{"id":320,"date":"2020-03-10T21:20:55","date_gmt":"2020-03-10T21:20:55","guid":{"rendered":"https:\/\/enlightadvisors.com\/blog\/?p=320"},"modified":"2020-05-12T12:50:07","modified_gmt":"2020-05-12T12:50:07","slug":"market-insight-why-youre-doing-it-wrong-and-how-to-get-it-right","status":"publish","type":"post","link":"https:\/\/enlightadvisors.com\/blog\/2020\/03\/10\/market-insight-why-youre-doing-it-wrong-and-how-to-get-it-right\/","title":{"rendered":"Market Insight: Why You\u2019re Doing It Wrong And How To Get It Right"},"content":{"rendered":"

According to <\/span>McKinsey<\/span><\/a> research, \u201c<\/span>organizations that leverage customer behavioral insights outperform peers by 85 percent in sales growth and more than 25 percent in gross margin.\u00a0 Customer data must be seen as strategic.\u201d<\/span><\/p>\n

\"\"<\/span><\/p>\n

At <\/span>enlight<\/span><\/i>, we couldn\u2019t agree more.\u00a0 As we discussed in our market insights overview blog<\/a>, customers are the only people who are consistently putting money into your business.\u00a0 Understanding how they use your products and services to create value for their businesses is fundamental to your company\u2019s growth and prosperity.\u00a0\u00a0<\/span><\/p>\n

You Already Capture Customer Satisfaction And Net Promoter Scores\u00ae, So You\u2019ve Got It Covered?\u00a0 Right? Wrong!<\/b><\/h3>\n

From our experience, you can find some data about customers floating around most companies – customer satisfaction, purchase history, etc.\u00a0 But there are some common problems:\u00a0\u00a0<\/span><\/p>\n

    \n
  1. At best, <\/span>it\u2019s just a collection of facts and has no mechanism to link them together to make them actionable<\/b>.\u00a0 More commonly, it\u2019s actually distributed throughout the company in the various silos – sales maintains purchase history, customer service or marketing maintains customer satisfaction, engineering has info about product specs, etc. – and nobody even thinks to try to connect them.
    \n<\/span><\/li>\n
  2. Survey design and analysis are complex<\/b>.\u00a0 There\u2019s an entire field of study about it.\u00a0 With experts and everything. How you ask the questions matters.\u00a0 What survey method you use matters. How you recruit respondents matters.\u00a0 How you analyze the results matters. How you use the findings to guide decision-making matters.\u00a0 One mistake in the chain can be amplified to way over (or under) state results – and drive misguided decisions.\u00a0 Most customer surveys we\u2019ve seen were designed in-house without the benefit of expertise in one (or more) of these areas.<\/span><\/span><\/li>\n
  3. Many <\/span>companies maintain a set of shared beliefs about individual customers and their relationship with them<\/b>.\u00a0 This narrative is often based solely on the salesperson\u2019s perceptions and misinterpretation or misremembering of the past.\u00a0 These perspectives are largely myths, but they can have a huge impact on how the customer is viewed and treated.\u00a0<\/span><\/li>\n<\/ol>\n

    \"\"<\/p>\n

    At best, this information is more like blind men touching an elephant than actual insight that can drive strategic action. (<\/span>Remember the fable of the blind men and the elephant?<\/span><\/a>)\u00a0 Insight requires you obtain a deeper understanding of your customer through information, helping you understand their motivations and needs.\u00a0 This understanding guides you to serve them today while helping predict their future needs. And sometimes, you need information from sources other than your customers – because you need to put them into the context of how they operate day to day in their market.\u00a0 That\u2019s why we focus on <\/span>market insight<\/b> at <\/span>enlight<\/span><\/i>.<\/span><\/p>\n

    \"\"<\/p>\n

    Here\u2019s How We Do Insight Right<\/b><\/h3>\n

    At <\/span>enlight<\/span><\/i>, we are committed to helping companies improve performance – and a crucial step is to understand your <\/span>entire value chain<\/i><\/b>.\u00a0 Not just your product.\u00a0 Not just how you close the sale.\u00a0 Not just customer satisfaction. <\/span>We want to understand it all<\/i><\/b> – especially the parts between your customers and the final end-user, because ultimately, the end-user drives all upstream product-related decisions.\u00a0 Ultimately, your customers\u2019 customers drive the success of your business.\u00a0<\/span><\/p>\n

    I\u2019m going to write that again because it bears repeating and it\u2019s often overlooked:\u00a0\u00a0<\/span><\/p>\n

    \"\"<\/p>\n

    Developing quality and actionable market insight doesn\u2019t happen overnight.\u00a0 Our approach involves three main pillars of work:<\/span><\/p>\n

    Discovery Interviews
    \n<\/b>Exploratory conversations with individuals throughout the value chain to obtain insider industry input, map challenges and opportunities – and widen the conversation beyond what\u2019s always been done.<\/span><\/p>\n

    Quantitative Research
    \n<\/b>Anonymous phone or web surveys of customers, potential customers and potential stakeholders that drives custom market segmentation.<\/span><\/p>\n

    Ethnographic Research
    \n<\/b>Field observation of customers, potential customers and targeted stakeholders to provide context and clarity for the work.<\/span><\/p>\n

    While each pillar is strong on its own, <\/span>the combination of all three data sets is what\u2019s really powerful<\/b> – creating insights beyond typical customer satisfaction and financial tracking.\u00a0 Understanding how each type of data adds value to strategic decisions is what we do best.\u00a0\u00a0\u00a0<\/span><\/p>\n

    Look for more details about each pillar in upcoming posts, starting with a deeper dive into <\/span>enlight\u2019s<\/span><\/i> Discovery Interview methodology, and how it can transform your company\u2019s customer relations, marketing, strategy and business performance.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

    As we discussed in our market insights overview blog, customers are the only people who are consistently putting money into your business.\u00a0 Understanding how they use your products and services to create value for their businesses is fundamental to your company\u2019s growth and prosperity.\u00a0\u00a0<\/p>\n","protected":false},"author":2,"featured_media":338,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[10,19,23],"class_list":["post-320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-competitor-insight","tag-industry-insight","tag-market-insight"],"acf":[],"_links":{"self":[{"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=320"}],"version-history":[{"count":18,"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/320\/revisions"}],"predecessor-version":[{"id":344,"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/320\/revisions\/344"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/media\/338"}],"wp:attachment":[{"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enlightadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}