Five Brilliant Ideas to Boost your 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 practical ideas on how you can get much, much better at insight development.

 

#1. Insights don’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 market research and insight’s team at our annual conference. I am sure you can imagine what a panic I was in as he walked up to the mike!

Insights are a challenge to develop and are rarely, if ever, developed from a single piece of market research. Each market research project is 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. Then summarising it into knowledge and turning that knowledge into understanding. Only then are you ready to develop an insight.

All brands should have (at least) one insight on which its image, personality and communications are built. For example

  • AXE (Lynx in UK): (young) men want to attract as many beautiful and sexy women as possible. This is one of their newer ads, where the seduction is a little less in your face and more subtle – but still there.

 

  • Haribo Starmix: There’s a child inside every adult. This “Kid’s Voices” campaign has been running for years and manages to surprise and delight with each new episode.

 

  • Dulux sample paint pots: I love to decorate my home, but I don’t want to look stupid by choosing the wrong colour. Although these are now a standard offer for many paint brands, Dulux were the first to understand the problem facing potential home decorators.

 

Dulux sample pot example of insight development

 

Insight development will provide the basis on which you will define the actions that are needed to change the behaviour of your target audience. It also provides a solid framework on which to build your communications’ strategy.

 

#2. Insight development is based upon a desired behavioural change

When your sales, marketing or management look to improve their business results, their real objective is to change the behaviour of your current or potential customers’ behaviour. For example:

  • From buying a competitive brand to purchasing yours.
  • From using your services once a month, to once a week.
  • Moving customers’ beliefs about your brand from a traditional or classic brand, to a more modern image.
  • Changing customers’ perceptions about the price of your brand 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 your communications is more likely to resonate with customers if it does stimulate their emotions. Continue Reading

Halloween Scares & Solutions for Marketing

Halloween is coming, even earlier than usual this year, judging from all the retail displays already in the shops! Although it is now more associated with children dressing up in scary costumes and dem anding “Trick or Treat”,  it is actually a Christian remembrance of the dead on the eve of All Saints’ Day.

So what does that have to do with marketing? Apart from the obvious effort of many companies to include the pumpkin shape, flavour or aroma in almost every product they make, at least in the US, marketing too has its scary moments doesn’t it?

What scares you marketers the most, or to put it another way, what keeps you up at night? One of the most recent studies on the topic, issued a few months ago, comes from The Marketing Institute (MSI) and was summarised by David Aaker of Prophet as seven issues, which he divided into three tiers:

TIER ONE: The hot topics

  1. Underst anding customers and the customer experience with particular emphasis on the impact of social and digital.
  2. Big data and analytics, with how they will impact predictive modelling and the marketing mix.

TIER TWO: The other concerns

  1. Following on from the opportunities of Big Data, the next concern is Marketing Accountability and its ROI.
  2. Developing marketing excellence and the new skills required such as visualisation and storytelling.
  3. Leveraging digital/social/mobile technology and linking it to CRM
  4. Creating and communicating enduring customer value and how to measure it in the social environment.
  5. Developing and delivering integrated marketing

TIER THREE: Previous concerns getting under control

  1. Innovating products and services
  2. Global marketing
  3. Segmentation
  4. Optimizing social contracts

What I find interesting from this and similar studies that I wrote about last year, is the overlap between many of these challenges. Marketers are really concerned about the wealth of information that they have on their customers and how they can manage to turn it all into insights, for more profitable actions and engagement. I therefore thought it would be useful to summarise the “so whats” of all these current challenges and propose actions that will help marketers get these issues under control, so they can change their scares into solutions:

Underst anding the customer experience

SCARE: With the exciting new worlds of social and digital taking up much of the thoughts of marketers, they are struggling to find ways to think integration, but that is the only way to underst and today’s customers. 

SOLUTION: Starting from the customers’ perspective makes looking at the bigger picture much easier. Instead of thinking single channels of communication, think connection and engagement. (>>Tweet this<<). Instead of thinking purchase and loyalty, think advocacy. Creating value for the customer goes way beyond providing a product or service these days. (>>Tweet this<<)

Knowing what to do with data

SCARE: We have gone from an information rich environment to complete data overload. This challenge definitely keeps a lot of marketers up at night. They feel as if they have to use everything available but at the same time are also aware that they are incapable of doing so. Continue Reading

Try a New Perspective on Business Intelligence: How to get More Impact & Answers

Last week I presented at the first Swiss Business Intelligence Day. It was an inspiring conference to attend, with world-class keynote speakers opening the day. They included Professor Stephane Garelli from IMD, Philippe Nieuwbourg from Decideo  and Hans Hultgren from Genesee Academy.

After such an illustrious start, you can imagine that I was more than a little nervous to present my very non-IT perspective of business intelligence. However, the presentation did seem to go down well, so I want to share with you some of the ideas I talked about. Not surprisingly, with my passion for customer centricity and always with the end-user in mind, I took quite a different perspective from that of the majority of IT experts who were present.

BI should Collaborate More

With the explosion of data sources and the continuous flow of information into a company, managing data will become a priority for everyone.

statistic id forecast big data marketThe Big Data market, which more than doubled last two years, is forecast to triple in the next four, according to Statista. BI will have to exp and its perspective, work with more varied sources of information and exp and its client base.

In the past BI was inward looking. It ran data-mining exercises, reviewed corporate performance, developed reports and occasionally dashboards. It was, and still is in many organisations, mostly concerned with operational efficiencies, cost-cutting and benchmarking.

How business intelligence fits into the data world of businessThe above plot is my own, simplified view of how BI fits into data management within most organisations today. The other three quadrants are:

  • Competitive intelligence (CI) uses external competitor knowledge to support internal decision-making. Although BI is sometimes considered to be synonymous with CI because they both support decision-making, there are differences. BI uses technologies, processes, and applications to analyze mostly internal, structured data. CI gathers, analyzes and disseminates information with a topical focus on company competitors.
  • Investor Relations (IR) uses internal data to get external people, such as shareholders, the media or the government, to support and protect the company and its views.
  • Market Research (MR) on the other h and is mostly outward looking. It studies customers’ behaviours & attitudes, measures images & satisfaction, and tries to underst and feelings & opinions. That information is then used, primarily by marketing, to develop actions and communications for these same customers.

The four quadrants, even today, usually work in isolation, but that will have to change with this new data-rich environment in which we are working.

BI is Ripe for Change

 

According to a recent (Jan 2014) Forbes article, BI is at a tipping point. It will need to work in new ways because:

  • it will be using both structured and unstructured data
  • there will be a consolidation of suppliers
  • the internet of things will send more and more information between both products and companies.
  • thanks to technology, data scientists will spend more time on information management & less time on data preparation. At present it is estimated that they spend 80% of their time on data cleaning, integration and transformation, and only 20% on its analysis!
Continue Reading

Increasing your Information ROI: Turning Knowledge into Gold

We all gather information about our customers. What do we do with it? We (hopefully) use it to inform our decisions and then it gets filed away. In some cases this is vertical (i.e. thrown away) but usually it is horizontal, to gather dust on a shelf somewhere that is soon forgotten. I think it’s time we changed this and turned our information investments into gold!

There are many, many ways to gather information about the customer: observation, listening, market research and external reports. I recently wrote about all the information on our customer that we should have at our disposition in a post called “12 Things you need to know about your target customers”. We need a lot of information to really know and underst and our customer and it clearly will not come from one single market research project or report. Therefore that knowledge must be built up over time and that is where the problem lies.

Often we forget we already have the information and go out and buy it again. This is particularly common when the marketing department changes its lead or members – which seems to be every year or two in many organisations these days! Everyone thinks they need more information, when they actually most likely need more insight. (I have written several posts on insight development, including “ Are you into insights or information?”) Therefore I thought it would be a good idea to share some ideas on resolving this situation, so that your hard-fought budget gets spent on gathering information that you don’t have available and really do need.

#1. Review what you’ve got

Data, information and knowledge are only useful if they are analysed and converted into underst anding and insight. In today’s data-rich environment, this is often where companies struggle the most. Next time you need information about your customer, start by reviewing the information and knowledge you already have, and also ask other departments who may need similar information, if they have it, before commissioning further research or report purchases.

#2. Share what you’ve got

One of the reasons companies spend money on gathering information that is already available internally, is because they don’t know it is! To help reduce this overspend, which unfortunately most suppliers will not inform you of, you need to make sure that everyone who might need the information is made aware of it and has access to it.

For one of my clients, we discovered that some external reports were being bought separately more than 20 times within the organisation! As if that wasn’t bad enough, several different departments were also buying access to the same databases, and others were doing almost identical pieces of market research at approximately the same time.

To avoid this:

  • make a review of information needs across the organisation, or across the region or globe if yours is an international business
  • make one person responsible for negotiating company-wide deals with suppliers; the savings made may even cover the cost of this position and is therefore well worth the investment
  • share plans for market research projects across businesses and look for opportunities to combine for further cost savings

#3.

Continue Reading

Are you into Insights or Information?

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.

Continue Reading

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

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! Continue Reading

Which Sight do you Use the Most?

There have been a lot of posts in the last few weeks suggesting we take a look back over our experience in 2012 or to start planning what we would like to do in 2013. I therefore thought I would combine both perspectives by reviewing how we can work more efficiently with customer underst anding and information to develop deeper insight and grow our businesses.

All organisations try to underst and their customers in order to satisfy their rational needs and emotional desires. The way they go about doing this however, can make a big difference in how successful they are. There are globally four ways we can consider to collect and then use information and knowledge about our customers:

#1. Hindsight

This is arguably the most used “sight” in customer underst anding. We look back and record or measure what our customers did. Where they bought; how much they consumed; what advertising they saw and when. All these metrics are based on past performance and we often then use this information to estimate how healthy our br and and business is going to be in the future. This is based on the assumption that our continued efforts will be rewarded with similar, if not greater success. However, in today’s fast-paced world, nothing stays the same for long, especially not the customer.

Examples of hindsight are market shares, media consumption and shopping habits. Whilst br and equity can also be considered hindsight, it has been found that declining image often preceeds a sales decline, so could arguable be seen to contain elements of both hindsight and foresight.

#2. Eyesight

This is the qualitative element of the previous “sight”. It helps us to qualify the decisions we take about what is important to measure before we do so, or can deepen our underst anding of the information we have already recorded. Management can sometimes feel less comfortable with this type of knowledge if it is not quantified by “solid” quantified information. However, it is a powerful way to more deeply underst and our customers’ thoughts and behaviour and to share it with others.

Examples of eyesight include observation and ethnography, as well as online social media discussions and chat.

#3. Insight

This is what hindsight and eyesight should be developed into. This suggests that no one piece of research, nor one project should be expected to deliver insight. Insights come from combining different sources of information and knowledge into underst anding and insight. Until we underst and the “why” behind what we have found, it is unlikely that true insight can be developed.

Depending upon your definition of an insight, these can include a statement voiced from the consumer’s perspective of what their need is and what feeling they are looking to achieve in solving it.

#4. Foresight

Although a business can be successful if it develops insight, in an ideal world it should also be considering the future and likely changes to the current situation. This will enable an organisation to be better prepared to take advantage of future opportunities, as well as to plan for possible threats. Continue Reading

13 Marketing Quotes to Inspire Customer Centricity

The end of a year and the beginning of a new one is a great time to consider what changes you need to make in your marketing.

What habits have you become so comfortable with that you don’t even notice or question them? With today’s fast-paced world, business needs to be constantly adapting and preparing for the future.

These thirteen (plus a bonus one!) marketing quotes are amongst my favourites of the moment and will hopefully inspire you to consider what changes you need to make in the coming year to become even more customer centric.

#1. “There may be Customers without Br ands, but there are no Br ands without Customers” Anon (>>Click to Tweet<<)

This has to be the most important marketing quote to remember for all of us wanting to be more customer centric. Br ands depend upon customers and if companies remember this, then they can only succeed. If however they get so tied up in their products & services that they forget their customer, they may enjoy their work but their br ands will always be vulnerable to competition.

#2. “Nothing can add more power to your life than concentrating all your energies on a limited set of targets” Nido Qubein (>>Click to Tweet<<)

One of the biggest mistakes marketing can make is to not appropriately define its target audience. It is underst andably hard for a br and manager to accept that he can’t please all category users and that his target sub-category is smaller than the total category he thinks he could attract. By trying to please everyone, we end up pleasing no one, so bite the bullet and reduce your target category size by more precise audience selection. More on targeting HERE.

#3. “The more you engage with customers the clearer things become and the easier it is to determine what you should be doing” John Russell, President, Harley Davidson (>>Click to Tweet<<)

If it isn’t already included, then every employee should have customer connection added to their annual objectives. Whether they are the CEO, an Executive Vice-President, a machine operator, sales clerk or br and manager, they all need to underst and how their day job impacts the satisfaction of their customers.

#4. “If you use st andard research methods you will have the same insights as everyone else” David Nichols (>>Click to Tweet<<)

When was the last time you revised your market research toolbox or refined your insight development process? It’s a rapidly changing world both technologically and societally-speaking. The methods you use to observe, underst and and eventually delight your customers should be moving as fast, if not even faster, to stay in touch with the market. If you are interested in a 1-Day Catalyst session reviewing all your methodologies and metrics contact us HERE.

#5. “The structure will automatically provide the pattern for the action which follows” Donald Curtis (>>Click to Tweet<<)

There has been a lot of discussion about the new roles of the CMO, CIO and the creation of a new CCO (Chief Customer Officer) position. Continue Reading

From Market Research to Actionable Insights

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. Continue Reading

Social Customer Service: How to be Responsible, Resourceful & Ready in Real-time

A recent Infographic got me thinking about what has and hasn’t changed in customer service thanks to social media. In fact I should have said what has still not changed and MUST change in the very near future.

If you feel that you haven’t made all the necessary changes to meet the challenges of the new social customers and their dem ands, then read on for four actions you should be taking to improve your customer service.

#1. Responsibility

Marketing, Sales and Customer Service all have contact with customers and therefore also responsibility for them. Today these departments must work more closely together to provide a seamless connection with the customer. They need to build on each other’s efforts to satisfy the customer, so that each customer perceives that there is one company working to delight him and that he is really important to them.

Action: Employees from all customer-facing departments need to meet regularly, at least monthly, to exchange and share their latest experiences and learnings. What are customers talking about, complaining about or dreaming of? What new opportunities are there to get ahead of competition in better satisfying these current or latent needs? Organise regular exchanges or “lunch & learn” sessions and if you work in the USA recognise your most active employees by signing them up in the “Most Engaged Employee Contest”.

#2. Resources

Most organisations underst and the importance of their customer, and we all know they are more than ever in control thanks to social media. However, few companies are investing in developing their customer centricity and keeping their customer database current. Business needs to start walking the talk so their customers notice and feel a difference in how they are being treated, listened to and satisfied.

Action: Did you know it costs about 8 times as much to acquire a new customer as it does to retain a current one? Review how you collect and store your customer information. Have you verified their details in the last year? Most companies have upwards of 28% of their database which is out-of-date; when did you last check your own level? Is data stored by br and or business unit? Integrate the information, so the connection with your customer is seamless, more intimate, knowledgeable and fulfilling for you both.

#3. Ready

Social Media connections are growing exponentially but is your organisation staying ahead of the curve?. Recent figures from the latest Burson Marsteller Global Social Media Check-up 2012 suggest there are more than 10 million references to major global companies on social media every month and more than half of these are are on Twitter. Companies need to be following these discussions in addition to responding to customers in the usual way through call centers, email or postal mail.

Action: Review and revise your care center resources and training. Ensure you have a sufficiently growing number of trained staff to be available when the customer most needs to contact you. Provide the customer service agents with the knowledge, information and authority to respond to customers on social media as well as over traditional contact means.  Continue Reading

10 ways Customer Excellence can Ignite Your Business: And Why You Need It Now

Why are so many businesses looking at building a Customer Excellence (CE) department today?

Customers, consumers and clients are demanding more attention; they want to be heard, they want to be seen and understood for who they are; they want their needs and desires answered. Social media has increased our attention to them, but many organisations are still struggling to walk the talk of customer centricity. If this is your own case and you are looking to develop customer excellence, then this post is for you.

Several companies have contacted me in the last few months, to ask for help in creating a Consumer / Customer Excellence Department. Having already gone through the challenges of doing this when I worked in the corporate world, I knew that I could certainly help others with this exciting objective. However, each time, my first reaction was to ask “Why”; not why they had contacted me but why they wanted to create the group and why now?

It is often the CEO or CMO who makes the original request, since they feel that the company is not paying enough attention to their customers. However, the initiative will only succeed if everyone in the company not only buys into the vision, but is also excited by the changes it will bring.

 

Let me share some of my own experiences to help you on your own journey, by illustrating a few of the imperatives to succeed in such an initiative:

#1. CE should report into the Board

This new department must report into the board and ideally have a seat there too. The initiative must be seen as an organisational and not a departmental objective. If CE reports into marketing, it will be seen as a marketing support group; maybe just a new name for the traditional marketing services, market research or insight departments, as I am sad to report was once said to me by my CEO!

 

#2. CE should group all customer-facing departments

Customer Excellence should include all customer-facing departments, including market research and insight of course, but also care centres, consumer services, web services, CRM and perhaps even the promotions teams.

This means that CE will watch over both personalised and anonymous connections with customers, but these can provide valuable information that can be integrated and used cross-functionally.

 

#3. CE ensures the business connects with the same tone & vocabulary

Every personalised contact with the customer must use the same tone and voice. They should also be based upon background information about every previous connection, by whatever medium used. In this way, the customer who already sees them all as links to the company, will perceive that the business cares about them and wants to build a deep relationship and understanding of their needs and desires. Everyone likes people who take a positive interest in them, so this is a true win-win.

 

#4. CE should be multi-category

In order to truly integrate all the knowledge and understanding, the CE group should also work across categories and brands in a multi-category company. Continue Reading

Build Better Insights in just 4 steps

We are lucky to be living in an information rich environment, where numerous data sources are readily available to us.

However, this can also be a challenge since we are usually:

“Drowning in data and starving for insight”

as I have often been quoted.

If you too are drowning in data, take a look at these four easy steps you can take to meet the challenge of better insight development. We call them the four “I’s” of Insight development to impact business:

Step 1 – IDENTIFY: first identify the most relevant pieces of information for the issue or opportunity you have selected to address, as well as for the business or industry you are in. How do you decide what is relevant?

Look at who your target audience is; what do they like to do in their spare time; what are their hobbies; what are their needs, desires and dreams; what motivates them; what are their basic values? What are they tweeting and blogging about? Do they speak about problems they have with the products and categories you are reviewing? All of these will help you to really underst and them and what issues or opportunities there are for your product or service and br and.

Step 2 – INTEGRATE: once you have gathered and prioritized the most valuable sources of information, it is necessary to integrate them in order to reap their full benefits. Customer information and facts that are integrated help to build deeper knowledge. It also enables the extraction of essential underst anding on which the business can grow.

Data integration can be done manually or using technology, which is advisable when managing large amounts of information. Integration of underst anding can be done by looking for themes and key topics that get repeated across the different sources.

Step 3 – INSIGHTS: after integration of the information, you need to develop the insights. If you haven’t already done so, get a mixed team of experts from different relevant departments together to review all the information, and have the project led by one of your Market Research or Insight group. They will love both the recognition and the challenge of running an insight development session, using everything that has been gathered and integrated.

Step 4 – INSPIRE: as the team begins to hypothesize insights coming out of the information, find someone who can then synthesize their findings into a compelling story. Storytelling will fire enthusiasm into both the team and the company at large, and everyone will be more ready and willing to take the required action. Storytelling helps the findings and insights to be transmitted to all interested parties within the organisation. In some cases, a presentation using storytelling is sufficient for decisions to be made.

How do you develop insights in your own organisation. Do you have other ways to integrate information and knowledge? Please share your ideas with everyone.

For more on Insight development, please see our website https://www.c3centricity.com/home/underst and/

This post first appeared in C3Centricity Dimensions on December 29th 2011

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