blueocean iir webinar - superior insights through information integration: debunking common...

Download Blueocean IIR webinar - Superior Insights Through Information Integration: Debunking Common Misconceptions and Myths

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Research departments are being hit with copious amounts of data every day - from primary market research, syndicated data, transactional data, social media, etc. Synthesizing knowledge from the information river has become an necessity; a searchable repository and basic meta analysis is just not good enough. Using real case studies, Kumar Mehta, CEO at blueocean market intelligence, revealed how to apply a holistic 360 approach to produce better insights and achieve greater business impact.

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  • 1. Thursday, April 25, 2013

2. 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 2Evolution towards synthesis 3. Changing economic power balance Technology / digitalization Media makeover More connected, more empowered consumers 2013 Cambiar, LLC, All Right Reserved | #Insights360 | 4 4. If you dont like change, youll like irrelevance a whole lot less.Joe Tripodi, CMO, Coca-ColaWe are listening and exploring in verydifferent ways than the past, so that wecan more efficiently and effectively acton unmet consumer needs.Jeff Hunter, Former Sr. Director, General MillsNo single method particularlysurvey research can uncover theanswer to every question.Joan Lewis, Officer, Global CMK, P&G 2013 Cambiar, LLC, All Right Reserved | #Insights360 | 5 5. More. Faster. For Less.New Methods. Better Processes.The River of Information (Big Data)Growth of the Global Middle ClassNew Talent for a New Age 2013 Cambiar, LLC, All Right Reserved | #Insights360 | 6 6. ValueAddedLevelVIVIIIIIIInsights acrossmultiple studies fromthis sourceInsights from thisstudyWoven into thestrategic tapestryInsights across sourcesKnowledge management and maximum business impactIntegration of information and insight generation acrossmultiple data sourcesDesign, analysis, reporting and generation of insightsProject management, data processing and quality controlPrimary data collection 2013 Cambiar, LLC, All Right Reserved | #Insights360 | 7 7. Our analogy for the industry in 2020 is a RIVERThe fundamental premise is that research in 2020 will represent a continuousand organic flow of knowledgeThere are 1,000s of tributaries that feed the river. These tributaries representindividual information sourcesThere will be a fundamental shift in how we approach business decisionmaking and influence of strategy; we move away from a project orientationtoward an ongoing process of knowledge access and utilization; value creationis catalyzed from the organic knowledge found in the flow of the riverSource: ARF Research Transformation Super Council 2013 Cambiar, LLC, All Right Reserved | #Insights360 | 8 8. Historically Where Were HeadedFirst conductresearch studiesFirst search theInformationRiverThen bolt on other information Then decide whether astudy is neededIts about how to have answers before they have thequestions. 4 - 6 weeks doesnt fly. Trish Rainone, Chase 2013 Cambiar, LLC, All Right Reserved | #Insights360 | 9 9. The Shape of Marketing Research in 2021JAR March 2011Micu, Dedeker, Lewis, Moran, Netzer, Plummer and RubinsonI look for curiosity and drive to learn and lookacross different areas. Jack Lee, Estee Lauder 2013 Cambiar, LLC, All Right Reserved | #Insights360 | 10 10. 91%71%Client AgencyInvolved inData Synthesis Analysisin Past 12 Months92745041373631293024248970363023352526222012Surveys/quant. researchQualitative researchMarket measurementCompany financial dataSales force info.Social media listeningExperience of co. execsCo. or brand website dataSyndicated media audience dataCall center/customer email infoSyndicated web analytics dataClient (%)Agency (%)Among those involved indata synthesis analysisTypes of Data Used in Synthesis 2013 Cambiar, LLC, All Right Reserved | #Insights360 | 11 11. Well-regarded as customer survey experts. Responsible for providing customer insights toan organization, primarily through customer surveybased research Works well with two constituencies - internalbusiness partners and external agencies Generally in a good position, as customer-focusedorganizations continue to invest in research Struggling to increase influence and impactMarket Research Departments have the potential to be leaders within thisinformation-driven business world The only department with the mandate, tools, funding and focus to stay abreast ofcustomers, 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 MRdepartments Data explosion Increasingly data driven corporations Not well positioned to integrate increasing sourcesof data and information Not well positioned to evolve from researchers tobusiness advisors 12. Research 1.0 Research 2.0 Research 3.012345Generating research dataDelivering dataDiscipline-focusedFragmentationReacting to the businessUsing research dataDelivering insightPartnership-focusedCollaborationSupporting the businessUsing informationDelivering impactDecision-focusedIntegrationDriving the businessResearch studies tofacilitate decisionsand reduce riskConsumer insightInspire ideas toIgnite growth 2013 blueocean market intelligence | #Insights360 | page 14 13. Complex marketplaces and rapid changesin technology and consumer needsEver increasing size and depth of dataresources; huge increase in customer-generated dataMakes business decision-making complex and time consuming Over-reliance on single source of data, data siloes, and non-validated information are all major pain pointsTrue intelligence can only come from well-grounded, thoughtful andtriangulated 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 14. The only way to keep pace in arapidly evolving and increasinglydata rich environmentEmphasis ontriangulation, informationsynthesis, analytics andstorytelling, over projectmanagementDelivers the most comprehensiveview on customers, competitorsand market trendsInternal andTransactional DataSocialMediaPrimaryResearchSyndicated Research andOther Published SourcesBehavioral DataEthnographyBusinessInsights 2013 blueocean market intelligence | #Insights360 | page 16 15. Evolves research managers from project management to fact-basedconsultantsOften a 10X increase in the analytical effort necessary to find patternsand build predictive modelsFocuses on triangulation and data-supported story telling; single sourceinsights usually provide a partial and inconclusive viewEmphasis on data warehousing and synthesis, dashboards andvisualization 2013 blueocean market intelligence | #Insights360 | page 17 16. 360 is time-consuming360 is expensiveIt is too difficult to access data sitting in siloesSignificant expertise is required to generate true 360 insightsNo single company can deliver on 360 2013 blueocean market intelligence | #Insights360 | page 18 17. 2013 blueocean market intelligence | #Insights360 | page 20360 analysis is not incremental, it isreengineering how research is designedand deliveredSpecialist teams work in parallel todeliver 360 insights360 becomes a process, supported bythe right people and technology 18. Re-engineering the research process takescosts out of the systemLong tail data analysis, increasing shelf lifeof projects, global delivery, knowledgemanagement systems, technology, sampleconsolidation and many other techniquesreduce research costs dramatically 2013 blueocean market intelligence | #Insights360 | page 21 19. A large volume of data sources are readily available360 does not have to wait for all possible dataresourcesThe path to 360 is usually through stages: first, aview across research results; then, other publiclyavailable data; and finally, other sources in silosAs value increases, access to data sources increases 2013 blueocean market intelligence | #Insights360 | page 22 20. 360 is more about deep analytics andsynthesis of multiple data streams thansubject matter expertiseDeepest subject matter expertise comesfrom corporate research managers 2013 blueocean market intelligence | #Insights360 | page 23 21. Next gen intelligence companies are builtaround this vision, and have trainedteams to integrate data from multiplestreams 2013 blueocean market intelligence | #Insights360 | page 24Successful delivery requires strongresearch managers, subject matterexperts and strong operational supportfor analysis 22. Brand Health TrackingMarket Opportunity Assessment 23. Outcome Holistic view on brandperformance Recommendationsimplemented with positiveresults Able to address the whys behind fluctuations in metrics Significant cost savingsMonth1 2 3 4 5 6 7 8 9 10 11 12Baseline Deep Dive StudyOngoing Tracking StudyOccasional ValidationResearch (quant/qual)Internal Data AnalyticsSyndicated/SecondaryResearchSocial Media ListeningObjectiveApproach Brand tracker based on 360 approach; core methodology of quantitative primaryresearch, augmented with market, competitive and social intelligence 2013 blueocean market intelligence | #Insights360 | page 26Track brand health metrics (brand awareness, brand consideration, brandpreference), brand image and competition 24. Objective To assess the market opportunity for a business application globallyApproachMarket sizing and forecasting based on 360 approach using syndicated data;competitive analysis and consumer perspectives on focused primary researchaugmented with secondary research and social media analysisOutcome Enabled client to have clearview of market opportunity Helped in geo-prioritizationand budget allocation Fed in to planning for nextversion of the product 2013 blueocean market intelligence | #Insights360 | page 27Internal and Transactionaldata: based on client salesteam interviewsSocial Media AnalysisPrimary Research:n=2500 interviewsSyndicated ResearchBehavioral Data andEthnography (notused in this study)BusinessInsights 25. Global brands are leading the shift towards information synthesisResearch in 2020 will symbolize a river of continuous and organicflow of knowledgeTraditional approaches to research provide an inconclusive andincomplete view of customers, markets and competitorsAn integrated, 360 approach r