Market Insights

Where Are You on The Journey from Info to Insights?

Is your business getting the most out of its insights? Here are some ways to assess where you are on the journey from static market research to a dynamic “insights engine” valued by decision-makers within marketing and beyond.

Mission

Does your market research program aim to just inform or does it inspire ideas and action?

Priority

Are marketing decisions data-led?

Scope

What proportion of your research is designed to reduce risk of tactical decisions vs. generate fresh ideas and insights about business opportunities?

Data Sources

Does your company integrate multiple data streams or focus on just primary and secondary research?

Sharing

How and how often are insights shared in the organization? Who sees the presentations?

Access

Is your market research locked away in hard copies or on hard drives, or is it available to employees on demand? Who has direct access?

Market research is ready for a makeover. It’s estimated that 80% of market research is focused on tactical, rear-view mirror research. Many so-called ‘insights’ are nothing more than compilations of facts and trends. 

Insights are foundational to creating strategies for growth. Insights take businesses in new directions by making the world more understandable and predictable.  Insights are not limited to primary research, they can come from customer data analysis, employee interviews, competitor observations, supplier feedback, and more. Whatever the data source, discerning game changing insights requires in-depth understanding of the values that drive customer choices.

Unilever’s mission for global market research is “inspiration, provocation and transformational actions.” We couldn’t agree more. 

At Brand Amplitude, we use both traditional and new market research tools to uncover deep insights about customer decision-making, then partner with our clients to apply these insights to drive business growth. We believe the future belongs to those who can both recognize an insight and activate it throughout the organization. We emphasize internal activation to ensure that findings get to the people who can make the most use of them. 

impact

Inspirational Story: Danone

Last year, Danone completed “Healthy People”, an immersive study designed to understand how U.S. consumers define and practice healthy shopping and eating. The study yielded 14 key insights for the shopper insights team. They didn’t stop there. To encourage broader engagement with the findings across the company, Danone created an online ‘activation studio’ to facilitate interaction with the data by brand managers, product developers, and communications teams.  Key insights were turned into memes such as #YOMOMENTS, #YOKITCHEN and #YOLITTLEONES. Employees were encouraged to explore, comment on, and share their ideas. In this way, insights became platforms for collaboration, and many new ideas were brought forward.

Brand Amplitude Activation in Action: Maple Leaf Farms

Maple Leaf Farms leads in providing duck to specialty grocers and restaurants. While duck is not exactly an everyday meal for most consumers, it is no longer considered all that exotic. To generate insights about how to convert duck ‘inclined’ shoppers to consumers who are comfortable buying duck regularly, we partnered with the Maple Leaf Farms marketing team to conduct an immersive study. In the final phase, consumers shopped for and prepared duck, and shared their experiences in an online community with other duck inclined consumers.

table

Ten key insights were identified and summarized in a series of memes, like #PrepareforAdventure, #InspireMe and #ThinkBeyondtheWholeBird. The memes became platforms for co-creating strategies in joint sessions with consumers, sales teams and retail customers. In the end, the sessions identified nine distinctive strategies for engaging consumers at the point of sale. Presto, insights became actions that inform how the company relates to consumers and customers in the store.  For example, now instead of recipes, package and store signage focus on higher level inspirational cooking ideas. – 5 things to do with duck tonight!

"Insights are no longer just for market researchers, it’s the job of everyone in the organization. Employees are also consumers, they should be understanding people as part of their jobs."

Getting Started

Changing the mindset around market research takes a concerted effort that can yield tangible benefits.

  • Conduct a market research audit – What insights are critical to moving the business forward. Which research contributes most to insights? Where are the gaps?
  • Foster a passion for insights – Encourage every every part of the organization to recognize the importance of insights and contribute to generating them.
  • Transform market research to an “insights engine”– Require each research program has a plan to ensure findings have impact.
  • Build an insights repository – Insights have a shelf life - what can you do to ensure that the most promising insights are accessible and understood?