​​Mutatis Mutandis – The Business Value of Insights by ESOMAR
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New ways of business and marketing require new ways to insights: from data, research and insights to foresight and full-sight.
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With shifting sources of competitive advantage, urbanization leading to new mindsets, behaviors and economies, advanced tech-connected living opening up whole new channels of communication and languages, it is very clear that the world around us is changing fast and that change will never be as slow again as it was today! These changes create disruptions and uncertainties in many categories. Digital native companies benefit from them though. These companies thrive in a world of behavioral data and their ongoing decision making is built on (real-time) data, analytics and insights. Traditional companies try to follow this operating model and look for versatile primary data collection and agile yet truthful decision making, but as we know, teaching “new tricks” to an “old dog” can be very challenging! However, the good news in all of this is that “customer insight” is the number 1 capability to develop and assist in this process, according to the C-suite.
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The “less good” news is that many insights departments are often perceived as underwhelming. They remain order takers or are perceived as stuffy librarians, when actually they are being asked to be a strategic business partner.
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Market researchers are no longer the exclusive collector of customer data. Marketeers and brand owners have alternatives with DIY-tools at their fingertips and they are drinking from a firehose of big transactional, behavioral and social media data. The digital disruption from within corporations now means that the sales, digital and IT, CRM functions all generate data and often connect with tens of thousands of people per day while conventional research sometimes scrambles to recruit 1,000 consumers in a week. While both approaches have their own place and value, it is clear that data driven marketing and self-service technology rely much more on the former, and thus reduce the perceived need for “market research as we know it” among business stakeholders. The flip side of this coin however, is that companies that are perceived as being “data and analytically rich” are not always companies that are “insights rich and sound”. In fact, previous studies have shown that the ability of translating data and analytics into understandable and actioned-upon insights, is the key to success.
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