CUSTOMER STORY
Improved Market Research Budget Utilization by 144% for a QSR Giant
Overview
An insights team in a top-5 Quick Service Restaurant (QSR) company faced the challenge of managing research costs under strict budget constraints. With a 12.5% market research budget reduction, the team grappled with the difficult decision of hiring essential personnel or cutting down on critical research projects.
Voxpopme’s comprehensive platform provided an efficient solution, enabling the company to maximize its research capabilities while sticking to budget limitations.
- 30%
- Reduction in research costs
- 144%
- Increase in research output
- 60X
- Faster research analysis with AI
The Problem: Budget Constraints
The insights team in the QSR company encountered significant hurdles due to budget constraints. With a 12.5% cut, the team was forced to scale back research activities, but demands for insights did not scale back as well.
The usual research methods were not cost-effective enough to maintain a satisfactory performance, which could have led to further budget cuts by the end of the fiscal year. Additionally, the high costs associated with external agencies further strained their financial resources.
The company needed a solution that would allow them to conduct comprehensive research without compromising on quality or incurring prohibitive costs.
These challenges threatened to stifle innovation and delay essential insights.
Implementing Voxpopme’s Solutions to Get More with Less
Adopting video surveys and AI insights
The team integrated Voxpopme’s Video Surveys and AI Insights into their research processes. Video surveys allowed them to gather qualitative data quickly and efficiently, while AI Insights enabled them to analyze this data 60 times faster at just 3% of the cost of traditional methods. This shift reduced the need for external agencies, resulting in significant cost savings—about 30% less per study.
Centralizing data for enhanced efficiency
As the team continued using Voxpopme, they gradually built a repository of video responses from survey projects. With rigorous analytical techniques supported by Voxpopme’s AI tech, the team realized the exponential benefits of cross-project analysis and the ability to ‘chat with your research data.’
Utilizing Live Interviews for in-depth insights
The team conducted live, in-depth interviews (IDIs) using Voxpopme’s platform. This approach provided rich, detailed insights from individual respondents, allowing for a nuanced understanding of diners’ preferences and behaviors. The scheduling, screening, and recording capabilities of Voxpopme’s platform streamlined the entire process, making it more cost-effective and time-efficient. They saved up to 85% of their budget for customer one-on-one interview sessions.
Significant Cost Savings and Improved Productivity
Cost Savings Breakdown
Reduced Analysis Costs: The AI-driven analysis provided an 85% reduction in the cost of analyzing qualitative data.
Increased Efficiency: The centralized platform and AI tools increased research efficiency by 60 times, allowing the team to handle more projects in the fiscal year and deliver high-quality insights faster than before.
Project Consolidation: By avoiding redundancy in research efforts, the team was able to reduce the cost of new projects by 28% by leveraging data from previous projects.
In addition to the cost-savings helping the team make the most of a 12.5% lower budget, they were also able to:
Enhance Research Capacity: Despite the budget cut, the team increased their research output by 144%, allowing them to handle more projects and provide more comprehensive insights.
Faster Decision-Making: The rapid delivery of insights enabled the company to make quicker, data-driven decisions, improving its responsiveness to the organization’s demands and market changes.
Improved Data Quality: The AI-driven analysis improved the accuracy and depth of insights, helping the team make more informed strategic decisions and drive innovation.
Voxpopme’s comprehensive qualitative insights platform enabled the insights team at this top-5 QSR company to successfully navigate budget constraints, significantly reduce research costs, and maintain high productivity and quality of insights.
This transformation ensured the continuity of essential research projects and positioned the company to respond more effectively to market demands and drive innovation.