Is there a Future for Insight Departments? Five Actions to Help you Decide

The spark of insight

Many organisations have revamped their Market Research groups as Insight Departments in the past five to ten years. However, it takes more than a name change for those involved to achieve the recognition they deserve.

If you work in or with such a department, then read on, as I have some ideas on how you can achieve this.

Last month Forrester issued the results of some research they had done looking into the Future of Market Research in 2013. Their conclusions, even if dated today, are still highly relevant:

  1. 2013 is the year of truth for market insights: their future will depend on how successful they are at getting increased investments and tapping into alternative information sources than just market research
  2. Market insights departments need to invest in knowledge, technology and skills: the group will need to better respond to the fast-paced management need for the customer understanding that can impact their business decisions
  3. Vendors have to show their worth: suppliers have become commodity providers as they have allowed their clients to select on price more than differentiation.
  4. Future market insights solutions have to connect the dots: single source is no longer sufficient – if it ever was – and vendors need to be able to better respond to the need for 360 degree perspectives.

Whilst I certainly agree with these conclusions, which in fact impact both supplier and company insight professionals, I believe that most of these needs are not really new.

Some more forward-thinking organisations have in fact already identified and adjusted to these changed needs.

So what is there to do if you haven’t? How do you prioritise what needs to be done in your organisation? Here are my top 5 tips:

 

#1. Find out What Management Really Needs

It is amazing how many market research and insight groups still have little, or no contact with top management. So how can they possibly be perceived as value creators for the business?

It is not enough just to attend the presentations of the business plans or to get a copy of them to read afterwards. You need to talk with those who wrote them and those who will implement them.

Ideally, you should be instrumental in helping to draw them up. Get out of your offices and into the boardrooms and hallowed top-floor offices. Listen hard and ask tough questions. Make sure you understand where the company is going and your role in getting there.

 

 

Well those are my starter for five. What else would you add to help bring insight departments into the center of the brave new world of customer centric organisations?

If you carry out these first five steps that I have mentioned, then you will start getting more appreciation for the real value you are adding to the business. And then perhaps your budgets may even be increased, which will then lead to even greater value. Now that’s what I call a win-win and a really bright future for everyone in Insight! What do you think?

Do you need help in upgrading your market research or insight department? Check out our website for more actionable ideas and training, then contact me here:

https://c3centricity.com/contact

C³Centricity used images from  Dreamstime.com  and  Kozzi.com in this post.

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