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

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

© 2013 Cambiar, LLC, All Right Reserved | #Insights360 | 4

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


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


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


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


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


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


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


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


• 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


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


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


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


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


Debunking the myths!

Myth #1: 360 is time-consuming


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


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


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


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


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


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


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


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

Technology

insights360 page

data processing

shape of marketing research

single source of data

data driven corporations

market trend information

leaders of customer

increasing sourcesof