Nichola Quail is the Founder and CEO of Insights Exchange – a disruptive market research platform that connects fast-growth business and brands with on demand Insights, Analytics and Data Strategy Experts across Australia, New Zealand and around the world. Recent clients include Xero, Panasonic, WW, Bravo Media and Bendon.
DECISION MAKING CONFIDENCE
How can Insights Exchange improve business outcomes?
Insights Exchange connects fast-growth businesses with on demand market research and data specialists. No matter what stage the company is at on their growth journey, our network of customer research experts can help them progress. Using data and insights collected from their own customers or prospects, we improve business outcomes. We provide confidence through evidence-based decision making and real-time actionable feedback.
GLOBAL RESEARCH SPECIALISTS
What type of global expertise is available through your platform?
Through our global network of research and data specialists we can tap into expertise when exporting to global markets, providing a deeper understanding of a category that is more mature in other markets, uncovering cultural differences to consider across marketing and new product/service development and, clarity on how a product or category translates in other countries. The US or China are often considered the holy grail of export markets due to their size, but by investing early in local customer and market context you will save time and money in the long run, through a more informed and targeted approach.
How do you help brands understand their unique competitive advantage?
We handpick a research specialist that has experience in that brand’s category to contextualise the environment the brand is playing in. We then use a combination of methods to ensure brands have a clear understanding of their unique competitive advantage. We always start with qualitative research to provide a deeper understanding of the customer – why they buy your brand… or not? This informs the quantitative survey design. Benchmarking key brand equity metrics, and tracking them over time, ensures you keep your competitive advantage and robust evidence of your unique selling proposition.
NEW PRODUCT TESTING
What should businesses consider before launching new products?
Launching a new product or service is expensive for any company, but for a startup it is often a make or break decision. Key considerations include how large is your market and how many people will be willing to consider your new product or service? What about pricing strategy and price elasticity – how much will consumers be willing to pay? Branding is important, particularly for FMCG with shelf appeal or direct to consumer products…does your brand ‘look and feel’ appeal to consumers and is it relevant for your market? You might think it looks great, but you are not always the target market.
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