In today’s episode of Predictable B2B Success, we have a special guest who has shaken up the world of trusted market research with their innovative platform. Join our host, Vinay Koshy, as he speaks with Sharekh Shaikh, the founder of CleverX. In this exciting conversation, Sharekh unveils his groundbreaking solution to the challenges faced by the market research industry.

Discover the staggering growth predictions for the market research services market, which is set to reach a whopping $90.79 billion by 2025. But what problems does Sharekh see within this rapidly expanding industry? Prepare to be intrigued as he discusses the lack of innovation and the rise of fraudulent data, compromising the quality of research outcomes.

As an expert in technology and market research with experience at renowned Gartner, Sharekh recognized the urgent need for change. He established CleverX, a platform that bridges the gap between researchers and participants, ensuring transparency and authenticity by disclosing the identity of every research participant.

But that’s not all! Sharekh dives into the differences between quantitative and qualitative research and shares valuable insights into B2B sales strategies. And don’t miss his take on the role of AI in market research, discussing its capabilities and limitations.

Get ready to have your mind stimulated with this must-listen episode as Sharekh Shaikh takes us on a journey of innovation and transformation in the world of market research.

Watch the episode

About Sharekh Shaikh

Sharekh Shaikh is the founder and CEO of CleverX, a company that is revolutionizing the market research space. With a background in technology and market research, Shaikh saw the flaws in traditional research methods during his time at Gartner, a leading technology research company. Recognizing the difficulty in recruiting participants and the problem of undisclosed identities, Shaikh identified the need for a platform that would provide transparency and control to researchers. Thus, CleverX was born.

CleverX allows researchers to access a professional network of individuals, connect with them through chat, and individually choose who to invite for their online surveys. This eliminates the problem of fraudulent data, as the identity of every research participant is disclosed on the platform. Major companies worldwide are now utilizing CleverX to conduct their research, giving researchers the confidence to present reliable outcomes to their management. Shaikh’s dedication to solving the industry’s problems has made CleverX an invaluable tool for market researchers.

Creating a Trusted Market Research Environment

Market research plays a vital role in guiding businesses toward success. However, the industry has faced challenges with fraud, declining quality, and a lack of innovation. In the Predictable B2B Success podcast episode with guest Sharekh Shaikh, the founder of CleverX and seasoned expert in market research, insightful strategies to create a trusted research environment were discussed.

I. The State of Market Research and the Birth of CleverX:

Shaikh starts the conversation by highlighting the significance of market research in determining an ideal product-market fit. As the market research services market booms, projected to reach $90.79 billion by 2025, Shaikh identifies the lack of innovation within the industry as a major roadblock. He emphasizes that while businesses highly rely on research outcomes, the quality of research is deteriorating due to fraudulent practices and outdated methodologies.

Driven by the desire to address these challenges head-on, Shaikh founded CleverX, a next-generation work collaboration platform. The platform focuses on bringing senior professionals from leading companies and exciting startups together to redefine and enhance market research. Shaikh believes that the industry desperately needs a fresh approach and the integration of technology, such as AI, to revolutionize research methods.

II. The Broken Research Space: Challenges and Solutions:

Shaikh sheds light on the broken nature of the research space and further elaborates on the problems that plague the industry. Drawing from his experience in technology and market research, including working with renowned companies like Gartner, Shaikh underscores the difficulty in recruiting authentic research participants. Additionally, the lack of participant identity disclosure leads to fraudulent data, hampering the reliability of research outcomes.

Enter CleverX, Shaikh’s brainchild that aims to rectify these issues. CleverX acts as a platform that connects researchers with thousands of individuals, giving researchers the ability to invite participants for research projects. By disclosing the identity of every research participant, CleverX ensures the elimination of fraudulent data, bringing transparency and authenticity to the research process. Industry giants worldwide have already harnessed the power of CleverX for online surveys and 1-to-1 calls with professionals, bolstering the credibility of their research.

III. Quantitative vs. Qualitative Research: Understanding the Difference:

Shaikh highlights the common misconception that quantitative and qualitative research are interchangeable. While both methods have their merits, they serve different purposes. Qualitative research dives deep into specific topics, allowing researchers to conduct one-on-one interviews with industry experts. This approach fosters more intimate and synchronous conversations, leading to unique insights and outcomes.

On the other hand, quantitative research is better suited for obtaining collective intelligence in a structured format. When aiming to understand the thoughts and predictions of a cohort, online surveys are recommended. While online surveys require a larger sample size, one-on-one video calls require fewer participants but offer deeper insights. Understanding the nuances of both research methodologies helps researchers apply the appropriate method to gain a collective or in-depth understanding of a given topic.

IV. The Role of AI in Market Research:

Shaikh acknowledges the growing role of AI in market research and its potential to save time and money. AI-powered tools can generate surveys without the need for an extensive programming team, streamlining the initial research process. Furthermore, AI can create transcripts of video calls and summarize key points of conversations, aiding researchers in extracting valuable insights.

However, Shaikh emphasizes that AI is complementary to traditional research methods rather than a replacement. While AI can summarize publicly available data from social platforms, it cannot capture evolving personal experiences and individual knowledge. The human element of gathering insights through surveys, interviews, and focus groups remains crucial in gaining a comprehensive understanding of consumers. Shaikh encourages researchers to view AI as a useful tool that enhances the research process rather than a substitute for human engagement.

V. Building a Successful Sales Culture through Research:

Drawing from his extensive experience in B2B sales, Shaikh focuses on the importance of understanding a person’s job and their company before engaging in sales outreach. He emphasizes the need for personalized campaigns and emails that address each individual’s unique challenges and requirements. Sales professionals can develop strong customer relationships by building trust through warm introductions and establishing credibility.

Shaikh shares the remarkable endeavor of his sales team, which goes above and beyond to assist customers throughout the entire sales process. This dedication to customer success resonates with clients, culminating in repeat business even if they do not initially choose the product or service. Demonstrating genuine care and aligning sales efforts with solving customer problems leads to closed deals and even potential consulting work in the future.

Let’s delve into the key takeaways from the episode and explore actionable steps to ensure reliable market research in the ever-evolving landscape.

1. Recognizing the Need for Innovation:

Sharekh Shaikh highlighted the lack of innovation in the market research industry over the past few decades. To ensure high-quality research, embracing new technologies that can enhance research methods is essential. AI, for example, can save time and resources by automating surveys, creating transcripts, and analyzing data. Leveraging technological advancements can lead to more accurate insights and more reliable research outcomes.

Actionable Takeaway: Embrace and explore the potential of AI and other emerging technologies to improve the efficiency and effectiveness of your market research processes.

2. Tackling Fraud and Ensuring Data Integrity:

Fraudulent data and misaligned incentives have plagued the market research industry, leading to compromised results. Sharekh Shaikh emphasized the importance of maintaining data integrity by disclosing the identity of every research participant. A platform like CleverX enables researchers to connect with genuine individuals and eliminate fraudulent data. Transparency in research ensures the accuracy and reliability of the insights obtained.

Actionable Takeaway: Choose a trusted market research platform that prioritizes data integrity and participant verification to eliminate fraudulent data and maintain the trustworthiness of your research.

3. The Power of Qualitative and Quantitative Research:

In the episode, Sharekh Shaikh shed light on the distinction between qualitative and quantitative research. Qualitative research allows for deeper dives into specific topics through one-on-one interviews and provides flexible and synchronous conversations. On the other hand, quantitative research is more suitable for structured online surveys and obtaining collective intelligence. Both approaches have their unique advantages and should be leveraged accordingly to gain comprehensive insights.

Actionable Takeaway: Tailor your trusted market research approach based on the specific goals, ensuring you choose the right mix of qualitative and quantitative methods for optimal research outcomes.

4. Emphasizing the Human Element:

While AI and automation can enhance research processes, it is crucial not to overlook the human element. Sharekh Shaikh stated that AI can summarize large amounts of data but cannot capture personal experiences or individual knowledge that is constantly evolving. The human touch provided by surveys, interviews, and focus groups allows for deeper understanding and insights. AI can complement traditional research methods but not entirely replace human-driven interactions.

Actionable Takeaway: Strike a balance between leveraging AI and maintaining human-driven research methodologies to ensure a holistic approach that captures data-driven insights and human experiences’ nuances.

5. Building Trust in B2B Sales:

Sharekh Shaikh shared insights into building trust in B2B sales. Researching the person’s job and the company before reaching out is crucial, as this helps tailor campaigns and emails based on individual roles and specific problems. Building trust through warm introductions or establishing credibility through research can increase the likelihood of closing deals and fostering long-term customer relationships.

Actionable Takeaway: Prioritize personalization and genuinely care about prospective customers to establish trust and enhance B2B sales success.

6. Leveraging Research Participants for Additional Consulting:

Market researchers can tap into the expertise of research participants for additional consulting work based on their interesting answers in surveys and interviews. Companies can gain valuable opinions and industry-specific knowledge by connecting with participants for further insights and perspectives through structured reports. Furthermore, quoting participants’ names in publications or blog posts adds credibility to research findings.

Actionable Takeaway: Look beyond the initial research project and capitalize on the expertise of research participants to gain deeper insights and utilize their knowledge for additional consulting work.

Conclusion:

Creating a trusted research environment requires taking proactive steps to combat fraud, leverage innovative technologies, and maintain the human element in research methodologies. Insights gained from the Predictable B2B Success episode with Sharekh Shaikh shed light on these strategies. Businesses can establish a reliable market research foundation that drives success by embracing AI, maintaining data integrity, employing the right mix of qualitative and quantitative research, focusing on the human element, building trust in B2B sales, and leveraging research participants.

Remember, a trusted research environment fosters accurate insights, informed decision-making, and a competitive edge necessary for predictable B2B success!

Some areas we explore in this episode include:

• The importance of trusted market research in determining the suitability of a new product for a market.
• The challenges and need for innovation in the market research industry.
• Sharekh’s background and experience in market research.
• The launch of CleverX, a next-generation work collaboration platform.
• The need for more use of new technologies, such as AI, in improving research methods.
• The impact of misaligned incentives on the research industry and the importance of maintaining high-quality research.
• How CleverX aims to solve the problem of fraudulent data in market research.
• The differences and recommendations for qualitative and quantitative research methods.
• The importance of doing research on prospective customers in B2B sales.
• The role of AI in trusted market research environments and its ability to summarize data complementing traditional research methods.
• And much, much more.

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Related links and resources

Connect with Sharekh

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