Now more than ever, teams are expanding (or introducing for the first time) insights departments to support growth and defend competitive advantages.

What they are questioning is:
“Are we getting the biggest bang for our buck?”

Understanding how to drive and support efficiencies during uncertain economies is key for brand survival. Budgets don’t tend to get cut when they are delivering high ROI, they tend to be re-prioritized. What this means for the insights industry is that we’re going to see more organizations seeking solutions that provide more value than they cost.

In particular, we’re going to see a move towards technology, automation, and self-service.

With the right partner, automation enables the same level of high-quality insights to be delivered for a fraction of the cost of traditional research agencies. It also supports a new opportunity for researchers to take more control and ownership over the insights process.

As a result, we’ve been seeing more clients who can deliver true cost savings benefits to their organization while transforming the role of a researcher into strategic advisor. By moving research capabilities in-house, removing middlemen and expensive agencies, brands are able to meet new budget criteria while exceeding the number of insights they’re able to deliver.

Of course, transitions like these may take time and an openness to change. But leading brands have already begun to shift. 2022 is the year of doing more, with less.