How BFSI Industry is leveraging Location Intelligence

Location Intelligence is rapidly transforming the financial industry. A lot of location data is being constantly generated by financial organizations and they are trying to gain meaningful insights…


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Primary market research and what it entails

Entrepreneurship is both exciting and comes with its own share of demands. Stepping out in the unknown calls for some prior groundwork nonetheless. A map of some kind so it can give you an oversight of where you are heading. This map can be equated to primary market research

What is it though….

Some of the methods that one can use to get information first hand include;

1. Interviews

This can either be face-to-face or through the telephone and is a qualitative research method as far as data collection goes. Ensure you use an open-ended method to get the most out of it. You get the chance to gain in-depth insights into the opinions and perceptions of the respondents.

As for how long it takes. It can take upwards of 30 minutes or even longer dependant on the subject of research. Should you as the researcher, run short of time conducting telephonic interviews, then you can result in the collection of data. It does help to have these questions written down from the onset.

2. Online surveys

Most of us have been the target of these surveys at-least I have and where do these individuals get my email from! Online surveys are convenient and can be sent on emails, can be filled out online and also administered via mobile phones. Accessing the surveys on handheld devices like smartphones, tablets, Ipads, and similar devices can be instrumental to get high response rates as it enables people to respond to these surveys on the go.

It is proper to have a timeline from the moment you deploy the survey to when you conclude the exercise. Have both open and close-ended questions and make it short so that the respondents finish the surveys and not lose interest leaving it half done. Regarding rewards, you may or may not reward responders. It is however expected that surveys with rewards may have higher responses as giveaways are coveted.

3. Focus groups

A moderator is required and it makes sense to stimulate and get as many insights as possible within the given time period. Ensure that all individuals participate and should you have individuals who stand out during the process, you can engage with them further and later. Be forthright and communicate with the group the intent of the interview and use of their data if need be so as to avoid bleaches later on.

4. Observations

This is more of a laid back and chilled approach one that I like calling the “Phantom method”. There is no interaction between the researcher and the person/consumer/subject being observed. The researcher observes the reactions of a subject and makes notes and may use cameras.

In an ever-changing world, we need to stay informed of these market conditions so as to ensure there is customer satisfaction so as to keep you in the game — reduce churn — and harness your KYC — boosting loyalty. Data is paramount to enabling the organization to make informed decisions in a very timely, sensible and insightful way.

It is always great to get it first hand.

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