Category: Market Research, Insight, Data analysis

Why Technology Won’t Help You Understand Your Customers

Posted on by Denyse Drummond-Dunn

Were you surprised to read the title of this post? Do you believe that using technology to understand customers is the only way today? Then let me explain why I believe it’s not quite that simple. 

In today’s data-rich environment I’m not really suggesting that you actually ignore data nor technology! However, in working with clients around the world as well as in numerous industries, I have found that many are lost by the wealth of information that is available to them.

In fact it seems to drown out their reasoning of what to do with all the data and they remain frozen in indecision. Or worse, they invest in the latest platforms and systems in the hope that using technology to understand customers will help them with their knowledge void. Is this your case? If so, then just follow the steps I detail below and you will soon be doubling, quadrupling, if not getting 10x the ROI from your data.

 

The Current Situation with Data

Data is everywhere and most organisations are drowning in it! Technology is being blamed for disrupting businesses, but in most cases these companies have simply not adapted to this new data-rich world.

I admit, a lot has changed. Consumers are adapting their behaviours to the trading of their personal information. Companies are changing business models as their value shifts from products to services, or even to the sale of the information they gather.

Some organisations are reinventing themselves to take advantage of these changes. Others are ignoring them – at their peril – since they are at risk of becoming the next Kodak, Borders or Blockbusters. And of course the latest covid-19 epidemic will hasten many others to unfortunately follow suit in the coming months.

If you’re interested in reading an analysis of the US Retail Apocalypse and the 23 big retailers closing stores then I highly recommend this post on Fox Business from last year. No doubt it will need updating in 2021 when the fallout from the current pandemic becomes clearer.

So what should you do? Well, I believe that you should start by renovating your business model to take advantage of the countless new opportunities all the data and new technologies open up for you. And in my opinion, you had better do it sooner rather than later, because your competition will almost certainly be investigating ways to make use of it all!

 

The Opportunity

Yes you have data and information, but if you’re a regular reader of my blog, you will know that you have to turn these into knowledge to understand your customers. And then develop insights and actions. But this can only be done by asking the right questions of your data and information. The latest technology is not going to make up for your lack of thinking!

If you are struggling to take needed action despite a wealth of information, then this is certainly where you should start making changes – fast!

A 2015 Capgemini … Click to continue reading

How the Best Marketers are Getting More Actionable Insights

Posted on by Denyse Drummond-Dunn

Are you as busy as I am, as we plan on how we’re going to deliver on all our objectives before year-end?

The last quarter of any year is a stressful time indeed, but this post on actionable insights is a must-read if you want to start 2020 ahead of the competition!

I’ve just returned from running a two-day workshop in Japan. The topic was “Insight into Action with Impact”. One of the things that I loved about the workshop was that marketing was invited too. Even though market research and insight (MRI) groups generally report into marketing in most companies, it seems to me that they are often working on different planets! In many organisations, the collaboration between these two departments goes no further than project briefings and results delivery.

This is not the case with my client in Tokyo; this MRI group has a wonderful working relationship, not only with marketing but also with Channel, Sales, R&D, Finance and even Legal. They have understood that insight development is too important to be left to the market research team alone and have worked hard to build strong relationships with all the other departments in their organisation.

I am sure that many of you reading this, are asking why this is so important. It is NOT important, it is VITAL! Insights are the golden nuggets that we are all searching for. Successful companies depend upon deep customer insights to grow their business. They understand the power of engagement built on insight, to connect with and inspire their customers. And yet many companies continue to leave this to the insight team to develop and deliver on their own. It’s as if they believe that this group have some natural-born skill or magic that enables them to do it while others cannot. Don’t worry, we can all do it with the right training and a few tools.

Great companies understand the importance of insight generation and the challenges faced by everyone in developing them. This is why the best marketers search for greater collaboration. I always encourage the market researchers in my client companies to socialise with other departments, rather than sitting behind their computers all day. The best marketers already do this, do you?

I was encouraged to see that marketing have finally understood the importance of insights. In some recent research by Gartner CMOs selected market research and insights as just as important as marketing analytics and digital commerce (see graph below).

Better late than never I suppose, but it always amazes me that marketing could put anything ahead of insights. After all, every action they decide to take should be based upon deep knowledge and understanding of the customers targeted.

 

actionable insights supporting marketing strategy

 

If you are struggling to develop insights that will truly resonate with your consumers or customers, then I suggest you follow these eight tips that I shared with my client’s marketing and insight teams last month.

 

Despite being some of the best marketers I know, they … Click to continue reading

Ten Reasons Why You Should NOT Conduct Market Research

Posted on by Denyse Drummond-Dunn

If you commission or conduct market research, then this post is a must-read. It shares ten important reasons I have learnt over the years for NOT running a market research project, but which are unfortunately still prevalent today. Which, if any, are you guilty of? Leave your comments below – I dare you!

 

#1. WHEN THE ISSUE / OPPORTUNITY IS NOT CLEAR AND THE OBJECTIVES ARE NOT WELL DEFINED

Most organisations will have a briefing of some sort, written or oral, for each piece of research that is required. It usually includes the background to and the objectives of the project. These should be specified in terms of the opportunity or issue identified, as well as the relevant information and data already gathered and analysed.

If the briefing doesn’t include these basic elements, it might mean that someone wants to know or understand something and just thought research could quickly provide them with the answers. Wrong! The best studies come from a thorough situation analysis which should include a complete review of all current knowledge and past research findings.

 

#2. WHEN THE COST WOULD EXCEED THE VALUE OF DOING THE RESEARCH

Following on from the above point, when requesting a study, if the objectives are well defined, then the decisions and actions resulting from the findings should be clear. If they are, then the expected benefit of the information to be gathered will be evident.

Thinking about how you will use the data and information gathered is one of the best ways to estimate the true value of a piece of research. If the decisions and actions to be taken cannot be clearly expressed, then the research results will be just “nice to know” and not “need to know”. It also suggests that the objectives have not been well defined and I would suggest you revise them before continuing.

 

#3. WHEN THE BUDGET IS TOO SMALL TO DO AN ADEQUATE JOB

Most agencies would agree that clients often want a top-class work, but at a lower price than it would cost. Some clients even make a point of negotiating all prices downwards on principle. But this is a bad and futile habit. Their reputation soon goes before them. Agencies will then start adding an amount that they will remove in answering the client’s request for a cost reduction. If an agency is to become a true partner then transparency is one of the foundations, in both directions.

A second example of this aspect of cost is when a client wants to do research but doesn’t have an adequate budget to cover it. They may be tempted to request something “quick and dirty”. My recommendation to any agency who received such a request would always be to refuse to get involved. If it is worth doing it is worth doing well, and a good agency will always work with the client to accommodate their needs as best they can within the budget available.

You have heard, I am … Click to continue reading

The Secrets to Growth. How to Get New Customers

Posted on by Denyse Drummond-Dunn

This shorter than usual post was inspired by a great question on Quora about how to get new clients. Although my original answer was for a web design company, most of my ideas are relevant whatever industry or profession you are in. I therefore wanted to share my answers to the question in the hope of being of help to businesses large or small.

First let me say that if you’re struggling to grow, then you’re not alone! I imagine that this won’t make you feel much better. But please remember that business, especially entrepreneurship and freelancing, is for those who are strong of mind and spirit. There are going to be days, weeks or maybe even months of highs and lows. However, these shouldn’t make you question why you do what you do. For me, as a longtime entrepreneur, it’s the freedom that more than makes up for a day or two without a new client signing me up. And if you work in the corporate world, then it is the chance to impact the lives of thousands or millions of people for the better.

Wherever you work, one thing we all have in common is the need and desire to grow the business and get new customers and clients.

A few ideas for you to think about and above all to action!

Whatever ideas, tips, suggestions you may read or hear about, it is only in the action that you will make a difference. This article is no different. So when you’ve finished reading the post, stop reviewing your emails or surfing the web, and start planning your actions. We all go looking for answers, but only a few of us act on them when we find something useful. Be the exception and beat the competition!

As an aside, this is why my book “Winning Customer Centricity: Putting Customers at the Heart of Your Business – One Day at a Time” (includes link to download some sample chapters) is in a radically different format from every other business book out there. It has 50 chapters, but each one is only two pages long! Two pages of objectives, actions, examples and ideas, as well as an inspiring quote and a fun cartoon. It finally makes learning enjoyable again. Isn’t that what we all want? Now back to the answers.

1. Who were your Past Customers?

Let’s start with where you are today, or were yesterday. What were your past customers’ similarities? Go out and find more like them, using the same method they used to find you.

Was it word of mouth? Then ask for recommendations from them and your closest network. Was it through LinkedIn? Then make some new connections that are similar to them. Reach out to a segment of those who are most like your past customers and you think may have similar needs.

Any of these ideas will bring you more new potential customers than most advertising spend ever will. This is because you are … Click to continue reading

Three Clever Ways to Know the Competition Better

Posted on by Denyse Drummond-Dunn

What is the secret to success in business? That’s easy! It’s how well you know the competition.

Alright, maybe this is a slightly over-simplified perspective, but it always surprises me how many companies work with a primarily internal focus.

I have written many posts about knowing your customers, such as “Why Customers Are The Answer To All Your Problems (If You Ask the Right Questions).” Watching and listening to them in order to fully understand their rational needs and emotional desires is a great – and free! – way to start.

But today I would like to speak about doing exactly the same thing for your competitors. If you are going to succeed in attracting their customers away from their products and services, then it would make sense to know them as well as you do your own.

Here’s a simple three-step process to do so. 

 

Encourage employees to use competitive products & services

Know the competition better by trying their products and services.In most organisations today, using competitive products is still frowned upon; after all, we make the best don’t we, so why use those of other companies?

However to challenge and beat the competition you have to intimately know what you are up against. Regular contact with competitive products will encourage your employees to evaluate your own offering. They will also be encouraged to suggest competitors’ strengths and weaknesses that were perhaps not evident before. It will also ensure that you are rapidly aware of any improvements made by the competition. You won’t get left behind and find yourself suffering from declining sales due to competitive improvements of which you are unaware.

This intimacy with competitors’ products and customers should be requested of employees at all levels, by being one of their annual objectives. Of course, in some industries this might not be possible, due to the selective nature of the product or service, but certainly for most consumer products and service companies, this can easily be done on a regular basis.

Now encouraging people to use competitive products is easy to say, but you should also be prepared to invest in it, by paying for your employees to experience them. It would be unfair, and would certainly be resented, if your people had to spend their own money to make such experiences. This knowledge gathering should be seen as an investment by your organisation, of at least equal value to offering your employees discounts on your own products and services.

Why don’t you start a similar process and add these experiences to everyone’s annual objectives? It’s a great way, and a free one at that, to know the competition better than you do today.

 

Make a Library of Competitive Products and Material

KNow your competition better by sharing what you knowIn one of my previous positions, the company had an incredible competitive library. This included every single competitive product that was available from all around the world, classified by country and organised by segment.

Everyone found this library extremely useful, especially when discussing such topics as shelf impact, packaging or in … Click to continue reading

5 Business Success Factors (So You’re Ready for Anything!)

Posted on by Denyse Drummond-Dunn

We are sweltering in the Northern Hemisphere with record temperatures, so here’s a “cool” idea on how businesses can get ready for anything by applying these success factors.

Every winter, the media is full of stories of record snowfalls somewhere in the world, whether in the US, Europe or in the Far East. Despite all the sophisticated technologies at our disposition, we just never seem to be prepared. So what are the success factors of readiness?

Remember winter storm Juno in the USA in 2015? It dropped a couple of feet of snow on the Eastern coastline of North America. According to the Weather Channel its snowfall broke records in Worcester, MA, although in most other places it fell far below that of other storms from 2013 all the way back to 1978.

In the same year, in the North of the UK, the region was battered with a rare blast of thundersnow – an unnerving combination of thunderstorms and downpours of snow. As if that wasn’t enough, they were soon preparing to do battle with the elements with yet another storm shortly afterwards.

Now what do all these storms have to do with business you might wonder? Well for me they are a great illustration of the problems that many companies can face from time to time. Governments and city maintenance teams prepare for winter by organising vast stocks of grit and salt, as well as heavy snow-clearing machinery. But despite all this preparation, they still seem to be caught off-guard when they need to use them.

The same goes for businesses. Companies follow trends and expect to be ready for anything; they’re not!

The reason is that there are two serious problems with that way of thinking:

Firstly they are all following the same trends, attending the same trend “shows” & conferences, and getting the same or at least very similar trend reports.

And secondly, they think that knowing the trends will somehow protect them from future risks and catastrophes. However, having the right material still doesn’t stop bad things happening, as we’ve seen this winter. 

So let’s take a look at what you can do to be better prepared and not get regularly “snowed-in” as many countries are this winter.

The Problem with Trend following alone

As I already mentioned, trend following suppliers are providing almost identical information to all their clients. This results in their clients then working on the same ideas & concepts and eventually launching very similar, non-competitive products and services. Have you never wondered why suddenly everyone is talking about a certain topic, or using similar slogans in their advertising? Simplistic trend following is probably the reason. 

As an example, think about how many companies have used the idea of “YES” and “NO” in their advertising in the past couple of years. These include:

  • The Swiss Migros Bank: see the videos here – sorry only in French & German but still easy to understand
  • BMW 320i YES, YOU, CAN
  • Orange telecom mobile
… Click to continue reading

How Well Do you Know Your Customers? 13 Questions your Boss Expects you to Answer

Posted on by Denyse Drummond-Dunn

Be a true leader; share this post with the members of your team who need the inspiration and support.

Your boss expects you to be able to answer all his questions and especially to know your customers. Here are the 13 things your boss is likely to ask you and a handy Checklist to prove to him that you know your customers better than he realises.

Everyone speaks about customer centricity and the importance of the customer, but just how well do you know yours – really? The following is a checklist of 13 facts you need to be able to answer in order to know your customers as well as you should.

As you read the post, keep tabs on your answers and share your final score below. I’m offering a personal 50% discount code to spend in store for everyone who publishes their score here in July 2018. And if you’re the boss, I’d love to hear how well you think your team would do – 100% of course, no?!

 

 

#1. Who is your customer?

C3Centricity how well do you know your customerOK I’m starting off slowly, but do you know who your customers are? Not who uses your category, but who the people are that actually buy your product or service today? How much do you really know about them?

Their age, gender and location are the basics, but there’s a lot more you need to know about them. Check out “12 things you need to know about your target customers” for more on what you need to know to be able to describe them in the depth your boss expects.

The C3Centricity 4W™ Template is a great resource for storing all the information you have on your customer. Download a free copy and watch the related videos HERE.

 

 

#2. What business are you in?

Although this refers more to the category than the customer, it is important to ensure you are looking at it through the eyes of your customers. Many organisations are working with industry definitions rather than customer ones. What about you? If you want to know your customers, you need to understand what category they think they are buying.

This is one of the essential elements you need to understand in order to know your customers deeply. It is something that many organisations don’t take the time to clearly identify, which results in an incorrect appreciation of their market and competitors. By not correctly identifying the category you are in, or plan to enter, your innovations will also lack the success you are hoping for.

For instance, are you in the food business or the pleasure business, beverages or relaxation? One of my clients wanted to launch a fruit flavoured soft drink and thought they were competing with other soft drinks. When we worked together we discovered that they were actually competing in the energy drink business! Reklama internete ir SEO optimizacija https://seopaslaugos.com/117-seo-optimizavimas

How many of your brands are not competing where you … Click to continue reading

Top 10 Marketing Infographics to Smash 2018 (Inspiration for the Visual World)

Posted on by Denyse Drummond-Dunn

One of C3Centricity’s annual traditions is to publish a post which shares the best marketing infographics of the previous twelve months.

Here is this year’s crop, with ideas on how you can get inspired to take action in your own marketing.

Interestingly, many marketing infographics that have been shared in the past year are actually about content marketing. It’s as if “true/traditional” marketing doesn’t exist any more. That in itself says a lot about the focus of marketers these days! Are they right to do so? I don’t think so, but let me know your opinion.

In the same way that new media channels were separated from traditional channels for a while. it seems that content marketing has also been separated from traditional marketing. This is wrong from my perspective, because content marketing has always existed, whether through communications on pack, in advertising or more recently on websites.

Anyway, here is this year’s crop of the best marketing infographics around. If yours is not among them then please add a link to your preference in the comments below.

 

The Most Shared Marketing Infographics of 2017

Most shared marketing infographics

It makes sense that I start this post by taking a look at the most shared marketing infographics of last year. What is great about this post is that it is itself an infographic! It explains what makes a shareabale infographic.

Take a look at the six most shared posts and draw inspiration from their ideas, to create your own.

(Source: Infographic Journal)

(Click image to see full infographic)

 

 

Top Marketing Design Trends 

SSTK Core TrendsIFGC Static english eWith the rapid expansion in offers online, websites can no longer satisfy their audience by just adding content. They need to regularly update their design too, to stay fresh and appealing to changing preferences. (C3Centricity does this annually; le me know what you think when we relaunch our new design in a couple of weeks)

This infographic summarises beautifully the trends for the coming year. Check your own site against these images and if you find yours lacking in any way then an update should be planned – sooner rather than later!

(Source: Shutterstock) 

(Click image to see full infographic)

 

 

 

The Meaning of Colours by Culture

Meaning of colour marketing infographicIf you work globally then you already know that while we are all human beings, we are not all the same. This is particularly true in terms of our associations with colour.

These differences come from a wide variety of sources; from tradition, to history and even from the impact of the most popular brands.

So it is important that if you are responsible for a brand globally, or sometimes even regionally, that you understand the nuances in interpretation of your brand’s pack and communication by the colours used.

This infographic, while it may seem complex at first view, will become your best friend once you understand how to look at it.

(Source: Information is Beautiful)

(Click image to see full infographic)

 

Content Marketing Uses

Content marketing infographic matrix

This is a … Click to continue reading

Customer Centricity is Today’s Business Disruptor (Insights are its Foundation)

Posted on by Denyse Drummond-Dunn

I recently returned from a speaking invitation in Las Vegas. It was an incredible Symposium run by Sitecore, and I was blown away by the importance placed on customer-centricity during the whole event!

From the opening keynote by Sitecore’s CEO Mark Frost to the second-day keynote by Kirsten Newbold-Knipp from Gartner, everyone in this tech and data-heavy conference understood that data is only as good as the use you put on it. Do you?

We are all excited by the wealth of information available to us about our customers, from the IoT as well as people’s behaviour on the internet. In fact, data gathering is no longer an issue; it is its management, analysis and, above all, understanding to turn it into actionable insights that is today’s challenge.

I believe that the reason most organisations today are drowning in data and thirsting for insights, as I am often quoted as saying, is because they are more excited by data than people.

“Organisations are drowning in data and thirsting for insights”

And yet data usually comes from people and their acts and is analysed by people, so that businesses can have more impact on their customers’ attitudes and behaviours. It is, therefore, vital to turn that wealth of information into actionable insights. That’s why I want to share my 7-step process for doing just that with you.

I call it Catsight™, and the acronym always causes a few giggles, as I’m sure you can imagine. After all, business is a serious topic, which is why I try to find ways for us all to find reasons to laugh in all this seriousness.

I chose the name Catsight™ because I thought it is memorable and has a serious relevance to what insight developers do.

Cats have an acute vision, particularly in the dark. They are good at listening because their ears turn 180 degrees. They are highly sensitive – just ask an owner how their cat reacts when they are sad or ill.

Seeing in the dark, listening skills, sensitivity and empathy for the customer are essential skills for all insight developers.

So here are my seven steps to actionable insight development. Note that information gathering is only step #6!

If you react to business questions immediately by running a market research project, please read on. It could save you a lot of money and time!

Using my method, you only start spending money on running a survey in step six – and only if you have identified a gap in your knowledge of the situation. Many organisations don’t know what they already know and what is already available within the company that they are unaware of.

This 7-step process will save you money because you will run less research AND make better use of all the information already available within the organisation. That’s an immediate improvement in the ROI of your information gathering.

C = Category

Whenever you want to develop insight, the first task is to decide on the category … Click to continue reading

Sourcing and Services Matter: Why Price Alone Won’t get your Customers to Stay

Posted on by Denyse Drummond-Dunn

Price wars are a standard challenge of marketers, whether working on the retail or manufacturing side. They have become more frequent in the last couple of years following the recession. Consumers are today even more price sensitive and are searching for great value and even greater deals. However as most retailers are now claiming lower prices, it becomes less of a differentiator. I therefore read with interest that Walmart is moving from its emphasis on low prices to one on sourcing.

In 2007 Walmart replaced its “Always Low Prices, Always” slogan by “Save Money Live Better”, so this new push with the message “ Made in the US” is worth noting. This latest announcement is made in conjunction with its promise of an additional $10 million in grants to non-profits focused on “on-shoring” manufacturing efforts.

 

Target announced last October its plans to introduce the “ Target Sustainable Product Standard” which was developed to “establish a common language, definition, and process for qualifying what makes a product more sustainable.” Target will ask vendors to complete an assessment that is designed to determine a sustainability score for their products. Products will be assigned a score of between zero and 100 “based on the sustainability of ingredients, ingredient transparency, and overall environmental impact”.

 

Both these initiatives show a move to a more caring retail environment. A study run by the Boston Consulting Group at the end of last year, found that more than half of companies with sales greater than $1 billion are actively planning or considering to bring production back from China to the U.S. This rise from a mere 37% just six months earlier shows a significant shift in American sensitivity.

 

Jumping across the “pond” to the UK, something similar is happening in terms of shifting attention from price to value, or should I say values?

 

Tesco recently introduced their “ Price Promise”, a pledge to match the price of a basket of both own-label and branded products at Sainsbury’s, Asda and Morrisons, or to offer customers a voucher at the till for the difference. Sainsbury’s has appealed to the Advertising Standards Authority, arguing that this claim was misleading customers. However, their wrath was, in part at least, sparked by the fact that this new Tesco pledge came in response to their own highly successful “Brand Match” scheme, although the latter only compares branded products.

 

Sainsbury’s has now retaliated with the launch of a new campaign with the title “ Same price, Different values”, a possible dig at the fact that although Tesco won the ASA appeal, Sainsbury’s might appeal as they claim that their own-label products cannot be compared since many are locally produced. To support this position, the National Farmers’ Union has now taken a stance, backing Sainsbury’s. In light of last year’s  horse-meat scandal, the values of retailers and the sourcing of food has become even more crucial, and Sainsbury’s sees this latest row as an opportunity … Click to continue reading

Does your Organisation Really Need a Market Research Department? And in the Future?

Posted on by Alan Hale

There’s been a lot of talk recently about New Marketing; how communication is now all about engagement, how the consumer is boss and such like.

But there has been very little said about a New Market Research Department! If you’re concerned by this situation, whether you work in marketing, market research or a completely different area, then read on for some thoughts on how this situation can and must change.

Earlier this year I wrote about the future of market research / insight departments and what researchers need to do within their organisation to improve their image and perceived value. This week I want to take a wider look at the profession in general. 

 

Current Perception of Market Research

According to  Wikipedia, Marketing is “The process of communicating the value of a product or service to customers, for the purpose of selling the product or service. It is a critical business function for attracting customers” The definition of  Market Research is “Any organized effort to gather information about markets or customers. It is a very important component of business strategy”.

What is interesting in comparing these two definitions is the difference in appreciation of the value to business of the two. Marketing is said to be a “critical function”, whereas Market Research is said to be “very important”. Perhaps this is why Market Research Departments continue to be hammered, their budgets are constantly under pressure and their value to the business is questioned.

Well, things are about to change, or at least there is an opportunity for this, if researchers take up the incredible chance offered to them in today’s world of information (over?) abundance. You can’t continue to do the same old same old when marketing, and more importantly the consumer, is clearly on the move.

 

What Business gets from Market Research

I think that one of the biggest problems that Market Research has (continues to have) is that Marketing and Management in general, find it too complex. What is often delivered from market research, BY researchers,  tends to be numbers and findings, not underst anding, insight and recommendations.

We no longer need market research to share the numbers and information today. More and more often, these are coming automatically into companies from an ever-growing number of sources, and a lot of it is even in real-time, something market research results never were! Think sensors on products, GPS on smart phones, retail purchases with debit / credit / loyalty cards, social media interactions …. DataShaka recently wrote in their The Lab an interesting perspective on data management and information sources which you might want to check out.

That’s a lot of data; indeed Aaron Zornes, chief research officer of The MDM Institute, was recently quoted in Information Management as saying that “a typical large company with (has) 14,000 or so databases on average”. And most of that data will be just sitting around in IT storage systems, rarely reviewed and even … Click to continue reading

The Great Trends Hoax: They don’t give a Business a Competitive Advantage

Posted on by Denyse Drummond-Dunn

Do you follow trends? I bet you do! Everyone likes talking about the future, imagining what it might hold and then taking pride in seeing that they were “right”, that what they had “predicted” has come true. If this is how you work with trends, then you must read this post – urgently!

There are many trend providers today, from futurologists, to trend agencies, to gurus, all claiming to have “the truth”. An ex-colleague of mine made an interesting comment to me last weekend, as we hiked up to the top of La Dole, one of the small hills in the Lac Leman area of Switzerland where I live.

We were discussing trend following and she was comparing the providers with which her company had worked in the last five or ten years. Which of them “had got it right” and which ones hadn’t. I said that I wasn’t too keen on businesses working with trends alone, as there was no competitive advantage in doing so. She then made a wonderful comment: “You’re right of course. In fact when you go to these meetings to hear about the latest trends each year, you are sitting with a group of 20, 50, 100 or often even more people, all hearing the same presentations and “predictions”. If you all go back and start working on actions to respond to the future that was just presented, you’re all doing the same things and are in a way actually making the predictions come true”.

As I said, I have never really liked working with trends other than for developing plausible future scenarios, but she had put one of my concerns into words; you don’t gain competitive advantage from following trends. Whilst they may at best provide indications of some tactical actions you might take in the short-term, trends cannot help you develop your vision and strategy.

So if you want to achieve the real advantage of following trends and to get a head-start over your competition, then it’s time you started developing your own future scenarios. How? Well, here’s a 10-step approach that I have found has worked with many of my clients, which assumes that you are already following trends of some description:

10-Step Process

  1. Identify the most relevant trends for your category from all those that you are currently following. This evaluation is often best handled by your market research and insight group, who have access to a lot of information, both internal and external, and not just on trends. If this is a new area for you all, you may decide to seek some external support to help you make these first difficult choices.
  2. Invite a group of about 10-15 people from various departments within the organisation and who have ideas about what will happen in their different areas of the business, to join your “Futures” team. I have found that when invited, few refuse and in fact more ask to join the group when they hear about it, than
… Click to continue reading

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