South Bend, IN - April 21, 2016 – The $40 billion global market research industry took a $1.4 billion dollar hit during the Great Recession as corporations slashed budgets and stockpiled cash due to uncertainty and continuing rising costs. Despite the fact that it’s more important to stay close to customers and maximize every sales opportunity during economic downturns, most companies chose to risk it, likely because they were slashing marketing budgets, too.
Now that the years-long recovery (slow as it may be) appears to be sustainable, companies are loosening the purse strings and increasing spending on market research and analytics by up to 100 percent, according to a VentureBeat study.
Vennli, the one-of-a-kind customer “choice factor�? visualization and analytics software-as-a-service company based in South Bend, Ind., is quickly getting its fair share of this new spending with global brands that want to ensure they are getting actionable data — insights they can immediately use to improve their businesses — from their market research spend.
“We are disrupting market research because nobody else has built software to do what we’re doing delivering fast, accurate insights and visualization,�? said Gary Gigot, co-founder and CEO, Vennli.
Typically, businesses spend $50,000 or more to get a survey done and they get back a 100-page document that can sit on a shelf because it’s already stale and can be hard to draw out insights, versus having choice data, real time and viewable via a software platform.
Vennli has taken the proven, powerful competitive-strategy model based on a Venn diagram that was developed by co-founder and University of Notre Dame professor Joe Ubany, and invented an easy-to-use platform and unique,visual, “vLens�? and heat map data views, based on his book, Grow by Focusing on What Matters: Competitive Strategy in 3-circles.
“Vennli allows you to get to those customer insights — the choice factors — very quickly and visually to see immediately how to change your business, to change product, or to quit doing certain things based on how you stack up against your competitors and unmet customer needs,�? Joe Urbany said...
Read the full article at TechPoint.org.