2020 Instant Insights, Solid Solutions

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Join us on a journey into the future, where even 5 years from now, many of today’s challenges of insights specialists will no longer be challenges. But, how will we evolve?

SKIM Chairman, Dirk Huisman, is sharing 5 converging trends in insights generation that will define the 2020 reality for market research and how insights specialists can and will implement these changes to make it happen. He concludes that in 2020 the converging trends will result in a significant change in the way insight specialists will operate and function and that the insights’ services and the way services are provided will change drastically.

Find out more at www.skimgroup.com/customer-insights-2020.

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2020 Instant Insights, Solid Solutions

  1. 1. 2020IISS Dirk Huisman | Chairman SKIM
  2. 2. 2020 INSTANT INSIGHTS SOLID SOLUTIONS The reality for customer insights professionals in the year 2020: People ask for insights and expect them immediately, without detracting from solidity of the solutions. Fascinating to see that this is possible and realistic...
  3. 3. 11% Percentage of customer based decisions by marketers based on data Instead of basing decisions on data, marketers rely on previous experiences, intuition, one-off customer interactions, and conversations with managers and colleagues. Why? They struggle with statistics, are distracted with data, or data-based insights are not available when needed and market research is not in time.
  4. 4. 11% Percentage of customer based decisions by marketers based on data provide immediate insights and direct answers
  5. 5. Declining share in growing market 0 10 20 30 40 50 60 traditional CI providers other providers Customer Insights Industry Turnover Billion $$ 2014 2010 Answers on higher order goals New kids, new solutions, new standards
  6. 6. must Embracing change is a
  7. 7. 2020 ? Converging trends shaping customer insights 2020: New 5x5 reality Bridging rational and emotional drivers Customer insights specialist as ‘active beacon’ Need for speed Intertwined streams of information
  8. 8. 2020 ? Need for Speed
  9. 9. Brand communication has evolved from broadcasting to interacting. To really interact with customers, the brand team has to react directly to what customers say. Consequently, to interact and optimize the reaction the brand team needs answers and customer insights instantly. The changing interaction between the brand and the customer is a typical driver behind the need for speed. That said, it is not only in communication; we see it also in product development and in portfolio management and pricing. Product teams and brand teams need answers almost immediately.
  10. 10. Instant gratification Just look at yourself. When you are looking for information or an answer to your question. In most cases, an answer is max. three mouse clicks away. The internet and search machines provide you instantly with answers; it is instant gratification. So, why wait weeks or months for answers from market research? Because we are addicted to instant gratification, our expectations change. The need for speed is partly based on the obvious benefits of getting insights directly, but it is also based on changing attitudes and expectations.
  11. 11. Message testing: from 6 days to 6 weeks
  12. 12. REPEAT
  13. 13. REPEAT
  14. 14. Eat, sleep, work, repeat. That is not sustainable. That said, it triggered the team to streamline and reengineer their processes. How do you reduce the turn around time from 6 weeks to 6 days? There are 3 main drivers.
  15. 15. Trust Optimization Collaboration
  16. 16. Customer #1
  17. 17. Be in sync Speed can only be delivered when you are in sync with your client: both sides need to speed up.
  18. 18. 2020 ? Reality and Virtual Reality are Intertwined Insights are shaped and reshaped based on various streams of information, in both reality and virtual reality. These streams of information are intertwined and the insight does not reflect a single source. On top of that, over time insights evolve because the streams of information keep on flowing. We see that experiments, at least in other industries, are conducted during real transactions and interactions. These tests are conducted in real life; for instance, when someone is shopping online, she is rerouted to a test site which is an adapted version of the real site. The difference between reality and virtual reality is fading and the insight generation process is positioned close to the primary business process.
  19. 19. 2020 ? The 5 x 5 reality The time a consumer is willing to interact spontaneously will not be longer than 5 minutes and we will interact via a 5 inch screen. The perk is that when interacting you get real time and location/context specific information. In 2020, marketing models will be filled with a string of rich information snippets requiring advanced methodologies. Traditional long interviews will have to be cut in pieces and will be spread in time. It will still be one assignment, but executed in different steps, building upon what we learn.
  20. 20. 2020 ? Bridging the rational and emotional truth Decisions and choices are a consequence of rational and non-rational drivers of behavior. ‘Non rational’ is a mix of emotional, contextual and undefined drivers and triggers which often do not yet fit our rational models. New observation techniques enable us to bridge the rational, emotional and contextual drivers of behavior, allowing us to better understand decisions and choices people make.
  21. 21. Active beacon At the client side, already the insights specialist is being repositioned and is becoming part of the brand team. She will be a networker, operating from within the brand team or product team. To succeed in the new role, activities related to the traditional insight generation processes will be deprioritized and will be outsourced to the insight providers. To be at par with the new type of client, the client solution managers at the provider’s side and the services provided need to be adapted as well to meet the expectations.
  22. 22. 2020 SOLID SOLUTIONS -Shorter; faster; in context; on demand; emotional truth -Truly understand the need and the dynamics in the brand / product team, reengineer process -A changing role requires a broader skill set INSTANT INSIGHTS
  23. 23. 2020 INSTANT INSIGHTS SOLID SOLUTIONS Get the ball rolling by contacting us today: Dirk Huisman | Chairman SKIM d.huisman@skimgroup.com | +31 10 282 3561

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