A few weeks ago I shared some ideas on developing insights. (You can read the post here) It certainly struck a chord with a vast number of you, judging from the comments and acknowledgements many of you sent in. I really appreciated them all so thanks a million.
This week I thought I would take insights development even further, by proposing some steps to take for those of you who are still struggling, or would like to upgrade your own process. Often we stop at the information or knowledge stage and thus never get to real insights. This is such a disappointment, after all the hard work of data gathering and integration.
In January Forrester wrote an article suggesting that 2013 was going to be the year for market insights. A couple of months on, things don’t seem to have advanced much, so hopefully this post will enable your own organisation to advance and to get ahead of the competition.
#1. Be precise in your objectives
As mentioned in the previous article, your objective for developing an insight should be presented as a desired behavioural change in your target audience. For example, if you are looking to increase your market share, you could be looking to:
- Find a way to convince competitive br and purchasers to buy your br and instead
If you are looking to improve your image, your objective could be:
- Find a communication platform that resonates better with your target audience, so they consider your br and in a new light
If you are looking to reverse a sales decline, it might be:
- Underst and how to move your shoppers from monthly to weekly purchasing
Identifying the behavioural change you are looking to encourage is the first step to uncovering a true insight.
#2. Involve a wide range of experts
Insights are not the sole responsibility of the Market Research & Insight Department. Everyone in the company can bring valuable information and underst anding to the identified opportunity. Therefore, involving people with a wide range of perspectives can make insight development both easier and more effective. Gathering together a group of experts to provide a 360 perspective of the category or br and users could mean including:
- R&D, who can bring underst anding of available internal & external technical skills
- Operations can share current defects and development aspects
- Sales can add retail perspectives, including distribution, packaging and shelving limitations or opportunities
- Marketing will provide the communications, image, equity and competitive environment
- Customer services can add current customer sensitivities, problems or suggestions
- Finance can highlight any budgetary limitations and ensure financial goals are met
The group you bring together will be a function of the behavioural change you are looking to make. However I personally believe that the exercise should be run by your market research and insights team or external experts, since it is their profession to underst and people and behaviour. They also will have the widest and most detailed perspective of anyone in the company
#3. Review all available information & knowledge
All organisations have far more information than anyone realises, even your market research, insight, strategy or planning teams. This also emphasises the need for having a team with differing expertise since they will also bring different information sources to light.
Once the team has been formed and the objectives for the insight development exercise have been agreed, it is time to organise a complete review of all the available information and knowledge. This analysis can be shared amongst all members of the team. They should look for recurring themes, expressions and words across the different information sources that might provide indications of the issues or opportunities around the identified objective.
As everyone completes the review of the information, a number of working sessions can help to share the information already found and start the process of getting closer to an insight. The actual insight development exercise will take place in another meeting once all available information has been assessed and any information gaps filled.
These are the first three steps towards great insight development. In future articles I will complete the process with the remaining steps. Do you use these same steps when developing insights or do you have a different process? If you do, I would love to hear what you do differently.
For more information about insight development, please check out our website: https://www.c3centricity.com/home/underst and