If there’s anything that’s going to fix the staggering economy right now, it is market research. Across timezones, geographies, industry segments, buyer personas, and human constructs of demand and supply. And the economic rewards for genuine intellectual curiosity have never been higher. It’s easier, with digital technology, to make today’s labor tomorrow’s leverage.
When history books look back, they better respect market research and innovation more. As human and non-human resources come together in both teams of two and 2000, only the most forward-thinking companies will make it out. Un-beaten.
Five elements to re-evaluate 2020
The people
In the future-of-work, it’s very likely for people to hustle through major business decisions and consequently market decisions. Putting diverse sets of eyes on the problem from the world over is easier than ever. But how do you plan on setting that up for success? As firms sharpen their analytics focus to improve customer experience, other limitations follow.
The processes
No amount of talent ever bought what well-oiled systems can do. A trifecta of business steps, goals, and stakeholders, make it happen. The only way to co-create.
The platforms
Platforms to connect, create, and build conversations. Norms of social distancing aren’t going to prevent your research team from behavior that’s first nature to them. Make sure platforms are empowering and things will take their natural course. Intuitively.
The technology
Technology allows you to accomplish 100x what people alone can do. A force multiplier for effort, skill, and rote work. Let the bots do it for you. And according to Gartner, three tech trends are in vogue today:
- Search-based discovery: Tools that enable users to develop opinions, refine views, and figure you out. Search is perhaps the most efficient and inexpensive way for businesses to find leads.
- Optimization of IoT Operations. Everything that can be automated, will need to be automated. And it won’t be simply because we want things to happen fast, it will be because we have a deep, innate need to connect and network.
- Artificial Intelligence to capture customer sentiments, streamline operations, and conduct predictive analyses. More importantly, explore AI and ML capabilities to make the most of your data.
Knowledge & Data Management
If upskilling and reskilling have already been a part of the annual goals, they’ll have to be more robust now. And managing the data you have even if you’re not a first-party data company is a milestone in your data transformation journey. Two things areas in which you must set this up. Operational excellence and people capabilities.
Building your team’s insights engine
How do you not fall prey to tired tropes and truly figure out what people care about? We’ll focus on two of these elements today, people and processes.
People must-haves
Whole-brain mindset
The dominance of one side of the brain over the other is hardly up for discussion. You need the “both-brain” approach to balance the creative and analytical faculties of individuals and teams. Vin DeRobertis, CEO at Americas Savanta said, “One of market research’s greatest sticking points, as an industry, is its ability to embrace and drive change. We are a clever, creative industry but we need to evolve, or risk becoming obsolete among the more forward-thinking industry-outsiders, whose technology is paving the way in how we think and deal with data (think IBM Watson or Google DeepMind).”
Business focus
Picture the journey of an entrepreneur. Not for the faint-hearted. When startups are finding themselves, there’s a big temptation to figure out the “nice-to-solves” instead of the “need-to-solves.” How do Stripe, Cruise, and DoorDash do it? They look for real problems and solve them with a focused mission.
Storytelling
Anthony Tasgal in his The Storytelling Book, warns against getting trapped in a data-rich but insight-poor world. The conceit of big-data will only do for us what our mind can imagine and our willingness to work for them. Otherwise, it falls barren.
Operational must-haves
Data-synthesis
If there’s one thing that’s true in market research, it is this. Small or large, high-performing firms align your disparate data sources with consumer delivery goals. This guarantees you a long-run advantage without skewing your research. A 2017 survey showed that a large part of data-synthesis and its management is up to the insights team.
Independence
Having no strings attached to marketing and other functions can get you on the newsstand faster. When JanSport launched its #LightenTheLoad campaign, it doubled down on the GenZ audience and the struggle with mental health. The result was spectacular. No cliched running after a school-bus ad or friends flaunting their bags at the gym. Instead, they engaged with the audience through Instagram lives and timed it to the Mental Health Awareness Month. This was based on their independent research backed with citations from American Psychology Association reports.
Integrated-planning
Whichever market you’re playing at – existing, adjacent, or new, you’re going to need to do away with siloed-planning. An example from CMI (Consumer Market Insights) at Unilever. A bespoke software called ‘Growth Scout’ mines millions of data points on consumer demands across demographics and regions to validate categories for deeper penetration of the brand. This helps them prioritize growth opportunities across consumer segments.
Collaboration
69% of respondents from high-performing firms in the i2020 study said they work closely with other functions and customers. In underperforming companies, the case was different. This is particularly seen in tech startups where people wear multiple hats and collaborate better. And we also see this in tech-giants like Alibaba and Google, which is what makes them all excellent service providers.
Forward-looking orientation
Find the pattern and you’ve spotted the problem. Responsible market research takes cues from the past, weighs in the present, and pays forward returns. What separates leaders from laggards. A study on the use of chatbots in B2B customers by Drift and Heinz Marketing showed an increase from 13% in 2019 to 25% in 2020. As remote life continues, it’s only bound to grow. Courtesy of virtualization, efficiency, accessibility, and language processing technology.
Affinity for action
This isn’t merely a productivity laundry list. What it takes to get the work done and for research to go gangbusters is simple. You communicate, persuade, facilitate, and lead. Really, AI has been a buzzword for a decade but how do you see it in action? Recently, Dominoes re-gigged itself. Better recipes, marketing, and technology drove the DOM Pizza Checker. Call it DOMination.
Before we close, I’ll leave you with one question. It applies to many things but it spells louder for your team’s insights capabilities.
What is one sound advice that sounded like gibberish in 2019 but makes perfect sense in 2020?
