This past spring, we all celebrated and shouted out loud about the Internet and it's 25th birthday. The rapid advancements in technology and the Internet of Things have made information the fastest growing resource for businesses to utilize. Information is such a big deal in business that a new industry has even emerged to process and deliver it. Insights Management is a big opportunity today and moving forward. Continue reading to see 4 things about Insight Management that were brought to light during a NewMR presentation today by Steve Wills of the Insight Management Academy based out of the UK. The replay will be available soon on NewMR's Play Again replay page.
1. Insight Management is NOT Market Research
Insight delivers actionable information to make decisions and requires an ongoing and evolving strategy (think customer loyalty). Market research is very often one-off studies to find out information from a target audience or market and billed to clients on a per project basis. A good example where the two industries meet in the middle is community building and panel management. Although the two are separate industries for now, the market research industry today is finding ways to improve how they use their information and how they package data to be more "insightful." Another recent NewMR presentation by Lucy Davison of Keen as Mustard discussed improving Research Communications (check it out here).
2. The Insight Management Industry Broke Ground in the UK
This was something new that I learned today as Steve told the story of Tesco and Dunnhumby and their partnership that began in the 1990s. That same partnership is arguably what broke the grounds of the Insight Management industry as we know it today. "What scares me is that in 3 months you learned more about my customers than I have in 30 years," said the former Tesco CEO Terry Leahy about Martin Heyward and Dunnhumby's findings.
The Tesco Clubcard customer loyalty initiative by Dunnhumby helped grow Tesco's marketshare 1% year over year from a starting point of 18% all the way until they reached 32%. In 1996, the net worth of Tesco was 6 billion pounds (over 9 billion dollars) In 2011, Tesco was 36 billion pounds (over 56 billion dollars). Although former Tesco CEO Terry Leahy and Dunnhumby are no longer involved with the organization, their overall impact remains jaw dropping on a global business scale today.
3. There Are 3 Big Threats Closing In On Market Research
Data is often ignored and abused within the workplace. It's a well known problem that everyday HIPPOs (Highest Paid Persons Opinion) make the final decision. But that is just a problem that has been around for ages and the least of worries when it comes to threats in market research. No worries, we will later explain how these challenges can be faced and conquered!
- Today there are fearless leaders and reputation is becoming a "thing of the past."
- Market research is experiencing displacement by big data.
- Neuroscience is undermining the validity of some common used market research approaches.
4. There Are Also 3 Reasons Why Insight Management is a Big Opportunity
Despite the threats to the market research industry, the Insight Management Industry needs the Market Research Industry on board as a partner to succeed. Today's presentation wrapped up with Steve sharing some great reasons why Insight Management is a big opportunity, along with how and why the industry will continue to grow in the future.
- Proper career development is important to attract more talent into the field of Insight Management. And that's what the Insight Management Academy (where the presenter Steve works) is all about!
- Insights are able to quantify information and they are establishing the true value for market research within the workplace.
- Insight management must support the market research industry, and the ladder - market research must support the insight management industry to continue growing beyond today.
Did you enjoy this post? On a similar subject, you may also want to check out a great Q&A from this past spring with Survey Analytics President Vivek Bhaskaran about the Internet of Things and mobile adoption to the market research industry.