6 min read
Why change something if it works? The maxim “if something is working, don’t touch it” is often useful in many decisions in everyday life. Raise your hand if you haven’t thought about it at some point.
But if we apply it to the decisions we make regarding our market research, this technique presents some problems. For starters, if we avoid updating or improving something that works, we have a high probability that our process will become obsolete in current contexts and our results will become increasingly irrelevant. Audiences change, and they have different preferences not only with respect to their consumption habits, but also to the channels through which we reach them to learn about those habits.
This is what happens when we get stuck in a traditional methodology when conducting market research. There are still many companies that are wary of new methodologies and continue to apply the traditional ones – because “if it works, why change”, without taking into account that this approach may be having a negative impact on the results and, consequently, on our strategic decisions.
But not everything is black and white: what are the differences, advantages and disadvantages of a traditional market research method compared to an agile or agile one, and, above all, when is it more advisable to use one or the other?
Advantages and disadvantages of a Traditional market research method
Traditional market research methods have a structured and sequential approach, which, let’s not kid ourselves, tends to generate confidence in the process (but not in the results).
The most common process is to identify a problem, design the methodology and plan the study, collect the data with surveys, interviews and/or focus groups, analyze these data and make the relevant decisions. This structure has the advantage that they provide a clear framework for action, so they are often perceived as more credible due to their comprehensiveness and formality.
However, in today’s context, where behavioral habits change rapidly and companies must adapt just as quickly, the limitations of traditional methodologies have become more acute. They are research processes that can be slow and costly, they are also inflexible in the face of changes during the process, and what for us is the main problem, they can quickly become obsolete in dynamic environments.
Advantages and disadvantages of an Agile market research method
By contrast, agile methods adopt an iterative and flexible approach, inspired by software development. They are based on continuous collaboration and short, repeated research cycles. This allows the approach to be adjusted according to the findings obtained in each iteration, and to obtain constant feedback.
As you may have already guessed, agile methods allow you to obtain results quickly and easily adapt to changes and new information coming in. This is especially interesting in today’s markets, which are much more dynamic and changing than a few decades ago. And, above all, the great advantage is that they have a customer-centric approach, which ensures that the results are relevant.
One objection that can be raised to this method is that it is not very deep and exhaustive, but the truth is that, if the panels are of high quality, they allow us to reach with a high segmentation to the audience we want, so the results will be completely relevant to our study.
Comparison of an Agile vs. Traditional Market Research Method
| Factor | Traditional methods | Agile methods |
| Structure | Linear and sequential | Iterative and flexible |
| Execution time | Long term, several months | Short term, days or even hours |
| Costs | Generally high | Relatively low, due to fast cycle times |
| Flexibility | Rigid process | High adaptability to changes |
| Depth of analysis | Comprehensive and detailed analysis | Highly segmented and fast analysis |
| Applicability | Long-term studies | Product development and launch, innovation, branding, etc. |
| Adaptation to change | Difficulty to adapt to unexpected changes | Easy adaptation to new information and market changes |
| Feedback | Late feedback, usually at the end of the process | Continuous and real-time feedback |
| Scalability | Suitable for large-scale projects | Ideal for campaigns, projects, test phases, concept or market testing, etc. |
As a practical example, a financial services company that wants to assess customer satisfaction with an app can conduct an in-depth study over six months, using extensive surveys and detailed data analysis. The result is a comprehensive report with valuable insights, but the process is time-consuming and costly.
In contrast, a financial technology start-up that wants to conduct the same study can implement rapid cycles of short surveys and direct interviews with users every two weeks and use the responses to make immediate adjustments to its app. Within three months, it has conducted multiple iterations and significantly improved the user experience through constant feedback and rapid implementation of changes.
These are two use cases that are in principle the same, two companies in the financial sector that want to evaluate customer satisfaction, but with two different approaches, one traditional and one agile. The result is radically different.
In summary, traditional market research methods can still be valid if we want a deep and detailed analysis in the long term, or for scientific or academic studies. On the other hand, agile methodologies are much more efficient in fast and changing markets where speed is essential; in product development, when we want to interact quickly and adjust the product according to customer feedback; or when exploring new ideas and concepts in a flexible way.
— Want to see more use cases of agile methodologies? Download our ebook The Agile Market Research Handbook.
