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Restructure your knowledge: spend more time on consumer insight based innovation

Restructure your knowledge: spend more time on consumer insight based innovation
Capitalizing on Insights

Restructure your knowledge: spend more time on consumer insight based innovation

Successful product innovation at its best is rooted in consumer insight. Typically, agencies offer workshops to show how to uncover consumer insights that work as the springboard for idea generation of new products.

These workshops are set up to systematically help researchers and marketers to gain an overview of the latest knowledge on specific targets and segments based on different sources, such as qualitative and quantitative market research results, trend reports, and the like.

This knowledge is then consolidated, discussed, and deeply analyzed to reveal the underlying values and needs of consumers. These values and needs are the basis for insight statements that summarize the consumer understanding in a straightforward, consumer language centric way. The outcome should be a statement that makes consumers think: Wow, they almost understand me better than myself!

When this is achieved, the strongest insight statements – ideally, confirmed through quantitative and qualitative research – can be taken into creative sessions to come up with new product ideas.

This process – which seems relatively straight-forward at first sight – requires a lot of preparation and workshop participants to do their homework. Particularly, this includes looking through existing knowledge and thousands of pages of documents and research reports to find bits and pieces of information that might help to better understand trends in consumer behavior. For the already busy and time-pressured researchers and marketers, this is a huge investment.

To help with this preparation, try a different approach on how you structure the already existing knowledge and consumer insights available in your company. Make knowledge and the answers to certain business questions more easily available by working with searchable findings. The idea is simple:

  • Take the strongest reusable pieces of information from the management summaries and key slides of your market research presentations
  • Add context information, such as the target group and the relevant market
  • Write them down in a few sentences

…and you can easily search for answers across all of your different market research projects without reading through all those report pages. For example, if you are interested in knowing everything your company knows about “gifting for holidays”, you will be able to quickly find and understand all the key outcomes across different studies and markets that refer to your search.

This is just one way restructuring your market research knowledge can help save valuable time and money. Also, read our earlier blog posts (How to put your knowledge estate to best use and Don’t let the past haunt you: know what you know) to learn more about the power of reusing existing knowledge in your company.

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