Insight teams within an organisation that doesn’t value market research are typically seen as a cost-centre or a money pit. Those insight teams then find themselves in positions where they have to fight for funding, the chance to prove themselves and to make sure their stakeholders are using the insights they pass on. All of this extra work usually brings down the quality of research as the limited time of insight teams isn’t spent as much on the research itself.
So how do insight teams and stakeholder organisations become empowered by insights? What can insight professionals do to help themselves as well as their stakeholders by creating a culture of insights? The quest for insights empowerment starts with an open mind and a desire for change.
The Quest for Insights Empowerment
How do Organisations Become Empowered by Insights?
The steps above are a good starting point for any insight teams who are struggling to make sure the insights they pass on are activated within their organisation. Insights empowerment is more than just the latest buzzword in the insights industry, it’s a strategy, a movement towards a culture of insights that drives positive change throughout industries.
The first step is always the hardest, and insight teams are the first to get ahead by making informed decisions, but after that first step is taken momentum starts to build and each new step gets easier to take. However, the easiest topic to get hung up on is deciding which strategies to implement; depending on how much insight teams know about their stakeholders, this first step could be like taking a shot in the dark.
Engaging stakeholders in market research is pivotal for insight empowerment to successfully take hold and power a business. Insight teams are the driving force behind stakeholder engagement, adapting insight generation and activation strategies to fit stakeholders needs and capture their attention as thoroughly as possible. It’s a tough topic to tackle, especially with the different experiences each insight team goes through; however, it’s a hot topic of discussion at the moment, which means other insight professionals are happy to share their success stories and experiences with different engagement strategies.
Implementing the best strategy of stakeholder engagement and insight empowerment will take a bit of time, first to work out which strategies work best for each team and organisation, and secondly to evolve the strategies as time goes on to keep efficiency at maximum capacity. As the organisation and business objectives, strategies, and indeed stakeholders are constantly evolving, so to must the engagement and empowerment strategies we devise.
Insights inventories are an incredibly important tool when working towards insights empowerment. Even when starting from the present moment instead of digging to find historical projects and data records, these inventories will stop repeated research topics and tasks from being conducted, allowing stakeholders and the insight teams to focus on the important, relevant questions still left unanswered. This one particular act will go a long way to stop insight teams and the stakeholder organisation from wasting money, resources, and effort on needless insight generation.
Financial success in research is an important aspect to helping stakeholders understand the true value of research and will come in time as long as each step is successful. As each step is put in place, stakeholders have the capacity to become more engaged in insights, and allocate more of their budget towards research projects that guides them to the right answers swiftly and successfully.
If stakeholders have no prior experience with research, then this experience will also serve as an education on the power of insight teams to drive business forward in the right direction, and a way to connect with the people who are truly responsible for the success of a business: the general public.
This article and infographic was originally published on the FlexMR Insight Blog and can be accessed here.