Designing the next generation insights function - evolution or revolution?
As consumer experiences are constantly evolving, how does one design the next generation consumer insights and analytics department? It starts with acknowledging that most survey methodologies are less effective for a number of reasons. It is no longer about better, faster, cheaper only. It is about new data sources (existing and yet to exist), new analytics tools, artificial intelligence and machine learning that can create new opportunities for insight and growth.
Here are some initial thought starters:
Data sources are shifting rapidly.
Data sources has proliferated with exciting new ways to collect data that's not limited to third party survey, ratings/reviews and social media data only. With digital capabilities, brands can connect between the physical and digital world to generate first party data. Connected devices offers up new opportunities on defining audiences, their behaviors and pain points. Brands need to be proactively designing their value proposition to include how first party data is incorporated into their offering. Brands need to be thinking about text, voice and visual as data that can be integrated into the consumer assessment and experience. What consumers post (pictures, videos, text) on platforms like youtube, instagram or facebook can be analyzed with some of the new capabilities.
An insights team needs to map existing and potential new data sources that can then be integrated. Even taking disparate data sources like #socialmedia, #reviews & #ratings from #websites, along with user generated data (first party data) and systematically integrate this via a #datalake is an opportunity for most #brands. It is no longer about dashboarding KPI's only. This integration can feed into communication tools like CRM, social media, content development etc. This integrated ecosystem can help create customized and personalized offerings to current and new users.
Analytics will drive real time insights. Imagine if brands are able to see unique insights about their existing users almost on a real time basis. Imagine all the metrics that are possible to capture given products are connected. We are already seeing this with apps like #Netflix and #Spotify where these streaming services can see how consumers are behaving and they can offer up almost on a daily basis #personalized #playlists. The next shift will occur with #physical products that will get connected. Brands that are experimenting and innovating in this space will develop a significant competitive advantage over their competitors in their ability to offer unique, personalized solutions that will help drive new customer #acquisition and drive up #retention.
Future focused insights and analytics function
The ability to integrate different data sources:
that is integrated and run analytics that will enable:
Path to purchase,
Attribution in real time
The insights function in these scenarios cannot solely rely on segmentation, concept testing, test/control tests, etc. to identify and drive new insights. This requires a significant shift of how insights and analytics are generated and integrated in an automated ecosystem. This requires new skill sets that is a mix of classically trained insights with advanced data science and analytics teams who can work seamlessly across disparate data streams.
Reach out to Y2S Consulting to learn more about developing your insights and analytics tech stack.