Chicago Insights Executive Roundtable · management, Martin Egger is an early and successful...

Chicago Insights Executive RoundtableSoho House, Chicago, July 17 2019

Chicago Roundtable Market Logic © 2019 CONFIDENTIAL | 2

Attendees

Connie Zhang Senior Director, Marketing Intelligence

Virginia RadoshSenior Manager Global Market Insights

Marla Berry VP, Marketing Research

Todd Bever Director Research Center

Jada Jones Head of U.S. Personal and Commercial Marketing Research

Amie Lindaas Senior Manager, Market Research & Insights

Martin Egger Director Data Strategy & Performance Mgmt

Paul Nesbitt Head of Audience Research

Brendan Baby Director Customer Intelligence

Kathy Burns Head of Insights

Sebastian Schuliaquer Director, Global Insights & Planning

Karyn Prather Enterprise Social Collaboration Program Manager

Juliano Godoy Head of Business Development & Category Insights – Food Services

Lauren DeCook Director of Consumer Insights & Marketing Services

Caroline Kelly Principal Researcher

Nithin Sukumar Senior Engineer Big Data

Sherrie Willson Communications Effectiveness Manager

James Frieden Principal, Market & Customer Insights


Elizabeth kicked off the 3rd annual Chicago Roundtable, introducing VIP panelists Connie Zhang from Abbott, Martin Egger from Coca-Cola and Brendan Baby from Home Depot, as well as Market Logic presenters Mike Volanoski and Jason Childers. She noted that since the first Chicago Roundtable in 2017, the profession of insights management has dramatically changed as thought leaders have fought to grow their business impact. The focus of this roundtable was to share some of the strategies that have contributed to their success.

Welcome

10:00 – 10:10 Welcome and introductions10:10 – 10:50 Keynote on strategies to run an insights-driven business10:50 – 11:10 Resolving the insights disconnect: payback and ROI11:10 – 12:00 Panel discussion with Abbott, Coca-Cola and The Home Depot12:00 – 2:00 Networking lunch

Agenda

Elizabeth P. Morgan, CMO Market Logic


Mike described the prevalent struggle to leverage insights in today’s market. “In the age of the customer, 73% of businesses aspire to be data driven, yet only 29% succeed in turning their data into action” he explained, citing work by Forrester Research on the theme of the Insights Disconnect (2018).

Mike recalled his own recent experiences at SAP, a company that touches over 80% of the world’s global B2B transaction data but still struggles to put it to use. He asked the audience whether they see an insights disconnect in their own organizations, and everyone raised their hands. So, where does this gap come from, and what can we do to close it?

Mike Volanoski, CRO Americas Market Logic Software Strategies to run an insights-driven business

“In the age of the customer, 73% of businesses aspire to be data driven, yet only 29% succeed in turning their data into action”Mike Volanoski, CRO Americas Market Logic

Mike touched on some of the contributing factors, such as the overwhelming abundance of information, noting that managers can’t afford to waste time searching for answers when the speed of business (and competition) is constantly accelerating. He drilled into the main barrier:

Jason Childers, VP Sales Market Logic


“These pathways reveal fresh insights, by connecting “what happened” with “why it happened”. Jason Childers, VP Sales Market Logic

Jason then explained how technology can be used to close the gap, touching on key functional requirements for a market insights platform and the associated ROI.

Firstly, Jason explained that the platform has to connect all data and tools, so the valuable investments that companies have already made in data lakes and marketing technology are not wasted. AI can then be applied to connect the dots between the data sources, by looking for patterns to identify business concepts.

research annually is synonymous with your annual knowledge asset” he explained. Market Logic clients believe that as soon as they can find past research on a platform, they can extend its shelf life – using 80% of research one year after purchase, 50% two years later and 30% three years down the track. In this way, the new research spend combined with the re-usable content swiftly builds, doubling the value of the knowledge asset within 2-3 years.

Market intelligence gains are achieved by aggregating many external sources on one platform, so business managers don’t have to waste time searching for information in all the wrong places. Jason cited IDC and McKinsey research showing 19% of a business manager’s time is spent searching and gathering information. He said this was no surprise when Market Logic clients subscribe to anywhere from 100-800 sources.

Not only is time wasted, he added, but the resources themselves are under-utilized. “People only go to the source they remember the username and password for.” By putting everything in one place and allowing workers to self-serve, business managers can utilize information from all sources to maintain a much closer eye on markets and competitors.

Thirdly, Jason shared ROI benchmarks for agile research management. “When Market Logic clients equip their teams to check new research requests against existing knowledge, they reduce duplication of research by 10-15%”. An automated and transparent agency roster also boosts negotiating power for another 5-10% in efficiency gains. Applying both can release 15-25% of the annual research budget to focus on research that truly differentiates strategy.

Jason said this creates the foundation to build insights capabilities including: • Knowledge management to use all your existing data and insights. • Market intelligence to analyze and collect insights from many sources. • Agile research to execute custom research projects efficiently. • Growth planning to scope necessary actions. • Market execution to act and learn.

Jason identified specific mechanisms for ROI which have been achieved by many Market Logic clients.

In knowledge management, ROI is realized by transforming the annual research spend into a growing knowledge asset. “If you’re unable to find the knowledge that you already own, the money you spend on


Panel DiscussionElizabeth asked the VIP panelists from Abbott, Coca-Cola and The Home Depot to introduce themselves by sharing their motivation to deploy their Market Logic platform and learnings along the way.

Coca-Cola S&I ConnectS&I Connect originally deployed in 2013 in one business unit. Martin said the platform’s success preventing duplication of research and analytics prompted expansion across Europe and then globally.

Since Coke is a decentralized organization, there were varied levels of engagement in different units, so Martin’s team held sessions where fast adopters shared their experiences with resistors, and this helped to drive change throughout the organization. Now, S&I Connect has over one thousand users”. In Martin’s words, “It’s our one stop shop now for everything, not just the research”.

The Home Depot The Insights Depot Home Depot deployed their platform in 2015 to “shift from the art of retail to the science of retail”. Before deployment, Brendan described a small insights department with a significant backlog of requests. “Most of what the team was doing when interacting with partners was picking up the phone and saying, ‘oh yeah we have that, let me dig through the old data and find it for you”.

Since deployment, the Insights Depot has become the central location for information at Home Depot. This freedom of information has freed up Brendan’s team to conduct up to 150 easily distributable studies per year.

Martin Egger, Senior Director Strategy & Performance at Coca-Cola

Brendan Baby, Director Customer Strategy & Intelligence at Home Depot

Abbott Laboratories Ignite Abbott is a diverse company that struggled with communication between divisions, despite common knowledge regarding vendors, best practices, etc. Connie said Abbott launched their platform to break down that barrier and promote knowledge sharing between teams.

Ignite was quickly embraced by Abbott’s nutrition division, and with careful work from the insights team, it successfully spread to other divisions. “They all pitch in to make this happen. Now the platform is being used by hundreds of marketers across the company, connecting everyone through a common hub”.

Connie Zhang, Senior Director Marketing Intelligence at Abbott


Panel discussion on the insights disconnect

Brendan said that many organizations embed an insights disconnect from the outset, by starting with the hype, not the purpose for insights investments: “Hey, I’ve heard there’s this thing called big data, we should do that”.

For Brendan, it’s not simply about answering questions with data, it’s about training people to understand the why behind the question.

Connie agreed, elaborating on what she calls “the last mile” of an insight – understanding the why behind the insight and acting on it. Abbott strives to complete the last mile as often as possible.

For Martin, the disconnect is best resolved by closely aligning with your stakeholder to ensure that the project brief reflects a deep understanding of the business case for the task.

“As an insights professional, we challenge ourselves to find data and facts, but we also need to consider the why behind the what. The why is the driving force that we can act on”Connie Zhang, Senior Director Marketing Intelligence at Abbott


AI and insights management

On the topic of the role AI can play in insights management, Martin Egger is an early and successful adopter of Market Logic’s AI search experience, where algorithms uncover insights, from research, data and social media. He advised “Don’t do AI just for the sake of it, or because everyone else is doing it…in the end there’s still a human being that needs to look at the output and make sense of it, and then make the final decision”. Connie agreed, explaining that AI is an incredibly useful tool to help digest data, but human intelligence is still required for the last mile.

She added that when using AI, the output is only as good as the input, so you still need to be diligent in knowing when new research must be conducted. The panel’s consensus was that while AI has a very positive and tangible impact on insights management, it’s not meant to replace human intelligence. “The last mile from insights to action requires collaboration with a team, and a lot of brainpower to think about how we can act upon them”, Connie summarized.

“We have an internal point of contact, but the heavy lifting is done by the Market Logic people and our suppliers contribute content as well, which reduces the workload we have internally to the bare minimum”Martin Egger, Senior Director Strategy & Performance at Coca-Cola

How much effort to manage the platform?The panelists all agreed that the their platforms are effortless to maintain.

At Home Depot: “There was important work in the initial configuration, launch, and change management program; but after that, the time spent with the platform is time using it. Today, one senior manager spends around 2% of her time managing the Insights Depot. “Market Logic handles 99% of the work”.

2019 © Market Logic AG. The information contained in these documents is confidential, privileged and only for the information of the intended recipient and may not be used, published or redistributed without the prior written consent of Market Logic Software AG, Franklinstraße 28, 10587 Berlin, VAT Nr. DE 249354497

About Market Logic Market Logic helps the world‘s best brands to run insights-driven businesses. We do this with insights portals to find and promote knowledge, intelligence portals to analyze markets and competitors, and market insights platforms to generate insights from data and inject these in business processes. Our software is used to drive customer centricity in CPG, healthcare, retail, finance & insurance, telecom, travel and media sectors, where our clients collaborate with 600+ research agencies online. We employ 300+ software developers, data scientists and marketing professionals at regional headquarters in Berlin, Chicago, Pune and Singapore.

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