In more detail...
Layering – Seeing the bigger picture
We define Insight and the combination of multiple sets of data to see the perspectives that were previously hidden. There is a parallel between Insight development and how econometric models are developed, both scan the different data sources and understand the general currents that are going on (econometrics applies quantitative evaluation to prioritise the information), and then adds layer upon layer of information to build up knowledge of the areas that are of interest.
In most businesses there is a range of research projects that happen throughout the year. There can be great benefit in standing back and taking stock of the different projects and programmes of work and identify how they fit together and the underlying interplays. This can provide a useful window to understand gaps in programmes, areas for management and can provide a useful insight which can be utilised to support behavioural change.
As an illustration, the view depicted below is putting customer type at the centre, but many of the projects are repeated within customer type, layering customer journey upon segmentation can give a deeper understanding of specific demographic groups. Sometimes the service and products for different customer types are totally different and sometimes they are continuums and extensions of the same product/service.
When we work with Insight Teams to take a wide picture overview can often help identify where their own product spend could be more efficiently managed or where there is an opportunity to develop a more sophisticated model of customer behaviour using this in strategic planning or in understanding the impact one part of the organisation has on the other or how this helps or hinders the business’ relationship with the customer, or identify leavers to help promote a specific behavioural change.
In this example above we are using Usage and Attitude information in order to build the picture, it could just as easily be Customer Satisfaction, Journeys or segmentation.
Understanding multiple types of customers’ interactions with a product lets you really start to understand the product. Adding in competitor or market view builds an even greater comprehensive view.
This means you can begin to build a 360 trading picture which can help inform brand leads on areas of brand strength but also of brand weakness, identify possible cross selling opportunities, or customer lifetime/cycle initiatives. It can also help identify organisational inefficiencies, often the beginning of a customer classification is actually interacting as the previous classification, so a nano SME, will interact as a consumer customer, and a large business may respond in a similar way as an SME, and Agents or intermediaries, typically behave like no other customer.
The insight gleaned from either multi customer group – business product views or multi research product customer views can provide the first green shoots in the creation of new service and product initiatives, education and support materials, or other initiatives.