Is there a Future for Information & Insight? Yes, if we learn these new skills

Last week I had the privilege of presenting at the European Pharmaceutical Market Research (EphMRA) Annual Conference in Brussels. My talk was on the important topic of the future of the Market Research profession.

My invitation came as the result of one of the committee members seeing a question I had posted at the end of last year on several LinkedIn groups: Does your organisation need a market research department? And in the future?” Whether you are a researcher or a user of research data, the following summary of that presentation should help you underst and the need for us all to change the way we work with information and data, in order to increase their value to the business. Recent studies by both IBM  and Business Intelligence about the information needs of top management in general and marketing in particular give us some great clues about what they dislike and what we need to change.

Management don’t get what they need

Executives complain that their information currently comes from numerous, disparate sources, is rarely available in real-time, cannot be easily accessed without the help of IT, and anyway takes too long to customise it to their needs. The good news is that they don’t seem to get too much; in fact it looks as if they actually want more, but more of what they need.

Executives don’t get it in the format they need

Management currently get their information primarily via emails and spreadsheets, which I find shocking.  Why do we expect them to take the time to sift through all the information to draw their own conclusions? Are we still too scared to voice our own opinions, or to make recommendations? Only one in eight receive dashboards and yet this is their preferred medium. They want someone to have thought about their needs and then to provide a simple form that is easy to scan, interpret and take action on.

Marketing needs their data in real-time

It’s a hard time to be a CMO or head of marketing these days. They are being challenged more than ever before, to prove the ROI of their spending. They want more real-time information so they can take better informed decisions. They also need consistency so they can compare across channels and link sales back to individual campaigns and lead-generation efforts.

Marketing don’t feel ready to manage even more information

More than two-thirds of CMOs feel totally unprepared for the current data explosion, especially as it relates to social media. They also feel that they aren’t keeping up with all the rapid market changes, even when they have the money to do so.

The solution is as easy as ABC

Taking into account what management have said about their current information sources, providing what they need is as easy as ABC:

  • Accessibility to the information they need, where and when they need it.
  • Business impact so that what they receive enables them to identify and take the actions needed.
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Marketing Information Lost in Translation: How to Save yourself & Rise above the Competition

A recent report I came across this week shows that 76% of marketers do not use behavioral information in either segmentation analysis or targeting. They have the data, they’re just not taking advantage of it to better identify and then satisfy their consumers. This shocked me, so I went looking for more information to clarify the situation. 

The study was conducted in late 2013 by Razorfish and Adobe amongst marketing and technology executives in the US, Canada, Germany, France and the UK. According to Pete Stein, CEO of Razorfish, the two main reasons for this lack of usage are firstly that today’s marketers are driving consumer segmentation with outdated technology, processes and tools, and secondly that there is an exponential growth in the availability of behavioral data.

In another study called “From Stretched to Strengthened” IBM reports that 71% of CMOs feel unprepared to h andle today’s “data explosion”. A third study, Domo‘s “2013 Data-driven marketing survey” found that two-thirds of marketers feel unable to h andle the volume of marketing data that’s available for analysis without feeling overwhelmed, and  concluded that there were five reasons why this is the case:

  • 69% don’t have the time to analyse it
  • 66% can’t see it integrated
  • 44% don’t have the time to collect it
  • 40% don’t have access across devices
  • 40% can’t see it in real time

These statistics suggest some interesting, no vital, changes that business intelligence / planning / market research / insight (BI) departments should make to address these needs of marketers. Once made, they would increase their perceived value and recognition, as well as that of the marketing department as well. Now that can’t be bad can it?

Here are my thoughts on each of them:

No time to analyse the data

I personally believe that if the support function (BI) was doing its job properly, marketing wouldn’t have to analyse the data. In fact I don’t think it is, nor should it be, their responsibility. Of course, this does mean that BI should be attributed with the appropriate levels of resources in both time and personnel to run the analyses and generate actionable insights.

Studies conducted every couple of years by the market research arm of the Corporate Executive Board (MREB), consistently show that world-class businesses have BI departments that have progressed from methodological experts to insight consultants, and then to knowledge synthesizers. Therefore unless you allow your team to develop in this direction, the onus for analysis will remain a challenge.

Can’t see the data integrated

Even before Big Data became a buzz word, companies have struggled to break down the internal silos of information ownership. The ever-increasing flow of data into organisations has just made the matter worse, so that it can no longer be ignored. Information integration may dem and a significant investment in both time and money, but the rewards are huge.

For example, from my own experience with clients, I have witnessed a grocery retailer increase sales by 15% whilst decreasing its promotional & discount allowances by 13%. Continue Reading

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