4 Tips to Deliver the Right Insights With Your Data

Horst Feldhaeuser
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Key Takeaways

​What? Consumer research is more important than ever to listen to consumers and act accordingly.

So what? For every output from market research, there are multiple stakeholders.

Now what? Use data to develop insights that assist in making more informed decisions that help you better know and delight the customer.

​Nov. 9, 2017

Follow these steps to make the best use of your data and deliver smart insights to each stakeholder

Say what you like about millennials, no one can deny that generation of digital natives and their younger counterparts have taken power back as consumers. Their habits have pushed a digital landscape that provides an endless amount of information, more ways than ever to interact and options for shopping that virtually never end. They demand ease, convenience and control in all their interactions.

Think about the brands that reflect this mindset. Airbnb, Uber, ASOS Marketplace—the list is growing—all cater to an app-based, global, networking, consumer-driven economy. These “sharing economy” companies embody the consumer power that is now an expected part of our daily lives. Users can instantly complete processes that used to take hours—even days—plus multiple steps. Perhaps the most powerful feature of these brands is the amount of original data they can collect. Although many have been known to keep their data to themselves, it’s not hard to see what the future can hold from a data collection standpoint as the sharing economy continues its rapid growth.

Consumer research is more important than ever to listen to consumers and act accordingly. As researchers, we can use this consumer-first, digitally driven mindset to attain better insights than we could have dreamed of even a decade ago. All this data from digital interactions with apps, online companies, social media, e-commerce and more can be married with more traditional market research for robust results.

It stands to reason that with the amount of data we now have at our fingertips, the more insights we can get, but only if you are delivering the right results to the right stakeholders. Here’s how can you use the smart consumer insights that you’ve discovered to best serve your client or your company.

 

 Smarter Marketing: Analytics Leads to Customer Centricity

 

1. Be Skeptical

Understand that not all data is equal. While each piece of data has its place, expect be wary of universal reliability and quality. We need to know what can and can’t be expected from each source. For example, if I collect 1,000 interviews or conduct in-depth observations of 10 people to see what they’ve done and how they behave, that can give guidance on what to do next. It’s simple to understand where information is coming from and base decisions on that. It’s quite a different beast from pulling data from 10,000 anonymous social media records. When you get to the insights stage, step back and remember where your data is coming from, and weigh it accordingly.

2. Look at the Big Picture

Outputs of the information and research should go beyond insights and assist in making more informed decisions. What does success look like? More importantly, once we achieve success, what will we do to maintain it? That should be the focus throughout your process. If you get bogged down with the detail, you’ll forget why you started in the first place.

3. Customize Outputs

For every output from market research, there are multiple stakeholders. One stakeholder might want truckloads of information that allows him or her to dive deeper into the results and fully understand what’s going on. Other stakeholders, such as the C-suite, may want top-line results and indicators of how these results directly impact their business. New technology in dashboarding and visualization can allow these customized outputs without impacting data integrity on the back end. 

 

 Mining Data for Insights

 

4. Look Ahead

In this industry, we often look backward. Bringing in multiple data points and taking advantage of all the data that the information age allows us is fantastic. But the knowledge and information it brings only goes so far. Forecasting and making informed assumptions is where the future of market research lies. Bringing accuracy to future predictions is what can really help companies make nimble, successful business decisions and will start to truly shift the status quo. 

Data is the new black. It has always has been sexy but never more so than now, and you may just have a millennial to thank for that.


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Author Bio:

 
Horst Feldhaeuser
German by birth and Kiwi by choice, Horst Feldhaeuser is group client director at <a href="http://www.infotools.com/" target="_blank">Infotools</a> and leads the global Coca-Cola account. He is passionate about market research and contributes to industry-leading conversations by speaking at global events, writing articles, and participating in industry associations. He is a fellow at the Research Association of New Zealand (RANZ) and is a Qualified Practicing Market Researcher (QPMR).
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