If you’re running a business and looking for the next big success – whether it’s the launch of your new product, breaking into a new market or restructuring for vital efficiencies savings – then you can’t put a price on relevant insights. The word insight has a specific meaning in the world of business, and understanding it makes it easy to see why insights are at a premium when you have any kind of decision to make.
A Statistical Base
Insights are found in data, but they’re more than simply a table laying out responses to a customer survey. Data itself is not so highly prized as the ability to interpret it.
An insight is a specific interpretation of a data set that has a bearing on a specific situation that you’re in. It requires expertise to extract insights from data and present them so they’re comprehensible and easily actionable, allowing them to be quickly incorporated into the executive decision-making process.
For example, imagine you’re considering a rebrand of your company to drive higher levels of customer engagement and, ultimately, sales. To make sure you’re making changes that will actually appeal to more people than your original choices, you work with brand intelligence companies to perform surveys, asking what they respond to in brands in your sector.
This leaves you with a large dataset – all those answers, in a combination of responses to multiple choice questions and free-written additions. It’s from this array of data that experts can derive insights to drive you forward to success. Interpreting the data boils it down to conclusions that can be understood by people who aren’t experts in statistics, like ‘the majority of customers associate the colour green with freshness’ – which could inform your rebrand significantly.
Finding the Insights You Need
Understanding what insights are and the value they could have for your business should make you aware of how important it is to harness them for your business. There are two keys to finding the insights you need: expertise and specificity.
Expertise speaks for itself: working with a market research agency gets you not just their broad reach, to get results from consumers who aren’t already choosing to spend money with your brand, but also their ability to understand data and gives you results you can work with.
However, to get valuable insights from your work with market researchers you need to make sure you’re briefing them with careful specificity. Not being specific about factors to consider and the decisions you’ll be making with the results could lead to confusing data which can make it difficult for you to gauge the purchasing deicions of your consumers. Make sure you know exactly what you want to get out of your market research, and what specific projects the results will drive. This will allow your experts to tailor their insights and ensure they are relevant to your business and what it needs.