Innovative Market Research Technology - Novus Insights

  In the ever-evolving landscape of manufacturing, staying ahead of the curve is essential for businesses to thrive. As we progress through half of 2023, the industry is poised for remarkable advancements and transformative changes. From the integration of cutting-edge technologies to the rise of sustainable practices, the manufacturing sector is embracing innovation like never before. To keep your fingers on the pulse of the manufacturing industry and gain competitive advantage, it always helps to hire an industrial consulting firm. But before that, let us explore three compelling manufacturing trends that are set to redefine the industry in 2023. Trend 1: Cloud Adoption Industrial consulting researchers have figured that manufacturers are increasingly recognizing the value of leveraging cloud computing to streamline data management and analytics. This can allow companies to enjoy enhanced scalability, flexibility, and cost-efficiency. The cloud also enables real-time data access, fa

Building an effective brand awareness strategy is vital for any business's success. Not only does a strong brand presence attract customers, but it also fosters trust and loyalty among them. However, despite understanding the importance of brand awareness, many businesses grapple with implementing strategies that deliver the desired results. In this blog, we address head-on four common brand awareness strategy problems often encountered by businesses. Additionally, we'll provide practical solutions that can enhance brand visibility, bolster engagement with target audiences, and ultimately realize marketing objectives. So, before engaging the services of a business consulting firm, let's decipher these common hurdles and discover the transformative solutions that can steer your brand toward success. Problem 1: Inconsistent Messaging Inconsistency in brand messaging across different platforms or campaigns can create confusion, potentially undermining the brand's credib

Mobile ethnography is a qualitative research method in which researchers observe the customers in their natural environment while they use mobile phones to gain valuable insights into customers' perspectives, experiences, and beliefs. The rise in the number of smartphones has made this method increasingly popular. While this method helps researchers to gain valuable insights into consumer experiences, like other qualitative research methods , it also has certain limitations. In this blog, we present an analysis of the benefits and limitations of mobile ethnography to help you make informed business decisions. Read on.  Benefits of Mobile Ethnography Mobile ethnography is a useful qualitative market research methodology because it offers numerous benefits to businesses including: Improved Responses Mobile devices provide reach to wider segments of audiences without any logistical and geographical restrictions. Researchers can connect with respondents through multiple touchpoints dur

Business strategies are dynamic and the implementation of the right business strategy is crucial to a business’s success. Whether it is about customer acquisition or retention, to plan and create the right business-level strategies, in-depth strategic research is a must. This calls for the expertise of an experienced management and market research consultancy who can provide actionable data from the market and help businesses stay relevant in the face of competition. But before you partner with a strategic consulting firm, read this blog as we provide an introduction to three business-level strategies and their applications. Product/Service Differentiation Product/service differentiation is a vital factor in expanding the customer base. It presents customers with the utility to choose a certain brand over its competitors and serves as a great tool to convert clients into a loyal customer base. However, for this to work, differentiations need to align with customers’ requirements while

  The post-2019 business environment has been challenging for various industries, especially the retail and hospitality industries. First, the Covid-19 pandemic curtailed global supply chains and now the Russia-Ukraine war and economic recession are affecting business in several economies. The industries are forced to overhaul their existing strategies and SOPs for customer retention, balance the demand-supply chains, and explore new geographies for resources. To deal with such dynamic challenges, businesses can leverage the proven potential of industry research given the actionable insights derived from it. Among the various data analysis models for industry research, in this blog, we will learn about the steps involved in the Porter’s 5 forces model.  Porter’s 5 Forces Introduced by Micheal Porter, the Porter's Five Forces Framework is a tool that helps to identify competition and profitability in an industry. In this approach, you evaluate the five forces/factors that influenc

Rapid qualitative research is a modern-day concept in strategic research, which involves gathering, tabulating, and processing data into meaningful insights in the shortest time possible. Post Covid-19 pandemic, businesses are emphasizing the proven potential of market research to develop business level strategies so as to quickly adapt to dynamic market requirements and rapid qualitative research only makes it better. When looking for strategic research consulting and development services like rapid qualitative research, it is always important to understand the fundamentals. That said, continue reading as we discuss some of the basics of rapid qualitative research. An Overview As stated earlier, rapid research revolves around studying the market in a short time frame. It includes rapid assessment procedures, rapid qualitative inquiry, rapid ethnographic evaluation, and so on within a 2-4 week time frame. The research design is iterative, involves multiple data collection methods and