agile market research numr price testing nps
agile market research numr price testing nps

Disclaimer- This article contains except from an interview about Numr that was published in Forbes. To read the complete interview, click here.  

What is Agile Market Research?

Perhaps the hottest concept in market research right now, Agile Research is “a tactical approach that addresses changing trends and consumer views in real-time.” Basically, agile methodology is real-time, dynamic, flexible, and collaborative. 

It is the only way to respond to the changing dynamics in this current crisis. 

At its core, it entails responding to change as and when it occurs, rather than following a rigid plan. Instead of shying away from uncertainty, it embraces it. 

How does Numr utilize Agile Research?

Numr utilizes Agile Research in all of its Product Offerings/ Solution.

1. CX SOLUTION- DELIGHT AND RETAIN CUSTOMERS

Did you know that 89% companies now compete mostly based on Customer Experience? Delivering outstanding CX has become increasingly important, especially in the current panorama.  

Numr Research’s AI-led CX platform is a complete solution. It uses NPS® to collect REAL-TIME customer feedback across multiple channels such as SMS, WhatsApp, Phone, and IVR.  

What differentiates Numr from other CX companies is that customer feedback is collected at ‘the moment of truth’.

The data is analysed automatically using AI, prioritized and then distributed in real-time with customisable dashboards to the people who need to act on the information. This allows companies to cut costs while delivering superior customer experience.  

Using sentiment analysis and AI, Numr empowers companies to obtain granular insights from comments/reviews and massively reduce Churn 

The platform also predicts which customers have the highest chance of churning by employing predictive analytics and then, focusing a company’s efforts on recovering high value customers.  

Click here to find out more.  

2. CONTENT EVALUATION FOR CUSTOMER ACQUISITION

Our agile platform deploys Intuitive Association (System 1 Thinking) to evaluate a company’s written content.  

Potential customers usually go through a Sales Funnel before they convert.  

This includes going through your website for the first time, subscribing to your newsletter, reading your blogs over a period of time, talking to a salesperson and finally deciding to buy your product.  

After a customer has become aware of the ‘product’, he moves into the consideration stage of the funnel where he spends a lot of time forming a definitive opinion about the company. During this evaluation stage the customer is nurtured through various blogs, case studies, promotions etc. The platform evaluates what a potential customer ‘FELT’ during this stage (e.g. informed, increased trust etc.) as and when he encounters these nurturing tools. Using these FEELINGS, each customer is given a PRIME SCORE, which is used to specifically retarget customers who have the highest probability of converting.  

In short, Numr provides automated hot alerts directly to the sales team when a potential customer has reached a particular score and can be converted easily. 

3. MARKET SPACE ANALYSIS- BRAND PERCEPTION

Numr Research empowers companies to understand their Brand Perception by discovering words and phrases that consumers associate with their brand vs the competition.  

We do this by presenting a target group with a survey about the words they Intuitively associate. Our proprietary algorithm uses a factor of the speed of the response as a predicator for the strength of the association with a word or phrase.  

This wide space analysis allows you to differentiate your brand from pre-existing ones by providing you with a way to cultivate uniquely distinctive assets that can be used in for marketing and sales.  

4. CONCEPT/IDEA TESTING

Launching a new product in this turbulent market is an expensive affair. So, before investing money and resources into developing a product, it is wise to find out if people actually have a NEED for it. 

Concept Testing helps predict with a certain degree of confidence whether or not a product will be successful in the market.  

While Concept Testing can be a lengthy process with Old school Market Research, agile research methodology delivers results in a matter of hours. 

Theplatform presents the concept (be it a poster, video or an actual schematic of the product) to a group of potential customers to find out what they think of it and how likely are they to TRY the product. Then, the trial rate obtained can be compared to the previously tried concept or the industry trial rate. 

Numr utilises this trial rate to predict the market share that the product will occupy way before the product is actually manufactured.  

5. PRICE TESTING

Price Testing helps companies find out the perfect price point to sell their product. Numr uses Conjoint Analysis to quickly identify what product features the consumers want at what price point.  

Now is not the time to go off on a hunch. In order to survive and flourish during these times, all business decisions must be backed by data and research.  

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