Less is more – the LRW success story
LRW (Lieberman Research Worldwide) is a full-service market research agency with a well deserved reputation for innovation in research. Approximately 40% of the company’s revenues are derived from tracking studies, mostly brand trackers.
With such a significant proportion of revenues relating to tracking studies, it was vital that LRW be at the absolute cutting edge of innovation in this area. To that end, 2012 saw LRW establishing a focused Tracking and Business Innovation Unit (TIBU) to develop this aspect of the business.
Scott Luck, an experienced consumer researcher, was invited to lead the unit, which inherited most of LRW’s ongoing trackers. At the time, these trackers were reported to clients through a variety of platforms. For Scott the priority was to consolidate reporting on a single platform and address internal operational challenges. He explains further:
“We were trying to tackle the time and energy we were spending in producing all this data, and at the same time, convert some of our large reports into something that was more visually pleasing and concise for C-Suite consumers of the data, who don’t have time to wade through a few hundred PowerPoint slides every month.”
Scott had identified a range of areas where significant efficiencies could be achieved, by reducing the number of steps from raw data to actionable reports. By simplifying and standardizing the overall process, manual interventions could be kept to a minimum – reducing not just latency in report production, but also cutting human error and freeing up valuable internal human resources for other tasks.
It was also vital, however, that this efficiency drive did not in any way compromise flexibility or customization – stakeholders still needed to receive targeted, focused reporting, just for them.
After reviewing many potential solutions, LRW chose Dapresy Pro as a new consolidated reporting platform for its tracking studies. Dapresy’s consultants worked in partnership with LRW to achieve its goals, automating the tasks around bringing in each new wave of data and creating the visual and dashboard-style reporting that Scott envisaged. Out went the lengthy PowerPoint reports that Scott sensed “often simply gathered dust,” to be replaced with highly consolidated summaries presenting the true insights and hot topics for clients to act upon.
“There’s constant pressure for speed in getting key metrics and KPI’s in particular,” Scott observes. “So the ability to post something up right away is addressing that need, and it has been effective. Having the ability to not just show a chart but to tell a story in an infographic style really resonates well, especially with the Chief Marketing Officers. It’s easier for them to relate to. It means people can instantly see they are getting value out of their brand tracking programs.”
And the result of this radical rethink? Delivery times to clients are being reduced by 30%, allowing clients to respond faster to changes as they emerge. On larger engagements, hundreds of hours are saved on checking data by reducing QA effort by more than 50%.
Consultants now have more time to identify topics that are insightful and actionable for the client – and the client has much greater visibility for each brand tracking program, generating real business value.
In one tracker alone, hundreds of different reports were previously produced for 40 different national markets. These can now be presented as concise, visually engaging dashboards that highlight performance against key drivers and the competitive landscape.
Traditional market research has for a long time relied on a circuitous series of steps to produce meaningful, actionable reports from raw data. By partnering with Dapresy, LRW has trimmed the fat from the process, turning their clients from passive consumers to active participants and in the process adding real business value.
Want to learn more about how Dapresy Pro’s filters and dashboards can let you achieve the same success? Read our features article, Do More With Dapresy Pro.