Struggling to prove ROI? Our Group Services Directory, Horst Feldhaeuser, writes for Quirk's on three steps market research and insights teams can take to ensure insights are being used to their full potential.
How can you best showcase and elevate the value that the insights function brings to your business? Traditional, fragmented processes in the market research space make it difficult to meet current demands and achieve positive business outcomes. Our Group Services Director, Horst Feldhaeuser, writes about three key ways for insights professionals to prove ROI in his latest article for Quirk’s, Three tips for proving the ROI of your insights function.
He starts by covering how inefficient some of the classic processes are when it comes to finding and using insights, which don’t use teams or data to their full potential. With tight budgets and multiple departments vying for dollars, insights functions need to shine by contributing to the bottom line in a way that all can see.
The top three ways that Horst says can help prove ROI include:
Making sure that the skills and strengths of your insights team members are being used to their full advantage, including creating cross-functional teams that include researchers to help make better decisions across departments. He writes that while technology can make us more efficient, it is the “human element” that can contribute to “robust collection, analysis, and smart on-the-ground use of your consumer insights.”
Telling the story that the data gives you, everywhere. When you present your insights to leadership, there is a right way to captivate and compel action. Horst reiterates the importance of being a storyteller, and using the right tech-enabled tools to help you tell that data story in an engaging manner. “If your work is telling a story that is fit for the ‘best seller list’, and it is presented in an engaging way, the people who matter will see all the good work and be interested.”
Involving stakeholders in the process of finding information by using tools that are not only updated with the very latest data you’ve brought in, but that also facilitate sharing. When individuals are actively involved in the insights process, and can even pull their own permissioned reports from the insights solution you employ, you can create excitement and efficiency. They will have a sense of ownership and rely even more heavily on the insights function to do their own jobs.
Horst concludes the article with: “Implementing new technology or processes doesn’t have to be disruptive. Actively seek out the places where the right solution can speed up your workflow and implement it in stages. Technology is moving at rapid speed. It’s time to make it work for you, so you can take action on insights more effectively and more quickly and future-proof your insights function.”