Market Research Just Got $LAZY
June 17, 2023
Market Research can loosely be defined as an organized effort to gather information about target markets and customers. It is widely considered to be an important component of business strategy and a major factor in maintaining competitiveness. It is no surprise then that Market Research is itself a rapidly growing industry.
The market research services market is getting bigger, with estimates projecting movement toward $90.79 billion in 2025 at a compound annual growth rate of 5%. While this reflects the growing demand for market intelligence one of the biggest problems the industry faces is feedback fatigue.
Of the 11 types of market research listed below almost all involve direct customer or audience feedback. Imagine being contacted regularly by all the brands and products that you engage with and then be asked to provide feedback? That would get old very quickly.
Types of Market Research
Product/ Service Use Research
Buyer Persona Research
Market Segmentation Research
Competitive Analysis Research
Customer Satisfaction and Loyalty Research
Brand Awareness Research
A better way to engage your audience
At LazyFi we think there is a better way to do market research by deploying a campaign-based tool which allows companies to offer their target market a fair value exchange. The key to better and more consistent engagement we believe is tied to making market research both fun and rewarding. How do we make market research fun and rewarding? We introduce games.
Games are both entertaining and engaging and with the rapid evolution of technology it is now easier than ever to create custom gaming experiences for a wide variety of purposes including customer intelligence, user feedback and audience comprehension.
Lazyfi has taken this one step further and we have built a platform that can easily and affordably be utilised to deploy a variety of customisable digital games. Lazyfi users can add their own questions to the games which will be deployed at natural breaks in play, for example when someone loses a life or runs out of time. The value exchange happens when a user answers a question and gets to continue playing.
These micro games are the perfect tool to gather key market intelligence in a relatively non-invasive way and while they will probably never be as comprehensive as a 4-hour focus group they offer a lot of upsides for brands and audiences.
Lazyfi campaigns also have the added benefit of being able to offer additional rewards to your target market which could potentially tie into more involved feedback and engagement. So instead of paying a market research team or buying generic data from a broker, why not look at incorporating a Lazyfi campaign into your market research strategy, we’re confident your customers will find it 100% more engaging than the alternatives.