Discerning research implications - AMSRS 15 April 2019 - webinar - Market Logic Software
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
webinar
Discerning research
implications
AMSRS 15 April 2019
Market Logic © 2019 CONFIDENTIAL | 1
Jamie Rayner Elizabeth P. Morgan John Scott
Managing Director, Co-Founder and CMO, Professional Develop-
Shoppercentric Market Logic ment Manager, AMSRS
Introductions
John Scott, Professional Development professionals. Shoppercentric works with the
Manager at AMSRS outlined the objectives top FMCG suppliers both inside and outside
for the webinar. He explained that it will look of the UK and enjoys repeat business with
at how to discern the business implications approximately 85% of their existing clients.
from research studies, how to work with
digitization to ensure that organizations Elizabeth Morgan, Co-Founder and CMO of
can distil these implications for quick and Market Logic, introduced Market Logic, a
easy access, and how to ensure that client software enterprise company that delivers
organizations truly value the knowledge Insights Portals to share and promote
generated by research agencies. knowledge, Intelligence Portals to analyze
markets and competitors, and Market
Jamie Rayner, Managing Director of Insights Platforms to generate insights from
Shoppercentric, introduced participants data and inject these in business processes.
to Shoppercentric, the ad hoc shopper 600+ research agencies around the world
and retail specialist agency. The agency are uploading new research, results and
was built over 15 years and its team is new implications to their clients’ software
composed of both research and client-side platforms, powered by Market Logic.
AMSRS webinar 2019 Market Logic © 2019 CONFIDENTIAL | 2The insights disconnect: background
Jamie reminded participants of the insight related (market understanding,
major reasons to ensure that research forecasting, etc.). He described his
implications are used. According to experience with Market Logic when he
McKinsey, companies that integrate data worked at Imperial, where there was already
and creativity have twice the growth rate a huge amount of data available that the
of those that don’t. And in innovation, organization couldn’t properly access.
where success rates range from 10% - 20% “Having a system like Market Logic helped
(or even less), 80% of success factors are us save up to 20% of our budget, just by not
replicating research that we already had.”
At Imperial Brands,
where a huge amount Most client organizations agree that there
of information was hard is an insights disconnect; in fact, 73% of
businesses aspire to be data driven. The
to access, introducing a
problem is that only 29% of businesses are
Market Logic platform skilled at turning data into action. It’s not
helped us save 20% of our about the data or the people, but rather the
research budget. processes around it. Forrester calls this gap
Jamie Rayner the “insights disconnect.”
The insights journey
Because many organizations realize that they can’t generate enough research, or afford
the research they want to do, they must be smart about how they show what they have
and how they prove its ROI. Agencies in particular have to think about trying to shape an
insight journey before they deliver a good piece of insight.
Jamie described a typical insight journey, which might go something like this:
1. A potentially game-changing insight is generated.
2. Those who generated it have to hand it over.
3. Others interpret what it means, and others still decide what to do with it.
4. The original insight becomes sanitized as a lack of expertise dilutes the insight.
5. Lack of context further dilates the insight.
6. Yet more lack of specialist skills dilutes the insight even more.
7. Markets then challenge the “weakened” insight (“it won’t work here,” “our consumers
are in some way different”).
8. Those with the diluted insight don’t know how to defend it.
9. Those in-store don’t know the full context due to poor, even irrelevant design, a lack of
explanation regarding activation, and no link back to the original insight.
Jamie reiterated the need to think about the process by which an insight is generated, and
where it will end up.
AMSRS webinar 2019 Market Logic © 2019 CONFIDENTIAL | 3Closing the insights gap
Jamie then handed over to Elizabeth, who elaborated on the other disconnects that speak
to the broader issue of how to manage voluminous research to make sure it is organized
and digitized for quick and easy access. So many organizations know their companies are
filled with consumer market knowledge, but they can’t find it. They also want to make better
use of the data they have and are frustrated with their data swamps. There is also a need
to ensure marketers, product managers and commercial teams don’t lose sight of relevant
insights in decision-making processes.
So many organizations know their companies are filled with
consumer market knowledge, but they can’t find it. There is
a pressing need to ensure marketers, product managers and
commercial teams don’t lose sight of relevant insights in their
decision-making processes.”
Elizabeth P. Morgan
Market Logic categorizes these disconnects one place so they can start connecting the
in three need groups: the first is about data and prevent isolation.
distilling and sharing insights, the second
is about using all the insights to analyze Market Logic clients also want to generate
markets and competitors, and the last fresh insights with agile research
one is to run an insight-driven business. processes – on the same platform. They
Market Logic clients are establishing also want to make sure that the valuable
market insights platforms to digitize and insights they already own are injected
bring all of their research and data onto in the business process. Insights can
one platform. That means they don’t lose be injected right into the creative or
sight of specific investments they have innovation processes to ensure they are
locked up in siloes. Everything goes into focused on the guiding light.
The difference between an insights-driven business
and “data-aware” firms
Elizabeth pointed out the distinction between data-aware firms, where decision makers have
to go to the evidence or data they need to support their decisions, and insights-driven firms,
where insights are injected into the entire process and “information goes to user.” Market
Logic offers the building blocks to be insights-driven. First, a technology platform connects
all data and tools. Knowledge Management leverages existing insights so you “know what
AMSRS webinar 2019 Market Logic © 2019 CONFIDENTIAL | 4you know,” and a Market Intelligence shifts depending on the topics that appear
platform collects and analyzes data from in the search. For marketers and insights
newsfeeds and syndicated sources. managers, Market Logic pre-programs
the knowledge graph so it is insights and
Agile research provides end-to-end
support to execute new research projects. The AI knowledge graph
Growth planning provides opportunities
you use to distil insights
for the insights professional to guide the
organization, and excellent execution from your research and
empowers the marketers to put insights business data must be
to work. Most importantly, Artificial designed with marketing
Intelligence helps the organization distill in mind, so no matter
new implications from the research backlog
what you’re looking for,
and knowledge assets.
your answer will always be
The knowledge graph you use to distil insights-driven.”
insights from your research and business Elizabeth P. Morgan
data should actually be designed to deliver
marketing and business results. If you’re marketing specific, looking for segments,
searching on Google today, the knowledge groups of consumers, needs, channels, etc.
graph inside Google clusters information No matter what you’re looking for, your
about that topic and provides a summary answer is always designed by the AI to be
on the right-hand side of the screen. AI marketing and insights-driven.
Case study: changing a CPG merchandizing decision
Jamie recognized the people and brands that shoppers want, where shoppers
technology solutions required to solve the look.” However, in some organizations where
insights disconnect. He presented a CPG there is a sales force for delivering this
merchandizing case study from Shopper kind of execution, the insights that are first
Insight. He described the real challenge to generated can take about ten steps down or
determine what kind of levers to pull in up the chain of command to make something
order to elicit a change. happen. There are a lot of links in the chain
that could misinterpret or reinterpret the
“Eye level” is a term that’s often repeated story the insight is telling. The role of the
in many shopper studies, but it often gets insight professional should not only be
misinterpreted or poorly implemented. on generating the insight that will have a
Ultimately, it’s an insight that needs to be commercial impact, but also to hold others
actionable at a store level to have an impact. to account – or at least thinking through to
For example, Jamie pointed out that “you can the execution to ensure that there is as little
see a positive impact on sales if you place deviation as possible from the insight.
AMSRS webinar 2019 Market Logic © 2019 CONFIDENTIAL | 5If you have the greatest insights in the world, but you’re not
able to make sure they’re implemented through the final
stages of execution, you’re not doing your investments justice.
Jamie Rayner
Insights generators should keep the following considerations in mind:
1. What happens to the insight once you have generated it? Who picks it up? What will be
helpful to them to take it forward? Depending on the organization, you will either have a
chance to shine and take it through the line or someone else will pick it up.
2. It is important to know who your audience is and how they want to receive information.
If you have the greatest insights in the world but they’re not implemented through the final
stages, you’re not really doing your investments justice.
3. Keep in mind: if you were receiving the insight and seeing it for the first time – would you
know what you actually have to do with it? Is it clear? Is there more you can be doing to
guide how the insight should be used?
4. Bear in mind that the decision makers, who will invariably signing off the action, will
probably dedicate about 10 minutes, or thirty if you’re lucky, to understanding what it is you
are trying to say. It needs to be clear and to the point.
Case study: finding insights with an
AI-powered digital platform
Elizabeth provided an overview of a Coca- Cola can train the machine to come to more
Cola case study which was presented at IIEX advanced conclusions. They defined specific
Amsterdam in February 2019. On the Coca- entities, like emotional benefits, purchase
Cola Market Logic platform, over 95,000 locations, promotions etc. The machine was
research documents have accumulated then trained to annotate training materials
over the past few years. In December, they with defined entities. The AI model is then
integrated Netbase social listening data fine-tuned to test and improve upon results.
into the platform – at a whopping 945,000
post count. The order of magnitude grew As the volume of
exponentially within a matter of months.
Needless to say, human brains are no
information increases
longer sufficient to process that amount from tens of thousands
of data. Coca-Cola decided to introduce of research documents to
AI to the platform to digitize insights and millions of social listening
connect more dots between unsupervised posts, human brains
and supervised learning.
are no longer sufficient
Unsupervised learning makes connections to make sense of that
based on content and structure, just as amount of data.
humans do. In supervised learning, Coca- Elizabeth P. Morgan
AMSRS webinar 2019 Market Logic © 2019 CONFIDENTIAL | 6Coca-Cola’s insights organization needed to know that the output generated with AI would be reliable – at least as reliable as the insights a human mind could generate. To test the quality of the insights, they wanted to sort them into three buckets: 1. Insights that confirm what we already know. 2. Insights that surprise us, but make sense. 3. Insights that surprise us, but make us feel uncomfortable. The machine processed the data and generated a list of results for each bucket. Coca-Cola’s insight team then checked the results to make sure they made sense, and more importantly, to evaluate if they were useful. The results for each bucket exceeded their expectations. Bucket one results found, for example, that “millennials like living near coffee shops.” Bucket two contained results like, “coconut flavors are often associated with breakfast,” and bucket three provided insights like “stevia is associated with an unpleasant taste.” Building insights maturity Jamie wrapped up the webinar with the With solid insights generated on data Boston Consulting Group’s (BCG) Insights existing within the business, insights Maturity Model (2017), which describes professionals should be able to effectively the stages in which customer insights can help shape decisions. The BCG model is also become a powerful business partner. The useful for agencies, because they can look traditional market research provider is in the at their clients and understand where their first stage, which is the most basic way of clients sit on the model. engaging with insights. The second step is as a business contributor, which provides a more The more the insights community can make strategic focus. Most organizations experience insights accessible to the organization, insights in stage three, as a strategic insights through both technology and a human partner. Very few organizations are at stage approach, both internally and externally, four where they are using insights as a source the greater the impact will be on sales and of competitive advantage. marketing organizations. AMSRS webinar 2019 Market Logic © 2019 CONFIDENTIAL | 7
Q&A
The webinar was followed by a lively Q&A key insights quickly, you should run with
session. them as quickly as you possibly can. There
is no need to have a drawn out process of
“How can we make sure shopper insights the back end of a research program.
are correctly interpreted in the markets?”
Jamie responded by naming a number Elizabeth added that Market Logic clients
of steps. First of all, work with other are increasing saying that the fastest way
departments within your organization to respond to the speed of business is to
to make sure insights reports are clear answer questions from what you already
and written in a language that others know. Some of the agencies in the world
understand. For example, work with Human are starting to do rapid cycle consulting
Resources – who are responsible for training to get a quick answer to a question from
– to implement market-wide training where what is already known. People are also
content is driven by the insights team. understanding that newsfeeds can deliver
Partner with procurement, for example, fast information with updates, especially
who will be able to challenge what their in sectors that are moving really quickly.
stakeholders are spending money on using Doing lean, agile research with approximate
the insights provided to them. methodologies can also provide faster
outcomes. Software is helpful in taking busy
“How does Market Logic incorporate work out of that process.
quantitative data?”
Elizabeth said that Market Logic platforms
Our clients are becoming
typically incorporate qualitative and
quantitative data, so managers can self- increasingly aware that
serve tracking and business reporting the fastest way to respond
alongside custom research. This empowers to the speed of business
marketers to synthesize business with useful insights, is to
implications from all of the research,
answer questions from
uncovering what happened, and why. The
answer to “how is my brand performance what you already know.
Elizabeth P. Morgan
in Argentina” is quantitative – but the
qualitative data provides insights into why
performance is up or down. “Is there a link between Market Logic’s
approach for getting insights accepted and
“How does the speed of business impact used by an organization, and the design
the ability of agencies and insights teams thinking paradigm?”
to generate insights and make sure they Elizabeth said that design thinking is
are used?” absolutely key. You have to ask, “what is the
Jamie said the world is moving much job to be done?” for your stakeholder. If, for
more quickly than it ever has before. example, a commercial manager is thinking
Agencies should make sure that all current about a merchandising decision and they
methodologies are set out as quickly and have to go into that meeting and make a
efficiently as possible. If you can get to the convincing story and back it up with insights,
AMSRS webinar 2019 Market Logic © 2019 CONFIDENTIAL | 8Market Logic needs to be right alongside “Do you think insights managers can really
them. You have to start with the use case do what is needed to sell insights within a
where the insight is used and engineer back business? Do they have the skills, and what
from that. Jamie speaks to stakeholders advice would you give to them?”
within the organization to understand their If insights managers are trying to elicit the
language and understand how they would change through data or insights, they need
use it. For him, design thinking is about collaboration. Collaboration is a real soft
skill, and it is really important in trying to
make insights stick.
If there’s one thing
that stands out, it is Insights managers are great advocates for
collaboration. customer opinions, and great evangelists for
Jamie Rayner true customer centricity. They have the skills,
but the challenge is that instead of focusing
trying to know what your end game is and energy on doing that, too often they chase
trying to work towards that in a pragmatic our tails looking for answers to questions
way. Most organizations will have goals, and they already know. Putting all of their data
you’ll soon know if it’s a discovery exercise and research on one platform allows them
or not. You can save yourself a lot of pain by to focus on bringing stories to life and really
knowing where it is you want to end up. influencing the business.
AMSRS webinar 2019 Market Logic © 2019 CONFIDENTIAL | 9About Market Logic Market Logic helps the world‘s best brands to run insights-driven businesses. We do this with insights portals to share and promote knowledge, intelligence portals to analyze markets and competitors, and market insights platforms to generate insights from data and inject these in business processes. Our software is used to drive customer centricity in CPG, healthcare, retail, finance & insurance, telecom, travel and media sectors, where our clients collaborate with 600+ research agencies online. We employ 300+ software developers, data scientists and marketing professionals at regional headquarters in Berlin, Chicago, Pune and Singapore. www.marketlogicsoftware.com info@marketlogicsoftware.com EUROPE NORTH AMERICA APAC INDIA Franklinstrasse 28 223 W. Jackson Blvd, Odeon Towers #02-01 Wing-B, Ground Floor 10587, Berlin, Suite 900, Chicago, 331 North Bridge Road Business @ Mantri Nagar Road, Germany IL 60606, USA 188720 Singapore Pune 411014 Maharashtra, India 2019 © Market Logic AG. The information contained in these documents is confidential, privileged and only for the information of the intended recipient and may not be used, published or redistributed without the prior written consent of Market Logic Software AG, Franklinstraße 28, 10587 Berlin, VAT Nr. DE 249354497
You can also read
