How Premise is Different from Traditional Market Research
Premise offers an agile solution that provides real-time, photographic insights into what’s happening in specific markets around the world.
By Matt Lindner, Senior Content Marketing Manager
Data drives innovation and improvements at the micro and macro levels of every organization.
Modern data collection requires three key elements:
- Speed. The pace of change in the business world has accelerated over the past two years, and it’s not going to slow down anytime soon. Businesses need quantitative and qualitative data in specific locations that they are in or aspire to be in and they need it quickly in order to make necessary changes and capitalize on opportunities.
- Agility. Modern data collection requires businesses and vendors alike to be nimble when it comes to iterating surveys and tasks. This empowers them to make adjustments to surveys and tasks in order to ensure they are collecting the right data in the right locations from the right target audiences.
- Connecting with the right audiences. Getting the right data means connecting with the right people regardless of where they live. That means reaching people in some of the most rural and remote areas of the world through their smartphones.
Premise saw those challenges and developed a more intelligent data aggregation solution that incorporates the best of both human and machine learning. The end result is an agile data aggregation platform that empowers organizations of all shapes and sizes to find Data for Every Decision™that they might have to make.
What is Premise Data?
Premise Data is a marketplace that connects organizations that are looking for insights with Contributors who can provide them.
Here’s how it works:
- Clients come to us with an issue they are trying to solve.
- We work with them to create tasks and/or surveys in specific locations.
- Our global network of Contributors can choose to complete these tasks and/or surveys in exchange for payment in the currency of their choice.
Insights from our Contributors help organizations make adjustments in real time by providing quantitative, qualitative, and photographic insights into what’s happening in specific markets.
Our Contributor network includes millions of people who live in more than 120 countries around the world in urban, suburban, and rural regions. This allows our clients to get real-time, on-the-ground insights into what’s happening in specific markets regardless of where they need to be.
How is Premise Different from Traditional Market Insight Providers?
Speed to Market
Premise empowers our clients to put tasks and surveys out into our marketplace in as little as a day.
Cutting down the amount of lead time required helps our clients obtain more data quicker so that they can make the necessary adjustments that lead to improvements in sales, profitability, and efficiency among other key metrics. This allows for more agile decision making, which in turn helps businesses and other organizations that we work with improve net promoter scores.
An Engaged Contributor Network
Premise Contributors tend to have a high degree of engagement with our app. Why? Because our team works with our clients to create tasks and surveys that they enjoy doing and feel valued for completing. Contributors are given clear instructions on how to successfully complete each survey or task in our marketplace. This ensures that the data our clients get is high quality and comprehensive.
Premise offers our clients the opportunity to see what’s happening in key markets in real-time as data comes in. Because our app is smartphone based, our clients can see pictures of conditions at specific locations, gauge sentiment, and better understand what our Contributors are experiencing.
Premise operates on a credit based model rather than a one-size-fits-all model. This allows our clients to change course if a task or survey isn’t generating the results they wanted, run surveys or tasks in multiple locations, or even pause tasks to recalibrate in order to get the quality and quantity of data they need.
Start Small, Expand As You Go
Once our current customers start using the Premise platform, they tend to expand their spending — quickly. On average, our customers tend to start with smaller tasks initially and grow their overall footprint with us by running more tasks in more markets once they understand how easy it is to get a task into our marketplace and how fast they are able to collect insights.
Premise Contributors are everywhere. Our network includes millions of engaged individuals in more than 120 countries in areas that are both densely and sparsely populated. Our app is available in dozens of languages as well, ensuring nothing gets lost in translation. Wherever you do business, Premise can help you get insights quickly.
Here’s How Premise Can Be Utilized to Drive Long Term Results:
Recurring Retail Audits: Premise Contributors can perform regular retail audits for CPG brands and retailers of all sizes.
For instance, Premise recently worked with a multi-billion dollar global brand to conduct a product audit in a key market. Premise Contributors visited stores throughout the country to determine if the brand’s products were fresh, readily available, and favorably located on store shelves, among other things.
What our Contributors found was that certain regions had more expired and missing products than others. This gave the brand the insight it was previously lacking to reallocate resources to ensure that shoppers in those regions had more fresh products available to them.
Contributors could collect photos and share them so that the CPG brand is able to act in real time on this insight. This would help the CPG brand drive more sales by empowering them to adjust signage, pricing, or their supply chain to reduce out of stocks.
Secret Shopping: Nobody can give you a clearer picture of what it’s like to experience your brand than your customer. That’s why everyone from airports to hotel chains to retailers should be trusting Premise to provide them with insight into what’s happening in each individual location.
One example of this is a task Premise recently ran to identify which fast food chain had the best French fries. Given that this task was being run during a national ketchup shortage, we wanted to know which chains were giving away the most ketchup packets with orders of french fries and which were giving away the least. Premise Contributors were able to tell us that exact information in short order. In today’s business world, no detail is too small.
Employing Premise’s Contributor network as your secret shoppers can help you ensure that each of your locations is getting even the smallest of details like handing out the proper amount of ketchup packets per order right.
Competitive Insights: Whether you’re a major coffee chain or a local restaurant, Premise Contributors can tell you how you stack up against your competitors and why. We do this by creating survey tasks that gauge sentiment around particular brands, why people feel that way, and why they’d visit you over your competitors. We can also create tasks where they choose to visit one of your locations and one of your competitors to tell you what they see, what they like, what they don’t, and photos that help provide greater insights.
For example, Premise recently asked our Contributors to go grab a cup of coffee from either Starbucks or their local coffee shop. We found that based on their experiences, 66% of our Contributors prefer Starbucks overall, but are more likely to linger in a local coffee shop in part because they care more about the ambiance.
Resource Allocation: Premise Contributors can give you real-time insights into what’s happening on the ground in even the most remote parts of the world.
Premise recently worked with the Bill and Melinda Gates Foundation to help with polio immunization microplanning efforts in parts of Nigeria. Our Contributors were able to visit and name 90% of all unknown settlements while also locating 35 health facilities in unknown settlements. Photos from Contributors of those settlements offered more context and aided in the planning and delivery of inoculation services.
Having eyes and ears on the ground everywhere in the world helps humanitarian organizations and commercial businesses alike better understand where resources are needed and how to get them there.
Location Scouting: Businesses from restaurants to retailers are constantly on the lookout for the next hot location to reach more people. Our Contributors can help you identify potential new locations for your business by giving you insight into which businesses are nearby, how busy the area is, and when it tends to be the busiest. This helps businesses gain a better understanding of consumer behavior and traffic patterns and helps them get smarter about their expansion plans.
Want to learn more on why Premise is right for your business? Schedule a demo with us today.