Last week I spoke about updating your market research toolbox and how to review your metrics. This week I want to take the next logical step by using the knowledge you gather in insight development.
Insights are the pot of gold that many businesses dream of but rarely find. Why is that? Are you one of them? If so then I have some ideas on how you can get better at developing insights.
#1. Insight doesn’t come from a single market research study
Management often thinks that insight is “just another word for market research”. I remember one of my previous CEOs saying exactly that to me just before he addressed the whole team at our annual conference; you can imagine what a panic I was in as he walked up to the mike!
Insights are tough to develop and are rarely, if ever, developed from a single piece of market research. Each market research project that is conducted should be designed to gather information in order to answer one or more questions. Whilst it may enable a business to make a more informed decision based upon the objectives, insight development is quite a different process.
Insight development involves integrating, analysing and synthesising all the data and information you have about a category or segment user, summarising it into knowledge and underst anding, and then developing the insight. All br ands should have (at least) one insight on which its image, personality and communication is built. For example
- AXE (Lynx in UK): (young) men want to attract as many beautiful and sexy women as possible
- UK anti-smoking: smokers don’t want to have to live with the guilt of having damaged a child’s health through their smoking
Insight development will provide the basis on which you will define the actions that are needed to change the behaviour of your target audience.
#2. Insight development is based upon a desired behavioural change
When sales, marketing or management look to change a category, segment or br and customer’s behaviour, it is with the objective of improving their business results. For instance:
- From buying a competitive br and to purchasing yours
- From using your services once a month, to once a week
- Moving customers’ belief about your br and from a traditional to a more modern image
- Changing customers’ perceptions about your value from expensive to good value for money
Because insights are based on a desired behavioural change, they usually contain an emotional element that is communicated through advertising. The emotion that is shown in the advertisement is more likely to resonate with customers, who are then motivated to take the desired action
So there you have them, the five ideas that I came up with to help you to develop better insights more easily. Although you probably already have your own process for creating them, I know from experience how hard it can be to find insights from all the information you gather. I hope this short article has assisted you in your search for those “golden nuggets”. Do share your own ideas for making insight development easier, I would love to hear from you.
For more information on Insight development, please check out our website here: https://www.c3centricity.com/home/underst anding
Do you need help developing or updating your own Insight development process? C3Centricity offers a 1-Day Catalyst session, where we work with your team to review and revitalise your own insight process, or to define one if you do not as yet have a proprietary one.
Contact us for an informal chat about it. No obligation, just INSPIRATION!