The Business Value of Insights
According to the C-suite, ‘customer insight’ is the number 1 capability required by businesses in a world that is changing rapidly, yet many insight departments are perceived as ‘underwhelming’. Market researchers are no longer the exclusive collectors of customer data, and in addition they are invited to be strategic business partners, despite being treated as order takers.
Against this backdrop, ESOMAR asked for our help to understand the performance of insight functions and its drivers. Based on a multi-method study, we created a comprehensive report on The Business Value of Insights, to address the biggest challenges faced by insight functions today.
The key takeaway? New ways of business and marketing require new ways to insights!
Insight departments can approach this ‘new way to insights’ by:
- (1) (re)organizing for impact and future business growth;
- (2) developing talent, capabilities and skills;
- (3) implementing smart and adaptive research operations; and
- (4) developing innovative capabilities.
It’s clear that insight executives need to evolve from gathering data and generating insights, to providing full-sight on consumers and foresight for their business.