We are lucky to be living in an information rich environment, where numerous data sources are readily available to us.
However, this can also be a challenge since we are usually:
“Drowning in data and starving for insight”
as was once quoted.
If you too are drowning in data, take a look at these four easy steps you can take to meet the challenge of better insight development. We call them the four “I’s” of Insight development to impact business:
Step 1 – IDENTIFY: first identify the most relevant pieces of information for the issue or opportunity you have selected to address, as well as for the business or industry you are in. How do you decide what is relevant?
Look at who your target audience is; what do they like to do in their spare time; what are their hobbies; what are their needs, desires and dreams; what motivates them; what are their basic values? What are they tweeting and blogging about? Do they speak about problems they have with the products and categories you are reviewing? All of these will help you to really understand them and what issues or opportunities there are for your product or service and brand.
Step 2 – INTEGRATE: once you have gathered and prioritized the most valuable sources of information, it is necessary to integrate them in order to reap their full benefits. Customer information and facts that are integrated help to build deeper knowledge. It also enables the extraction of essential understanding on which the business can grow.
Data integration can be done manually or using technology, which is advisable when managing large amounts of information. Integration of understanding can be done by looking for themes and key topics that get repeated across the different sources.
Step 3 – INSIGHTS: after integration of the information, you need to develop the insights. If you haven’t already done so, get a mixed team of experts from different relevant departments together to review all the information, and have the project led by one of your Market Research or Insight group. They will love both the recognition and the challenge of running an insight development session, using everything that has been gathered and integrated.
Step 4 – INSPIRE: as the team begins to hypothesize insights coming out of the information, find someone who can then synthesize their findings into a compelling story. Storytelling will fire enthusiasm into both the team and the company at large, and everyone will be more ready and willing to take the required action. Storytelling helps the findings and insights to be transmitted to all interested parties within the organisation. In some cases, a presentation using storytelling is sufficient for decisions to be made.
How do you develop insights in your own organisation. Do you have other ways to integrate information and knowledge? Please share your ideas here.
Need help in turning your data and information into knowledge, understanding and actionable insights? Let us help you catalyse your customer centricity; contact us here and check out our website:http://www.c3centricity.com/home/understand/