How Expert Networks Are Disrupting Traditional Market Research Methods

Typically, traditional market research methods involve collecting and interpreting the data acquired from surveys, focus groups, customer feedback, and industry reports. The results of this research are then used to influence product development, marketing strategies, and business decisions. Increasingly, however, this approach is being supplanted by the use of expert networks.

In the modern business world, expert networks are disrupting traditional research methods by providing faster and more accurate information about consumer behavior and industry trends and developments. By leveraging the skills of experienced professionals for clients, expert networks are able to boost real-time analysis and insights to inform business decisions.

Traditional methods of research will undoubtedly still have their place, and will probably serve as the source of primary data for analysis for some time, but expert networks now generally offer a more efficient and cost-effective alternative for companies looking to remain competitive in a dynamic and evolving market.

The Rise of Expert Networks

First coming onto the scene in the late 1990s, expert networks are (usually digital) platforms that connect businesses with experienced professionals from various sectors to benefit from their insight, advice, and expertise.

These experts can be former company executives, consultants, academics, or subject-matter experts in different industries and fields. Expert networks allow businesses to gain first-hand insights from experts in order to better inform their business decisions and stay ahead of the competition.

The platforms that connect professionals and clients have enjoyed phenomenal growth in recent years, partly driven by the increasing appetite for “on-demand” expert knowledge. The COVID-19 pandemic accelerated this growth as businesses increasingly turned to expert networks in order to navigate the disruptions and uncertainties that resulted from the crisis.

Limitations of Traditional Market Research Methods

Traditional market research methods including surveys, observational studies, focus groups, and industry reports have a number of limitations.

1. One of the most significant limitations is that traditional methods usually rely on self-reported data which can often be biased, incomplete, or inaccurate.
2. Surveys, focus groups, and industry reports can quite often be expensive as well as time-consuming as they rely on extensive planning and coordination.
3. Another limitation of traditional methods is that using a specific sample size, may not capture the full range of consumer or customer opinion.
4. Lastly, traditional methods of research can struggle to keep pace with today’s dynamic and ever-changing marketplace and so may not be useful in providing real-time insights or guidance on how to adapt to emerging trends.

The Advantages of Expert Networks

Expert networks come with a number of advantages for any business wishing to conduct market research. Perhaps the most significant advantage is that they give businesses direct access to specialized expertise and knowledge, quickly and efficiently.

Expert networks can also usually provide a broader range of insight and information than traditional market research methods. Companies can therefore consult with a truly diverse pool of experts and industry professionals in a shorter time.

Last, but certainly not least, expert networks offer businesses an avenue into real-time insights and data analytics, allowing companies to stay up-to-date with new and emerging trends and adjust their business strategies accordingly.

The Future of Expert Networks

If the evolutionary climb of expert networks over the past two decades is anything to go by, it is believed that the market for expert networks for market research purposes will continue to grow in the coming years.

As businesses in competitive markets continue to seek specialized knowledge and real-time insights, expert networks are firmly placed to continue to provide valuable services. Furthermore, as the response to the COVID-19 pandemic accelerated the widespread adoption of remote working, distributed teams, and virtual collaborations and consulting, expert networks are now an attractive option for businesses wishing to conduct research remotely.

Other trends emerging in the field of expert networks include a growing role for artificial intelligence and machine learning to provide more efficient vetting of experts as well as delivering real-time data analytics, thus further enabling businesses to quickly and efficiently collect valuable advice, expertise, and guidance from well-placed and experienced industry professionals and experts.

Wrap-up

In conclusion, expert networks have become dominant players in the world of market research, offering even smaller businesses a fast, cost-effective, and accurate alternative to more traditional methods. As the business landscape continues to evolve and change, expert networks are well-positioned to provide businesses with the invaluable knowledge and insight from industry experts that they need in order to remain competitive. As such, the role of expert networks in market research is only going to continue to grow.