Use AI and Agile Research to succeed in the current market says Numr
In conversation with Digpu, Numr CEO Amitayu Basu unravels how businesses can endure the uncertainty, chaos, and volatility of current times. His answer is simple- Adapt.
Numr is a tech-led market research company that helps other companies attract new customers, delight existing ones, and innovate their product. They do this by utilising Agile Market Research.
When asked what Agile Market Research means, Amitayu Basu explains, “Agile MR is the only way to respond to the changing dynamics of this current crisis. Agile Research is real-time, dynamic, flexible, and collaborative. At its core, it entails responding to change as and when it occurs, rather than following a rigid plan. Instead of shying away from uncertainty, it embraces it. This is crucial in the current crisis.”
Here are some takeaways from our conversation including his tips on how businesses can flourish right now, and how Numr incorporates them.
1. CX Is Important, So Delight Your Customers
“Did you know that 89% companies now compete mostly based on Customer Experience?” He adds, “Delivering outstanding CX has become increasingly important, especially in the current panorama, which is why, our AI-led CX platform uses NPS® to collect real-time customer feedback across multiple channels such as SMS, WhatsApp, Phone, and IVR.”
What differentiates Numr from other CX companies is that they collect feedback at ‘the moment of truth’. This data is analysed automatically using AI, prioritized, and then distributed in real-time with customisable dashboards to the people who need to act on it. This allows companies to cut costs while delivering superior CX.
Numr also use sentiment-analysis and AI to help companies obtain insights from comments, reviews and massively reduce Churn. Additionally, the company uses predictive analytics to find customers with the highest chance of leaving and helps in focusing a company’s efforts on recovering high-value customers.
2. Evaluate Your Content To Get New Customers
Numr’s agile platform deploys Intuitive-Association (System-1 Thinking) to evaluate a company’s written content.
About the sales funnel, Amitayu says, “Potential customers usually go through a Sales Funnel before they convert. This includes going through your website for the first time, subscribing to your newsletter, reading your blogs over a period, talking to a salesperson, and finally deciding to buy your product.”
After a customer has become aware of the product, he moves into the consideration stage of the funnel where he spends some time forming a definitive opinion about the company. During this evaluation stage, the customer is nurtured through various blogs, case studies, promotions etc.
We, at Numr evaluate what a potential customer felt during this stage (e.g. informed, increased trust etc.) when he encountered these nurturing tools.” Using these feelings, each customer is given a prime score, which is used to specifically retarget customers with the highest probability of converting.
Basically, Numr provides automated hot alerts directly to the sales team when a potential customer has reached a score where he can be converted easily.
3. Analyse Your Market Space and Brand Perception
Amitayu says, “We empower companies to understand their Brand Perception by discovering words and phrases that consumers associate with their brand vs the competition.”
The company does this by presenting a target group with a survey about the words they intuitively associate with a brand. Numr’s proprietary algorithm uses a factor of the speed of the response as a predicator for the strength of the association with a word or phrase.
“This wide space analysis allows you to differentiate your brand from pre-existing ones by showcasing a way to cultivate uniquely distinctive assets that can be used in marketing and sales”, Amitayu Basu states.
4. Perform Concept and Idea Testing Before Launching Your Product
Launching a new product is an expensive affair. Before investing money and resources into developing a product, it is wise to uncover if people have a need for it.
“While Concept Testing is a lengthy process with Old-school Market Research,” says Amitayu Basu, “our agile methodology delivers results in a matter of hours.”
Numr’s platform presents the concept (e.g. poster, video or actual schematic of the product) to a group of potential customers to uncover how likely are they to try the product. Then, the trial rate is compared to previously tried concepts or the industry trial rate.
Numr utilises this trial rate to predict the market share the product will occupy way before the product is manufactured.
5. Perform Price Testing To Find The Perfect Price-Point In The Market To Maximise Success
Price Testing helps companies find the perfect price point to sell their product for. Numr uses Conjoint Analysis to quickly identify what product features the consumers want, at what price point.
In conclusion to the conversation with Digpu, Amitayu Basu asserts, “This is not the time to go off on a hunch. To flourish during these times, make sure all your business decisions are backed by data and research.”
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