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Know what you know: becoming an insights-driven organization

Know what you know: becoming an insights-driven organization
Capitalizing on Insights 3min

Know what you know: becoming an insights-driven organization

Quick takes:
Within minutes, users can compile real, data-supported insights – something that would have taken hours and even days prior to Market Logic technology

In conversations with our clients at the world’s top consumer brands, I’ve heard a common refrain: searching for answers to marketing questions is an unwieldy and time-consuming exercise. So much so that many researchers and marketers simply commission new research rather than scouring their SharePoint or intranet portals for insights.

The high cost of inefficient knowledge management

To understand the challenge better, we conducted a benchmarking exercise that looked into how long it takes a typical market researcher to answer a business question like, “what do we know about millennials and snacking?”

The results were surprising. It takes at least 10 hours for a researcher to answer a straightforward business question. That is two hours spent searching primary research, one-hour emailing colleagues, three hours trawling through reports, and two hours extracting relevant information. At a cost of $100 per hour, each answer costs the business $1000.

From searching to knowing with a marketing insights platform

To put expensive insights into the hands of those who need it most, insights platforms allow marketers to self-serve answers to their questions. Now, when a marketer asks “what do we know about millennials and snacking?” they find the answer in seconds.

The insights platform delivers search results from multiple categories and regions, as well as past learnings from similar concepts and campaigns. Within minutes, users can compile real, data-supported insights – something that would have taken hours and even days prior to Market Logic technology.

“Sure, I could’ve reached out to a dozen business partners and researchers to find the answers I needed. But now I can focus on my brand – not on searching for answers.” –Global Brand Manager

Think about it for a moment: you’d probably agree that a researcher should be asking a “what do we know about” question at least once a week, and it would be great if marketers were asking the questions once a month.

Multiply the number of times you’d like the question to be asked with the number of hours it would take to do the job the old-fashioned way (not that anyone except the most diligent researchers will), and you quickly see savings representing thousands of hours of effort and millions of dollars in labour costs.

And because marketers are self-serving answers to their own questions while researchers are also swiftly responding to business queries, your insights team can focus more valuable time and effort uncovering new insights and trends, rather than constantly being on the hunt for past research.

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