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Superior Insights Through Information Integration: Debunking Common Misconceptions and MythsThursday, April 25, 2013
Contents
Why focus on a 360 approach?
What does a 360 approach mean?
What are the myths around this approach?
De-bunking the myths!
© 2013 blueocean market intelligence | #Insights360 | page 2
Evolution towards synthesis
Evolution towards synthesis
• Driving Forces of Change• Changing economic power balance• Technology / digitalization• Media makeover• More connected, more empowered consumers
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Global brand marketers leading the revolution
If you don’t like change, you’ll like irrelevance a whole lot less. Joe Tripodi, CMO, Coca-Cola
We are listening and exploring in very different ways than the past, so that we can more efficiently and effectively act
on unmet consumer needs.Jeff Hunter, Former Sr. Director, General Mills
No single method – particularly survey research – can uncover the
answer to every question.Joan Lewis, Officer, Global CMK, P&G
© 2013 Cambiar, LLC, All Right Reserved | #Insights360 | 5
Winds of change in Market Research
More. Faster. For Less.
New Methods. Better Processes.
The River of Information (Big Data)
Growth of the Global Middle Class
New Talent for a New Age
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The Cambiar TaxonomyValue Added Level
V
IV
III
II
I
Insights across multiple studies from this source
Insights from this study
“Woven into the strategic tapestry”
Insights across sources
Knowledge management and maximum business impact
Integration of information and insight generation across multiple data sources
Design, analysis, reporting and generation of insights
Project management, data processing and quality control
Primary data collection
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The river of information
Our analogy for the industry in 2020 is a RIVER
The fundamental premise is that research in 2020 will represent a continuous and organic flow of knowledge
There are 1,000's of tributaries that feed the river. These tributaries represent individual information sources
There will be a fundamental shift in how we approach business decision making and influence of strategy; we move away from a project orientation toward an ongoing process of knowledge access and utilization; value creation is catalyzed from the organic knowledge found in the flow of the river
Source: ARF Research Transformation Super Council
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Historically Where We’re Headed
First conduct research studies
First search theInformation
River
Then bolt on other information Then decide whether a study is needed
Ways of indentifying insights
It’s about how to have answers before they have the questions. 4 - 6 weeks doesn’t fly. Trish Rainone, Chase
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The river concept offers a paradigm shift in which researchers will need to become synthesizers. This will require substantial training, rewriting of job descriptions, and reevaluating hiring criteria.
The Shape of Marketing Research in 2021JAR March 2011
Micu, Dedeker, Lewis, Moran, Netzer, Plummer and Rubinson
I look for curiosity and drive to learn and look across different areas. Jack Lee, Estee Lauder
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Data synthesis analysis is widespread
Client Agency
91%
71%
Involved in Data Synthesis Analysis
in Past 12 Months
Surveys/quant. research
Qualitative research
Market measurement
Company financial data
Sales force info.
Social media listening
Experience of co. execs
Co. or brand website data
Syndicated media audience data
Call center/customer email info
Syndicated web analytics data
92
74
50
41
37
36
31
29
30
24
24
89
70
36
30
23
35
25
26
22
20
12
Agency (%)Client (%)
Among those involved in data synthesis analysis
Types of Data Used in Synthesis
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The 360 approach
Research Departments are at a crossroads
Well-regarded as customer survey experts….
• Responsible for providing customer “insights” to an organization, primarily through customer survey based research
• Works well with two constituencies - internal business partners and external agencies
• Generally in a good position, as customer-focused organizations continue to invest in research
… Struggling to increase influence and impact
Market Research Departments have the potential to be leaders within this information-driven business world
• The only department with the mandate, tools, funding and focus to stay abreast of customers, competitors and market trends
• Need to rethink priorities to become the leaders of customer, competitive and market trend information • This can happen through an evolutionary transformation
© 2013 blueocean market intelligence | #Insights360 | page 13
• Mega trends working against traditional MR departments• Data explosion• Increasingly data driven corporations
• Not well positioned to integrate increasing sources of data and information
• Not well positioned to evolve from researchers to business advisors
Transformation requires a fundamental shift in the tenets of a research organization
Research 1.0 Research 2.0 Research 3.0
1
2
3
4
5
Generating research data
Delivering data
Discipline-focused
Fragmentation
Reacting to the business
Using research data
Delivering insight
Partnership-focused
Collaboration
Supporting the business
Using information
Delivering impact
Decision-focused
Integration
Driving the business
Research studies to facilitate decisions and reduce risk
Consumer insightInspire ideas to Ignite growth
© 2013 blueocean market intelligence | #Insights360 | page 14
Why focus on a 360 approach?
Complex marketplaces and rapid changes in technology and consumer needs
Ever increasing size and depth of data resources; huge increase in customer-generated data
Makes business decision-making complex and time consuming • Over-reliance on single source of data, data siloes, and non-
validated information are all major pain points
True intelligence can only come from well-grounded, thoughtful and triangulated views of information, by leveraging multiple data resources > a 360 degree view of the market and the consumer
© 2013 blueocean market intelligence | #Insights360 | page 15
The 360 approach
The only way to keep pace in a rapidly evolving and increasingly data rich environment
Emphasis on triangulation, information synthesis, analytics and storytelling, over project management
Delivers the most comprehensive view on customers, competitors and market trends
Internal and Transactional Data
Social Media
Primary Research
Syndicated Research and Other Published Sources
Behavioral DataEthnography
Business Insights
© 2013 blueocean market intelligence | #Insights360 | page 16
How 360 differs from traditional approaches
Evolves research managers from project management to fact-based consultants
Often a 10X increase in the analytical effort necessary to find patterns and build predictive models
Focuses on triangulation and data-supported story telling; single source insights usually provide a partial and inconclusive view
Emphasis on data warehousing and synthesis, dashboards and visualization
© 2013 blueocean market intelligence | #Insights360 | page 17
Common myths about a 360 approach
360 is time-consuming
360 is expensive
It is too difficult to access data sitting in siloes
Significant expertise is required to generate true 360 insights
No single company can deliver on 360
© 2013 blueocean market intelligence | #Insights360 | page 18
Debunking the myths!
Myth #1: 360 is time-consuming
© 2013 blueocean market intelligence | #Insights360 | page 20
360 analysis is not incremental, it is reengineering how research is designed and delivered
Specialist teams work in parallel to deliver 360 insights
360 becomes a process, supported by the right people and technology
Myth #2: 360 is expensive
Re-engineering the research process takes costs out of the system
Long tail data analysis, increasing shelf life of projects, global delivery, knowledge management systems, technology, sample consolidation and many other techniques reduce research costs dramatically
© 2013 blueocean market intelligence | #Insights360 | page 21
Myth #3: It is too difficult to access data sitting in silos
A large volume of data sources are readily available
360 does not have to “wait” for all possible data resources
The path to 360 is usually through stages: first, a view across research results; then, other publicly available data; and finally, other sources in “silos”
As value increases, access to data sources increases
© 2013 blueocean market intelligence | #Insights360 | page 22
Myth #4: Significant expertise is required to generate true 360 insights
360 is more about deep analytics and synthesis of multiple data streams than subject matter expertise
Deepest subject matter expertise comes from corporate research managers
© 2013 blueocean market intelligence | #Insights360 | page 23
Myth #5: No single company can deliver on 360
Next gen intelligence companies are built around this vision, and have trained teams to integrate data from multiple streams
© 2013 blueocean market intelligence | #Insights360 | page 24
Successful delivery requires strong research managers, subject matter experts and strong operational support for analysis
Case Studies
Brand Health TrackingMarket Opportunity Assessment
360 case study: Brand Health Tracking
Outcome
• Holistic view on brand performance
• Recommendations implemented with positive results
• Able to address the “why’s ” behind fluctuations in metrics
• Significant cost savings
Month1 2 3 4 5 6 7 8 9 10 11 12
Baseline Deep Dive Study
Ongoing Tracking Study
Occasional Validation Research (quant/qual)
Internal Data Analytics
Syndicated/Secondary Research
Social Media Listening
Objective
Approach Brand tracker based on 360 approach; core methodology of quantitative primary research, augmented with market, competitive and social intelligence
© 2013 blueocean market intelligence | #Insights360 | page 26
Track brand health metrics (brand awareness, brand consideration, brand preference), brand image and competition
360 case study: Market Opportunity AssessmentObjective To assess the market opportunity for a business application globally
ApproachMarket sizing and forecasting based on 360 approach using syndicated data; competitive analysis and consumer perspectives on focused primary research augmented with secondary research and social media analysis
Outcome
• Enabled client to have clear view of market opportunity
• Helped in geo-prioritization and budget allocation
• Fed in to planning for next version of the product
© 2013 blueocean market intelligence | #Insights360 | page 27
Internal and Transactional data: based on client sales team interviews
Social Media Analysis
Primary Research: n=2500 interviews
Syndicated Research
Behavioral Data and Ethnography (not used in this study)
Business Insights
Global brands are leading the shift towards information synthesis
Research in 2020 will symbolize a “river” of continuous and organic flow of knowledge
Traditional approaches to research provide an inconclusive and incomplete view of customers, markets and competitors
An integrated, 360 approach represents an opportunity for research departments to increase their influence and impact
The myths surrounding an integrated approach are just that – teams can overcome challenges of money, time, silos and expertise
Conclusion
© 2013 blueocean market intelligence | #Insights360 | page 28