David over at logic+emotion points us to some research from Bain & Co among 1200 global executives which points to 'new seriousness about consumer insight'. Here's some of the data:
Nearly 6 in 10 executives are concerned that their products and
services are viewed as commodities, i.e., that their value is easily
replaceable by cheaper competitors
Just over half of executives believe that insufficient consumer insight is hindering their performance
This, frankly, scares me. It scares me because the word insight here is almost guaranteed to mean information. And when you walk into any company the last thing any of them really needs is more information. They've got literally tons of it locked up in cabinets and boxes in corridors, basements and storage facilities. And for the most part, it's the same raw information and observation masquerading as consumer insight that sits somewhere in their competitors. Surely what companies really need to do is look for new, important, interesting connections and patterns out of all the data they already have - be it consumer, competitive or cultural - and understand how this relates to their inner purpose, and how they can harness it. This is what makes companies interesting and useful. And today, this is what drives value.
Hi mate ... bang on ... so many companies only look at insight interms of 'category/product' that they basically walk away from the potential of infiltrating society with a more meaningful connection.
For me, TESCO's is not only the most brilliant company at engaging culture, but at being the most creative company in the World - and that comes from understanding 'people' not just their category/product habits.
Posted by: Rob @ Cynic | April 05, 2007 at 09:03 PM
Sounds like database marketing to me. Don't let Richard H catch you saying that...
Posted by: Robin Grant | April 06, 2007 at 10:09 AM
Robin - not sure if your comment was aimed at me, but if it was, let me assure it has absolutely NOTHING to do with DM - a discipline that claims one thing but in practise continually proves it doesn't live up to it.
If you really don't know what I am talking about - feel free to email me and I'll happily explain it - but it's the future of branding/communications and something I am proud to have been associated with for quite a while.
Of course if your comment WASN'T aimed at me, then apologies and feel free to slap me round the head.
Posted by: Rob @ Cynic | April 08, 2007 at 01:06 AM