In conversations with clients at the world’s top consumer brands, discussing digital transformation strategies and how they are moving towards becoming an insights-driven organisation, I’ve heard a common refrain: searching for answers to marketing questions is unwieldy and exhausting. It’s so bad that many researchers and marketers commission new research rather than scouring SharePoint or intranet portals.
The high cost of inefficient knowledge management
To better understand, we conducted a benchmarking exercise. We 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. On average, it takes 10 hours for a researcher to answer one question. That’s 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 market insights platform
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. Users can quickly 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 once a month.
Multiply the number of times you’d like the question to be asked by 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: thousands of hours of effort and millions of dollars in labour costs. Super-smart AI can help ensure that your organisation is insights-driven.
And because marketers are self-serving answers to their own questions while researchers swiftly respond to business queries, your insights team can focus on new insights and trends, rather than constantly hunting for past research.