Executive Briefings

Harnessing Customer Insights Requires More Than Traditional Market Research

Consumer-facing companies in developed economies have experienced little or no growth since the global recession of 2008 and 2009. As a result, CEOs, business unit leaders, chief marketing officers, and executive teams are looking outward, trying to spur growth by turning to new sources of customer information. These include "implicit" data such as biometrics, "structured" batches of big data such as online behavior, and "unstructured" data such as social media and call center conversations.

Harnessing Customer Insights Requires More Than Traditional Market Research

In addition, these companies are experimenting with predictive methods for anticipating customers' behavior, and they are evolving customer insight (CI) functions that can provide more relevant recommendations and ongoing execution support.

Integrating a CI function into a company's core processes and decision making has proved to be extremely difficult. Our research has found that most companies struggle to make CI more than just a traditional market research operation. Those that succeed in elevating CI to a strategic position do so only with the commitment of their top executives.

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In addition, these companies are experimenting with predictive methods for anticipating customers' behavior, and they are evolving customer insight (CI) functions that can provide more relevant recommendations and ongoing execution support.

Integrating a CI function into a company's core processes and decision making has proved to be extremely difficult. Our research has found that most companies struggle to make CI more than just a traditional market research operation. Those that succeed in elevating CI to a strategic position do so only with the commitment of their top executives.

Read Full Article

Harnessing Customer Insights Requires More Than Traditional Market Research