At RemCal Insights we talk a lot about the voice of the consumer, but we also need to speak to the power of the expert and the value they can bring to brands.
Conducting expert interviews doesn’t always come up as a consideration because of the cost and perceived value barriers.
Cost is a factor, no doubt. The average expert will charge $500-$750 per 1 hour interview, but if you choose the right expert it’s worth the cost.
Cost is a big reason, but also the perceived value. How much more do experts know than the brand founders or the potential brand investors? Truth is, if you search beyond the obvious, you will find experts that will add value to your business objectives.
So when do you need to bring in the experts and how do you find them?
Delving into a niche category. This usually comes with the lack of public data. Experts can unlock valuable insights while helping you with assessment of market potential.
Looking at the market from multiple angles. Beauty products, for instance, require insights from various experts for a comprehensive development strategy – dermatologists, technicians, scientists, manufacturers, and sometimes even influencers.
Venturing into uncharted waters. Industry experts possess firsthand knowledge and can help identify market gaps, essential for success in a blue ocean scenario.
Assessing data discrepancies. Expert consultations can resolve conflicts arising over contradictory information from different sources, guiding you to credible sources and clarifying any inconsistencies in your research.
While we recognize the breadth of value experts can add at different stages of brand development, we also recognize the cost and perceived value barriers.
Here’s how we overcome them:
Perceived value: Push beyond the category you’re in and consider adjacent categories. This is where brands get stuck, but where they can experience the most growth.
Cost: Find the thought leaders in the category and search their networks. While you may not want to spend the money on the experts in the spotlight, people who follow them are likely to be up-and-coming thought leaders.
RemCal Insights’ Founder, Rachel Martin, launched her career in market research by helping brands reach the right experts to help inform their innovation pipeline. Fast forward, 15 years later and while the breadth of services has expanded, expert interviews are still a prominent offer that extend beyond product innovation.