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 rarely 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 global team at our annual conference. I’m sure you can imagine what a panic I was in as he walked up to the mike!

Insights are demanding 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 Big Idea (for 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. Which is your favourite? Please add a comment below.

 

  • 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 attitudes and / or behaviour of your target audience. It also provides a solid framework on which to build your Big Idea for your communications’ strategy.

 

#2. Insight development is based upon a desired attitude and/or behavioural change

When your sales, marketing or management look to improve their business results, their real objective is to change the attitude and/or behaviour of your current or potential customers. 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 change in your customers, they usually contain an emotional element that is communicated through advertising and promotions. Continue Reading

The Good, Bad and Downright Ugly Parts of a Head of Marketing Job

Listen on Apple Podcasts“Never miss an episode. Subscribe on Apple Podcasts to get new episodes as they become available.”

 

Did you know that the average tenure of a Head of Marketing position continues to fall, reaching just 41 months according to the latest Spencer Stuart research published by the WSJ?

It is still one of the shortest average terms of office of any chief in the C-suite, according to a recent report by Korn Ferry. But one piece of good news in the past year is that although conditions for CMOs have become more difficult since the coronavirus pandemic, “In many cases, CMOs are not being removed, but it’s been pretty dramatic layoffs beneath them” said Greg Welch, practice leader for marketing, sales and communication at Spencer Stuart.

So just how long have you been in your position?

The Bad News

A global survey by the Fournaise Marketing Group provides one possible explanation for the continued decline in tenure. It highlights the ongoing tensions between CEOs and CMOs. A huge 80% of CEOs don’t trust or are unimpressed with their CMOs, compared to just 10% for their CFOs and CIOs. Why is this?

Perhaps it’s because CEOs don’t understand the role of a CMO or is there still an issue with the ROI of the marketing budget? I’ll let you be the judge of this in your own situation.

Another piece of research by HubSpot reported that Marketing as a career suffers credibility issues as well. It ranked the most trustworthy jobs, with Doctor ranking number one and near the bottom, just above Car Salesman and well below Barista, was “Marketer”. Car salesmen? Really? That is scandalous!

The Opportunities

Let’s start at the beginning. What opportunities are there, that marketers can keep their jobs? Despite the short lifespan of a CMO, and while the position is plagued by high turnover, this could also be because CMOs are highly visible.

Therefore they can be targets for promotions or a steal by their industry competitors. Nice to feel wanted, isn’t it?

It is understandably important that a new CMO quickly makes an impact. More so than any other c-suite function, bar the CEO of course, who sometimes faces almost immediate criticism by shareholders and the financial world, upon being named.

Another piece of good news for the head of the marketing function is that being on the executive board they have access to resources. The bad news is that as the CMO is a member of the EB, management expects them to make (profitable) changes fast.

And even more so if they have just been hired! The board trusts the new CMO to analyse the situation, identify what needs to be done, develop the plan to do it and then take actions. And all of this in their first 3 months or so!

Are you or have you yourself been in exactly this situation? Tough isn’t it?

That’s why many CMOs hire a supportive advisor or sounding board such as myself to accompany them on this stressful early part of their journey.  Continue Reading

The Future of Brand Building is Customer Centricity

Marketing is an old profession. It’s been around for hundreds of years in one form or another. But with the advent of digital in the early 80’s, companies began taking a serious look at their marketing strategies.

Many organisations realised that it was time for a major overhaul of their primarily outbound strategies. Consumers no longer appreciated being interrupted in their daily lives, if they ever did!

However, even today, with the creation of inbound marketing strategies, they are still irritating their customers with spammy emails, intrusive pop-ups and over-complicated cookies, that gather far more information than most organisations will ever need or use.

Despite these changes CMOs remain one of the leading c-suite members who struggle to keep their jobs for more than four or five years. The reasons are many, but the post “Head of Marketing, How Can You Keep Your Job When Most CMOs Are Losing Theirs?” explains what you can do to ensure you only leave your position when you want to.

 

Brand Building

Many large CPG companies, such as P&G, Coca-Cola and Nestle, have changed the name of their Marketing departments in the past twenty years, to Brand Building. They hoped that it would revive sales and give new vitality to their communications to better engage their customers in the new social world. But most failed miserably, because they remained very much in a state of business as usual. They continued with the same processes and mind-sets. And with few exceptions, they prioritised thoughts about themselves and their brands, and rarely took their customers’ perspective.

Luckily a few other consumer goods companies realised that to satisfy the consumer they had to do things differently. They were the ones that moved to customer centricity. Or to be exact they started on their journey towards putting the customer at the heart of their business. Customer centricity is not a destination, because consumers are constantly changing and their satisfaction never lasts for long. It is a journey with the aim to satisfy and delight.

I think we have taught our customers far too well! They understand a lot more about “marketing” than they used to. They understand that companies have marketing plans and regular promotions, so they wait for the next price offs whenever they can.

They also realise that in today’s world, products have become more and more similar. Their format, colour or perfume may differ, but there are strong similarities in their performance.

That’s why consumers now often have a portfolio of brands from which they choose in many categories. They are far less likely to be loyal to only one brand than they used to be.

 

They have also come to expect constant innovation as they quickly adapt to the once novel idea and start searching for the next big improvement. According to Accenture’s “ Customer 2020: Are You Future-Ready or Reliving the Past?” almost a half of consumers believe that they are more likely to switch brands today compared to just ten years ago! Continue Reading

Today’s Toughest Marketing Challenge is Not Customer Satisfaction!

We all know how extremely demanding consumers have become in recent years. The offers of constant innovation and novelty have made us all more impatient and critical.

Today we want things better, faster and sometimes cheaper as well. And customer satisfaction is becoming insufficient to drive growth alone. Companies need to deliver more, a lot more!

I was recently in the US and as seems to be the norm these days, the hotel in which I stayed asked me to rate their performance afterwards. I completed their form, giving only four and five-star ratings, as I had been very satisfied with my stay, the hotel rooms, the staff and their services. Imagine my surprise therefore when I got the following email a day or so after submitting my review:

“Thank you for taking the time to complete our online survey regarding your recent stay at our hotel.

On behalf of our entire team, I would like to apologize for failing to exceed your expectations. Your satisfaction is important to us and we will be using the feedback you provided to make improvements to ensure we offer an exceptional experience for our guests in the future.

I hope that you will consider staying with us again so that we can have another chance to provide you with a superior experience.”

Shocking mail isn’t it? To think that a Hotel apologises for not exceeding my expectations! But I believe that is exactly why they get a 4 1/2 star rating on TripAdvisor. For them customer satisfaction is not enough; they want their guests to be enchanted, enthralled, excited, so that a return visit is a “no brainer”; no other hotel choice would make sense!

How do you treat your own customers, consumers and clients? Do you do just enough to satisfy them, or do you consistently look to exceed their expectations?

If you are a regular reader here – and I’d love to know why if you’re not, so I can do better in the future – you will know that I often talk about “surprising” and “delighting” our customers. These are not hollow words; there’s a very real reason why I use them. The reason is that our customers may be satisfied, but they will never stay satisfied for long.

The above personal example I give is one way that the hotel staff ensure they have enough time to correct whatever is not a “superior experience” as they term their own desired service level, and to continue to offer total customer satisfaction.

 

Here are a few examples of other companies who go above and beyond in terms of their own customer service. I hope they inspire you to do the same and to aspire to exceed customer satisfaction whenever and wherever you can.

Coming back to the title of this post, I hope you now agree that satisfaction is no longer sufficient to attract and keep your customers. It is time to step up your game, to aim for surprise and delight. Continue Reading

Three Clever Ways to Know the Competition Better

What is the secret to success in business? That’s easy! It’s how well you know the competition.

Alright, maybe this is a slightly over-simplified perspective, but it always surprises me how many companies work with a primarily internal focus.

I have written many posts about knowing your customers, such as “Why Customers Are The Answer To All Your Problems (If You Ask the Right Questions).” Watching and listening to them in order to fully understand their rational needs and emotional desires is a great – and free! – way to start.

But today I would like to speak about doing exactly the same thing for your competitors. If you are going to succeed in attracting their customers away from their products and services, then it would make sense to know them as well as you do your own.

Here’s a simple three-step process to do so. 

 

Encourage employees to use competitive products & services

Know the competition better by trying their products and services.In most organisations today, using competitive products is still frowned upon; after all, we make the best don’t we, so why use those of other companies?

However to challenge and beat the competition you have to intimately know what you are up against. Regular contact with competitive products will encourage your employees to evaluate your own offering. They will also be encouraged to suggest competitors’ strengths and weaknesses that were perhaps not evident before. It will also ensure that you are rapidly aware of any improvements made by the competition. You won’t get left behind and find yourself suffering from declining sales due to competitive improvements of which you are unaware.

This intimacy with competitors’ products and customers should be requested of employees at all levels, by being one of their annual objectives. Of course, in some industries this might not be possible, due to the selective nature of the product or service, but certainly for most consumer products and service companies, this can easily be done on a regular basis.

Now encouraging people to use competitive products is easy to say, but you should also be prepared to invest in it, by paying for your employees to experience them. It would be unfair, and would certainly be resented, if your people had to spend their own money to make such experiences. This knowledge gathering should be seen as an investment by your organisation, of at least equal value to offering your employees discounts on your own products and services.

Why don’t you start a similar process and add these experiences to everyone’s annual objectives? It’s a great way, and a free one at that, to know the competition better than you do today.

 

Make a Library of Competitive Products and Material

KNow your competition better by sharing what you knowIn one of my previous positions, the company had an incredible competitive library. This included every single competitive product that was available from all around the world, classified by country and organised by segment.

Everyone found this library extremely useful, especially when discussing such topics as shelf impact, packaging or in trying to understand our competitor’s portfolio strategy. Continue Reading

5 Business Success Factors (So You’re Ready for Anything!)

We are sweltering in the Northern Hemisphere with record temperatures, so here’s a “cool” idea on how businesses can get ready for anything by applying these success factors.

Every winter, the media is full of stories of record snowfalls somewhere in the world, whether in the US, Europe or in the Far East. Despite all the sophisticated technologies at our disposition, we just never seem to be prepared. So what are the success factors of readiness?

Remember winter storm Juno in the USA in 2015? It dropped a couple of feet of snow on the Eastern coastline of North America. According to the Weather Channel its snowfall broke records in Worcester, MA, although in most other places it fell far below that of other storms from 2013 all the way back to 1978.

In the same year, in the North of the UK, the region was battered with a rare blast of thundersnow – an unnerving combination of thunderstorms and downpours of snow. As if that wasn’t enough, they were soon preparing to do battle with the elements with yet another storm shortly afterwards.

Now what do all these storms have to do with business you might wonder? Well for me they are a great illustration of the problems that many companies can face from time to time. Governments and city maintenance teams prepare for winter by organising vast stocks of grit and salt, as well as heavy snow-clearing machinery. But despite all this preparation, they still seem to be caught off-guard when they need to use them.

The same goes for businesses. Companies follow trends and expect to be ready for anything; they’re not!

The reason is that there are two serious problems with that way of thinking:

Firstly they are all following the same trends, attending the same trend “shows” & conferences, and getting the same or at least very similar trend reports.

And secondly, they think that knowing the trends will somehow protect them from future risks and catastrophes. However, having the right material still doesn’t stop bad things happening, as we’ve seen this winter. 

So let’s take a look at what you can do to be better prepared and not get regularly “snowed-in” as many countries are this winter.

The Problem with Trend following alone

As I already mentioned, trend following suppliers are providing almost identical information to all their clients. This results in their clients then working on the same ideas & concepts and eventually launching very similar, non-competitive products and services. Have you never wondered why suddenly everyone is talking about a certain topic, or using similar slogans in their advertising? Simplistic trend following is probably the reason. 

As an example, think about how many companies have used the idea of “YES” and “NO” in their advertising in the past couple of years. These include:

  • The Swiss Migros Bank: see the videos here – sorry only in French & German but still easy to understand
  • BMW 320i YES, YOU, CAN
  • Orange telecom mobile exchange

Clearly the current trends of independence and freedom have been emphasised in all three organisations mentioned above, and probably many others as well. Continue Reading

How Well Do you Know Your Customers? 13 Questions your Boss Expects you to Answer

Be a true leader; share this post with the members of your team who need the inspiration and support.


Your boss expects you to be able to answer all his questions and especially to know your customers. Here are the 13 things your boss is likely to ask you and a handy Checklist to prove to him that you know your customers better than he realises.

Everyone speaks about customer centricity and the importance of the customer, but just how well do you know yours – really? The following is a checklist of 13 facts you need to be able to answer in order to know your customers as well as you should.

As you read the post, keep tabs on your answers and share your final score below. I’m offering a personal 50% discount code to spend in store for everyone who publishes their score here in July 2018. And if you’re the boss, I’d love to hear how well you think your team would do – 100% of course, no?!

 

 

#1. Who is your customer?

C3Centricity how well do you know your customerOK I’m starting off slowly, but do you know who your customers are? Not who uses your category, but who the people are that actually buy your product or service today? How much do you really know about them?

Their age, gender and location are the basics, but there’s a lot more you need to know about them. Check out12 things you need to know about your target customers for more on what you need to know to be able to describe them in the depth your boss expects.

The C3Centricity 4W™ Template is a great resource for storing all the information you have on your customer. Download a free copy and watch the related videos HERE.

 

 

#2. What business are you in?

Although this refers more to the category than the customer, it is important to ensure you are looking at it through the eyes of your customers. Many organisations are working with industry definitions rather than customer ones. What about you? If you want to know your customers, you need to understand what category they think they are buying.

This is one of the essential elements you need to understand in order to know your customers deeply. It is something that many organisations don’t take the time to clearly identify, which results in an incorrect appreciation of their market and competitors. By not correctly identifying the category you are in, or plan to enter, your innovations will also lack the success you are hoping for.

For instance, are you in the food business or the pleasure business, beverages or relaxation? One of my clients wanted to launch a fruit flavoured soft drink and thought they were competing with other soft drinks. When we worked together we discovered that they were actually competing in the energy drink business!

How many of your brands are not competing where you thought they were? See How to Innovate better than Apple for more on this topic. Continue Reading

The New Way to Innovate You Must Start Using Today!

When I get several requests in the same week on exactly the same topic, I know something is happening in the marketplace. This week was one such occasion.

A Pharma company wants a presentation on it; a CPG company asked me to give a half-day workshop about the topic; a conference requested a keynote speech about it; a major US business school wants a guest lecture covering the idea  and a consumer goods company wants an article for their newsletter. What’s the topic? The new ways to innovate, that’s what.

With all this interest, and despite having written some popular posts in the past on best-practice innovation, such as “ How to innovate more creatively”, “How to get R&D as excited about consumer innovation as you are”  and “Never succeed at innovation: 10 mistakes even great companies make”, I thought I would summarise the latest trends around how to innovate more successfully today. So here are some ideas to get you thinking about the changes you might want to bring to your own innovation processes.

Customers react to new innovation1. Start with the customer in mind – always

So many organisations still have an innovation process that starts with R&D or operations. It’s time to reverse your innovation funnel and start with the customer. (>>Tweet this<<) What are their problems with current products and services; what do they dream of having? How are they compensating or compromising?

 

If I had asked people what they wanted, they would have said faster horses” Henry Ford

“People don’t know what they want until you show it to them” Steve Jobs

However, as Henry Ford and Steve Jobs remind us, customers don’t usually know what they want. They are usually very clear about what they don’t like, but they also often know the solution they are looking for – even if they don’t express it as such. It is our job to interpret what they are saying into what they need. Therefore, identify the result they want but not how they want to achieve it, otherwise you will be looking for that “faster horse”!

2. Stage-gate innovation is essential for a successful business

Today’s world is fast paced and customers never stay satisfied for long. What surprises and delights today, is ordinary and normal, if not tomorrow, at best in a couple of weeks or months. That’s why it’s vital to work on new product and service developments even before you launch your latest offering.

NEW INNOVATION STAGE-GATESMany companies today work with generation pipelines, with three, four or five stages of innovation preparation. This ensures that they are already working on the replacement of each product they launch, whether or not it’s a success.

3. Line extensions can only do so much

Innovations risks opportunities

According to the McKinsey article “ Reinventing Innovation in CPG“, real growth comes from ground-breaking innovations, not simplistic renovations. However, line extensions do provide the time for organisations to prepare their true innovations, while responding to today’s customers incessant desire for novelty. Continue Reading

4 “Free” Ways to Connect with Customers for World-Class Understanding

Last week I spoke about five of the most important actions you can take when starting your journey to improved customer centricity. If you missed it, you can read the post  here; it will be good background information to build from for this week’s ideas and suggestions.

In this post, I would like to continue to support your efforts with some suggestions on an area that many struggle with, that of connecting with and underst anding your customers.

I believe that one of the main reasons for this, is that the target customer segment has been poorly defined. Perhaps it is too wide, such as all category users, or only superficially described just in terms of demographics. C³Centricity’s 4W™ Template, free to download in the members area, will provide a simple way for you to complete a more detailed description of your customer. Once you have that, you can then start to connect with them to deepen your underst anding of them.

1. Retail connections

There are numerous ways that an organisation can connect with its customers. If you have a retail presence, then this is as simple as going to a few of them  and then talking to the customers present. If you yourself don’t own the outlet then you will need to ask permission of the owner, but since retailers are also interested in getting to know their customers better, they will usually accept in exchange for your sharing any learnings with them. (>>Tweet this<<) Customers are more sensitive to value than price

Another opportunity to connect with your customers in retail is through promotions, demonstrations and sampling activities. These have the added benefit of being able to speak with customers who are already interested in what you have to offer, because they have stopped beside your st and. They also are generally more willing to take the time to talk to you even if they are busy, something which can be a struggle if you are just walking up to customers in the store. (>>Tweet this<<)

In addition, I have found that both these exercises can be a great way to improve your image with the retailer and may even warrant special treatment for your br and.

2. Secondary connections

If you don’t have the luxury of meeting your customers in person, then there are still ways to learn more about them. If you have a call centre, then why not listen in or even spend time answering calls? It is both a rewarding and useful exercise to do. This is why many organisations such as Zappos, make their new employees do just that in their first few weeks after being hired.

Market research can make you more customer centricMarket research projects are also another easy way to observe and listen to your customers, although in general you will be a silent observer behind the interviewer, who is asking the questions. Some people prefer to follow focus groups or in-depth interviews, even from behind the two-way mirror, since they will have the opportunity to impact the discussions by feeding questions to the moderator. Continue Reading

Why Marketing doesn’t Always Get the Research it Needs, But Usually What it Deserves

Why do marketers sometimes complain about the market research they get? I’ve often heard comments during presentations such as “We already knew that” or “This can’t be right” or “Why can’t you answer the questions I have?” I am sure you have said something similar yourself or been on the receiving end of such statements. What’s going on?

I believe that one of the reasons for such comments is poor briefing. Poor briefing by marketing which results in a poor market research brief to the supplier. If you too are sometimes dissatisfied with your results, then read on for some useful tips on how you can get the information you need.

Briefing

A market research brief is a document that helps a market research specialist to deliver the knowledge the business needs, in a timely manner. In some cases this will require conducting a market research project, but not always. Sometimes, it may simply be necessary to re-analyse previous work, in a different or more detailed way, in order to answer the questions asked.

Therefore I would never encourage internal clients to always think in terms of requesting a market research project when they are looking for information. In fact I would actively discourage it. This is especially valid when budgets are tight, as cheap research is often useless research.

Choose what you Need

As noted by Arthur C. Clarke, there is a management “trilemma” encountered when trying to achieve production quickly and cheaply while maintaining high quality. This is the basis of the popular project management aphorism “Quick, Cheap, Good: Pick two.” Conceptualized as the project management triangle as shown below, this aptly applies to market research projects as well.

A trilemma

Marketing is a profession where progression is often rapid and therefore the marketer may not be aware of all the information that is available within an organisation. In my opinion, it is essential for market research specialists, who are more likely to have been in their position for many years, to appropriately advise and support their internal clients, and not be just order-takers. (>>Tweet this<<) Unfortunately in many companies this is what they have become, which is such a waste of knowledge and expertise!

When it has been established that a new research project is required, then the brief becomes the vital first step for getting the information that is needed, when it’s needed. It should be drawn up to meet individual internal requirements, and as a minimum it should contain the following sections:

1. Background

This should provide all relevant information on your company’s situation and what risk or opportunity has been identified, as well as how and why this has been identified. Previous reports and studies that are relevant to the situation should also be mentioned and of course have been reviewed for answers before a market research survey is requested. 

2. Objectives

Clearly defined objectives are essential to the success of any project. In addition to the background, detailed objectives allow the best possible work to be carried out  and ensure the research meets them as fully as possible. Continue Reading

Brand Strategy, Vision & Planning: When did you Last Review Yours?

How do you develop your br and strategy and vision? Do you just take last year’s document and revise it? Do you build your plan based upon the sales and profit increases imposed by management? Or do you start from your target customers’ perspective?

You know me well enough to have guessed that as a customer centric champion, I am going to say that the third answer is the correct one. Now I’m not saying that you shouldn’t take neither last year’s plan nor management’s targets into account. Rather I’m suggesting that as you are selling to your customers, they should be top of mind.

If you believe that your own br and planning process could do with an update, then read on; I have gathered together some of the latest ideas and best practices to inspire you to make a few improvements.

One of my favourite quotes on planning comes from Alan Lakein, an American businessman and author:

“Failing to plan is planning to fail” (>>Tweet this<<)

Another from A. A. Milne the English author and playwright says:

“Planning is what you do before you do something, so that when you do it, it is not all mixed up” (>>Tweet this<<)

So let’s start planning so we don’t mess things up!

Where you are – the situation analysis

The first step of the process is to run a situation analysis. This phase can include, but not be limited to, a review of market shares and trends, your current customer persona, your br and’s current image and changes, as well as the full details about your offer – price, packaging etc. Here we’re not speaking about the industry definitions, but the consumers’ perspective, or course. You will also need to do the same for your major competitors, but more about that below.

Who are your customers?

anding” width=”349″ height=”197″ /> The 4 Ws of targetingThis should be a no-brainer and yet I am constantly surprised just how many clients are unable to answer this question in detail. They may succeed in being relatively specific on demographics, as the above example mentioned, but not much more.

A recent and-underst and-your-customers/” target=”_blank”>post on this topic will definitely help you get better and more precise at describing to whom you are selling your product or service, so do check it out.

Only be completing a detailed profile, or persona as many like to call it these days, will ensure you are starting from the best possible position.

What is your current image?

A br and image and equity review is essential for both new and existing br ands. What category are you in? Is that an industry definition or a customer one? I remember working with a client who thought they were competing in the carbonated soft drinks market. In discussing with consumers we found they were competing in a mush wider arena including carbonated soft drinks AND fruit juices, because their drink contained real fruit juice.

The segment in which you compete is vital to underst and, as you will then review how your image compares to those of your major competitors. Continue Reading

The Ultimate Guide to Developing Actionable Insights

One of the biggest challenges of many marketers is developing actionable insights about the market and it’s customers.

Are you satisfied with the way you turn your data and information into underst anding and then develop insights on which you can take clear actions? If not, then you will find this post tremendously useful in helping you to update your practices.

Even if you are happy with your insight development process, converting them into actions can still be a stumbling block. In January 2013 Forrester wrote an article suggesting that last year would be the year for market insights. Eighteen months on, things don’t seem to have progressed 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

Your objectives for developing an insight should be presented as a desired change in your target (>>Tweet this<<). 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.

Identifying the change you are looking to encourage is the first step to uncovering a true actionable insight. Are you identifying the change you desire in your customers? If not then this is something you should start doing; it will make developing actionable insights more focused and thus also easier.

#2. Involve a wide range of experts

Insights are not the sole responsibility of the Market Research & Insight Department (>>Tweet this<<). Everyone in the company can bring valuable information and underst anding to address the identified opportunity. Therefore, involving people with a wide range of perspectives can make insight development more effective.

Gather a team of experts to provide a 360° perspective of the category or br and, including for example:

  • R&D, who can bring underst anding of available internal & external technical skills
  • operations who can share current defects and development aspects
  • sales who can add retail perspectives, including distribution, packaging and shelving limitations or opportunities
  • marketing who will provide the communications, image, equity and competitive environment
  • customer services who can add current customer sensitivities, problems or suggestions
  • finance who can highlight any budgetary limitations and ensure financial goals are met

The group you bring together will be a function of the change you are looking to make. I personally believe that the exercise should be run by your market research and insights team, since it is their profession to underst and people and behaviour. They also generally 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 most employees realise (>>Tweet this<<), including your market research, insight, strategy and planning teams. This highlights the need for having a group of people from different departments since they will bring alternative perspectives and 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.   Continue Reading

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