It is unlikely that any company would require a second opinion when it comes to deciding on the importance of customer insights. Customer insights have played a pivotal role in zeroing in on the marketing strategy and customizing the products or services according to the demand. There have been innumerous cases when companies have leveraged insights to gain meaningful knowledge and succeeded in creating a loyal customer base. Folgers Coffee used it to make people aware of their coffee cravings while Oreo Cookies used it to make adult relish the taste of cookies in a different manner. In all these cases, customer insights have been deemed as more than helpful in gaining customer attention and loyalty.
In today’s competitive market, Customer Insights with the aid of market research and analytics is no more an advantage; it has become a necessity, no one can do without. But gathering insights is not merely good enough, one should concentrate more on gathering ‘Actionable Insights’. But the Research team has to face problems plenty while figuring out meaningful, actionable insight.
The first problem that every researcher has to encounter while looking for insights is the amount of data that he or she has to encounter with. The more the volume of data, the process becomes more complicated. The more the amount of information, the more complex it becomes to discover trends and hence it is more difficult to find the actionable insights. But organizations with more mature process can have a distinct edge in this case. A set of analytical tools like marketing automation and various BI platforms can be considered handy to set up a mature process. Besides Data Volume, another attribute of data that acts as a hurdle is Data integration and Data Synchronization. Different storage with different accesses and different techniques of storing them makes it all the more complicated. Integration and Synchronisation are essential to develop actionable insights and hence it is compulsive for the organizations to have a centralized data system which is easily accessible and synchronized. Besides the above factors, the quality of data is instrumental in figuring out insights. Interestingly, around 40% of the organizations don’t have data quality tools integrated with the data. This acts as a major barrier in finding quality insights and hence all the efforts of finding actionable insights would go in vain.
It is obvious that good ‘actionable insights’ can lead a company to glory; on the other hand a wrong analysis can easily spell doom. So it is mandatory for companies that they deploy actionable insights rather than be happy with insights alone.