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November 15, 2023

4 min read

Expanded Use Cases for Canopy: NPS, Short Text and MCQs

Quick and informed decision-making is the cornerstone of our client’s success and Canopy, our asynchronous video insights tool, has been designed with this in mind.

We’re thrilled to introduce a number of new question types, including NPS, short text, and multi-ratings that make Canopy even more versatile and powerful, allowing you to collect all the data you need with one enhanced toolset.

Engineered for efficiency and speed

Canopy has quickly become the go-to solution for many of our Private Equity and Consulting clients involved in due diligence, market scoping or deal origination.

Its asynchronous nature and user-friendly creation process removes the need for expert approvals and the hassle of scheduling calls. It’s a perfect solution for when you need to conduct a high N of repetitive, time-consuming calls such as customer or competitor angles in Due Diligence.

Furthermore, Canopy delivers invaluable insights at a fraction of the cost, making it a budget-friendly choice for earlier stage scoping or deal origination, when the budget is more limited.

Below is a breakdown of all question types available on Canopy, allowing you to gather deeper and more accurate data.

Canopy Question Types 

📽️ Video

Video responses allow experts to share in-depth insights, thoughts and opinions as if they were engaged in a face-to-face conversation. This human touch reveals nuanced perspectives, non-verbal cues and essential context.

The recorded video strikes the perfect balance between a real-time conversation and a written survey:

  • Authentic, verbal answers that are difficult to achieve in written form
  • Clear and concise, free from distractions
  • Asynchronous and convenient, without sacrificing the quality of insights

All video responses are immediately transcribed and available to export for more detailed analysis.

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🤝 NPS (Net Promoter Score)

It’s well known that customer perspectives are the single source of truth for any business, and NPS is a well-established method of gauging customer loyalty and satisfaction. We built this functionality into Canopy to help you easily measure NPS for commercial due diligence, deal origination or value creation for your portfolio companies. 

Get a clear visualization of supporters and detractors to discern key results at a glance and quickly jump into the details of each specific response.

Canopy makes the NPS even more powerful by allowing you to combine it with qualitative video questions. Ask customers to explain the context behind their score and pave the way for swift investment decisions and actionable improvement recommendations. 

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📝 Short Text

When you need quick, concise information, short-written answers are your go-to choice. Brief (up to 280 characters), text-based responses are ideal for follow-up questions and to-the-point information. 

Short text empowers experts to provide their unique opinions and differentiated perspectives concisely and without the constraint of suggested multiple-choice options. It’s the source of new ideas that will help you build or improve your hypotheses and recommendations. 

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📊 Multiple Choice

In addition to open-ended short text and video questions, Canopy offers multiple-choice question types, perfect for gathering insights on Key Purchasing Criteria (KPC), gauging market status and more.

  • Single-Select: Ideal for obtaining focused responses when you need a single answer to ensure alignment on your question.
  • Multi-Select: Enables experts to choose from multiple options, offering flexibility in responses and allowing for more nuanced opinions on topics with more than one relevant choice.

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🔢 Number value & multi-rating

Canopy also allows the collection of precise, quantitative data for more accurate, data-driven decisions and faster analysis. Numerical values offer limitless use cases, from measuring market share to rating services on a scale of 1 to 5 to providing budget estimates. 

With multi-rating, break it down and let respondents assign numerical scores to each provided criterion and gauge performance in specific areas or compare different providers. 

Use video questions to ask respondents to explain the data they provide and enrich the insights you get. 

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How do these new question types supercharge your projects?

  • Expanded use cases: By combining various question types in Canopy, you can gain a 360-degree view of the subject and collect different types of data with one insights tool. NPS reveals customer sentiment, short-written answers provide quick expert insights, MCQs quantify your findings while video answers bring depth, nuance and context.
  • Time-Efficient: The asynchronous format of Canopy, combined with multiple question types, enables you to gather all required insights from experts on their schedules, speeding up your decision-making process.
  • Cost Savings: Canopy's cost-effective approach, coupled with the flexibility it provides, ensures you get the most value from your budget.

Canopy is your ultimate solution for PE and consulting research projects. With its array of question types, including the newly introduced NPS, you can unlock deeper insights faster, making informed, data-driven decisions. 

Book a quick demo or get in touch if you’d like to learn more about all our question types. 

 

 

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