Do you struggle to develop insights from your market research studies, or to identify clear actions out of your insights? If so, then you must read this post on how to deliver actionable insights.
There are many reasons why organisations struggle to develop actionable insights. Yet a recent report by IBM suggested that 80 percent of CMOs rely on traditional sources of information, such as market research and competitive benchmarking, to make strategic decisions.
Although they may be limiting their customer underst anding by not tapping into all their information sources, market research remains a major input to decision-making for marketers. Therefore it is essential for business to make maximum use of it.
Here are four tips to help you do both insight development and action identification better:
#1. Know why you are running the research project.
Market research is often run before people really know why they are conducting it. When you have identified a gap in your knowledge, start by conducting a complete review of all available information about the opportunity or issue you have identified. This is the only way to ensure you are spending your budget wisely on filling the knowledge gap. It is amazing how many companies work in silos and don’t share information across departments. Make sure you’re not one of them.
#2. Don’t expect the study to deliver insights
Although you need to develop insights to support your future decision making, don’t expect that they will come from the single study you are now planning. Insights are developed from the integration of numerous market research projects, information, observations and consumer connections. It is highly unlikely that one project will deliver an insight; however you can expect it to improve your knowledge of the market. Additional work will be required to build this knowledge into customer underst anding and this can only happen through integrating it with your other information.
#3. Base your insight on a human truth
Once you have identified a number of insights – although I personally would prefer to call these underst andings – you must develop an insight that is powerful enough to impact customers’ behaviour. The best way to do this is by referring to their need state and how your product or service will impact and improve their position. What benefit will your customers get from using your product? How will their thinking and behaviour be changed? In an ideal world, what changes are you looking to achieve?
#4. Identify your action
If you have developed a true insight based on a human truth, it becomes relatively easy to plan the actions needed to change your customers’ thoughts, beliefs and behaviours. Should you struggle to identify the actions to be taken, then it almost certainly means that your insight has not been sufficiently refined, so go back and rework its wording.
These four simple steps are the heart to the successful development of actionable insights. It is how you too can successfully impact your business and deliver true return on your information investments. Without the development of actionable insights, you are likely to be considered a cost and run the risk of suffering budget cuts when times get tough. Which is a pity, since it is exactly at that moment that businesses need the most support in underst anding what is going on.
Let me know if you agree that these are the most important steps to achieving actionable insights, or if you have others to add.
Are you struggling with a sub-optimal insight development process, or lacking clear actions from them, then why not contact us for an informal chat?
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For more information on insight development, please check out our website: https://www.c3centricity.com/home/underst and
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