Know what you know (and act on it)
- 1. How to use and not drown in a sea of data KNOW WHAT YOU KNOW (and act on it)
- 2. 1 How we can help Most businesses already have more data than they know what to do with “Too little data” is rarely an issue in business nowadays Nature of the challenge 4 steps to success • So much data is available internally and externally that it never gets fully utilised • And that’s not even including the issue of “BIG data”… Segmentation Studies Team experience Competitor activity Qualitative research Brand Tracking Sales Data Product testing Customer feedback Social media Category Trends Comms testing Concept testing Usage & attitudes Industry reports "I need better ways to collect and understand the vast amount of data we gather - no one's cracked it yet" – CMO multinational FMCG group
- 3. 2 You need to better CONNECT, UNDERSTAND and DISTILL these data in order to DRIVE decision making Finding the time and the appropriate capability to understand and drive action from your data is challenging ACTION • Being able to synthesize, connect and draw ‘insight’ from diverse data sources is something many businesses don’t always have the time or skills to do • As a result it can be easier to simply use the most accessible data or skip this stage all together when decision making • The issue is, this approach will often lead you to the same old actions (or at least the actions your competitors will also be thinking about) How we can help Nature of the challenge 4 steps to success
- 4. 3 You need to be clear on the DECISIONS you are trying to DRIVE before embarking on any process Consideration also needs to be given to the nature of the action we are trying to drive ACTION • The nature of the action/ decisions you are trying to drive shapes both how you go about the process and the outputs you get to • Insight to inspire creativity will look very different to insight required to drive a Billion £ investment decision • The needs/ expectations of stakeholders in each case will also differ significantly Capital Investment GTM execution Innovation Pipeline Comms development Product/ pack design Business Strategy Value Selling How we can help Nature of the challenge 4 steps to success
- 5. 4 4 STEPS TO SUCCESS • DEFINE • SEARCH • CONNECT • DISTILL
- 6. 5 Before you do anything, clarify the WHAT, WHY and WHO of your challenge Step 1: be clear on your challenge • It can be very tempting to jump head first into the sea of data. Its important to first check why you’re jumping! WHAT What is the one big question I’m trying to answer? • What do we want to know? • Who or what do I want to know more about? WHY Why am I asking this? • What will it influence (long term strategy, tactical execution, a tough decision…) • What does success look like? WHO Who am I doing this for? • How do I need to communicate it to them? • How will they / we use it? How we can helpNature of the challenge 4 steps to success
- 7. 6 Use simple FRAMEWORKS for thinking help consolidate your knowledge Step 2: SEARCH - use a framework to structure your search • These can come in many forms. Its important to tailor a framework that is right for your business and for the challenge you have set yourself • As well as helping you consolidate the information you already have, they can also identify any data gaps you may need to fill • A useful broad strategic framework is called the 6C’s The 6Cs framework: Customer – Who are your target consumers? How do we segment them? What do we know about them? – How are they interacting with your brand? Category – How is the category structured and how is it performing? – What drives category spend? – What is your position within the category? - Market share? Recent growth trends? Channel – What is the overall outlook for key channels? – Which channels are most important to you? –Competition – How are you performing vs. competition? Do any competitors greatly exceed or lag the category? – What do we know about upcoming competitive strategies, initiatives, alliances? Company – What internal capabilities can be leveraged to bolster the brand going forward (e.g., logistics, technology, communications, etc.)? – Does the company have other strategies that could impact FVC? Climate – Is there any impending PESTLE factors that could impact your category? – What new technology or knowledge will shift demand, or create possible new ways to satisfy needs? How we can helpNature of the challenge 4 steps to success
- 8. 7 CONNECT and consolidate data points from multiple sources to build robust and insightful THEMES of understanding Step 3: CONNECT - connect and consolidate data points to answer your framework’s key questions • This is where you roll your sleeves up and dive in • Using the questions posed by your chosen framework the skill of this stage is to connect views and data from different sources that build themes of relevant knowledge • This is where art meets science – done well it is both rigorous and creative. It can be done as a facilitated group exercise or ‘offline’ …it suggests this is going on….. Now I know…… this.. ..this ..and this ..this How we can helpNature of the challenge 4 steps to success
- 9. 8 DISTILL your themes into something engaging, meaningful and tailored for decision makers Step 4: DISTILL - Distill that knowledge into meaningful business implications • Again, a variety of tools and techniques are available at this stage. • Focus will be dependent on the ‘WHO’ you defined at step 1. • It might be expressed as a creative “insight” or as a tangible, opportunity with an associated ££ value • It is often useful to consolidate knowledge using multiple lenses: How we can helpNature of the challenge 4 steps to success The Big Picture The Immersion Cuts to the chase, engages to stimulate decisions Focuses on the “so what” – what have we found and what is the opportunity Useful with senior stakeholders and sales oriented functions Builds a story, supported by depth and fact Focuses on richness and the depth as well as the implications Useful with creative objectives and on boarding/ inducting new team members/ agencies
- 10. 9 HOW CAN WE HELP?
- 11. 10 Making more of what you know can be outsourced to specialists like us that have the time and skill. Or we can help you build that capability internally We can help by doing or by helping you to do! • We would be happy to be involved in any aspect of making your data work harder and have more impact in your business. The following three areas summarise where we feel we can add most value: Diagnosis 1 • Determine how well data is the currently utilised in your business • Identify opportunities for improvement and suggest tailored approaches Development 2 • Creation of a tailored approach to ‘know what you know’ • Development of the necessary tools as well as an approach to rolling out and embedding best practice Delivery 3 • Application of our own approach to ‘know what you know’ to your business challenges • Facilitating knowledge generation against live business issues How we can help?Nature of the challenge 4 steps to success • We’ve already helped a number of diverse B2C and B2B businesses “know what they know”
- 12. 11 Why choose IO? • IO Consulting specialise in helping businesses maximise return from their investment in consumer and customer understanding. We either work alongside existing client-side insight teams or bring capability where none already exists • Our team have lived through the challenges of insight generation from both sides of the fence as ex-heads of client-side insight and as founders of successful research and innovation agencies. We can provide a combination of learning from both Healthcare and FMCG environments to your organization. • We believe in tailoring our approach to our clients and avoid ‘off the shelf’ solutions. The diverse backgrounds of our team mean that we have a strong appreciation of the varying insight challenges across different markets and sectors • Our work covers the variety of services you may otherwise expect an in house insight team to deliver • Broadly our current projects split roughly 50/50 between DOING insight and DEVELOPING insight tools and capability for businesses “Before you become someone's consultant, make sure you walk a mile in their shoes. That way, if they don’t like what you say, you're a mile away from them and you've got their shoes” What we do How we can help?Nature of the challenge 4 steps to success
- 13. Contact: Morgan Arnell morgan@i-out.co.uk +44 780 1045864 THANK YOU !